SouthState Bank Corporation Reports First Quarter 2026 Results, Declares Quarterly Cash Dividend

"SouthState opened the year with strong momentum, posting solid balance sheet growth, record pipeline activity, and healthy profitability," said John C. Corbett, SouthState's Chief Executive Officer.  "On an annualized basis, loans increased 7% and deposits grew 5%, and we continue to attract talented commercial bankers who are helping drive future growth.  Asset quality remains strong, with annualized net charge-offs of just 9 basis points.  In terms of profitability, we delivered a return on average assets of 1.37%.  Over the past year, tangible book value per share increased 14%, even as we repurchased nearly 4% of our shares — underscoring our confidence in SouthState's performance and our commitment to creating long-term value for shareholders."

Highlights of the first quarter of 2026 include:

Returns

• Reported diluted Earnings per Share ("EPS") and Adjusted Diluted EPS (Non-GAAP) of $2.28, up 162% year over year on a reported basis and 6% year over year on an adjusted basis
• Net Income of $225.8 million
• Return on Average Common Equity of 10.1%; Return on Average Tangible Common Equity (Non-GAAP) of 17.6%*
• Return on Average Assets ("ROAA") of 1.37%*
• Book Value per Share of $92.21
• Tangible Book Value ("TBV") per Share (Non-GAAP) of $56.90, an increase of 14% year over year, after raising the dividend by 11%, and repurchasing nearly 4% of the Company's shares

Performance

• Net Interest Income of $562 million, an increase of $17 million, or 3%, year over year and a decrease of $20 million, or 3%, compared to the prior quarter
• Noninterest Income of $100 million, an increase of $14 million year over year and a decrease of $6 million compared to the prior quarter, driven primarily by correspondent banking and capital markets income; Noninterest Income represented 0.61% of average assets for the first quarter of 2026*
• Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP), of 3.78% and 3.79%, respectively
• Net charge-offs totaled $10.5 million, or 0.09%* of average loans
• $10.8 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.32% of loans
• Efficiency Ratio of 51%

Balance Sheet

• Loans increased by $898 million, or 7%*, and deposits increased by $730 million, or 5%*; ending loan to deposit ratio of 89%
• Total loan yield of 5.96%, down 0.17% from prior quarter
• Total deposit cost of 1.76%, down 0.06% from prior quarter
• Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.6%, 13.7%, 9.4%, and 11.3%, respectively^†

Subsequent Events

• The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.60 per share, payable on May 15, 2026 to shareholders of record as of May 8, 2026

^∗  Annualized percentages

^†  Preliminary

Financial Performance