SouthState earns $2.30 a share as loans and deposits grow at 9% pace

SouthState Bank Corporation earned $224 million, or $2.30 a diluted share, in the third quarter, as the Southeast regional lender grew loans and deposits at a 9% annualized pace and kept its interest margin steady.

Reported and adjusted EPS were both $2.30, according to the earnings release SouthState filed with an 8-K on Wednesday. Return on average tangible common equity, a non-GAAP measure, was 16.6%.

"The third quarter was marked by strong balance sheet growth and a stable net interest margin," CEO John Corbett said in the release. He said capital markets activity softened as Treasury yields rose but that "the core franchise continues to perform well."

Growth and margin

Loans rose $1.2 billion from the prior quarter and $4.4 billion, or 9%, from a year earlier. Deposits grew $1.3 billion in the quarter and 7% from a year ago, leaving a loan-to-deposit ratio of 90%.

Net interest income increased 3% from the second quarter to $592 million, and the net interest margin was 3.77%. Loan accretion income fell to $27 million, down $6 million from the prior quarter and $56 million from a year earlier.

Noninterest expense rose $17 million to $375 million, mainly on higher salaries and benefits tied to merit raises, new banker hires and incentive accruals.

Credit and capital

Net charge-offs were $12 million, or 0.09% of average loans, and the provision for credit losses was $20 million. Tangible book value per share rose 7% from a year earlier to $58.19. SouthState repurchased 250,000 shares in the quarter at an average of $104.45.

The board declared a quarterly dividend of 66 cents a share, payable Nov. 13 to holders of record on Nov. 6.

By the numbers

• Net income: $224 million
• Diluted EPS: $2.30
• Net interest income: $592 million, up 3% from Q2
• Net interest margin: 3.77%
• Net charge-offs: 0.09% of loans

Sources

1. SouthState Bank Corporation, Form 8-K (Items 2.02, 7.01, 8.01) with Exhibit 99.1 earnings release dated Oct. 21, 2026, accession 0001193125-26-427824

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