SouthState Bank (SSB) Q4 2025 earnings summary

Executive summary

• Completed the acquisition and integration of Independent Financial, expanding into Texas and Colorado, with strong cultural and operational alignment.

• Fourth quarter 2025 saw annualized loan and deposit growth of 8% and a 32% year-over-year increase in diluted EPS to $2.46; adjusted diluted EPS was $2.47, up 28% year-over-year.

• Tangible book value per share rose 10% year-over-year to $56.27 after the acquisition, dividend increase, and share repurchases.

• Board declared a $0.60 per share quarterly dividend and authorized a new 5.56 million share repurchase plan.

• Net interest margin (tax equivalent) for Q4 was 3.86%, with deposit costs at 1.82%.

Financial highlights

• Q4 pre-provision net revenue (PPNR) was $323 million; full-year PPNR per share was $12.55, up 30% from 2024.

• Q4 EPS was $2.47; full-year EPS totaled $9.50, a 32% increase from the prior year.

• Return on average tangible common equity was 19.1% for Q4 and 16.7% for the year; adjusted return was 19.9%.

• Efficiency ratio and adjusted efficiency ratio were both 50% for Q4.

• Noninterest income for Q4 was $106 million, up $7 million, driven by strong correspondent capital markets performance.

Outlook and guidance

• 2026 guidance includes mid to upper single-digit loan growth, with pipelines holding steady at $5 billion.

• NIM expected to remain in the 3.80%-3.90% range, with deposit costs starting at 1.75% and deposit beta around 27%.

• Non-interest expense projected to increase 4% over 2025’s $1.407 billion base, reflecting inflation and growth initiatives.

• Management highlighted strong momentum heading into 2026, with robust loan and deposit pipelines and a focus on continued growth.

• Continued focus on opportunistic hiring, especially in commercial relationship managers and revenue-producing roles.