SouthState (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.

• Full-year 2025 adjusted diluted EPS was $9.50, a 32% increase from the prior 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.

Financial highlights

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

• Net interest margin (tax equivalent) for Q4 was 3.86%; net interest income for Q4 was $581 million.

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

• 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.

Outlook and guidance

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

• 2026 guidance includes a 4% increase in non-interest expenses over the 2025 base of $1.407 billion.

• Expecting mid to upper single-digit loan growth for 2026, supported by a strong pipeline.

• NIM expected to remain in the 3.80%-3.90% range for 2026, with deposit costs starting at 1.75% and deposit beta around 27%.

• Non-interest income forecasted at 55-60 basis points of assets for 2026.