SouthState Bank Corp (SSB)

Price$107.98Cached quoteAs of 2026-09-04 23:34 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong earnings offset a meaningful premium to tangible net assets.

At the observed price, SouthState trades at about 11.1 times trailing diluted earnings of roughly $9.52 per share. It also trades near 1.8 times June tangible book value of $58.72, which removes goodwill and other purchased intangible assets. That asset premium is supported by a 17.6% annualized return on tangible common equity in the second quarter. The valuation is not obviously cheap, however, because it assumes profitability and unusually low credit losses remain strong enough to justify paying well above tangible net assets.

Big pictureEarnings have strengthened, but some recent income still comes from merger-related accounting benefits that will fade.

Net income rose from $535 million in 2024 to $799 million in 2025, while diluted earnings per share increased from $6.97 to $7.87. The latest four quarters produce about $9.52 per diluted share. Second-quarter 2026 net income reached $230 million. However, acquired-loan discount accretion, extra interest recognized as merger-related loan discounts unwind, contributed $33.1 million that quarter, and $185.9 million remained to be recognized. Bank operating cash flow is naturally volatile, so recurring earnings, deposit funding and credit losses are more useful durability measures.

Business strengthCapital and credit quality remain strong, while buybacks are reversing part of the merger-driven share dilution.

At June 30, SouthState reported tangible common equity equal to 8.7% of tangible assets and a common equity Tier 1 capital ratio of 11.1%, both comfortably above regulatory minimums. Net charge-offs were only 0.06% of average loans. The Independent acquisition lifted year-end shares from 76.3 million in 2024 to 99.1 million in 2025, substantial dilution tied mainly to the transaction. Since then, SouthState has repurchased 2.5 million shares in the first half of 2026 at an average cost of $99.58, reducing the share count.

What could change the storyContinued loan growth would support the price, while weaker commercial property credit could quickly challenge it.

The bull case is continued profitable growth: second-quarter loans rose 8% year over year, deposits rose 5%, the net interest margin held at 3.78%, and tangible book value per share increased 13%. The bear case centers on credit normalization. Non-owner-occupied commercial real estate loans were about $14.3 billion, nearly 29% of the roughly $49.6 billion loan portfolio, while nonaccrual loans totaled about $153 million. A sustained rise in nonaccruals, charge-offs or credit provisions would lower earnings and make the roughly 1.8-times tangible-book valuation much harder to justify.

AI: News

Second-quarter earnings beatJuly results showed stronger earnings, brisk loan growth and low losses, giving investors evidence profitability remains durable.

On July 23, SouthState reported second-quarter net income of $230 million and diluted earnings of $2.35 per share, up 11% year over year. Loans grew 8% and deposits 5% from a year earlier, while net charge-offs were only 0.06% of average loans. The shares rose 4.69% in the following trading session. That timing is consistent with a favorable response to the report, although it does not prove the earnings release alone caused the move.

Dividend raised eleven percentThe July dividend increase signaled confidence that current earnings and capital levels can support higher shareholder payouts.

Alongside second-quarter results on July 23, SouthState raised its quarterly dividend from $0.60 to $0.66 per share, an increase of 10%. Management also noted that tangible book value per share had risen 13% over the prior year despite higher dividends and significant repurchases. For investors, the important mechanism is capital durability: a larger recurring payout is easier to sustain when earnings, regulatory capital and credit quality remain strong, but it becomes less comfortable if loan losses rise materially.

First-quarter margin cooledApril results showed healthy growth but a lower lending yield, tempering expectations for immediate profit-margin expansion.

On April 23, SouthState reported first-quarter net income of $225.8 million and diluted earnings of $2.28 per share. Loans grew at a 7% annualized pace and deposits at 5%, but the total loan yield fell 0.17 percentage point from the prior quarter and net interest margin declined to 3.78% from 3.85%. Shares fell about 3.3% in the next session. The timing suggests investors may have focused on margin pressure, though broader market moves could also have contributed.

Large buyback authorizedJanuary's expanded repurchase plan gave management room to offset acquisition dilution when it judged the shares attractive.

On January 22, SouthState disclosed a new authorization covering up to 5.56 million shares, replacing the prior program. The same release reported fourth-quarter 2025 diluted earnings of $2.46, up 32% year over year, and tangible book value per share growth of 10%. By June 30, the company had repurchased 2.5 million shares under the new plan. Buybacks can raise each remaining shareholder's ownership percentage, but only create value when repurchase prices are reasonable relative to sustainable earnings and book value.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$2.68B	$1.72B	$1.74B	$1.64B	$1.39B	$1.14B	$647.8M	$659.0M	$549.0M	$446.1M	$443.3M	$421.1M	$327.1M	$217.7M	$206.6M	$260.4M	$130.8M
Operating expenses	$1.52B	$1.00B	$994.6M	$929.7M	$948.4M	$797.6M	$404.6M	$420.9M	$368.3M	$285.2M	$287.1M	$303.0M	$250.6M	$158.9M	$143.0M	$125.2M	$83.6M
Net income	$798.7M	$534.8M	$494.3M	$496.0M	$475.5M	$120.6M	$186.5M	$178.9M	$87.6M	$101.3M	$99.5M	$75.4M	$49.2M	$30.0M	$22.6M	$51.9M	$13.6M
Net profit margin	29.79%	31.13%	28.42%	30.16%	34.28%	10.60%	28.79%	27.14%	15.95%	22.71%	22.44%	17.92%	15.05%	13.80%	10.94%	19.93%	10.39%
Basic EPSper basic share	$7.90	$7.01	$6.50	$6.65	$6.76	$2.20	$5.40	$4.90	$2.95	$4.22	$4.15	$3.11	$2.41	$2.04	$1.65	$4.11	$0.74
Diluted EPSper diluted share	$7.87	$6.97	$6.46	$6.60	$6.71	$2.19	$5.36	$4.86	$2.93	$4.18	$4.11	$3.08	$2.38	$2.03	$1.63	$4.08	$0.74

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

10.13%of listed shares

BlackRock, Inc.9.83M shares · Jun 30, 2026

View holders

Top 20 reported holders of SSB
Holder	% owned
BlackRock, Inc.	10.13%9.83M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	6.54%6.34M shares
DIMENSIONAL FUND ADVISORS LP	5.26%5.1M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.56%4.42M shares
STATE STREET CORP	3.98%3.86M shares
T. Rowe Price Investment Management, Inc.	2.66%2.58M shares
Invesco Ltd.	2.37%2.3M shares
AMERICAN CENTURY COMPANIES INC	2.15%2.09M shares
FMR LLC	2.15%2.08M shares
GEODE CAPITAL MANAGEMENT, LLC	2.01%1.95M shares
FRANKLIN RESOURCES INC	1.90%1.84M shares
AQR CAPITAL MANAGEMENT LLC	1.89%1.83M shares
VICTORY CAPITAL MANAGEMENT INC	1.75%1.69M shares
WELLINGTON MANAGEMENT GROUP LLP	1.57%1.52M shares
MORGAN STANLEY	1.40%1.35M shares
Qube Research & Technologies Ltd	1.35%1.31M shares
Bank of New York Mellon Corp	1.35%1.31M shares
NORGES BANK	1.28%1.24M shares
FIRST TRUST ADVISORS LP	1.26%1.22M shares
EARNEST PARTNERS LLC	1.23%1.19M shares

Percentages use 96.97M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$1.10M disclosed value

Sells (SEC code S)14$7.86M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 28, 2026Form 4/A	Brooks David RDirector	SellCommon Stock · indirect	5.3K	$98.39	$521.5K	12.7K
Apr 28, 2026Form 4/A	Brooks David RDirector	SellCommon Stock · indirect	9.0K	$98.39	$885.5K	21.0K
Apr 28, 2026Form 4	Brooks David RDirector	SellCommon Stock · indirect	5.3K	$98.39	$521.5K	12.7K
Apr 28, 2026Form 4	Brooks David RDirector	SellCommon Stock · indirect	9.0K	$98.39	$885.5K	21.0K
Feb 18, 2026Form 4	MURRAY RICHARD IVPresident	SellCommon Stock	10.2K	$104.76	$1.06M	53.0K

Review ownership filings at SEC.gov ↗

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SouthState Bank Corp (SSB)

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