SouthState Corporation Reports Second Quarter 2025 Results, Declares an Increase in the Quarterly Cash Dividend

Malaysian Reserve

7 days ago

WINTER HAVEN, Fla., July 24, 2025 /PRNewswire/ — SouthState Corporation ('SouthState' or the 'Company') (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month and six-month periods ended June 30, 2025.
'Growth accelerated in the second quarter,' said John C. Corbett, SouthState's Chief Executive Officer. 'Revenue grew 22% annualized and loan originations grew 57% quarter over quarter. Most importantly, we completed the successful conversion of the IBTX franchise and our teams in Texas and Colorado are excited about the future. The strategic moves we've made are generating strong returns that enabled us to increase our dividend by 11% and to fund organic growth.'
Highlights of the second quarter of 2025 include:
Returns
Reported Diluted Earnings per Share ('EPS') of $2.11; Adjusted Diluted EPS (Non-GAAP) of $2.30
Net Income of $215.2 million; Adjusted Net Income (Non-GAAP) of $233.8 million
Return on Average Common Equity of 9.9%; Return on Average Tangible Common Equity (Non-GAAP) of 18.2% and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 19.6%*
Return on Average Assets ('ROAA') of 1.34% and Adjusted ROAA (Non-GAAP) of 1.45%*
Book Value per Share of $86.71; Tangible Book Value ('TBV') per Share (Non-GAAP) of $51.96
Performance
Net Interest Income of $578 million
Net Interest Margin ('NIM'), non-tax equivalent and tax equivalent (Non-GAAP), of 4.02%
Net charge-offs totaled $7.2 million, or 0.06%*, excluding $17.3 million of acquisition date charge-offs related to measurement period adjustments on PCD loans acquired from Independent Bank Group, Inc. ('Independent'), which were recorded during the quarter to align these loans in accordance with SouthState policies and practices
$7.5 million of Provision for Credit Losses ('PCL'); total Allowance for Credit Losses ('ACL') plus reserve for unfunded commitments of 1.45% of loans
Noninterest Income of $87 million; Noninterest Income represented 0.54% of average assets for the second quarter of 2025*
Efficiency Ratio of 53% and Adjusted Efficiency Ratio (Non-GAAP) of 49%
Balance Sheet
Loans increased by $501 million, or 4%*, and deposits increased by $359 million, or 3%*; ending loan to deposit ratio of 88%
Total loan yield of 6.33%, up 0.08% from prior quarter
Total deposit cost of 1.84%, down 0.05% from prior quarter
Completed the issuance of $350 million aggregate principal amount of 7% fixed-to-floating rate subordinated notes
Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.5%, 14.5%, 9.2%, and 11.2%, respectively†
∗ Annualized percentages
† Preliminary
Subsequent Events
The Board of Directors of the Company increased its quarterly cash dividend on its common stock from $0.54 per share to $0.60 per share; the dividend is payable on August 15, 2025 to shareholders of record as of August 8, 2025
Financial Performance
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
INCOME STATEMENT
2025
2025
2024
2024
2024
2025
2024
Interest Income
Loans, including fees (1)
$
746,448
$
724,640
$
489,709
$
494,082
$
478,360
$
1,471,088
$
942,048
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell
94,056
83,926
59,096
50,096
52,764
177,982
106,331
Total interest income
840,504
808,566
548,805
544,178
531,124
1,649,070
1,048,379
Interest Expense
Deposits
241,593
245,957
168,263
177,919
165,481
487,550
325,643
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings
20,963
18,062
10,763
14,779
15,384
39,025
28,541
Total interest expense
262,556
264,019
179,026
192,698
180,865
526,575
354,184
Net Interest Income
577,948
544,547
369,779
351,480
350,259
1,122,495
694,195
Provision (recovery) for credit losses
7,505
100,562
6,371
(6,971)
3,889
108,067
16,575
Net Interest Income after Provision (Recovery) for Credit Losses
570,443
443,985
363,408
358,451
346,370
1,014,428
677,620
Noninterest Income
Operating income
86,817
85,620
80,595
74,934
75,225
172,437
146,783
Securities losses, net
—
(228,811)
(50)
—
—
(228,811)
—
Gain on sale leaseback, net of transaction costs
—
229,279
—
—
—
229,279
—
Total noninterest income
86,817
86,088
80,545
74,934
75,225
172,905
146,783
Noninterest Expense
Operating expense
350,682
340,820
250,699
243,543
242,343
691,502
483,266
Merger, branch consolidation, severance related and other expense (8)
24,379
68,006
6,531
3,304
5,785
92,385
10,298
FDIC special assessment
—
—
(621)
—
619
—
4,473
Total noninterest expense
375,061
408,826
256,609
246,847
248,747
783,887
498,037
Income before Income Tax Provision
282,199
121,247
187,344
186,538
172,848
403,446
326,366
Income tax provision
66,975
32,167
43,166
43,359
40,478
99,142
78,940
Net Income
$
215,224
$
89,080
$
144,178
$
143,179
$
132,370
$
304,304
$
247,426
‌
Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)
$
215,224
$
89,080
$
144,178
$
143,179
$
132,370
$
304,304
$
247,426
Securities losses, net of tax
—
178,639
38
—
—
178,639
—
Gain on sale leaseback, net of transaction costs and tax
—
(179,004)
—
—
—
(179,004)
—
Initial provision for credit losses – Non-PCD loans and UFC from Independent, net of tax
—
71,892
—
—
—
71,892
—
Merger, branch consolidation, severance related and other expense, net of tax (8)
18,593
53,094
5,026
2,536
4,430
71,687
7,812
Deferred tax asset remeasurement
—
5,581
—
—
—
5,581
—
FDIC special assessment, net of tax
—
—
(478)
—
474
—
3,362
Adjusted Net Income (non-GAAP)
$
233,817
$
219,282
$
148,764
$
145,715
$
137,274
$
453,099
$
258,600
‌
Basic earnings per common share
$
2.12
$
0.88
$
1.89
$
1.88
$
1.74
$
3.00
$
3.24
Diluted earnings per common share
$
2.11
$
0.87
$
1.87
$
1.86
$
1.73
$
2.99
$
3.23
Adjusted net income per common share – Basic (non-GAAP) (2)
$
2.30
$
2.16
$
1.95
$
1.91
$
1.80
$
4.47
$
3.39
Adjusted net income per common share – Diluted (non-GAAP) (2)
$
2.30
$
2.15
$
1.93
$
1.90
$
1.79
$
4.45
$
3.37
Dividends per common share
$
0.54
$
0.54
$
0.54
$
0.54
$
0.52
$
1.08
$
1.04
Basic weighted-average common shares outstanding
101,495,456
101,409,624
76,360,935
76,299,069
76,251,401
101,452,777
76,276,406
Diluted weighted-average common shares outstanding
101,845,360
101,828,600
76,957,882
76,805,436
76,607,281
101,835,756
76,629,796
Effective tax rate
23.73 %
26.53 %
23.04 %
23.24 %
23.42 %
24.57 %
24.19 %
Adjusted effective tax rate
23.73 %
21.93 %
23.04 %
23.24 %
23.42 %
23.19 %
24.19 %
Performance and Capital Ratios
Three Months Ended
Six Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
2025
2025
2024
2024
2024
2025
2024
PERFORMANCE RATIOS
Return on average assets (annualized)
1.34
%
0.56
%
1.23
%
1.25
%
1.17
%
0.95
%
1.10
%
Adjusted return on average assets (annualized) (non-GAAP) (2)
1.45
%
1.38
%
1.27
%
1.27
%
1.22
%
1.42
%
1.15
%
Return on average common equity (annualized)
9.93
%
4.29
%
9.72
%
9.91
%
9.58
%
7.17
%
8.97
%
Adjusted return on average common equity (annualized) (non-GAAP) (2)
10.79
%
10.56
%
10.03
%
10.08
%
9.94
%
10.68
%
9.38
%
Return on average tangible common equity (annualized) (non-GAAP) (3)
18.17
%
8.99
%
15.09
%
15.63
%
15.49
%
13.73
%
14.57
%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)
19.61
%
19.85
%
15.56
%
15.89
%
16.05
%
19.72
%
15.20
%
Efficiency ratio (tax equivalent)
52.75
%
60.97
%
55.73
%
56.58
%
57.03
%
56.75
%
57.75
%
Adjusted efficiency ratio (non-GAAP) (4)
49.09
%
50.24
%
54.42
%
55.80
%
55.52
%
49.65
%
55.99
%
Dividend payout ratio (5)
25.47
%
61.45
%
28.58
%
28.76
%
29.93
%
36.00
%
32.02
%
Book value per common share
$
86.71
$
84.99
$
77.18
$
77.42
$
74.16
Tangible book value per common share (non-GAAP) (3)
$
51.96
$
50.07
$
51.11
$
51.26
$
47.90
‌
CAPITAL RATIOS
Equity-to-assets
13.4
%
13.2
%
12.7
%
12.8
%
12.4
%
Tangible equity-to-tangible assets (non-GAAP) (3)
8.5
%
8.2
%
8.8
%
8.9
%
8.4
%
Tier 1 leverage (6)
9.2
%
8.9
%
10.0
%
10.0
%
9.7
%
Tier 1 common equity (6)
11.2
%
11.0
%
12.6
%
12.4
%
12.1
%
Tier 1 risk-based capital (6)
11.2
%
11.0
%
12.6
%
12.4
%
12.1
%
Total risk-based capital (6)
14.5
%
13.7
%
15.0
%
14.7
%
14.4
%
Balance Sheet
Ending Balance
(Dollars in thousands, except per share and share data)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
BALANCE SHEET
2025
2025
2024
2024
2024
Assets
Cash and due from banks
$
755,798
$
688,153
$
525,506
$
563,887
$
507,425
Federal funds sold and interest-earning deposits with banks
2,708,308
2,611,537
866,561
648,792
609,741
Cash and cash equivalents
3,464,106
3,299,690
1,392,067
1,212,679
1,117,166
‌
Trading securities, at fair value
95,306
107,401
102,932
87,103
92,161
Investment securities:
Securities held to maturity
2,145,991
2,195,980
2,254,670
2,301,307
2,348,528
Securities available for sale, at fair value
5,927,867
5,853,369
4,320,593
4,564,363
4,498,264
Other investments
357,487
345,695
223,613
211,458
201,516
Total investment securities
8,431,345
8,395,044
6,798,876
7,077,128
7,048,308
Loans held for sale
318,985
357,918
279,426
287,043
100,007
Loans:
Purchased credit deteriorated
3,409,186
3,634,490
862,155
913,342
957,255
Purchased non-credit deteriorated
12,492,553
13,084,853
3,635,782
3,959,028
4,253,323
Non-acquired
31,365,508
30,047,389
29,404,990
28,675,822
28,023,986
Less allowance for credit losses
(621,046)
(623,690)
(465,280)
(467,981)
(472,298)
Loans, net
46,646,201
46,143,042
33,437,647
33,080,211
32,762,266
Premises and equipment, net
964,878
946,334
502,559
507,452
517,382
Bank owned life insurance
1,280,632
1,273,472
1,013,209
1,007,275
1,001,998
Mortgage servicing rights
85,836
87,742
89,795
83,512
88,904
Core deposit and other intangibles
433,458
455,443
66,458
71,835
77,389
Goodwill
3,094,059
3,088,059
1,923,106
1,923,106
1,923,106
Other assets
1,078,516
981,309
775,129
745,303
765,283
Total assets
$
65,893,322
$
65,135,454
$
46,381,204
$
46,082,647
$
45,493,970
‌
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing
$
13,719,030
$
13,757,255
$
10,192,117
$
10,376,531
$
10,374,464
Interest-bearing
39,977,931
39,580,360
27,868,749
27,261,664
26,723,938
Total deposits
53,696,961
53,337,615
38,060,866
37,638,195
37,098,402
Federal funds purchased and securities
sold under agreements to repurchase
630,558
679,337
514,912
538,322
542,403
Other borrowings
1,099,705
752,798
391,534
691,626
691,719
Reserve for unfunded commitments
64,693
62,253
45,327
41,515
50,248
Other liabilities
1,600,271
1,679,090
1,478,150
1,268,409
1,460,795
Total liabilities
57,092,188
56,511,093
40,490,789
40,178,067
39,843,567
‌
Shareholders' equity:
Common stock – $2.50 par value; authorized 160,000,000 shares
253,745
253,698
190,805
190,674
190,489
Surplus
6,679,028
6,667,277
4,259,722
4,249,672
4,238,192
Retained earnings
2,240,470
2,080,053
2,046,809
1,943,874
1,841,933
Accumulated other comprehensive loss
(372,109)
(376,667)
(606,921)
(479,640)
(620,211)
Total shareholders' equity
8,801,134
8,624,361
5,890,415
5,904,580
5,650,403
Total liabilities and shareholders' equity
$
65,893,322
$
65,135,454
$
46,381,204
$
46,082,647
$
45,493,970
‌
Common shares issued and outstanding
101,498,000
101,479,065
76,322,206
76,269,577
76,195,723
Net Interest Income and Margin
Three Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
(Dollars in thousands)
Average
Income/
Yield/
Average
Income/
Yield/
Average
Income/
Yield/
YIELD ANALYSIS
Balance
Expense
Rate
Balance
Expense
Rate
Balance
Expense
Rate
Interest-Earning Assets:
Federal funds sold and interest-earning deposits with banks
$
1,884,133
$
19,839
4.22 %
$
2,199,800
$
22,540
4.16 %
$
732,252
$
8,248
4.53 %
Investment securities
8,513,439
74,217
3.50 %
8,325,775
61,386
2.99 %
7,226,582
44,516
2.48 %
Loans held for sale
283,017
4,829
6.84 %
174,833
3,678
8.53 %
63,307
1,018
6.47 %
Total loans held for investment
47,029,412
741,619
6.33 %
46,797,045
720,962
6.25 %
32,989,521
477,342
5.82 %
Total interest-earning assets
57,710,001
840,504
5.84 %
57,497,453
808,566
5.70 %
41,011,662
531,124
5.21 %
Noninterest-earning assets
6,840,880
6,785,973
4,416,072
Total Assets
$
64,550,881
$
64,283,426
$
45,427,734
‌
Interest-Bearing Liabilities ('IBL'):
Transaction and money market accounts
$
28,986,998
$
173,481
2.40 %
$
29,249,014
$
176,949
2.45 %
$
19,653,436
$
120,722
2.47 %
Savings deposits
2,921,780
2,012
0.28 %
2,904,961
1,944
0.27 %
2,504,809
1,830
0.29 %
Certificates and other time deposits
7,177,451
66,100
3.69 %
7,165,188
67,064
3.80 %
4,286,950
42,929
4.03 %
Federal funds purchased
360,588
3,943
4.39 %
323,400
3,479
4.36 %
270,028
3,621
5.39 %
Repurchase agreements
287,341
1,462
2.04 %
298,305
1,430
1.94 %
270,815
1,362
2.02 %
Other borrowings
821,545
15,558
7.60 %
812,136
13,153
6.57 %
715,401
10,401
5.85 %
Total interest-bearing liabilities
40,555,703
262,556
2.60 %
40,753,004
264,019
2.63 %
27,701,439
180,865
2.63 %
Noninterest-bearing deposits
13,643,265
13,493,329
10,566,529
Other noninterest-bearing liabilities
1,659,331
1,618,981
1,605,296
Shareholders' equity
8,692,582
8,418,112
5,554,470
Total Non-IBL and shareholders' equity
23,995,178
23,530,422
17,726,295
Total Liabilities and Shareholders' Equity
$
64,550,881
$
64,283,426
$
45,427,734
Net Interest Income and Margin (Non-Tax Equivalent)
$
577,948
4.02 %
$
544,547
3.84 %
$
350,259
3.43 %
Net Interest Margin (Tax Equivalent) (non-GAAP)
4.02 %
3.85 %
3.44 %
Total Deposit Cost (without Debt and Other Borrowings)
1.84 %
1.89 %
1.80 %
Overall Cost of Funds (including Demand Deposits)
1.94 %
1.97 %
1.90 %
‌
Total Accretion on Acquired Loans (1)
$
63,507
$
61,798
$
4,386
Tax Equivalent ('TE') Adjustment
$
672
$
784
$
631
The remaining loan discount on acquired loans to be accreted into loan interest income totals $392.8 million as of June 30, 2025.
Noninterest Income and Expense
Three Months Ended
Six Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
(Dollars in thousands)
2025
2025
2024
2024
2024
2025
2024
Noninterest Income:
Fees on deposit accounts
$
37,869
$
35,933
$
35,121
$
33,986
$
33,842
$
73,802
$
66,987
Mortgage banking income
5,936
7,737
4,777
3,189
5,912
13,673
12,081
Trust and investment services income
14,419
14,932
12,414
11,578
11,091
29,351
21,482
Correspondent banking and capital markets income
19,161
16,715
20,905
17,381
16,267
35,876
30,858
Expense on centrally-cleared variation margin
(5,394)
(7,170)
(7,350)
(7,488)
(11,407)
(12,564)
(21,687)
Total correspondent banking and capital markets income
13,767
9,545
13,555
9,893
4,860
23,312
9,171
Bank owned life insurance income
9,153
10,199
7,944
8,276
7,372
19,352
14,264
Other
5,673
7,275
6,784
8,012
12,148
12,947
22,798
Securities losses, net
—
(228,811)
(50)
—
—
(228,811)
—
Gain on sale leaseback, net of transaction costs
—
229,279
—
—
—
229,279
—
Total Noninterest Income
$
86,817
$
86,088
$
80,545
$
74,934
$
75,225
$
172,905
$
146,783
‌
Noninterest Expense:
Salaries and employee benefits
$
200,162
$
195,811
$
154,116
$
150,865
$
151,435
$
395,973
$
301,888
Occupancy expense
41,507
35,493
22,831
22,242
22,453
77,000
45,030
Information services expense
30,155
31,362
23,416
23,280
23,144
61,517
45,497
OREO and loan related expense
2,295
1,784
1,416
1,358
1,307
4,079
1,913
Business development and staff related
7,182
6,510
6,777
5,542
5,942
13,692
11,464
Amortization of intangibles
24,048
23,831
5,326
5,327
5,744
47,879
11,742
Professional fees
4,658
4,709
5,366
4,017
3,906
9,367
7,021
Supplies and printing expense
3,970
3,128
2,729
2,762
2,526
7,098
5,066
FDIC assessment and other regulatory charges
11,469
11,258
7,365
7,482
7,771
22,727
16,305
Advertising and marketing
3,010
2,290
2,269
2,296
2,594
5,300
4,578
Other operating expenses
22,226
24,644
19,088
18,372
15,521
46,870
32,762
Merger, branch consolidation, severance related and other expense (8)
24,379
68,006
6,531
3,304
5,785
92,385
10,298
FDIC special assessment
—
—
(621)
—
619
—
4,473
Total Noninterest Expense
$
375,061
$
408,826
$
256,609
$
246,847
$
248,747
$
783,887
$
498,037
Loans and Deposits
The following table presents a summary of the loan portfolio by type:
Ending Balance
(Dollars in thousands)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
LOAN PORTFOLIO (7)
2025
2025
2024
2024
2024
Construction and land development * †
$
3,323,923
$
3,497,909
$
2,184,327
$
2,458,151
$
2,592,307
Investor commercial real estate*
16,953,410
16,822,119
9,991,482
9,856,709
9,731,773
Commercial owner occupied real estate
7,497,906
7,417,116
5,716,376
5,544,716
5,522,978
Commercial and industrial
8,445,878
8,106,484
6,222,876
5,931,187
5,769,838
Consumer real estate *
10,038,369
9,838,952
8,714,969
8,649,714
8,440,724
Consumer/other
1,007,761
1,084,152
1,072,897
1,107,715
1,176,944
Total Loans
$
47,267,247
$
46,766,732
$
33,902,927
$
33,548,192
$
33,234,564
‌
*
Single family home construction-to-permanent loans originated by the Company's mortgage banking division are included in construction and land development category until completion. Investor commercial real estate loans include commercial non-owner occupied real estate and other income producing property. Consumer real estate includes consumer owner occupied real estate and home equity loans.
‌
†
Includes single family home construction-to-permanent loans of $371.1 million, $343.5 million, $386.2 million, $429.8 million, and $544.2 million for the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively.
‌
Ending Balance
(Dollars in thousands)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
DEPOSITS
2025
2025
2024
2024
2024
Noninterest-bearing checking
$
13,719,030
$
13,757,255
$
10,192,116
$
10,376,531
$
10,374,464
Interest-bearing checking
12,607,205
12,034,973
8,232,322
7,550,392
7,547,406
Savings
2,889,670
2,939,407
2,414,172
2,442,584
2,475,130
Money market
16,772,597
17,447,738
13,056,534
12,614,046
12,122,336
Time deposits
7,708,459
7,158,242
4,165,722
4,654,642
4,579,066
Total Deposits
$
53,696,961
$
53,337,615
$
38,060,866
$
37,638,195
$
37,098,402
‌
Core Deposits (excludes Time Deposits)
$
45,988,502
$
46,179,373
$
33,895,144
$
32,983,553
$
32,519,336
Asset Quality
Ending Balance
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
(Dollars in thousands)
2025
2025
2024
2024
2024
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual
$
141,910
$
151,673
$
141,982
$
111,240
$
110,774
Accruing loans past due 90 days or more
3,687
3,273
3,293
6,890
5,843
Non-acquired OREO and other nonperforming assets
17,288
2,290
1,182
1,217
2,876
Total non-acquired nonperforming assets
162,885
157,236
146,457
119,347
119,493
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual
151,466
116,691
65,314
70,731
78,287
Accruing loans past due 90 days or more
707
537
–
389
916
Acquired OREO and other nonperforming assets
8,783
5,976
1,583
493
598
Total acquired nonperforming assets
160,956
123,204
66,897
71,613
79,801
Total nonperforming assets
$
323,841
$
280,440
$
213,354
$
190,960
$
199,294
‌
Three Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
2025
2025
2024
2024
2024
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans
1.31 %
1.33 %
1.37 %
1.39 %
1.42 %
Allowance for credit losses, including reserve for unfunded commitments,
as a percentage of loans
1.45 %
1.47 %
1.51 %
1.52 %
1.57 %
Allowance for credit losses as a percentage of nonperforming loans
208.57 %
229.15 %
220.94 %
247.28 %
241.19 %
Net charge-offs as a percentage of average loans (annualized)
0.21 %
0.38 %
0.06 %
0.07 %
0.05 %
Net charge-offs, excluding acquisition date charge-offs, as a percentage
of average loans (annualized) *
0.06 %
0.04 %
0.06 %
0.07 %
0.05 %
Total nonperforming assets as a percentage of total assets
0.49 %
0.43 %
0.46 %
0.41 %
0.44 %
Nonperforming loans as a percentage of period end loans
0.63 %
0.58 %
0.62 %
0.56 %
0.59 %
‌
*
Excluding acquisition date charge-offs recorded in connection with the Independent merger.
Current Expected Credit Losses ('CECL')
Below is a table showing the roll forward of the ACL and UFC for the second quarter of 2025:
Allowance for Credit Losses ('ACL') and Unfunded Commitments ('UFC')
(Dollars in thousands)
Non-PCD ACL
PCD ACL
Total ACL
UFC
Ending balance 3/31/2025
$
526,615
$
97,075
$
623,690
$
62,253
ACL – PCD loans from Independent #
—
16,798
16,798
—
Acquisition date charge-offs on acquired PCD loans – Independent * #
—
(17,259)
(17,259)
—
Charge offs
(11,736)
—
(11,736)
—
Acquired charge offs
(187)
(42)
(229)
—
Recoveries
2,174
—
2,174
—
Acquired recoveries
566
1,978
2,544
—
Provision for credit losses
17,582
(12,518)
5,064
2,440
Ending balance 6/30/2025
$
535,014
$
86,032
$
621,046
$
64,693
‌
Period end loans
$
43,858,061
$
3,409,186
$
47,267,247
N/A
Allowance for Credit Losses to Loans
1.22 %
2.52 %
1.31 %
N/A
Unfunded commitments (off balance sheet) †
$
10,935,239
Reserve to unfunded commitments (off balance sheet)
0.59 %
‌
#
'ACL – PCD loans from Independent' and 'Acquisition date charge-offs on acquired PCD loans – Independent' include measurement period adjustments recorded during the second quarter of 2025.
‌
*
Acquisition date charge-offs recorded in connection with the Independent merger, to conform with the Company's charge-off policies and practices.
‌
†
Unfunded commitments exclude unconditionally cancelable commitments and letters of credit.
Conference Call
The Company will host a conference call to discuss its second quarter results at 9:00 a.m. Eastern Time on July 25, 2025. Callers wishing to participate may call toll-free by dialing [phone] within the US and [phone] for all other locations. The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/. The conference ID number is 4200408. Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com. An audio replay of the live webcast is expected to be available by the evening of July 25, 2025 on the Investor Relations section of SouthStateBank.com.
SouthState is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A. (the 'Bank'), the Company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas, Virginia, Texas and Colorado. The Bank also serves clients coast to coast through its correspondent banking division. Additional information is available at SouthStateBank.com.
Non-GAAP Measures
Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures. Although other companies may use calculation methods that differ from those used by SouthState for non-GAAP measures, management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.
(Dollars in thousands)
Three Months Ended
PRE-PROVISION NET REVENUE ('PPNR') (NON-GAAP)
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Net income (GAAP)
$
215,224
$
89,080
$
144,178
$
143,179
$
132,370
Provision (recovery) for credit losses
7,505
100,562
6,371
(6,971)
3,889
Income tax provision
66,975
26,586
43,166
43,359
40,478
Income tax provision – deferred tax asset remeasurement
—
5,581
—
—
—
Securities losses, net
—
228,811
50
—
—
Gain on sale leaseback, net of transaction costs
—
(229,279)
—
—
—
Merger, branch consolidation, severance related and other expense (8)
24,379
68,006
6,531
3,304
5,785
FDIC special assessment
—
—
(621)
—
619
Pre-provision net revenue (PPNR) (Non-GAAP)
$
314,083
$
289,347
$
199,675
$
182,871
$
183,141
‌
(Dollars in thousands)
Three Months Ended
NET INTEREST MARGIN ('NIM'), TE (NON-GAAP)
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Net interest income (GAAP)
$
577,948
$
544,547
$
369,779
$
351,480
$
350,259
Total average interest-earning assets
57,710,001
57,497,453
42,295,376
41,223,980
41,011,662
NIM, non-tax equivalent
4.02
%
3.84
%
3.48
%
3.39
%
3.43
%
‌
Tax equivalent adjustment (included in NIM, TE)
672
784
547
486
631
Net interest income, tax equivalent (Non-GAAP)
$
578,620
$
545,331
$
370,326
$
351,966
$
350,890
NIM, TE (Non-GAAP)
4.02
%
3.85
%
3.48
%
3.40
%
3.44
%
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
RECONCILIATION OF GAAP TO NON-GAAP
2025
2025
2024
2024
2024
2025
2024
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)
$
215,224
$
89,080
$
144,178
$
143,179
$
132,370
$
304,304
$
247,426
Securities losses, net of tax
—
178,639
38
—
—
178,639
—
Gain on sale leaseback, net of transaction costs and tax
—
(179,004)
—
—
—
(179,004)
—
PCL – Non-PCD loans and UFC, net of tax
—
71,892
—
—
—
71,892
—
Merger, branch consolidation, severance related and other expense, net of tax (8)
18,593
53,094
5,026
2,536
4,430
71,687
7,812
Deferred tax asset remeasurement
—
5,581
—
—
—
5,581
—
FDIC special assessment, net of tax
—
—
(478)
—
474
—
3,362
Adjusted net income (non-GAAP)
$
233,817
$
219,282
$
148,764
$
145,715
$
137,274
$
453,099
$
258,600
‌
Adjusted Net Income per Common Share – Basic (non-GAAP) (2)
Earnings per common share – Basic (GAAP)
$
2.12
$
0.88
$
1.89
$
1.88
$
1.74
$
3.00
$
3.24
Effect to adjust for securities losses, net of tax
—
1.76
0.00
—
—
1.76
—
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
(1.77)
—
—
—
(1.76)
—
Effect to adjust for PCL – Non-PCD loans and UFC, net of tax
—
0.71
—
—
—
0.71
—
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)
0.18
0.52
0.07
0.03
0.05
0.70
0.11
Effect to adjust for deferred tax asset remeasurement
—
0.06
—
—
—
0.06
—
Effect to adjust for FDIC special assessment, net of tax
—
—
(0.01)
—
0.01
—
0.04
Adjusted net income per common share – Basic (non-GAAP)
$
2.30
$
2.16
$
1.95
$
1.91
$
1.80
$
4.47
$
3.39
‌
Adjusted Net Income per Common Share – Diluted (non-GAAP) (2)
Earnings per common share – Diluted (GAAP)
$
2.11
$
0.87
$
1.87
$
1.86
$
1.73
$
2.99
$
3.23
Effect to adjust for securities losses, net of tax
—
1.76
0.00
—
—
1.76
—
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
(1.76)
—
—
—
(1.76)
—
Effect to adjust for PCL – Non-PCD loans and UFC, net of tax
—
0.71
—
—
—
0.71
—
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)
0.19
0.52
0.07
0.04
0.05
0.70
0.10
Effect to adjust for deferred tax remeasurement
—
0.05
—
—
—
0.05
—
Effect to adjust for FDIC special assessment, net of tax
—
—
(0.01)
—
0.01
—
0.04
Adjusted net income per common share – Diluted (non-GAAP)
$
2.30
$
2.15
$
1.93
$
1.90
$
1.79
$
4.45
$
3.37
‌
Adjusted Return on Average Assets (non-GAAP) (2)
Return on average assets (GAAP)
1.34
%
0.56
%
1.23
%
1.25
%
1.17
%
0.95
%
1.10
%
Effect to adjust for securities losses, net of tax
—
%
1.13
%
0.00
%
—
%
—
%
0.56
%
—
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
(1.13)
%
—
%
—
%
—
%
(0.56)
%
—
%
Effect to adjust for PCL – Non-PCD loans and UFC, net of tax
—
%
0.45
%
—
%
—
%
—
%
0.23
%
—
%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)
0.11
%
0.33
%
0.04
%
0.02
%
0.05
%
0.22
%
0.04
%
Effect to adjust for deferred tax remeasurement
—
%
0.04
%
—
%
—
%
—
%
0.02
%
—
%
Effect to adjust for FDIC special assessment, net of tax
—
%
—
%
(0.00)
%
—
%
0.00
%
—
%
0.01
%
Adjusted return on average assets (non-GAAP)
1.45
%
1.38
%
1.27
%
1.27
%
1.22
%
1.42
%
1.15
%
‌
Adjusted Return on Average Common Equity (non-GAAP) (2)
Return on average common equity (GAAP)
9.93
%
4.29
%
9.72
%
9.91
%
9.58
%
7.17
%
8.97
%
Effect to adjust for securities losses, net of tax
—
%
8.61
%
0.00
%
—
%
—
%
4.21
%
—
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
(8.63)
%
—
%
—
%
—
%
(4.22)
%
—
%
Effect to adjust for PCL – Non-PCD loans and UFC, net of tax
—
%
3.46
%
—
%
—
%
—
%
1.69
%
—
%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)
0.86
%
2.56
%
0.34
%
0.17
%
0.33
%
1.70
%
0.29
%
Effect to adjust for deferred tax remeasurement
—
%
0.27
%
—
%
—
%
—
%
0.13
%
—
%
Effect to adjust for FDIC special assessment, net of tax
—
%
—
%
(0.03)
%
—
%
0.03
%
—
%
0.12
%
Adjusted return on average common equity (non-GAAP)
10.79
%
10.56
%
10.03
%
10.08
%
9.94
%
10.68
%
9.38
%
‌
Return on Average Common Tangible Equity (non-GAAP) (3)
Return on average common equity (GAAP)
9.93
%
4.29
%
9.72
%
9.91
%
9.58
%
7.17
%
8.97
%
Effect to adjust for intangible assets
8.24
%
4.70
%
5.37
%
5.72
%
5.91
%
6.56
%
5.60
%
Return on average tangible equity (non-GAAP)
18.17
%
8.99
%
15.09
%
15.63
%
15.49
%
13.73
%
14.57
%
‌
Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)
Return on average common equity (GAAP)
9.93
%
4.29
%
9.72
%
9.91
%
9.58
%
7.17
%
8.97
%
Effect to adjust for securities losses, net of tax
—
%
8.61
%
0.00
%
—
%
—
%
4.21
%
—
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
(8.63)
%
—
%
—
%
—
%
(4.22)
%
—
%
Effect to adjust for PCL – Non-PCD loans and UFC, net of tax
—
%
3.46
%
—
%
—
%
—
%
1.69
%
—
%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)
0.86
%
2.56
%
0.34
%
0.18
%
0.32
%
1.70
%
0.28
%
Effect to adjust for deferred tax remeasurement
—
%
0.27
%
—
%
—
%
—
%
0.13
%
—
%
Effect to adjust for FDIC special assessment, net of tax
—
%
—
%
(0.03)
%
—
%
0.03
%
—
%
0.12
%
Effect to adjust for intangible assets, net of tax
8.82
%
9.29
%
5.53
%
5.80
%
6.12
%
9.04
%
5.83
%
Adjusted return on average common tangible equity (non-GAAP)
19.61
%
19.85
%
15.56
%
15.89
%
16.05
%
19.72
%
15.20
%
Three Months Ended
Six Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
RECONCILIATION OF GAAP TO NON-GAAP
2025
2025
2024
2024
2024
2025
2024
Adjusted Efficiency Ratio (non-GAAP) (4)
Efficiency ratio
52.75
%
60.97
%
55.73
%
56.58
%
57.03
%
56.75
%
57.75
%
Effect to adjust for securities losses
—
%
(13.35)
%
—
%
—
%
—
%
(7.44)
%
—
Effect to adjust for gain on sale leaseback, net of transaction costs
—
%
13.39
%
—
%
—
%
—
%
7.46
%
—
Effect to adjust for merger, branch consolidation, severance related and other expense (8)
(3.66)
%
(10.77)
%
(1.45)
%
(0.78)
%
(1.36)
%
(7.12)
%
(1.23)
%
Effect to adjust for FDIC special assessment
—
%
—
%
0.14
%
—
%
(0.15)
%
—
%
(0.53)
%
Adjusted efficiency ratio
49.09
%
50.24
%
54.42
%
55.80
%
55.52
%
49.65
%
55.99
%
‌
Tangible Book Value Per Common Share (non-GAAP) (3)
Book value per common share (GAAP)
$
86.71
$
84.99
$
77.18
$
77.42
$
74.16
Effect to adjust for intangible assets
(34.75)
(34.92)
(26.07)
(26.16)
(26.26)
Tangible book value per common share (non-GAAP)
$
51.96
$
50.07
$
51.11
$
51.26
$
47.90
‌
Tangible Equity-to-Tangible Assets (non-GAAP) (3)
Equity-to-assets (GAAP)
13.36
%
13.24
%
12.70
%
12.81
%
12.42
%
Effect to adjust for intangible assets
(4.90)
%
(4.99)
%
(3.91)
%
(3.94)
%
(4.03)
%
Tangible equity-to-tangible assets (non-GAAP)
8.46
%
8.25
%
8.79
%
8.87
%
8.39
%
Certain prior period information has been reclassified to conform to the current period presentation, and these reclassifications have no impact on net income or equity as previously reported.
Footnotes to tables:
(1)
Includes loan accretion (interest) income related to the discount on acquired loans of $63.5 million, $61.8 million, $2.9 million, $2.9 million, and $4.4 million during the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively, and $125.3 million and $8.7 million during the six months ended June 30, 2025 and 2024, respectively.
(2)
Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, gain on sale leaseback, net of transaction costs, PCL on non-PCD loans and unfunded commitments, deferred tax asset remeasurement, merger, branch consolidation, severance related and other expense, and FDIC special assessments. Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger, branch consolidation, severance related and other expense of $24.4 million, $68.0 million, $6.5 million, $3.3 million, and $5.8 million for the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively, and $92.4 million and $10.3 million for the six months ended June 30, 2025 and 2024, respectively; (b) pre-tax net securities losses of $(228,811) and $(50,000) for the quarters ended March 31, 2025 and December 31, 2024, respectively, and $(228,811) for the six months ended June 30, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229,279 for the quarter ended March 31, 2025 and for the six months ended June 30, 2025; (d) pre-tax FDIC special assessment of $(621,000) and $619,000 for the quarters ended December 31, 2024, and June 30, 2024, respectively, and $4.5 million for the six months ended June 30, 2024; and (e) deferred tax asset remeasurement of $5.6 million for the quarter ended March 31, 2025 and for the six months ended June 30, 2025.
(3)
The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. The sections titled 'Reconciliation of GAAP to Non-GAAP' provide tables that reconcile GAAP measures to non-GAAP.
(4)
Adjusted efficiency ratio is calculated by taking the noninterest expense excluding transaction costs on sale leaseback, merger, branch consolidation, severance related and other expenses and amortization of intangible assets, divided by net interest income and noninterest income excluding gains (losses) on sales of securities, net and gain on sale leaseback, net of transaction costs. The pre-tax amortization expenses of intangible assets were $24.0 million, $23.8 million, $5.3 million, $5.3 million, and $5.7 million for the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively and $47.9 million and $11.7 million for the six months ended June 30, 2025 and 2024, respectively.
(5)
The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.
(6)
June 30, 2025 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.
(7)
Loan data excludes loans held for sale.
(8)
Includes pre-tax cyber incident (net reimbursement)/costs of $(3.6) million, $111,000, $329,000, $56,000, and $3.5 million for the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively, and $(3.5) million, and $7.9 million for the six months ended June 30, 2025 and 2024, respectively.
Cautionary Statement Regarding Forward Looking Statements
Statements included in this communication, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on, among other things, management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and SouthState. Words and phrases such as 'may,' 'approximately,' 'continue,' 'should,' 'expects,' 'projects,' 'anticipates,' 'is likely,' 'look ahead,' 'look forward,' 'believes,' 'will,' 'intends,' 'estimates,' 'strategy,' 'plan,' 'could,' 'potential,' 'possible' and variations of such words and similar expressions are intended to identify such forward-looking statements.
SouthState cautions readers that forward looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic volatility risk, including as a result of monetary, fiscal, and trade law policies, such as tariffs, and inflation, potentially resulting in higher rates, deterioration in the credit markets, greater than expected noninterest expenses, excessive loan losses, or on the other hand lower rates, which also may have other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (3) risks related to the merger and integration of SouthState and Independent including, among others, (i) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (ii) the risk that the integration of Independent's operations into SouthState's operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Independent's businesses into SouthState's businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, and (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger; (4) risks relating to the ability to retain our culture and attract and retain qualified people as we grow and are located in new markets, and being able to offer competitive salaries and benefits, including flexibility of working remotely or in the office; (5) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (6) credit risks associated with an obligor's failure to meet the terms of any contract with the Bank or otherwise fail to perform as agreed under the terms of any loan-related document; (7) interest rate risk primarily resulting from our inability to effectively manage the risk, and their impact on the Bank's earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the Bank's loan and securities portfolios, and the market value of SouthState's equity; (8) a decrease in our net interest income due to the interest rate environment; (9) liquidity risk affecting the Bank's ability to meet its obligations when they come due; (10) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (11) potential deterioration in real estate values; (12) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (13) price risk focusing on changes in market factors that may affect the value of traded instruments in 'mark-to-market' portfolios; (14) transaction risk arising from problems with service or product delivery; (15) the impact of increasing digitization of the banking industry and movement of customers to on-line platforms, and the possible impact on the Bank's results of operations, customer base, expenses, suppliers and operations; (16) controls and procedures risk, including the potential failure or circumvention of our controls and procedures or failure to comply with regulations related to controls and procedures; (17) volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; (18) the impact of competition with other financial institutions, including deposit and loan pricing pressures and the resulting impact, including as a result of compression to net interest margin; (19) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards, and contractual obligations regarding data privacy and cybersecurity; (20) regulatory change risk resulting from new laws, rules, regulations, accounting principles, proscribed practices or ethical standards, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and including the impact of special FDIC assessments, the Consumer Financial Protection Bureau regulations or other guidance, and the possibility of changes in accounting standards, policies, principles and practices; (21) risks related to the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government officials or other personnel; (22) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (23) reputation risk that adversely affects earnings or capital arising from negative public opinion including the effects of social media on market perceptions of us and banks generally; (24) cybersecurity risk related to the dependence of SouthState on internal computer systems and the technology of outside service providers, as well as the potential impacts of internal or external security breaches, which may subject the Company to potential business disruptions or financial losses resulting from deliberate attacks or unintentional events; (25) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of changes in federal and state laws, regulations and guidance relating to climate change; (26) excessive loan losses; (27) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank's consumer programs and products; (28) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions, whether involving stock or cash consideration; (29) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (30) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (31) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (32) the payment of dividends on SouthState common stock, which is subject to legal and regulatory limitations as well as the discretion of the board of directors of SouthState, SouthState's performance and other factors; (33) ownership dilution risk associated with potential acquisitions in which SouthState's stock may be issued as consideration for an acquired company; and (34) other factors that may affect future results of SouthState, as disclosed in SouthState's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by SouthState with the U.S. Securities and Exchange Commission ('SEC') and available on the SEC's website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. SouthState does not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.