REMAX® Agents and Teams Dominate Again, Rank Among the Nation's Most Productive in 2025
DENVER, June 10, 2025 /PRNewswire/ — REMAX®, the #1 name in real estate1, proudly celebrates the outstanding achievements of its affiliates recognized in the 2025 RealTrends Verified Top Agents and Teams rankings. Once again, REMAX professionals have demonstrated their utmost productivity and commitment to excellence, earning top spots as industry leaders nationwide.
This year's rankings highlight the exceptional performance of REMAX agents across the country. Of the over 45,000 participating U.S. agents and team leaders that qualified for the list, more than 6,000 are REMAX agents. Of those agents, 4,461 are individuals (the most qualifiers of any brand) and 1,901 are teams (the third most teams of any brand)2, earning industry recognition for their 2024 sales volume and transaction sides.
'REMAX agents continue to raise the bar year after year,' said Erik Carlson, CEO of RE/MAX Holdings. 'Their dedication to their clients, strong market knowledge, and relentless drive to succeed are what set them apart. We're incredibly proud to see so many REMAX professionals honored among the best in the business.'
Among the highlights:
One in seven of America's top-producing agents and teams is affiliated with REMAX.2
Of the more than 4,000 REMAX agents that qualified, 3,302 qualified by transaction sides, averaging nearly 40 home sales per agent in 2024.2
REMAX teams led the industry in productivity, achieving the highest sides-per-agent average among brands with at least 150 qualifying team members in each RealTrends team size category. Across 1,584 REMAX teams, agents averaged 17.2 transaction sides each.2
REMAX earned 118 placements in 'The Thousand,' a prestigious subset of the rankings that honors the top 1,000 agents and teams by transaction sides and sales volume. REMAX agents and teams were ranked in the top 65 in all of the 10 agent and team categories and in the top 10 in five categories.3
REMAX also qualified more individual agents (63) for transaction sides in 'The Thousand' than any other brand. These agents averaged an impressive 143.7 transaction sides each.3
REMAX agents have consistently earned the highest number of individual agent rankings for transaction sides in 'The Thousand' for 13 consecutive years.3 This recognition underscores the REMAX network's commitment to delivering exceptional service and results for buyers and sellers across the United States.
The RealTrends Verified rankings are based on independently verified data and recognize the top-performing participating agents and teams in the U.S. across several categories, including transaction sides and sales volume. To qualify for the rankings, individual agents must have closed at least 25 residential transaction sides or $10 million in closed sales volume in 2024, and teams must have closed at least 40 residential transaction sides or $16 million in sales volume in 2024.
For more information about the RealTrends Verified rankings, visit news.remax.com.
1MMR Strategy Group study of unaided awareness.2RealTrends Verified list ranks participating U.S. agents and teams based on their 2024 residential transaction sides and sales volume.3RealTrends 'The Thousand' list ranks participating U.S. agents and teams based on their 2024 residential transaction sides and sales volume.
About the REMAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 145,000 agents in nearly 9,000 offices and a presence in more than 110 countries and territories. Nobody in the world sells more real estate than REMAX, as measured by residential transaction sides. REMAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. REMAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children's Miracle Network Hospitals® and other charities. To learn more about REMAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about REMAX, please visit news.remax.com.
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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 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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 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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 (888) 350-3899 within the US and (646) 960-0343 for all other locations. The numbers for international participants are listed at The conference ID number is 4200408. Alternatively, individuals may listen to the live webcast of the presentation by visiting 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 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 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 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.
Malaysian Reserve
7 hours ago
- Malaysian Reserve
DELTEC HOMES LAUNCHES TRANQUILITY: A NEW ROUND, HURRICANE-READY HOME DESIGNED FOR RESILIENCE AND INSPIRED LIVING
— Spacious, light-filled design meets unmatched durability in Deltec's newest 360° model – ASHEVILLE, N.C., July 24, 2025 /PRNewswire/ — As the 2025 hurricane season begins to intensify and forecasters predict an above-average year for major storms, Deltec Homes—the world leader in hurricane-resistant housing—is proud to introduce Tranquility, the newest model in its iconic 360° Signature Collection. At 1,327 square feet, Tranquility offers the durability Deltec is known for in a modern, stylish right-sized design that blends affordability with premium features. With options for three bedrooms and separate foyer entries, the model is ideal for homeowners seeking a balance of resilience, comfort, and beauty in a smaller footprint. Tranquility is engineered 'Hurricane Ready', designed to withstand wind speeds up to 130 mph, with upgrades available to resist winds of 160, 170, or even 190 mph. To mark the launch, Deltec is offering limited-time 50% discounts on its Hurricane/High-Wind upgrade packages, with details available at 'At the heart of Tranquility is thoughtful design,' said Meg Gore, CEO of Deltec Homes. 'We set out to create a smaller home that delivers world-class resilience and a truly elevated living experience. From vaulted ceilings and expansive great rooms to panoramic windows that capture sunrises and sunsets, every detail of Tranquility is designed to connect people more deeply with the outdoors.' Built on Deltec's proven round home platform, Tranquility features: Spacious open-concept layouts Abundant natural light through expansive panoramic windows Engineered radial truss systems for structural strength Energy-efficient performance and Net Zero Ready design All homes in the 360° Signature Collection (seven models from 500 to 2,000 square feet and forty floor plans) are crafted using the same aerodynamic circular design, superior materials, and structural engineering that have helped Deltec stand alone – our round homes built over the last 30 years have a 99.9% survival rate, enduring direct hits from some of the most powerful hurricanes on record, from Andrew, Katrina and Wilma, to Michael, Dorian, and Ian. Built for the Future: Energy-Efficient and Eco-FriendlyDeltec round homes are up to 20% more energy-efficient than traditional square homes due to reduced exterior surface area and improved airtightness. Every model in the 360° Signature Collection is designed to meet Net Zero Ready standards in most U.S. climate zones. With enhanced insulation, solar-ready options, and high-efficiency HVAC systems, homeowners can enjoy lower utility bills and a dramatically reduced carbon footprint. 'As climate change brings more extreme weather events, building a resilient and sustainable home is no longer just a personal choice—it's a smart long-term investment,' Gore added. To learn more about the Tranquility model and the 360° Signature Collection, visit Contact: Karen Parziale, KParziale@ 201-927-8536
