0001104659-26-017884
SEC filingSouthState Corporation reported strong financial results for fiscal year 2025, with net income of $798.7 million and earnings per share of $8.00. The company generated $3.38 billion in total interest income, primarily from loans ($3.00 billion), and $377.7 million in noninterest income, resulting in net interest income of $2.30 billion after $1.08 billion in interest expense. Total assets grew to $67.20 billion, with loans net of allowance at $48.01 billion and total deposits of $55.15 billion. The company maintained solid capital levels with shareholders' equity of $9.06 billion. Cash flow from operations was $300.8 million, while financing activities provided $1.46 billion primarily from deposit growth and borrowings. The provision for credit losses was $119.8 million, reflecting ongoing credit risk management.
SouthState Corporation reported fiscal year 2025 results with net income of $798.7 million and earnings per share of $8.00. The company generated $3.38 billion in total interest income, with $3.00 billion coming from loans including fees. Interest expense totaled $1.08 billion, resulting in net interest income of $2.30 billion. After a provision for credit losses of $119.8 million, net interest income after provision was $2.18 billion. Noninterest income contributed $377.7 million, including $322.0 million in core noninterest income, offset by securities losses of $228.8 million but boosted by a $229.3 million gain on sale-leaseback. Noninterest expense totaled $1.52 billion, with salaries and employee benefits being the largest component at $797.8 million. Income before taxes was $1.04 billion, with a provision for income taxes of $241.5 million.
The company's revenue is primarily interest-driven, with $3.38 billion in total interest income. Loan interest income of $3.00 billion represents the largest component, followed by investment securities income of $286.7 million ($260.1 million taxable and $26.6 million tax-exempt) and $91.2 million from federal funds sold and interest-bearing deposits. Noninterest income of $377.7 million includes several components: core noninterest income of $322.0 million, securities losses of $228.8 million, a significant gain on sale-leaseback of $229.3 million, and other income of $55.3 million. The gain on sale-leaseback transaction provided a substantial one-time boost to noninterest income.
The company's net interest margin can be inferred from the net interest income of $2.30 billion relative to interest-earning assets, though specific margin percentages are not provided in the data. Profitability metrics show net income of $798.7 million on total assets of $67.20 billion, representing a return on assets of approximately 1.19%. Return on equity based on $9.06 billion shareholders' equity is approximately 8.82%. The cost structure includes significant expenses for salaries and employee benefits ($797.8 million), occupancy ($160.4 million), information services ($120.9 million), and amortization of intangibles ($94.7 million). Merger, branch consolidation, and severance-related expenses totaled $117.8 million.
Operating activities generated $300.8 million in cash flow, starting with net income of $798.7 million and including adjustments such as depreciation and amortization of $157.6 million, provision for credit losses of $119.8 million, and deferred income taxes of $117.8 million. Investing activities provided $20.8 million, with significant securities transactions offsetting loan growth and acquisitions. Financing activities provided $1.46 billion, primarily from a $1.88 billion net increase in deposits. The balance sheet shows total assets of $67.20 billion, including $3.17 billion in cash and equivalents, $8.72 billion in investment securities, and $48.01 billion in net loans. Liabilities total $58.14 billion, with $55.15 billion in deposits. Shareholders' equity of $9.06 billion includes $6.48 billion in surplus and $2.61 billion in retained earnings.
The filing data does not include specific forward-looking guidance, management commentary, or explicit risk factors. However, the financial results indicate ongoing strategic activities including acquisitions (with $1.04 billion net cash received), merger-related expenses of $117.8 million, and a significant sale-leaseback transaction generating $229.3 million in gains. The company maintained active capital management with $235.8 million in common stock repurchases and $231.3 million in dividends paid. The provision for credit losses of $119.8 million suggests ongoing attention to credit risk management in the loan portfolio of $48.60 billion.