SSB · SouthState Corporation

SouthState Corporation reported strong first quarter 2026 results, with net income of $225.8 million and diluted EPS of $2.28, up 162% year-over-year on a reported basis. Adjusted diluted EPS was also $2.28, up 6% year-over-year. The results were driven by solid balance sheet growth, record pipeline activity, and healthy profitability. Net interest income was $561.6 million, down 3% sequentially but up 3% year-over-year, as net interest margin (tax equivalent) compressed to 3.79% from 3.86% in the prior quarter. Noninterest income was $100.1 million, representing 0.61% of average assets. Loan growth was robust, with loans increasing $898 million or 7% annualized, while deposits grew $730 million or 5% annualized. Asset quality remained strong, with annualized net charge-offs of just 9 basis points and a provision for credit losses of $10.8 million. The allowance for credit losses plus reserve for unfunded commitments stood at 1.32% of loans. The efficiency ratio improved to 51% from 61% a year ago. Tangible book value per share increased 14% year-over-year to $56.90, supported by share repurchases of nearly 4% of outstanding shares over the past year. The company declared a quarterly cash dividend of $0.60 per share, payable May 15, 2026. Management expressed confidence in the company's momentum, citing strong pipeline activity and the attraction of talented commercial bankers. The company's capital position remained strong, with a CET1 ratio of 11.3%.