South State (SSB) - 2025 Q3 - Quarterly Results

Executive Summary & Highlights SouthState Bank Corporation achieved strong third-quarter 2025 results with significant revenue and income growth, successful integration efforts, and improved profitability metrics Third Quarter 2025 Overview SouthState Bank Corporation reported strong third-quarter 2025 results, driven by top-line revenue and bottom-line income growth, successful integration of Independent Financial, and fee income growth in capital markets, leading to a 30% year-over-year increase in earnings per share - CEO John C. Corbett stated, "SouthState delivered a strong third quarter. Growth in top line revenue and bottom-line income led to a 30% year-over-year increase in earnings per share"[3] - The successful integration of Independent Financial, fee income growth in capital markets, and steady balance sheet growth contributed to a return on tangible equity of 20%"[3] Key Performance Highlights The third quarter of 2025 saw significant improvements in profitability metrics, balance sheet growth, and the declaration of a quarterly cash dividend, reflecting robust financial health and operational efficiency Key Returns Metrics (Q3 2025) | Metric | Value | | :------------------------------------------ | :-------- | | Reported Diluted EPS | $2.42 | | Adjusted Diluted EPS (Non-GAAP) | $2.58 | | Net Income | $246.6 million | | Adjusted Net Income (Non-GAAP) | $262.7 million | | Return on Average Common Equity | 11.0% | | Return on Average Tangible Common Equity (Non-GAAP) | 19.6% | | Adjusted Return on Average Tangible Common Equity (Non-GAAP) | 20.8% | | Return on Average Assets ("ROAA") | 1.49% | | Adjusted ROAA (Non-GAAP) | 1.59% | | Book Value per Share | $89.14 | | Tangible Book Value ("TBV") per Share (Non-GAAP) | $54.48 | Key Performance Metrics (Q3 2025 vs. Q2 2025) | Metric | Q3 2025 | Change from Q2 2025 | | :------------------------------------------ | :-------- | :------------------ | | Revenue, non-tax equivalent | $699 million | +$34 million (5%) | | Net Interest Income | $600 million | +$22 million (4%) | | Noninterest Income | $99.1 million | +$12 million | | Net Interest Margin ("NIM"), non-tax equivalent | 4.05% | N/A | | Net charge-offs | $32.2 million (0.27% annualized) | N/A | | Provision for Credit Losses ("PCL") | $5.1 million | N/A | | Allowance for Credit Losses ("ACL") + reserve for unfunded commitments | 1.38% of loans | N/A | | Efficiency Ratio | 50% | N/A | | Adjusted Efficiency Ratio (Non-GAAP) | 47% | N/A | Key Balance Sheet & Subsequent Events (Q3 2025) | Metric | Q3 2025 | Change from Q2 2025 | | :------------------------------------------ | :-------- | :------------------ | | Loans | +$401 million (3%) | N/A | | Deposits | +$376 million (3%) | N/A | | Average loans | +$571 million (5%) | N/A | | Average deposits | +$625 million (5%) | N/A | | Ending loan to deposit ratio | 88% | N/A | | Total loan yield | 6.48% | +0.15% | | Total deposit cost | 1.91% | +0.07% | | Tangible Common Equity ratio | 8.8% | N/A | | Total Risk-Based Capital ratio | 14.0% | N/A | | Tier 1 Leverage ratio | 9.4% | N/A | | Tier 1 Common Equity ratio | 11.5% | N/A | | Subordinated debentures redeemed | $405 million | N/A | | Quarterly cash dividend declared | $0.60 per share | N/A | Financial Performance The company demonstrated robust financial performance in Q3 2025, marked by substantial growth in net income and net interest income Income Statement Analysis SouthState reported a significant increase in GAAP Net Income for Q3 2025, reaching $246.6 million, up from $215.2 million in Q2 2025. Net interest income also saw a healthy increase, while noninterest income grew, partially offset by higher noninterest expenses compared to the prior year Income Statement Summary (Dollars in thousands) | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------------------------------ | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | Total interest income | $881,682 | $840,504 | $808,566 | $544,178 | $2,530,752 | $1,592,557 | | Total interest expense | $281,985 | $262,556 | $264,019 | $192,698 | $808,560 | $546,882 | | Net Interest Income | $599,697 | $577,948 | $544,547 | $351,480 | $1,722,192 | $1,045,675 | | Provision for credit losses | $5,085 | $7,505 | $100,562 | $(6,971) | $113,152 | $9,604 | | Total noninterest income | $99,086 | $86,817 | $86,088 | $74,934 | $271,991 | $221,717 | | Total noninterest expense | $372,342 | $375,061 | $408,826 | $246,847 | $1,156,229 | $744,884 | | Net Income (GAAP) | $246,641 | $215,224 | $89,080 | $143,179 | $550,945 | $390,605 | | Diluted EPS (GAAP) | $2.42 | $2.11 | $0.87 | $1.86 | $5.41 | $5.09 | | Adjusted Net Income (non-GAAP) | $262,673 | $233,817 | $219,282 | $145,715 | $715,772 | $404,315 | | Adjusted Diluted EPS (non-GAAP) | $2.58 | $2.30 | $2.15 | $1.90 | $7.03 | $5.27 | Performance and Capital Ratios The company exhibited strong financial health in Q3 2025, with improved profitability and robust capital ratios Performance Ratios Profitability ratios improved significantly in Q3 2025 compared to the previous quarter and year-to-date, with adjusted metrics showing even stronger performance, including a notable increase in adjusted return on average tangible common equity Performance Ratios (Annualized) | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------------------------------ | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | Return on average assets | 1.49% | 1.34% | 0.56% | 1.25% | 1.14% | 1.15% | | Adjusted return on average assets (non-GAAP) | 1.59% | 1.45% | 1.38% | 1.27% | 1.48% | 1.19% | | Return on average common equity | 11.04% | 9.93% | 4.29% | 9.91% | 8.50% | 9.29% | | Adjusted return on average tangible common equity (non-GAAP) | 20.81% | 19.61% | 19.85% | 15.89% | 20.10% | 15.44% | | Efficiency ratio (tax equivalent) | 49.88% | 52.75% | 60.97% | 56.58% | 54.35% | 57.35% | | Adjusted efficiency ratio (non-GAAP) | 46.89% | 49.09% | 50.24% | 55.80% | 48.68% | 55.93% | | Book value per common share | $89.14 | $86.71 | $84.99 | $77.42 | N/A | N/A | | Tangible book value per common share (non-GAAP) | $54.48 | $51.96 | $50.07 | $51.26 | N/A | N/A | Capital Ratios SouthState maintained a strong capital position in Q3 2025, with all key capital ratios remaining robust, indicating financial stability and compliance with regulatory requirements Capital Ratios | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | | :------------------------------------------ | :-------- | :-------- | :-------- | :-------- | | Equity-to-assets | 13.6% | 13.4% | 13.2% | 12.8% | | Tangible equity-to-tangible assets (non-GAAP) | 8.8% | 8.5% | 8.2% | 8.9% | | Tier 1 leverage | 9.4% | 9.2% | 8.9% | 10.0% | | Tier 1 common equity | 11.5% | 11.2% | 11.0% | 12.4% | | Total risk-based capital | 14.0% | 14.5% | 13.7% | 14.7% | Balance Sheet Analysis The balance sheet in Q3 2025 showed growth in total assets and deposits, alongside an increase in shareholders' equity Assets Total assets increased slightly to $66.05 billion in Q3 2025, primarily driven by growth in loans and investment securities, while cash and cash equivalents saw a decrease from the prior quarter Assets Summary (Dollars in thousands) | Metric | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Sep. 30, 2024 | | :------------------------------------------ | :-------------- | :-------------- | :-------------- | :-------------- | | Cash and cash equivalents | $3,144,455 | $3,464,106 | $3,299,690 | $1,212,679 | | Total investment securities | $8,505,745 | $8,431,345 | $8,395,044 | $7,077,128 | | Loans, net | $47,077,778 | $46,646,201 | $46,143,042 | $33,080,211 | | Goodwill | $3,094,059 | $3,094,059 | $3,088,059 | $1,923,106 | | Total assets | $66,048,210 | $65,893,322 | $65,135,454 | $46,082,647 | Liabilities and Shareholders' Equity Total deposits increased to $54.07 billion in Q3 2025, contributing to a slight increase in total liabilities. Shareholders' equity also grew, reflecting improved profitability and retained earnings Liabilities and Shareholders' Equity Summary (Dollars in thousands) | Metric | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Sep. 30, 2024 | | :------------------------------------------ | :-------------- | :-------------- | :-------------- | :-------------- | | Noninterest-bearing deposits | $13,430,459 | $13,719,030 | $13,757,255 | $10,376,531 | | Interest-bearing deposits | $40,642,810 | $39,977,931 | $39,580,360 | $27,261,664 | | Total deposits | $54,073,269 | $53,696,961 | $53,337,615 | $37,638,195 | | Other borrowings | $696,429 | $1,099,705 | $752,798 | $691,626 | | Total liabilities | $57,037,084 | $57,092,188 | $56,511,093 | $40,178,067 | | Total shareholders' equity | $9,011,126 | $8,801,134 | $8,624,361 | $5,904,580 | Net Interest Income and Margin Net interest income and margin showed positive trends in Q3 2025, driven by increased loan yields and effective interest-earning asset management Yield Analysis Interest-earning assets and interest-bearing liabilities both increased in Q3 2025, with the total loan yield rising to 6.48% and the overall cost of funds increasing to 2.04%, reflecting a dynamic interest rate environment Yield Analysis Summary (Dollars in thousands) | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :------------------------------------------ | :-------- | :-------- | :-------- | | Average interest-earning assets | $58,727,110 | $57,710,001 | $41,223,980 | | Total interest income | $881,682 | $840,504 | $544,178 | | Yield on interest-earning assets | 5.96% | 5.84% | 5.25% | | Average total loans held for investment | $47,600,317 | $47,029,412 | $33,387,675 | | Yield on total loans held for investment | 6.48% | 6.33% | 5.86% | | Average interest-bearing liabilities | $41,401,172 | $40,555,703 | $28,054,288 | | Cost of interest-bearing liabilities | 2.70% | 2.60% | 2.73% | Net Interest Margin Details Net Interest Income (NII) continued its upward trend, reaching $599.7 million, with the non-tax equivalent Net Interest Margin (NIM) improving to 4.05% in Q3 2025, indicating effective management of interest-earning assets and liabilities Net Interest Margin Details | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :------------------------------------------ | :-------- | :-------- | :-------- | | Net Interest Income (Non-Tax Equivalent) | $599,697 | $577,948 | $351,480 | | Net Interest Margin (Non-Tax Equivalent) | 4.05% | 4.02% | 3.39% | | Net Interest Margin (Tax Equivalent) (non-GAAP) | 4.06% | 4.02% | 3.40% | | Total Deposit Cost | 1.91% | 1.84% | 1.90% | | Overall Cost of Funds | 2.04% | 1.94% | 1.99% | | Total Accretion on Acquired Loans | $82,976 | $63,507 | $2,858 | - The remaining loan discount on acquired loans to be accreted into loan interest income totals $309.8 million as of September 30, 2025[11] Noninterest Income and Expense Noninterest income saw growth in Q3 2025, while noninterest expenses slightly decreased due to reduced merger-related costs Noninterest Income Breakdown Total noninterest income increased to $99.1 million in Q3 2025, primarily driven by significant growth in correspondent banking and capital markets income, as well as increased fees on deposit accounts and bank owned life insurance income Noninterest Income Summary (Dollars in thousands) | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------------------------------ | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | Fees on deposit accounts | $42,572 | $37,869 | $35,933 | $33,986 | $116,374 | $100,973 | | Mortgage banking income | $5,462 | $5,936 | $7,737 | $3,189 | $19,135 | $15,270 | | Trust and investment services income | $14,157 | $14,419 | $14,932 | $11,578 | $43,508 | $33,060 | | Correspondent banking and capital markets income | $21,204 | $13,767 | $9,545 | $9,893 | $44,516 | $19,064 | | Bank owned life insurance income | $10,597 | $9,153 | $10,199 | $8,276 | $29,949 | $22,540 | | Total Noninterest Income | $99,086 | $86,817 | $86,088 | $74,934 | $271,991 | $221,717 | Noninterest Expense Breakdown Total noninterest expense decreased slightly to $372.3 million in Q3 2025 compared to Q2 2025, primarily due to a reduction in merger, branch consolidation, severance related, and other expenses, despite increases in other operating costs Noninterest Expense Summary (Dollars in thousands) | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------------------------------ | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | Salaries and employee benefits | $199,148 | $200,162 | $195,811 | $150,865 | $595,121 | $452,753 | | Occupancy expense | $40,874 | $41,507 | $35,493 | $22,242 | $117,874 | $67,272 | | Information services expense | $28,988 | $30,155 | $31,362 | $23,280 | $90,505 | $68,777 | | Amortization of intangibles | $23,426 | $24,048 | $23,831 | $5,327 | $71,305 | $17,069 | | Merger, branch consolidation, severance related and other expense | $20,889 | $24,379 | $68,006 | $3,304 | $113,274 | $13,602 | | Total Noninterest Expense | $372,342 | $375,061 | $408,826 | $246,847 | $1,156,229 | $744,884 | Loans and Deposits Both loan and deposit portfolios expanded in Q3 2025, indicating robust growth in lending and a stable funding base Loan Portfolio Summary The total loan portfolio grew to $47.67 billion in Q3 2025, with significant increases in investor commercial real estate, commercial and industrial, and consumer real estate loans, reflecting continued lending activity Loan Portfolio Summary (Dollars in thousands) | Loan Type | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Sep. 30, 2024 | | :------------------------------------------ | :-------------- | :-------------- | :-------------- | :-------------- | | Construction and land development | $2,678,971 | $3,323,923 | $3,497,909 | $2,458,151 | | Investor commercial real estate | $17,603,205 | $16,953,410 | $16,822,119 | $9,856,709 | | Commercial owner occupied real estate | $7,529,075 | $7,497,906 | $7,417,116 | $5,544,716 | | Commercial and industrial | $8,644,636 | $8,445,878 | $8,106,484 | $5,931,187 | | Consumer real estate | $10,202,026 | $10,038,369 | $9,838,952 | $8,649,714 | | Total Loans | $47,667,911 | $47,267,247 | $46,766,732 | $33,548,192 | Deposit Portfolio Summary Total deposits increased to $54.07 billion in Q3 2025, with growth across interest-bearing checking, money market, and time deposits, while noninterest-bearing checking saw a slight decrease. Core deposits also showed an increase, indicating a stable funding base Deposit Portfolio Summary (Dollars in thousands) | Deposit Type | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Sep. 30, 2024 | | :------------------------------------------ | :-------------- | :-------------- | :-------------- | :-------------- | | Noninterest-bearing checking | $13,430,459 | $13,719,030 | $13,757,255 | $10,376,531 | | Interest-bearing checking | $12,906,408 | $12,607,205 | $12,034,973 | $7,550,392 | | Savings | $2,853,410 | $2,889,670 | $2,939,407 | $2,442,584 | | Money market | $17,251,469 | $16,772,597 | $17,447,738 | $12,614,046 | | Time deposits | $7,631,523 | $7,708,459 | $7,158,242 | $4,654,642 | | Total Deposits | $54,073,269 | $53,696,961 | $53,337,615 | $37,638,195 | | Core Deposits (excludes Time Deposits) | $46,441,746 | $45,988,502 | $46,179,373 | $32,983,553 | Asset Quality Asset quality remained stable in Q3 2025, with nonperforming assets showing a slight decrease and adjustments made to credit loss allowances Nonperforming Assets Total nonperforming assets remained relatively stable at $320.8 million in Q3 2025, with a slight decrease from the previous quarter, while acquired nonaccrual loans continued to be a significant component Nonperforming Assets Summary (Dollars in thousands) | Metric | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Sep. 30, 2024 | | :------------------------------------------ | :-------------- | :-------------- | :-------------- | :-------------- | | Non-acquired nonaccrual loans | $146,751 | $141,910 | $151,673 | $111,240 | | Acquired nonaccrual loans | $149,695 | $151,466 | $116,691 | $70,731 | | Total nonperforming assets | $320,805 | $323,841 | $280,440 | $190,960 | Asset Quality Ratios Asset quality ratios showed a slight decrease in the allowance for credit losses as a percentage of loans, while net charge-offs increased in Q3 2025, primarily attributable to one specific credit Asset Quality Ratios | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | | :------------------------------------------ | :-------- | :-------- | :-------- | :-------- | | Allowance for credit losses as a percentage of loans | 1.24% | 1.31% | 1.33% | 1.39% | | Allowance for credit losses, including reserve for unfunded commitments, as a percentage of loans | 1.38% | 1.45% | 1.47% | 1.52% | | Allowance for credit losses as a percentage of nonperforming loans | 195.61% | 208.57% | 229.15% | 247.28% | | Net charge-offs as a percentage of average loans (annualized) | 0.27% | 0.21% | 0.38% | 0.07% | | Total nonperforming assets as a percentage of total assets | 0.49% | 0.49% | 0.43% | 0.41% | | Nonperforming loans as a percentage of period end loans | 0.63% | 0.63% | 0.58% | 0.56% | Current Expected Credit Losses (CECL) The Allowance for Credit Losses (ACL) decreased slightly to $590.1 million, while the reserve for unfunded commitments increased to $68.5 million in Q3 2025, reflecting adjustments for charge-offs and provisions ACL and UFC Roll Forward (Dollars in thousands) | Metric | Ending balance 6/30/2025 | Ending balance 9/30/2025 | | :------------------------------------------ | :----------------------- | :----------------------- | | Non-PCD ACL | $535,014 | $511,578 | | PCD ACL | $86,032 | $78,555 | | Total ACL | $621,046 | $590,133 | | UFC | $64,693 | $68,538 | | Allowance for Credit Losses to Loans | 1.31% | 1.24% | Additional Information This section provides essential supplementary information, including conference call details, company overview, non-GAAP reconciliations, and cautionary statements regarding future projections Conference Call Details SouthState Bank Corporation will host a conference call on October 23, 2025, at 9:00 a.m. Eastern Time to discuss its third-quarter results, with details provided for participation via phone or live webcast - Conference call to discuss Q3 results will be held on October 23, 2025, at 9:00 a.m. Eastern Time"[19] - Callers can participate toll-free by dialing (888) 350-3899 (US) or (646) 960-0343 (international), using conference ID 4200408"[19] - A live webcast and audio replay will be available on the Investor Relations section of SouthStateBank.com"[19] Company Information SouthState is a financial services company headquartered in Winter Haven, Florida, providing a comprehensive range of consumer, commercial, mortgage, and wealth management solutions to over 1.5 million customers across multiple states and nationwide through its correspondent banking division - SouthState is a financial services company headquartered in Winter Haven, Florida"[20] - Its bank subsidiary, SouthState Bank, N.A., offers consumer, commercial, mortgage, and wealth management solutions"[20] - Serves over 1.5 million customers in Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia, and Tennessee, and clients nationwide through its correspondent banking division"[20] Non-GAAP Measures Explanation and Reconciliation This section provides an explanation of non-GAAP financial measures used by SouthState, emphasizing their supplementary nature to GAAP measures, along with detailed reconciliations for various adjusted metrics such as PPNR, NIM, Net Income, EPS, ROAA, ROACE, Efficiency Ratio, and Tangible Book Value - Non-GAAP measures are provided to offer additional useful information for evaluating ongoing performance but should not be considered an alternative to GAAP measures"[21][26] - Management believes these non-GAAP tangible measures are particularly useful for industry analysts, especially for companies with prior merger and acquisition activities"[26] - Non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for GAAP analysis"[21][26] Pre-Provision Net Revenue (PPNR) Reconciliation (Dollars in thousands) | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | | :------------------------------------------ | :-------- | :-------- | :-------- | :-------- | | Net income (GAAP) | $246,641 | $215,224 | $89,080 | $143,179 | | Provision (recovery) for credit losses | $5,085 | $7,505 | $100,562 | $(6,971) | | Income tax provision | $74,715 | $66,975 | $26,586 | $43,359 | | Merger, branch consolidation, severance related and other expense | $20,889 | $24,379 | $68,006 | $3,304 | | Pre-provision net revenue (PPNR) (Non-GAAP) | $347,330 | $314,083 | $289,347 | $182,871 | Net Interest Margin (NIM), Tax Equivalent (TE) Reconciliation | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | | :------------------------------------------ | :-------- | :-------- | :-------- | :-------- | | NIM, non-tax equivalent | 4.05% | 4.02% | 3.84% | 3.39% | | Tax equivalent adjustment | $718 | $672 | $784 | $486 | | Net interest income, tax equivalent (Non-GAAP) | $600,415 | $578,620 | $545,331 | $351,966 | | NIM, TE (Non-GAAP) | 4.06% | 4.02% | 3.85% | 3.40% | Adjusted Net Income and EPS Reconciliation | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------------------------------ | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | Net income (GAAP) | $246,641 | $215,224 | $89,080 | $143,179 | $550,945 | $390,605 | | Adjusted net income (non-GAAP) | $262,673 | $233,817 | $219,282 | $145,715 | $715,772 | $404,315 | | Diluted EPS (GAAP) | $2.42 | $2.11 | $0.87 | $1.86 | $5.41 | $5.09 | | Adjusted diluted EPS (non-GAAP) | $2.58 | $2.30 | $2.15 | $1.90 | $7.03 | $5.27 | Adjusted Return on Average Assets and Equity Reconciliation | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------------------------------ | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | Return on average assets (GAAP) | 1.49% | 1.34% | 0.56% | 1.25% | 1.14% | 1.15% | | Adjusted return on average assets (non-GAAP) | 1.59% | 1.45% | 1.38% | 1.27% | 1.48% | 1.19% | | Return on average common equity (GAAP) | 11.04% | 9.93% | 4.29% | 9.91% | 8.50% | 9.29% | | Adjusted return on average common equity (non-GAAP) | 11.75% | 10.79% | 10.56% | 10.08% | 11.05% | 9.62% | | Return on average tangible equity (non-GAAP) | 19.62% | 18.17% | 8.99% | 15.63% | 15.80% | 14.94% | | Adjusted return on average common tangible equity (non-GAAP) | 20.81% | 19.61% | 19.85% | 15.89% | 20.10% | 15.44% | Adjusted Efficiency Ratio Reconciliation | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------------------------------ | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | Efficiency ratio (GAAP) | 49.88% | 52.75% | 60.97% | 56.58% | 54.35% | 57.35% | | Adjusted efficiency ratio (non-GAAP) | 46.89% | 49.09% | 50.24% | 55.80% | 48.68% | 55.93% | Tangible Book Value and Tangible Equity-to-Tangible Assets Reconciliation | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | | :------------------------------------------ | :-------- | :-------- | :-------- | :-------- | | Book value per common share (GAAP) | $89.14 | $86.71 | $84.99 | $77.42 | | Tangible book value per common share (non-GAAP) | $54.48 | $51.96 | $50.07 | $51.26 | | Equity-to-assets (GAAP) | 13.64% | 13.36% | 13.24% | 12.81% | | Tangible equity-to-tangible assets (non-GAAP) | 8.81% | 8.46% | 8.25% | 8.87% | Footnotes to Tables This section provides detailed explanations and definitions for various financial metrics and adjustments used in the tables, particularly for loan accretion, the components of non-GAAP measures, and the estimation status of capital ratios - Loan accretion income related to the discount on acquired loans totaled $83.0 million for Q3 2025[26] - Adjusted non-GAAP measures exclude specific items such as securities gains/losses, gain on sale leaseback, PCL on non-PCD loans, deferred tax asset remeasurement, merger/branch consolidation/severance expenses, and FDIC special assessments[26] - Tangible measures exclude the effect of intangible assets, and tangible returns on equity add back after-tax amortization of intangibles to GAAP net income[26] - September 30, 2025 capital ratios are estimated and subject to change pending final filing[26] Cautionary Statement Regarding Forward-Looking Statements This section outlines the inherent risks and uncertainties associated with forward-looking statements made in the communication, advising readers against undue reliance and emphasizing that actual results may differ materially from projections due to various factors including economic volatility, integration risks, and regulatory changes - Forward-looking statements are based on management's beliefs, assumptions, current expectations, estimates, and projections, and are subject to risks and uncertainties"[27][28] - Risks include economic volatility, strategic plan execution, merger integration (Independent Financial), talent retention, deposit attrition, credit risks, interest rate risk, inflation, liquidity risk, real estate values, investment portfolio value, market factors, transaction risk, digitization, controls and procedures, financial industry volatility, competition, compliance, regulatory changes, strategic risk, reputation risk, cybersecurity, ESG matters, excessive loan losses, operational risks from acquisitions, catastrophic events, geopolitical risk, stock price fluctuations, dividend payments, and ownership dilution"[28] - SouthState does not undertake any obligation to update or revise any forward-looking statements, except as required by federal securities laws"[29]