The bank said diluted EPS was $2.35, loans rose $1.4 billion from the prior quarter and the quarterly cash dividend will increase to $0.66 per share, payable August 14, 2026.
SouthState Bank Corporation reported unaudited second-quarter 2026 net income of $230 million, with diluted EPS of $2.35 and adjusted diluted EPS (non-GAAP) of $2.35, as the lender posted loan growth, stable margins and improved efficiency. The company said reported diluted EPS increased 11% year over year on a reported basis and 2% on an adjusted basis. For the quarter ended June 30, 2026, return on average common equity was 10.2%, return on average tangible common equity (non-GAAP) was 17.6%, and return on average assets was 1.36%. Book value per share was $94.17, while tangible book value per share (non-GAAP) was $58.72, up 13% from a year earlier after an 11% dividend increase and repurchases of nearly 5% of the company’s shares over the past year. Net interest income was $576 million, up $14 million, or 3%, from the prior quarter, while noninterest income fell $3 million to $97 million, primarily because of mortgage banking income. Noninterest expense declined $2 million to $358 million, mainly due to OREO (other real estate owned) and loan-related expense. Net interest margin was 3.78%, deposit costs were unchanged at 1.76%, and the efficiency ratio improved to 50%. Credit metrics also improved. Net charge-offs totaled $8 million, or 0.06% of average loans, and provision for credit losses was $16 million. Total allowance for credit losses plus reserve for unfunded commitments stood at 1.30% of loans. Nonperforming assets fell to $287.4 million from $328.6 million in the prior quarter. Balance-sheet growth remained a central theme. Loans increased by $1.4 billion, or 11%, from the prior quarter and by $3.6 billion, or 8%, year over year. Deposits rose by $474 million, or 3%, from the prior quarter and by $2.7 billion, or 5%, year over year, leaving an ending loan-to-deposit ratio of 90%. SouthState said its tangible common equity, total risk-based capital, Tier 1 leverage and Tier 1 common equity ratios were 8.7%, 13.5%, 9.4% and 11.1%, respectively. The board increased the quarterly cash dividend on common stock from $0.60 per share to $0.66 per share. The dividend is payable on August 14, 2026, to shareholders of record as of August 7, 2026. Chief Executive Officer John C. Corbett said the company continued to advance its priorities of balance-sheet growth, opportunistic hiring, share repurchases and building artificial intelligence capabilities. He said the quarter featured solid loan growth, a stable net interest margin, unchanged deposit costs and better efficiency, while asset quality improved with lower non-accruals and charge-offs of 6 basis points.