A Business at a Glance
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SouthState Bank Corp
SSB
$10.8B
Mkt Cap
$106.00
+4.69%
SouthState Bank Corp (SSB) has a current P/E ratio of 13.5, compared to its historical median P/E of 13.2. The stock is currently considered Fair based on its historical valuation range.
SouthState Bank Corp (SSB) has a 5-year average return on invested capital (ROIC) of 7.5%. This is below average and may indicate limited pricing power.
SouthState Bank Corp (SSB) has a market capitalization of $10.4B. It is classified as a large-cap stock.
Yes, SouthState Bank Corp (SSB) pays a dividend with a trailing twelve-month yield of 2.27%. The company also returns capital through share buybacks, with a buyback yield of 3.71%.
Based on historical P/E analysis, SouthState Bank Corp (SSB) appears fair. The current P/E of 13.5 is 2% above its historical median of 13.2. The estimated fair value CAGR (P/E method) is 10.4%.
SouthState Bank Corp (SSB) operates in the State Commercial Banks industry, within the Financials sector.
SouthState Bank Corp (SSB) reported annual revenue of $3.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
SouthState Bank Corporation is a financial holding company headquartered in Winter Haven, Florida, operating through its subsidiary SouthState Bank, National Association, with a 342-branch network across Florida, South Carolina, Texas, Georgia, Colorado, North Carolina, Alabama, and Virginia as of December 31, 2025. The company generates revenue primarily from interest on real estate and other loans, fees from deposit accounts, commissions on bond sales, hedging services, and gains from residential mortgage loan sales, with principal funding sources being customer deposits, loan repayments, and investment security sales and maturities. The Bank operates a correspondent banking and capital markets service division serving over 1,200 small and medium-sized community financial institutions, credit unions, and money managers nationwide, earning commissions on fixed income security sales, hedging service fees, and loan brokerage fees; it also owns SouthState Securities Corp., a full-service registered broker-dealer, and SouthState Private Capital Management LLC, a registered investment advisor supporting the Wealth business line. The company's loan portfolio comprises commercial real estate loans (58% of portfolio at December 31, 2025), residential real estate loans, commercial and industrial loans, and consumer loans, with principal risk tied to borrower creditworthiness affected by general economic conditions and industry attributes. Additional operations include Corporate Billing, a transaction-based finance division providing factoring, invoicing, collection, and accounts receivable management services to transportation companies and automotive parts and service providers nationwide, and SSB First Street Corporation, an investment subsidiary holding tax-exempt municipal securities.
【Loan growth momentum accelerating】 Management expects to potentially exceed prior mid-to-upper single-digit loan growth guidance for 2026, with particular success in Texas and Colorado markets and a strong pipeline supporting higher-end growth potential. Net interest margin is expected to remain in the 375–380 basis point range for 2026 under mid-single-digit growth scenarios, with deposit costs anticipated in the mid-170s basis points reflecting a more competitive deposit environment than initially forecasted. The company is intentionally investing in revenue producers and recruiting efforts to capture market share from ongoing banking industry disruption, with approximately $118 billion of bank deposits expected to convert in the company's markets over the next year or so. Non-interest income is expected to grow at an increasing rate, weighted toward Texas and Colorado markets, with full-year guidance of 55–60 basis points to average assets, and the company maintains its 4% expense growth guidance for 2026 while monitoring the potential for artificial intelligence-driven efficiency gains in support personnel relative to revenue producer growth.
| Metric | Target | Period |
|---|---|---|
| Loan growth | mid to upper single-digit | FY2026 |
| Net interest margin | 375–380 basis points | FY2026 |
| Loan accretion | $125 million | FY2026 |
| Deposit costs | mid-170s basis points | FY2026 |
| Non-interest income to average assets | 55–60 basis points | FY2026 |
| Non-interest expense growth | 4% | FY2026 |
Loan growth (FY2026): “Our previous loan growth guidance for 2026 called for mid to upper single-digit growth this year.”
Net interest margin (FY2026): “Based on all these assumptions, we'd expect NIM to be in the 375-380 range.”
Loan accretion (FY2026): “On loan accretion, which is our third one, we forecasted $125 million for the full year of 2026, and there's really no change to that.”
Deposit costs (FY2026): “we think that the deposit cost will be in the mid-170s versus our early forecast to be in the low mid-170s.”
Non-interest income to average assets (FY2026): “I think our guidance for the full year non-interest income to average assets was between 55-60 basis points.”
“we're still sticking with our guidance that we gave heading into the year in that roughly 4% range.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Deposit account services | $107M | $130M | $135M | $142M | $166M | 32% |
Fees on deposit accounts | $106M | $128M | $129M | $136M | $158M | 30% |
Correspondent banking and capital markets income | $110M | $79M | $49M | $33M | $72M | 14% |
Trust and investment services income | $37M | $39M | $39M | $46M | $58M | 11% |
Interchange and debit card transaction fees | $18M | $22M | $21M | $25M | $32M | 6% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.7B | 3.8B | 2.4B | 2.2B | 1.7B | 1.4B |
| Net Income | 935M | 799M | 535M | 494M | 496M | 476M |
| EPS | $9.36 | $7.87 | $6.97 | $6.46 | $6.60 | $6.71 |
| Free Cash Flow | 653M | 231M | 476M | 508M | 1.7B | 387M |
| ROIC | 0.0% | 7.9% | 5.0% | 5.8% | 9.4% | 9.4% |
| Gross Margin | - | 70.9% | 69.2% | 72.4% | 94.6% | 85.8% |
| Debt/Equity | 0.03 | 0.12 | 0.70 | 1.09 | 0.08 | 0.07 |
| Dividends/Share | $2.41 | $2.28 | $2.12 | $2.04 | $1.98 | $1.92 |
| Operating Income | 0 | 1.0B | 700M | 631M | 633M | 604M |
| Operating Margin | 0.0% | 27.7% | 28.7% | 28.3% | 37.1% | 42.0% |
| ROE | 10.4% | 10.7% | 9.4% | 9.3% | 10.0% | 10.1% |
| Shares Outstanding | 98M | 101M | 77M | 77M | 75M | 71M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 437M | 454M | 454M | 566M | 713M | 734M | 1.2B | 1.4B | 1.7B | 2.2B | 2.4B | 3.8B | 2.7B |
| Gross Margin | 94.9% | 96.4% | 96.7% | 94.9% | 90.5% | 86.5% | 85.8% | 85.8% | 94.6% | 72.4% | 69.2% | 70.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 158M | 161M | 165M | 194M | 233M | 235M | 417M | 552M | 555M | 583M | 607M | 798M | 808M |
| EBIT | 111M | 150M | 154M | 169M | 224M | 230M | 104M | 604M | 633M | 631M | 700M | 1.0B | 0 |
| Op. Margin | 25.5% | 33.1% | 33.9% | 29.8% | 31.5% | 31.4% | 8.5% | 42.0% | 37.1% | 28.3% | 28.7% | 27.7% | 0.0% |
| Net Income | 74M | 99M | 101M | 88M | 179M | 186M | 121M | 476M | 496M | 494M | 535M | 799M | 935M |
| Net Margin | 17.0% | 21.9% | 22.3% | 15.5% | 25.1% | 25.4% | 9.9% | 33.0% | 29.1% | 22.2% | 21.9% | 21.3% | 34.5% |
| Non-Recurring | -1.4M | -576K | 60K | -177K | -1.6M | -3.6M | -5.0M | -856K | -2.9M | -66K | 19K | -148K | -148K |
| Returns on Capital | |||||||||||||
| ROIC | 6.9% | 9.0% | 8.8% | 4.8% | 7.3% | 7.5% | 3.2% | 9.4% | 9.4% | 5.8% | 5.0% | 7.9% | 0.0% |
| ROE | 7.6% | 9.7% | 9.2% | 5.1% | 7.7% | 7.9% | 3.4% | 10.1% | 10.0% | 9.3% | 9.4% | 10.7% | 10.4% |
| ROA | 0.9% | 1.2% | 1.2% | 0.7% | 1.2% | 1.2% | 0.4% | 1.2% | 1.2% | 1.1% | 1.2% | 1.4% | 1.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 119M | 187M | 138M | 198M | 284M | 181M | 537M | 416M | 1.7B | 547M | 512M | 301M | 726M |
| Free Cash Flow | 103M | 172M | 112M | 183M | 269M | 165M | 520M | 387M | 1.7B | 508M | 476M | 231M | 653M |
| Owner Earnings | 94M | 160M | 110M | 162M | 239M | 141M | 461M | 326M | 1.6B | 455M | 433M | 135M | 387M |
| CapEx | 16M | 15M | 26M | 15M | 15M | 16M | 17M | 28M | 18M | 39M | 36M | 70M | 73M |
| Maint. CapEx | 21M | 21M | 22M | 29M | 36M | 31M | 52M | 64M | 63M | 56M | 51M | 129M | 301M |
| Growth CapEx | 0 | 0 | 4.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 21M | 21M | 22M | 29M | 36M | 31M | 52M | 64M | 63M | 56M | 51M | 129M | 301M |
| CapEx/OCF | 13.6% | 8.1% | 18.7% | 7.7% | 5.1% | 8.7% | 3.2% | 6.8% | 1.0% | 7.1% | 7.0% | 23.4% | 10.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 20M | 24M | 29M | 39M | 51M | 58M | 98M | 135M | 147M | 156M | 163M | 231M | 236M |
| Dividend Yield | 0.9% | 0.9% | 1.1% | 0.9% | 1.0% | 1.3% | 3.4% | 2.7% | 2.6% | 3.0% | 2.5% | 2.5% | 2.3% |
| Share Buybacks | 917K | 5.6M | 6.0M | 5.5M | 71M | 159M | 32M | 147M | 119M | 16M | 17M | 236M | 385M |
| Buyback Yield | 0.1% | 0.4% | 0.3% | 0.3% | 3.9% | 3.0% | 0.9% | 2.8% | 2.3% | 0.3% | 0.2% | 2.4% | 3.7% |
| Stock-Based Comp | 3.9M | 5.8M | 6.2M | 6.9M | 8.8M | 8.8M | 23M | 26M | 36M | 36M | 28M | 37M | 38M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -1.1B | -1.7B | -1.3B | -1.8B | -1.7B | -1.8B | -7.5B | -11.6B | -6.2B | 5.1B | 2.7B | -2.1B | -2.6B |
| Cash & Equiv. | 418M | 696M | 374M | 378M | 409M | 689M | 4.6B | 6.7B | 1.3B | 999M | 1.4B | 3.2B | 2.9B |
| Long-Term Debt | 101M | 55M | 55M | 116M | 116M | 116M | 390M | 327M | 392M | 6.0B | 4.1B | 1.1B | 1.1B |
| Debt/Equity | 0.10 | 0.05 | 0.05 | 0.09 | 0.11 | 0.34 | 0.08 | 0.07 | 0.08 | 1.09 | 0.70 | 0.12 | 0.03 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 985M | 1.1B | 1.1B | 2.3B | 2.4B | 2.4B | 4.6B | 4.8B | 5.1B | 5.5B | 5.9B | 9.1B | 9.0B |
| Total Assets | 7.8B | 8.6B | 8.9B | 14.5B | 14.7B | 15.9B | 37.8B | 41.8B | 43.9B | 44.9B | 46.4B | 67.2B | 68.0B |
| Total Liabilities | 6.8B | 7.5B | 7.8B | 12.2B | 12.3B | 13.5B | 33.1B | 37.0B | 38.8B | 39.4B | 40.5B | 58.1B | 58.9B |
| Intangibles | 49M | 47M | 40M | 74M | 63M | 50M | 163M | 128M | 116M | 89M | 66M | 386M | 365M |
| Retained Earnings | 223M | 299M | 371M | 420M | 551M | 680M | 657M | 998M | 1.3B | 1.7B | 2.0B | 2.6B | 2.8B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.54 | 2.06 | 2.09 | 1.47 | 2.43 | 2.68 | 2.19 | 6.71 | 6.60 | 6.46 | 6.97 | 7.87 | 9.36 |
| Owner EPS | 1.94 | 3.30 | 2.27 | 2.71 | 3.25 | 2.02 | 8.38 | 4.59 | 21.72 | 5.95 | 5.64 | 1.33 | 3.95 |
| Book Value | 20.40 | 21.89 | 23.41 | 38.63 | 32.15 | 34.10 | 84.38 | 67.77 | 67.52 | 72.31 | 76.77 | 89.27 | 92.21 |
| Cash Flow/Share | 2.46 | 3.86 | 2.85 | 3.31 | 3.85 | 2.60 | 9.75 | 5.87 | 23.03 | 7.15 | 6.67 | 2.96 | 12.63 |
| Dividends/Share | 0.41 | 0.49 | 0.61 | 0.66 | 0.69 | 0.84 | 1.88 | 1.92 | 1.98 | 2.04 | 2.12 | 2.28 | 2.41 |
| Shares Out. | 48.3M | 48.4M | 48.5M | 59.8M | 73.6M | 69.6M | 55.1M | 70.9M | 75.2M | 76.5M | 76.7M | 101.5M | 97.9M |
| Valuation | |||||||||||||
| P/E Ratio | 16.8 | 13.9 | 17.0 | 24.8 | 10.2 | 13.8 | 29.6 | 10.9 | 10.6 | 12.6 | 14.0 | 12.1 | 11.3 |
| P/FCF | 24.3 | 16.1 | 30.6 | 23.7 | 13.6 | 31.1 | 6.9 | 13.4 | 3.1 | 12.2 | 15.7 | 41.9 | 15.9 |
| EV/EBIT | 0.8 | N/A | 2.4 | 1.9 | 0.6 | N/A | N/A | N/A | N/A | 4.9 | N/A | N/A | N/A |
| Price/Book | 1.3 | 1.3 | 1.5 | 0.9 | 0.8 | 2.2 | 0.8 | 1.1 | 1.0 | 1.1 | 1.3 | 1.1 | 1.1 |
| Price/Sales | 2.7 | 3.1 | 3.1 | 3.8 | 3.8 | 6.8 | 2.5 | 3.6 | 3.4 | 3.0 | 3.8 | 3.5 | 3.8 |
| FCF Yield | 8.2% | 12.4% | 6.5% | 8.4% | 14.7% | 3.1% | 14.5% | 7.4% | 32.6% | 8.2% | 6.4% | 2.4% | 6.3% |
| Market Cap | 1.2B | 1.4B | 1.7B | 2.2B | 1.8B | 5.3B | 3.6B | 5.2B | 5.3B | 6.2B | 7.5B | 9.7B | 10.4B |
| Avg. Price | 46.90 | 56.88 | 57.37 | 70.71 | 68.35 | 62.19 | 52.62 | 70.06 | 74.75 | 67.82 | 85.08 | 92.59 | 106.00 |
| Year-End Price | 51.61 | 57.16 | 70.86 | 72.60 | 49.61 | 73.93 | 64.88 | 73.43 | 69.92 | 81.29 | 97.63 | 95.23 | 106.00 |
SouthState Bank Corp passes 5 of 9 quality checks, suggesting mixed fundamentals.
SouthState Bank Corp trades at 13.5x trailing earnings, compared to its 15-year median P/E of 13.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 45.1x vs a median of 14.6x. The company's 5-year average ROIC is 7.5% with a gross margin of 78.6%. Total shareholder yield (dividends + buybacks) is 6.0%. At current prices, the estimated annualized return to fair value is -7.9%.
SouthState Bank Corp (SSB) has a net profit margin of 21.3%. This is a strong margin indicating high profitability.
SouthState Bank Corp (SSB) generated $231 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SouthState Bank Corp (SSB) has a debt-to-equity ratio of 0.12. This indicates a conservatively financed balance sheet.
SouthState Bank Corp (SSB) reported earnings per share (EPS) of $7.87 in its most recent fiscal year.
SouthState Bank Corp (SSB) has a return on equity (ROE) of 10.7%. This indicates moderate shareholder returns.
SouthState Bank Corp (SSB) has a 5-year average gross margin of 78.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for SouthState Bank Corp (SSB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SouthState Bank Corp (SSB) has a book value per share of $89.27, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to potentially exceed prior mid-to-upper single-digit loan growth guidance for 2026, with particular success in Texas and Colorado markets and a strong pipeline supporting higher-end growth potential. Net interest margin is expected to remain in the 375–380 basis point range for 2026 under mid-single-digit growth scenarios, with deposit costs anticipated in the mid-170s basis points reflecting a more competitive deposit environment than initially forecasted. The company is intentionally investing in revenue producers and recruiting efforts to capture market share from ongoing banking industry disruption, with approximately $118 billion of bank deposits expected to convert in the company's markets over the next year or so. Non-interest income is expected to grow at an increasing rate, weighted toward Texas and Colorado markets, with full-year guidance of 55–60 basis points to average assets, and the company maintains its 4% expense growth guidance for 2026 while monitoring the potential for artificial intelligence-driven efficiency gains in support personnel relative to revenue producer growth.
Based on recent SEC filings and earnings calls, SouthState Bank Corp (SSB) has provided the following forward guidance: Loan growth: mid to upper single-digit (FY2026); Net interest margin: 375–380 basis points (FY2026); Loan accretion: $125 million (FY2026); Deposit costs: mid-170s basis points (FY2026); Non-interest income to average assets: 55–60 basis points (FY2026), plus 1 additional metric.
No recent press releases.