SSB earnings analysis
What we found in SSB's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
SouthState Bank Corporation reported strong earnings for Q1 2026, with diluted EPS of $2.28, representing a 162.1% increase from the prior year. Revenue was $661.7 million, slightly below the consensus estimate, but driven by solid loan and deposit growth. The company's net income rose significantly due to a reduction in provision for credit losses and strong noninterest income from banking activities.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong EPS Growth
- EPS increased to $2.28 in Q1 2026 versus $0.87 in Q1 2025, a 162.1% growth.
- Revenue Performance
- Total revenue was $661.7 million, up from $895 million in Q1 2025, but below the estimated $670.7 million.
- Reduced Provision for Credit Losses
- Provision for credit losses dropped to $10.8 million from $100.6 million year-over-year, enhancing profitability.
- Noninterest Income Growth
- Noninterest income grew by $14 million year-over-year, driven by increased service charges and capital markets income.
- Effective Tax Rate Improvement
- The effective tax rate decreased to 22.5% from 26.53% year-over-year, contributing to net income growth.
- Efficiency Ratio Improvement
- Efficiency ratio improved to 51.1% in Q1 2026 from 61.0% in Q1 2025, reflecting better cost management.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Provision for Credit Losses Uncertainty
- Despite a reduction this quarter, the provision for credit losses remains susceptible to macroeconomic conditions.
- Increased Nonperforming Assets
- Total nonperforming assets increased to $328.6 million, reflecting potential credit quality challenges.
- Exposure to Economic Volatility
- Ongoing geopolitical tensions and inflation pose risks to operational stability and credit quality.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.28
What they said about what is next.
Management expects continued organic growth in loans and deposits, with cautious optimism considering economic conditions.
The filing reads better than the one before it.
What came before.
- 10-K · February 20, 2026
- SouthState completed a phase of inorganic growth (Independent merger closed Jan 1, 2025) and redomiciled to Florida in 3Q25, resulting in a larger footprint (342 branches) and materially larger balance sheet ($67.2B…
- 10-Q · May 2, 2025
- SouthState’s Q1 2025 results show strong top-line expansion driven by acquisition-related volume: total revenue rose to $630,635,000 (up $215,141,000 or +51.8% vs Q1 2024’s $415,494,000). However, profitability and cash…
- 10-Q · August 5, 2022
- SouthState reported Q2 2022 net income of $119,175 and diluted EPS of $1.57, up from $98,960 and $1.39 in Q2 2021. Net interest income rose to $314,279 (from $253,130) driven by higher interest income, while loans grew…
- 10-Q · August 6, 2021
- South State reported Q2 2021 revenue of $332.15M (net interest income $253.13M + noninterest income $79.02M), up 53.1% YoY, and delivered net income of $98.96M (diluted EPS $1.39) versus a loss in Q2 2020. Operating…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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