SouthState’s Q4 Earnings Call: Our Top 5 Analyst Questions

Regional banking company SouthState reported Q4 CY2025 results topping the market’s revenue expectations, with sales up 52.5% year on year to $686.9 million. Its non-GAAP profit of $2.47 per share was 8.3% above analysts’ consensus estimates.

SouthState (SSB) Q4 CY2025 Highlights:

• Revenue: $686.9 million vs analyst estimates of $662.1 million (52.5% year-on-year growth, 3.7% beat)
• Adjusted EPS: $2.47 vs analyst estimates of $2.28 (8.3% beat)
• Adjusted Operating Income: $316.1 million vs analyst estimates of $317.4 million (46% margin, in line)
• Market Capitalization: $9.93 billion

StockStory’s Take

SouthState’s fourth quarter reflected the successful integration of its large-scale acquisition of Independent Bank, with management attributing both earnings and tangible book value growth to smooth operational execution and disciplined expansion. John Corbett, CEO, highlighted that “the SouthState team successfully navigated through that initial period of high risks, the regulatory approvals and the systems conversions, and now we're on the other side, enjoying the rewards of a well-choreographed integration.” Management emphasized that momentum accelerated late in the year, particularly in loan and deposit growth, as pipelines built steadily and new markets contributed to business development.

Looking ahead, SouthState’s guidance is anchored in expectations for mid- to upper-single-digit loan growth, stable net interest margin, and continued efficiency from recent investments in both talent and technology. Management sees opportunity in further expanding its commercial banking teams, especially in Texas and Colorado, and plans to keep investing in revenue producers and digital platforms. CFO Steve Young stated, “We're always investing in the tech platform and the other platforms, but what's different this year... is that we are very intentional about investing in revenue producers.”

Key Insights from Management’s Remarks

Management credited the quarter’s performance to effective acquisition integration, robust hiring initiatives, and growth in new geographic markets, while also leaning on selective capital returns to shareholders.

• Acquisition integration completed: Management reported that the integration of Independent Bank progressed on schedule, with all major system conversions and regulatory approvals finalized, reducing operational risk and enabling a focus on growth initiatives.
• Loan and deposit growth momentum: Organic loan and deposit balances both grew at an annualized 8% pace in Q4, driven by a record $3.9 billion in loan production and an expanding pipeline, especially in Texas and Colorado, which saw production up 15% over the previous quarter.
• Commercial banker hiring surge: SouthState added 26 commercial relationship managers in Q4, with 17 in Texas and Colorado, supporting the expansion of its lending and deposit base in those regions. Management aims to increase commercial bankers by 10-15% over the next year or two.
• Noninterest income strength: The correspondent Capital Markets division delivered one of its strongest quarters, benefiting from interest rate volatility and increased activity in interest rate swaps and fixed income, although management expects some normalization in coming quarters.
• Share repurchases and capital return: SouthState repurchased 2 million shares in Q4 and authorized an additional 5.56 million shares for buyback. Management described this as opportunistic, given the perceived disconnect between fundamental performance and share valuation, but does not expect the nearly 100% payout ratio to persist.

Drivers of Future Performance

SouthState’s outlook for 2026 is shaped by disciplined loan growth, continued investment in talent, and leveraging new technology to improve operational efficiency and revenue diversification.

• Targeted loan growth in new markets: Management expects mid- to upper-single-digit loan growth, with further momentum possible if commercial real estate lending and business development in Texas and Colorado continue to accelerate. These markets are now benefiting from expanded platforms and new product offerings.
• Operational investments and hiring: SouthState plans to continue hiring commercial bankers, targeting a 10-15% increase, and to selectively add talent in capital markets and specialty areas like SBA securitizations and foreign exchange. These hires are intended to drive organic growth but may pressure expenses as new teams are onboarded.
• Margin and expense discipline: Management projects net interest margin to remain between 3.80% and 3.90%, assuming stable deposit pricing and moderate interest rate cuts. Expenses are expected to rise about 4% in 2026, reflecting elevated performance compensation and continued investments in technology and business development.

Catalysts in Upcoming Quarters

In the upcoming quarters, our analyst team will be closely watching (1) whether SouthState can sustain organic loan and deposit growth in its expanded Texas and Colorado markets, (2) the pace and effectiveness of commercial banker hiring and integration into new business lines, and (3) the ability to maintain expense discipline despite ongoing investments in digital platforms and revenue producers. The trajectory of noninterest income from capital markets will also be a key signal.

SouthState currently trades at $99.46, down from $100.56 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).

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Regional banking company SouthState reported revenue ahead of Wall Streets expectations in Q4 CY2025, with sales up 52.5% year on year to $686.9 million. Its non-GAAP profit of $2.47 per share was 8.3% above analysts’ consensus estimates.

SouthState (SSB) Q4 CY2025 Highlights:

• Net Interest Income: $581.1 million vs analyst estimates of $574.2 million (57.2% year-on-year growth, 1.2% beat)
• Net Interest Margin: 3.9% vs analyst estimates of 3.8% (in line)
• Revenue: $686.9 million vs analyst estimates of $662.1 million (52.5% year-on-year growth, 3.7% beat)
• Efficiency Ratio: 49.7% vs analyst estimates of 52% (235 basis point beat)
• Adjusted EPS: $2.47 vs analyst estimates of $2.28 (8.3% beat)
• Tangible Book Value per Share: $56.27 vs analyst estimates of $56.01 (10.1% year-on-year growth, in line)
• Market Capitalization: $10.11 billion

Company Overview

With roots dating back to the Great Depression era of 1933, SouthState is a financial holding company that provides banking services, wealth management, and correspondent banking services across six southeastern states.

Sales Growth

In general, banks make money from two primary sources. The first is net interest income, which is interest earned on loans, mortgages, and investments in securities minus interest paid out on deposits. The second source is non-interest income, which can come from bank account, credit card, wealth management, investing banking, and trading fees. Thankfully, SouthState’s 18.7% annualized revenue growth over the last five years was exceptional. Its growth beat the average banking company and shows its offerings resonate with customers, a helpful starting point for our analysis.

Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. SouthState’s annualized revenue growth of 24.1% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated.

This quarter, SouthState reported magnificent year-on-year revenue growth of 52.5%, and its $686.9 million of revenue beat Wall Street’s estimates by 3.7%.

Net interest income made up 81.4% of the company’s total revenue during the last five years, meaning SouthState barely relies on non-interest income to drive its overall growth.

Net interest income commands greater market attention due to its reliability and consistency, whereas non-interest income is often seen as lower-quality revenue that lacks the same dependable characteristics.

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Tangible Book Value Per Share (TBVPS)

Banks profit by intermediating between depositors and borrowers, making them fundamentally balance sheet-driven enterprises. Market participants emphasize balance sheet quality and sustained book value growth when evaluating these institutions.

This is why we consider tangible book value per share (TBVPS) the most important metric to track for banks. TBVPS represents the real, liquid net worth per share of a bank, excluding intangible assets that have debatable value upon liquidation. EPS can become murky due to acquisition impacts or accounting flexibility around loan provisions, and TBVPS resists financial engineering manipulation.

SouthState’s TBVPS grew at a solid 6.4% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 10.2% annually over the last two years from $46.33 to $56.27 per share.

Over the next 12 months, Consensus estimates call for SouthState’s TBVPS to grow by 12% to $63.02, mediocre growth rate.

Key Takeaways from SouthState’s Q4 Results

We enjoyed seeing SouthState beat analysts’ revenue expectations this quarter. We were also happy its net interest income narrowly outperformed Wall Street’s estimates. Overall, we think this was a decent quarter with some key metrics above expectations. The stock remained flat at $100.56 immediately following the results.

So should you invest in SouthState right now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).

Regional banking company SouthState will be announcing earnings results tomorrow after market close. Here’s what investors should know.

SouthState beat analysts’ revenue expectations by 6.6% last quarter, reporting revenues of $698.8 million, up 63.9% year on year. It was a stunning quarter for the company, with an impressive beat of analysts’ net interest income estimates and a solid beat of analysts’ revenue estimates.

Is SouthState a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting SouthState’s revenue to grow 47% year on year to $662.1 million, improving from the 7.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.28 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. SouthState has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 2.5% on average.

Looking at SouthState’s peers in the regional banks segment, some have already reported their Q4 results, giving us a hint as to what we can expect. ServisFirst Bancshares delivered year-on-year revenue growth of 22.9%, beating analysts’ expectations by 6.8%, and Simmons First National reported revenues up 17.2%, topping estimates by 5.3%.

Read our full analysis of ServisFirst Bancshares’s results here and Simmons First National’s results here.

Investors in the regional banks segment have had steady hands going into earnings, with share prices flat over the last month. SouthState’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $114.68 (compared to the current share price of $96.89).

Regional banking company SouthState will be reporting earnings this Thursday after market close. Here’s what to expect.

SouthState beat analysts’ revenue expectations by 6.6% last quarter, reporting revenues of $698.8 million, up 63.9% year on year. It was a stunning quarter for the company, with an impressive beat of analysts’ net interest income estimates and a solid beat of analysts’ revenue estimates.

Is SouthState a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting SouthState’s revenue to grow 47% year on year to $662.1 million, improving from the 7.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.28 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. SouthState has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 2.5% on average.

Looking at SouthState’s peers in the regional banks segment, some have already reported their Q4 results, giving us a hint as to what we can expect. ServisFirst Bancshares delivered year-on-year revenue growth of 22.9%, beating analysts’ expectations by 6.8%, and Simmons First National reported revenues up 15.9%, topping estimates by 4.1%.

Read our full analysis of ServisFirst Bancshares’s results here and Simmons First National’s results here.

Investors in the regional banks segment have had steady hands going into earnings, with share prices flat over the last month. SouthState’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $114.68 (compared to the current share price of $96.89).

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q2. Today, we are looking at regional banks stocks, starting with Bank OZK .

Regional banks, financial institutions operating within specific geographic areas, serve as intermediaries between local depositors and borrowers. They benefit from rising interest rates that improve net interest margins (the difference between loan yields and deposit costs), digital transformation reducing operational expenses, and local economic growth driving loan demand. However, these banks face headwinds from fintech competition, deposit outflows to higher-yielding alternatives, credit deterioration (increasing loan defaults) during economic slowdowns, and regulatory compliance costs. Recent concerns about regional bank stability following high-profile failures and significant commercial real estate exposure present additional challenges.

The 100 regional banks stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 1.1%.

Thankfully, share prices of the companies have been resilient as they are up 8.9% on average since the latest earnings results.

Bank OZK

Founded in 1903 and rebranded from Bank of the Ozarks in 2018, Bank OZK is a commercial bank that specializes in real estate lending while offering a full range of banking services to individuals and businesses.

Bank OZK reported revenues of $392.8 million, up 6.8% year on year. This print fell short of analysts’ expectations by 7.2%. Overall, it was a slower quarter for the company with a significant miss of analysts’ revenue estimates and a narrow beat of analysts’ EPS estimates.

George Gleason, Chairman and Chief Executive Officer, stated, “One of our goals for 2025 is to improve on our record 2024 net income and EPS. Our strong results for the first half of the year put us in a great position to achieve that goal. Our talented, entrepreneurial and veteran team is well suited for the very dynamic environment in which we operate today. Our excellent results for the quarter included record net income, record EPS, record net interest income, excellent growth in loans and deposits, and solid asset quality. These results demonstrate our team’s ability to proactively and effectively manage the various challenges of this environment while capitalizing on numerous opportunities.”

The stock is down 8.5% since reporting and currently trades at $47.47.

Read our full report on Bank OZK here, it’s free for active Edge members.

Best Q2: Customers Bancorp

Originally founded with a "high-tech, high-touch" branch-light banking strategy, Customers Bancorp is a bank holding company that provides commercial and consumer banking services through its Customers Bank subsidiary, with a focus on business lending and digital banking.

Customers Bancorp reported revenues of $231.8 million, up 38.3% year on year, outperforming analysts’ expectations by 6.9%. The business had a stunning quarter with an impressive beat of analysts’ net interest income estimates and a solid beat of analysts’ revenue estimates.

The market seems happy with the results as the stock is up 17.8% since reporting. It currently trades at $77.19.

Weakest Q2: The Bancorp

Operating behind the scenes of many popular fintech apps and prepaid cards you might use daily, The Bancorp is a bank holding company that specializes in providing banking services to fintech companies and offering specialty lending products.

The Bancorp reported revenues of $174.7 million, up 38.8% year on year, falling short of analysts’ expectations by 9.9%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue and net interest income estimates.

As expected, the stock is down 9.8% since the results and currently trades at $69.64.

Read our full analysis of The Bancorp’s results here.

SouthState

With roots dating back to the Great Depression era of 1933, SouthState is a financial holding company that provides banking services, wealth management, and correspondent banking services across six southeastern states.

SouthState reported revenues of $698.8 million, up 63.9% year on year. This print topped analysts’ expectations by 6.6%. It was a stunning quarter as it also recorded a solid beat of analysts’ net interest income estimates and an impressive beat of analysts’ revenue estimates.

The stock is up 3% since reporting and currently trades at $96.71.

Read our full, actionable report on SouthState here, it’s free for active Edge members.

BOK Financial

Tracing its roots back to 1910 when Oklahoma was still a young state, BOK Financial is a regional bank holding company that provides commercial banking, consumer banking, and wealth management services across eight states in the central and southwestern US.

BOK Financial reported revenues of $550.9 million, up 6.2% year on year. This number surpassed analysts’ expectations by 1.9%. More broadly, it was a mixed quarter as it also recorded a decent beat of analysts’ revenue estimates but a narrow beat of analysts’ EPS estimates.

The stock is up 11.2% since reporting and currently trades at $122.24.

Read our full, actionable report on BOK Financial here, it’s free for active Edge members.

As the Q3 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the regional banks industry, including SouthState and its peers.

Regional banks, financial institutions operating within specific geographic areas, serve as intermediaries between local depositors and borrowers. They benefit from rising interest rates that improve net interest margins (the difference between loan yields and deposit costs), digital transformation reducing operational expenses, and local economic growth driving loan demand. However, these banks face headwinds from fintech competition, deposit outflows to higher-yielding alternatives, credit deterioration (increasing loan defaults) during economic slowdowns, and regulatory compliance costs. Recent concerns about regional bank stability following high-profile failures and significant commercial real estate exposure present additional challenges.

The 99 regional banks stocks we track reported a satisfactory Q3. As a group, revenues beat analysts’ consensus estimates by 1.3%.

Thankfully, share prices of the companies have been resilient as they are up 5.6% on average since the latest earnings results.

SouthState

With roots dating back to the Great Depression era of 1933, SouthState is a financial holding company that provides banking services, wealth management, and correspondent banking services across six southeastern states.

SouthState reported revenues of $698.8 million, up 63.9% year on year. This print exceeded analysts’ expectations by 6.6%. Overall, it was a stunning quarter for the company with a solid beat of analysts’ net interest income estimates and an impressive beat of analysts’ revenue estimates.

The market was likely pricing in the results, and the stock is flat since reporting. It currently trades at $93.80.

We think SouthState is a good business, but is it a buy today? Read our full report here, it’s free for active Edge members.

Best Q3: Customers Bancorp

Originally founded with a "high-tech, high-touch" branch-light banking strategy, Customers Bancorp is a bank holding company that provides commercial and consumer banking services through its Customers Bank subsidiary, with a focus on business lending and digital banking.

Customers Bancorp reported revenues of $231.8 million, up 38.3% year on year, outperforming analysts’ expectations by 6.9%. The business had a stunning quarter with a solid beat of analysts’ net interest income estimates and an impressive beat of analysts’ revenue estimates.

The market seems happy with the results as the stock is up 10% since reporting. It currently trades at $72.14.

Weakest Q3: The Bancorp

Operating behind the scenes of many popular fintech apps and prepaid cards you might use daily, The Bancorp is a bank holding company that specializes in providing banking services to fintech companies and offering specialty lending products.

The Bancorp reported revenues of $174.7 million, up 38.8% year on year, falling short of analysts’ expectations by 9.9%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ net interest income estimates.

The Bancorp delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 13% since the results and currently trades at $67.17.

Read our full analysis of The Bancorp’s results here.

TowneBank

Founded in 1998 with a commitment to community-centered banking in the Hampton Roads region, TowneBank is a community-focused financial institution providing banking, lending, and wealth management services to individuals and businesses in Virginia and North Carolina.

TowneBank reported revenues of $215.7 million, up 23.6% year on year. This result was in line with analysts’ expectations. More broadly, it was a mixed quarter as it also recorded a solid beat of analysts’ tangible book value per share estimates but a miss of analysts’ net interest income estimates.

The stock is flat since reporting and currently trades at $33.39.

Read our full, actionable report on TowneBank here, it’s free for active Edge members.

Independent Bank

Tracing its roots back to 1907 and serving as a financial cornerstone in New England for over a century, Independent Bank Corp. operates as the holding company for Rockland Trust, providing banking, investment, and financial services across Eastern Massachusetts and Rhode Island.

Independent Bank reported revenues of $243.7 million, up 39.1% year on year. This print met analysts’ expectations. Taking a step back, it was a mixed quarter as it also logged an impressive beat of analysts’ tangible book value per share estimates but a narrow beat of analysts’ EPS estimates.

The stock is up 13.5% since reporting and currently trades at $73.08.

Read our full, actionable report on Independent Bank here, it’s free for active Edge members.