At a glance
SouthState Corporation is worth $10.15B, about 13 times its fiscal 2025 earnings. Revenue grew 56.1% to $2.68B in fiscal 2025, with 29.8% kept as profit; over 5 years it has grown 18.7% a year. It pays a 2.34% dividend yield, raised every year for at least 9 years, and returned $1.37B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +19.9% over the past year with dividends reinvested and +9.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.3% in the 2020 crash (S&P 500: 33.7%) and 20.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 24 months after the lows.
The business in plain English
SouthState Bank Corporation, based in Winter Haven, Florida, is a holding company whose only significant business is owning SouthState Bank. As of December 31, 2025, the bank had 342 branches in Florida, South Carolina, Texas, Georgia, Colorado, North Carolina, Alabama and Virginia. It takes in deposits ($55.1 billion) and lends them out, mostly against property. Of $48.6 billion in loans, 58% were secured by commercial real estate, 21% were home mortgages and home equity loans, 19% were business loans and 2% were consumer loans such as auto and boat loans.
Most revenue is net interest income, the gap between what the bank earns on loans and securities and what it pays for deposits and other funding. In fiscal 2025 that came to about $2.30 billion of $2.68 billion in revenue. The remaining $378 million is called noninterest income. It includes deposit fees, wealth management and mortgage sales. It also includes a correspondent banking division that earns bond commissions and hedging fees from over 1,200 smaller banks, credit unions and money managers nationwide.
Revenue rose 56.1% in fiscal 2025, the first year including Independent Bank Group, which SouthState acquired on January 1, 2025. Smaller units include Corporate Billing, which provides invoice financing to transportation and auto parts businesses. The annual report gives no clean revenue split by business line or state.
Price history
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SSB +19.9% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $685.4M, down 1.9% from a year earlier, and net income was $223.8M (-9.3%).
- For fiscal 2025, revenue was $2.68B (+56.1% year over year; +18.7% a year from FY2020 to FY2025) with a 29.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +18.7% good |
|---|---|
| Return on equity | 8.8% watch |
| Net income / revenue | 29.8% good |
| Deposits | $57.64B |
| Loans | $51.46B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.14B | $120.6M | — |
| FY2021 | $1.39B | $475.5M | — |
| FY2022 | $1.64B | $496.0M | — |
| FY2023 | $1.74B | $494.3M | — |
| FY2024 | $1.72B | $534.8M | — |
| FY2025 | $2.68B | $798.7M | — |
Valuation snapshot
| Market value | $10.15B |
|---|---|
| P/E ratio | 13.3 |
| Dividend yield | 2.34% |
Rank among 1514 US companies
Market value at each year end
SouthState’s market value went from $4.23B at the end of 2016 to $10.15B on Oct 28, 2026, about 2.4 times as much; since the end of 2025 it is up 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $10.15B | +7.3% |
| 2025 | $9.46B | +24.6% |
| 2024 | $7.59B | +18.1% |
| 2023 | $6.42B | +11.1% |
| 2022 | $5.78B | +3.3% |
| 2021 | $5.59B | +9.0% |
| 2020 | $5.13B | -12.4% |
| 2019 | $5.85B | +33.7% |
| 2018 | $4.38B | -14.2% |
| 2017 | $5.11B | +20.6% |
| 2016 | $4.23B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SSB price data to Oct 28, 2026 | +13.5% | +19.9% | +19.8% | +9.0% | +6.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +13.5% |
| 2025 | -3.1% |
| 2024 | +20.7% |
| 2023 | +13.8% |
| 2022 | -2.4% |
| 2021 | +13.5% |
| 2020 | -14.1% |
| 2019 | +48.0% |
| 2018 | -30.0% |
| 2017 | +1.3% |
| 2016 | +23.6% |
| 2015 | +8.7% |
| 2014 | +2.3% |
| 2013 | +67.9% |
| 2012 | +41.3% |
| 2011 | -9.4% |
| 2010 | +20.7% |
| 2009 | -17.5% |
| 2008 | +11.2% |
| 2007 | -18.7% |
| 2006 | +27.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 53% over that stretch · deepest drop along the way 56.4%, back to its old high 12.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.9% over that stretch · deepest drop along the way 31.3%, back to its old high 9.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 0.9% over that stretch · deepest drop along the way 20.3%, back to its old high 24.1 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 6 sales ($3.8M), 4 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 5, 2026 | David R Brooks Director | sell (plan) | $2.0M |
| Aug 3, 2026 | David R Brooks Director | sell | $667K |
| Aug 19, 2026 | William E V Matthews Chief Financial Officer | sell | $436K |
| Aug 5, 2026 | David R Brooks Director | sell (plan) | $413K |
| Aug 5, 2026 | David R Brooks Director | sell (plan) | $198K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.8% | Jun 30, 2025 |
| Vanguard Portfolio Management | 6.34% | Mar 31, 2026 |
| Vanguard Capital Management | 5.26% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5% | Mar 31, 2026 |
| STATE STREET CORPORATION | 4.7% | Mar 31, 2025 |
ETFs with the most weight in SSB
| FDIQ Invesco Bloomberg Financial Data Providers ETF | 4.01% |
| KRE SPDR S&P Regional Banking ETF | 2.26% |
| IAT iShares U.S. Regional Banks ETF | 1.88% |
| JPSV JPMorgan Active Small Cap Value ETF | 1.63% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 1.33% |
| XMVM Invesco S&P MidCap Value with Momentum ETF | 0.94% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.82% |
| VTWV Vanguard Russell 2000 Value ETF | 0.77% |
What could go wrong
- Absorbing the Independent Bank Group merger. SouthState completed its acquisition of Independent Bank Group on January 1, 2025. The 10-K warns of continued integration risk: combining the banks' operations may cost more or deliver fewer benefits than planned.
- Heavy exposure to commercial real estate. As of December 31, 2025, $28.0 billion, or 58%, of loans were secured by commercial real estate. Falling property values could raise losses, and appraisals do not guarantee what collateral is worth.
- Growth depends on deals and hiring. SouthState aims to grow faster than its markets by hiring bankers and acquiring banks. Good targets may not appear, and a larger bank faces stricter regulatory expectations and may need to raise capital.
- Interest rates and deposit costs. Most revenue comes from the gap between interest earned and interest paid. With 76% of deposits interest-bearing at December 31, 2025, rate moves or competition for savers could squeeze that gap.
- Rivals may outspend it on technology. The 10-K warns that online banking, mobile apps and artificial intelligence could disrupt its model, and that SouthState may have fewer resources than many competitors to invest in technology.
- Dividends are limited and not guaranteed. The holding company owns little besides its bank, so dividends depend on that bank's earnings and on regulatory limits. Holders of its junior subordinated debentures, a type of debt, rank ahead of common shareholders.
Recent events
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Executive or board change
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
For income and retirement investors
SouthState has raised its dividend at least 9 years in a row through fiscal 2025. Dividends per share grew from $1.88 in fiscal 2020 to $2.28 in fiscal 2025, about 3.9% a year. The fiscal 2025 dividend took 29% of earnings, which leaves some room if profits dip. Free cash flow is not a meaningful yardstick for banks. The yield was 2.34% as of October 28, 2026. Over fiscal 2021–2025 the company paid $832 million in dividends and spent $535 million on buybacks. Even so, shares outstanding rose 38.4% from August 2021 to July 2026, a span that included the Independent Bank Group merger.
The stock has fallen hard in downturns. It dropped 56.4% from September 2008 to March 2009, 31.3% in the 2020 COVID crash and 20.3% in 2022. It took about 12, 10 and 24 months after each low to regain its earlier peak. Like any single stock, SSB carries more risk than a diversified fund.
Questions investors ask
How does SouthState Bank make money?
Mostly by lending. In fiscal 2025, net interest income was about $2.30 billion of $2.68 billion in revenue. That is the gap between interest earned on loans and securities and interest paid on deposits and other funding. The other $378 million was noninterest income, such as deposit fees, wealth management and mortgage sales. It also included bond commissions and hedging fees from more than 1,200 smaller banks, credit unions and money managers. Net income was $798.7 million.
Does SouthState raise its dividend every year?
Yes, so far. SouthState has increased its dividend at least 9 years in a row through fiscal 2025, and the true streak may be longer. Dividends per share rose from $1.88 in fiscal 2020 to $2.28 in fiscal 2025, about 3.9% a year. The fiscal 2025 dividend equaled 29% of earnings. The yield was 2.34% as of October 28, 2026. The 10-K warns that its ability to pay dividends is limited, so future increases are not guaranteed.
How much commercial real estate lending does SouthState do?
A lot. As of December 31, 2025, $28.0 billion, or 58%, of SouthState's $48.6 billion loan portfolio was secured by commercial real estate. That includes owner-occupied buildings, investor-owned property, and construction and land loans. The 10-K lists real estate exposure as a risk factor and notes that appraisals do not guarantee collateral values. In fiscal 2025 the bank set aside $119.8 million for expected loan losses, an amount called its provision for credit losses.
When did SouthState acquire Independent Bank Group?
SouthState completed the acquisition on January 1, 2025. In fiscal 2025, the first year including Independent, revenue rose 56.1% to $2.68 billion and net income rose 49.3% to $798.7 million. Diluted earnings per share grew more slowly, from $6.97 to $7.87, because profits were spread over more shares. The deal also brought in Private Capital Management, an investment advisor that has since been merged into SouthState PCM. The 10-K still flags integration risks.
How has SSB stock performed over the long term?
It has gained, but with big swings. As of October 28, 2026, the share price had risen 19.9% over one year, about 9% a year over five years and about 6.2% a year over ten years. Calendar-year results ranged from a 30.0% loss in 2018 to a 48.0% gain in 2019. Its largest peak-to-trough fall in about 21 years of price history was 56.9%. On that date the stock traded at 13.3 times fiscal 2025 earnings.