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SouthState Corporation
(NYSE:SSB)
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Rating:76Outperform
Price Target:
$122.00
â–²(15.09% Upside)
Action:Reiterated
Date:08/04/26
SSB scores well on valuation and constructive operating outlook, with the earnings call reinforcing stable NIM guidance, strong credit quality, and solid capital returns. Technicals also support the score with clear positive trend and momentum. The main constraints are financial consistency risks—recent revenue contraction and prior cash flow volatility—plus manageable near-term headwinds (accretion/CDI timing and expense pressure).
Positive Factors
Conservative Balance Sheet & Capital
Low leverage and healthy regulatory capital (CET1 11.1%, TCE 8.7%, debt-to-equity ~0.17) provide durable financial flexibility. This supports continued organic growth, dividend/share repurchases, and loss absorption through cycles without forcing high‑cost external funding.
Negative Factors
Top-Line & Cash Flow Volatility
A meaningful TTM revenue decline and prior-year negative operating/free cash flow signal top-line and cash conversion inconsistency. Even with a current FCF rebound, uneven revenue and cash flow raise execution risk for consistent capital returns and investment over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet & Capital
Low leverage and healthy regulatory capital (CET1 11.1%, TCE 8.7%, debt-to-equity ~0.17) provide durable financial flexibility. This supports continued organic growth, dividend/share repurchases, and loss absorption through cycles without forcing high‑cost external funding.
Read all positive factors
SouthState Corporation Key Performance Indicators (KPIs)
Any
Commercial Loan Portfolio Breakdown
Breaks down the bank’s commercial loans by industry, size, geography, and credit grade to show where earnings and risks are concentrated. For SouthState, concentration in particular sectors or regions can magnify growth when those areas prosper or increase losses if they weaken; watch loan growth, average yield, concentration metrics, and non-performing loans to judge future interest income, reserve needs, and downside credit exposure.
Breaks down the bank’s commercial loans by industry, size, geography, and credit grade to show where earnings and risks are concentrated. For SouthState, concentration in particular sectors or regions can magnify growth when those areas prosper or increase losses if they weaken; watch loan growth, average yield, concentration metrics, and non-performing loans to judge future interest income, reserve needs, and downside credit exposure.
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The Fly
The FlySouthState Corporation (SSB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.19B
Dividend Yield2.28%
Average Volume (3M)853.07K
Price to Earnings (P/E)11.0
Beta (1Y)0.99
Revenue Growth33.25%
EPS Growth41.46%
CountryUS
Employees6,190
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)9.58
Shares Outstanding96,971,146
10 Day Avg. Volume895,182
30 Day Avg. Volume853,067
Financial Highlights & Ratios
PEG Ratio0.92
Price to Book (P/B)1.04
Price to Sales (P/S)2.51
P/FCF Ratio-17.37
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$120.33Price Target Upside13.52% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)9.48
Revenue Forecast (FY)$2.73B
SouthState Corporation Business Overview & Revenue Model
Company Description
SouthState Bank Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies in the United States. The company offers checking accoun...
How the Company Makes Money
SouthState Corporation primarily makes money through traditional banking activities conducted by SouthState Bank. The largest driver is net interest income: the bank earns interest and fees on loans and other interest-earning assets and pays inter...
SouthState Corporation Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call emphasized strong, broad-based organic growth (record loan production, expanding commercial salesforce, floating-rate mix), very strong credit metrics, healthy capital levels and shareholder returns, and progress on strategic initiatives such as AI. Headwinds are largely manageable and mostly technical or timing-related (declining accretion vs rising CDI amortization, deposit funding mix, near-term expense inflation from hiring/merit increases, and some fee income variability). Given the predominance of positive operational and financial momentum and capital discipline, the outlook conveyed was constructive.Positive Updates
Strong Profitability Metrics
Return on assets of 1.36% and return on tangible common equity of 17.6%, reflecting consistent top-quartile performance versus peers.
Negative Updates
Declining Accretion Income and Rising CDI Amortization
Accretion income was $33 million, down $6 million from Q1, while quarterly core deposit intangible (CDI) amortization is ~$21 million and is expected to cross accretion in the next 4-5 quarters, creating potential headwinds to reported NIM.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Profitability Metrics
Return on assets of 1.36% and return on tangible common equity of 17.6%, reflecting consistent top-quartile performance versus peers.
Read all positive updates
Company Guidance
SouthState reiterated stable margin and growth guidance: net interest margin expected to remain in the 375–380 bps range (Q2 NIM 378 bps, -1 bp Q/Q) with deposit costs roughly flat at 176 bps; loan growth targeted mid‑ to high‑single‑digits (Q2 loans +8% YoY; Q2 production $1.35B = 11% annualized, 76% floating) funded by deposit growth in the mid‑ to upper‑single‑digits (Q2 deposits +5%) and a loan‑to‑deposit ratio near 90% (comfort up to ~92%); non‑interest income guidance 55–60 bps of average assets (Q2 $97M = 57 bps) and ~4% NIE growth for 2026 (consensus ≈ $1.46B); non‑interest expense guide ~4% YoY (Q2 non‑interest expense $358M). Capital return posture remains a 40–60% total payout framework (Q2 repurchased 1.0M shares at $97.62; YTD 2.5M; Q2 total payout 68%, YTD 80%), with CET1 healthy at 11.1%, TCE 8.7% and TBV $58.72 (+13% YoY). Credit and reserve guidance reflected continued strength: NPAs down 14%, net charge‑offs 6 bps, provision $16M, allowance ~130 bps (trending modestly lower absent macro deterioration). Management also noted accretion of $33M (down $6M Q/Q) and quarterly CDI amortization near $21M (lines expected to cross in ~4–5 quarters), and that EPS excluding accretion/CDI was up 13% YoY.SouthState Corporation Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
78
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.25B | 3.76B | 2.39B | 2.19B | 1.67B | 1.42B |
| Gross Profit | 2.16B | 2.57B | 1.65B | 1.59B | 1.53B | 1.53B |
| EBITDA | 889.53M | 1.17B | 756.95M | 689.68M | 697.95M | 667.42M |
| Net Income | 950.21M | 798.67M | 534.78M | 494.31M | 496.05M | 475.54M |
Balance Sheet | ||||||
| Total Assets | 68.91B | 67.20B | 46.38B | 44.90B | 43.92B | 41.84B |
| Cash, Cash Equivalents and Short-Term Investments | 7.25B | 6.90B | 898.68M | 5.55B | 6.06B | 5.90B |
| Total Debt | 1.57B | 1.31B | 896.14M | 970.78M | 938.38M | 1.10B |
| Total Liabilities | 59.78B | 58.14B | 40.49B | 39.37B | 38.84B | 37.04B |
| Stockholders Equity | 9.13B | 9.06B | 5.89B | 5.53B | 5.07B | 4.80B |
Cash Flow | ||||||
| Free Cash Flow | 1.07B | -542.00M | 476.15M | 507.87M | 1.71B | 387.27M |
| Operating Cash Flow | 1.10B | -471.75M | 511.96M | 546.76M | 1.73B | 415.69M |
| Investing Cash Flow | -4.82B | 792.19M | -886.18M | -1.43B | -4.86B | -2.32B |
| Financing Cash Flow | 2.30B | 1.46B | 767.41M | 566.00M | -2.28B | 4.02B |
SouthState Corporation Technical Analysis
Positive
106.00
Price Trends
99.82
Positive
96.85
Positive
95.38
Positive
Market Momentum
2.42
Negative
66.95
Neutral
64.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SSB, the sentiment is Positive. The current price of 106 is above the 20-day moving average (MA) of 104.13, above the 50-day MA of 99.82, and above the 200-day MA of 95.38, indicating a bullish trend. The MACD of 2.42 indicates Negative momentum. The RSI at 66.95 is Neutral, neither overbought nor oversold. The STOCH value of 64.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SSB.
SouthState Corporation Risk Analysis
SouthState Corporation disclosed 67 risk factors in its most recent earnings report. SouthState Corporation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SouthState Corporation Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $10.76B | 12.63 | 12.33% | 1.32% | 5.67% | 17.55% | |
77 Outperform | $11.07B | 12.06 | 12.17% | 1.20% | 28.55% | 37.78% | |
76 Outperform | $10.19B | 10.97 | 10.49% | 2.26% | 33.25% | 41.46% | |
74 Outperform | $12.51B | 12.54 | 10.66% | 2.10% | 4.34% | 24.81% | |
71 Outperform | $12.17B | 12.15 | 11.70% | 2.51% | 2.15% | 34.54% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $8.79B | 8.94 | 12.99% | 1.97% | 12.24% | 16.53% |
* Financial Sector Average
SSB
SouthState Corporation
108.12
18.34
20.42%
FHN
First Horizon
25.46
4.70
22.63%
UMBF
UMB Financial
145.60
37.34
34.49%
WBS
Webster Financial
79.03
24.82
45.79%
WTFC
Wintrust Financial
158.75
37.97
31.43%
WAL
Western Alliance
81.33
5.41
7.13%
SouthState Corporation Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
SouthState Corporation Reports Strong Q2 Results, Dividend Increase
Positive
Jul 23, 2026
SouthState Bank Corporation reported unaudited results for the second quarter and first half of 2026 on July 23, 2026, highlighting net income of $230 million, diluted EPS of $2.35, stable net interest margin of 3.78% and improved efficiency, whil...
Business Operations and StrategyFinancial Disclosures
SouthState Corporation Schedules Q2 2026 Earnings Release
Neutral
Jul 6, 2026
On July 6, 2026, SouthState Bank Corporation announced plans to release its second-quarter 2026 earnings results after the market closes on Thursday, July 23, 2026, via the Investor Relations section of its corporate website. The disclosure sets e...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.