South State Bank

SSB · NYSE · Financials · Financials, fiscal 2016 to 2025

SSB · Last close · October 26, 2026

$105.40

South State Bank's revenue rose 56.1% to $2.7 billion in fiscal 2025. Net income was $799 million, up 49.3%. Its return on equity was 10.7%, up from 9.4% a year earlier. Its efficiency ratio was 56.7%, down from 58.3% a year earlier. It paid out $467 million in dividends and buybacks. The diluted share count rose 32.2%.

SOUTHSTATE BANK CORP Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001104659-26-017884 Updated October 18, 2026

Revenue

$2.7B

56.1%

Net income

$799M

49.3%

Return on equity

10.7%

1.3 pts

Return on tangible equity

16.9%

2.4 pts

Efficiency ratio

56.7%

1.6 pts

Market cap

$10.3B

Oct 26 close

P/E

11.1x

On $9.51 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 7.3% a year and net income 25.8% a year, as new shares raised the share count by 319% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value South State Bank yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from South State Bank's earnings per share of $9.51 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 12.4×, the middle of South State Bank's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: UMB Financial, Wintrust Financial, Old National Bank, East West Bancorp.

Earnings growth in the years ahead (% a year) Starts at South State Bank's revenue growth over the last 3 years, 17.7% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $105.40
Value at this multiple, against the last close: —
South State Bank's P/E at the last close: 11.1×

Company	Last close	Earnings per share	P/E today
Old National BankONB	$25.03	$1.95	12.8×
East West BancorpEWBC	$131.77	$10.40	12.7×
Wintrust FinancialWTFC	$151.17	$12.45	12.1×
UMB FinancialUMBF	$134.26	$12.03	11.2×
South State BankSSB	$105.40	$9.51	11.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	23,626	29,821	31,932	33,438	48,013
Deposits	35,055	36,351	37,049	38,061	55,146
Loans to deposits	67.4%	82.0%	86.2%	87.8%	87.1%
Provision for credit losses	−152	32	114	16	120
Provision to average loans	−0.6%	0.1%	0.4%	0.1%	0.3%
Total assets	41,838	43,919	44,902	46,381	67,197
Shareholders' equity	4,803	5,075	5,533	5,890	9,059

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought South State Bank shares on the open market, and 3 insiders sold $6.3 million, $2.7 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 19, 2026	William E Matthews VChief Financial Officer	Sold	4,000	$108.93	$435,720	Form 4
Aug 5, 2026	David R BrooksDirector	Sold plan	24,650	$110.00	$2.7 million	Form 4
Aug 3, 2026	David R BrooksDirector	Sold	6,181	$107.92	$667,054	Form 4
Apr 28, 2026	David R BrooksDirector	Sold	14,300	$98.39	$1.4 million	Form 4
Feb 18, 2026	Richard Murray IVPresident	Sold	10,156	$104.76	$1.1 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put South State Bank side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
South State Bank	FY25	56.1%	29.8%	10.7%	16.9%	56.7%
UMB Financial	FY25	62.8%	26.5%	12.6%	15.5%	61.2%	Compare
Wintrust Financial	FY25	11.2%	30.2%	12.1%	13.1%	55.5%	Compare
Old National Bank	FY25	33.9%	26.5%	9.0%	13.4%	58.8%	Compare
East West Bancorp	FY25	12.2%	45.2%	15.9%	16.9%	35.7%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	446	549	659	648	1,138	1,387	1,645	1,740	1,718	2,681
Revenue growth	0.6%	23.1%	20.0%	−1.7%	75.6%	22.0%	18.6%	5.8%	−1.2%	56.1%
Net interest income	325	409	513	504	826	1,033	1,336	1,453	1,416	2,303
Noninterest income	121	140	146	144	311	354	309	287	302	378
Noninterest expense	285	368	421	405	798	948	930	995	1,002	1,521
Provision for credit losses	7	12	14	13	90	−152	32	114	16	120
Net income	101	88	179	186	121	476	496	494	535	799
Diluted EPS (US$)	4.18	2.93	4.86	5.36	2.19	6.71	6.60	6.46	6.97	7.87
Diluted shares (millions)	24	30	37	35	55	71	75	76	77	102
Payouts
Dividends paid	29	39	51	58	98	135	147	156	163	231
Share buybacks	6	6	71	159	32	147	119	16	17	236
Balance sheet at fiscal year end
Loans, net	6,643	10,575	10,962	11,313	24,207	23,626	29,821	31,932	33,438	48,013
Deposits	7,334	11,533	11,647	12,177	30,694	35,055	36,351	37,049	38,061	55,146
Total assets	8,901	14,467	14,676	15,922	37,790	41,838	43,919	44,902	46,381	67,197
Shareholders' equity	1,135	2,309	2,366	2,373	4,648	4,803	5,075	5,533	5,890	9,059
Ratios
Return on equity	9.2%	5.1%	7.7%	7.9%	3.4%	10.1%	10.0%	9.3%	9.4%	10.7%
Return on tangible common equity	14.2%	8.8%	14.1%	14.2%	5.7%	15.8%	16.2%	15.1%	14.4%	16.9%
Return on assets	1.2%	0.8%	1.2%	1.2%	0.5%	1.2%	1.2%	1.1%	1.2%	1.4%
Efficiency ratio	63.9%	67.1%	63.9%	62.5%	70.1%	68.4%	56.5%	57.2%	58.3%	56.7%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: South State Bank's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with South State Bank.