SouthState Q1 EPS Soars 162%, Loans Up 7% and Dividend Raised
SouthState Bank posted Q1 2026 EPS of $2.28, a 162% year-over-year increase, with net income of $225.8 million and ROAA of 1.37%. Loans rose 7% to $898 million and deposits grew 5% to $730 million, while tangible book value per share climbed 14% and the dividend was raised 11%.
1. First Quarter Performance
SouthState reported diluted EPS of $2.28 for Q1 2026, up 162% year over year, driving net income of $225.8 million and delivering a 1.37% return on average assets. Adjusted EPS rose 6% year over year, reflecting improved profitability on an adjusted basis.
2. Balance Sheet Growth and Asset Quality
Loans grew by $898 million or 7% annualized, while deposits increased $730 million or 5%, yielding a loan-to-deposit ratio of 89%. Asset quality remained strong with annualized net charge-offs of 9 basis points and an allowance for credit losses plus unfunded commitments of 1.32% of loans.
3. Income Mix and Efficiency
Net interest income climbed 3% year over year to $562 million, with net interest margin at 3.78% non-tax equivalent. Noninterest income reached $100 million, representing 0.61% of average assets, and the efficiency ratio stood at 51%.
4. Capital Position and Shareholder Returns
Tangible book value per share increased 14% to $56.90, supported by nearly 4% share repurchases. The board raised the quarterly cash dividend by 11% to $0.60 per share and maintained strong capital ratios including a 13.7% total risk-based capital ratio.