SouthState Bank Corporation reported significant financial growth in its third quarter of 2025, with net income reaching $246.6 million, a 72.3% increase from $143.2 million in the same period last year. This translates to diluted earnings per share of $2.42, up from $1.86. For the nine months ending September 30, 2025, net income was $550.9 million, compared to $390.6 million in 2024, marking a 41.0% increase. The growth in net income was primarily driven by a substantial rise in interest income, which increased by $337.5 million, largely due to the acquisition of Independent Bank Group, which added $13.1 billion in loans to SouthState's portfolio.
The company's total assets surged to approximately $66.0 billion, a 42.4% increase from $46.4 billion at the end of 2024. This growth was fueled by a $13.8 billion increase in net loans and a $1.7 billion rise in investment securities. Total deposits also saw a significant increase, rising by $16.0 billion to $54.1 billion, primarily due to deposits acquired from the Independent merger. The loan-to-deposit ratio stood at 88% as of September 30, 2025, reflecting a stable balance between loans and deposits.
Strategically, SouthState completed the acquisition of Independent Bank Group on January 1, 2025, in an all-stock transaction valued at $2.5 billion. This acquisition not only expanded SouthState's loan portfolio but also enhanced its market presence across multiple states. Additionally, the company executed a sale-leaseback transaction involving 165 bank branch properties, generating a gain of $229.3 million. This transaction further bolstered liquidity and provided additional capital for future investments.
Operationally, SouthState's workforce grew to 6,259 full-time equivalent employees, reflecting the integration of Independent's staff. The company reported a total of 1.4 million deposit accounts, with a significant portion being noninterest-bearing deposits, which accounted for 25% of total deposits. The efficiency ratio improved to 49.9%, down from 56.6% in the previous year, indicating enhanced operational efficiency. The allowance for credit losses was $590.1 million, representing 1.24% of total loans, with a coverage ratio of 1.96 times nonperforming loans.
Looking ahead, SouthState remains optimistic about its growth trajectory, supported by its expanded asset base and strategic initiatives. The company plans to continue leveraging its enhanced market position and operational efficiencies to drive future profitability. The management's focus on maintaining a strong capital position and effective risk management practices will be crucial as it navigates the evolving economic landscape.
About SouthState Corp
SouthState Corporation is a financial holding company providing banking services through its subsidiary, SouthState Bank. It offers commercial, residential, and consumer loans, deposit products, wealth management, and capital markets services. Operating primarily in the southeastern U.S., it emphasizes community-focused, relationship-driven banking, regulatory compliance, and strategic growth through acquisitions, with a competitive edge in personalized service and diversified financial solutions.
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