SouthState Corporation reported significant financial growth in its latest 10-Q filing for the quarter ending June 30, 2025. The company achieved a net income of $215.2 million, translating to diluted earnings per share (EPS) of $2.11, marking a 62.6% increase from the $132.4 million net income and EPS of $1.73 in the same quarter of 2024. For the first half of 2025, net income reached $304.3 million, or $2.99 per share, compared to $247.4 million, or $3.23 per share, in the prior year, reflecting a 23% increase in net income but a 7.4% decrease in EPS due to a higher average share count following the acquisition of Independent Bank Group.
The company’s total assets surged to approximately $65.9 billion, a 42.1% increase from $46.4 billion at the end of 2024, primarily driven by the acquisition of Independent, which added $13.1 billion in loans and $1.6 billion in investment securities. Total loans increased by $13.4 billion, or 79.5% annualized, to $47.3 billion, with acquired loans accounting for a significant portion of this growth. Deposits also rose significantly, reaching $53.7 billion, up $15.6 billion from the previous year, largely due to the deposits assumed from the Independent acquisition.
Strategically, SouthState completed the acquisition of Independent Bank Group on January 1, 2025, in an all-stock transaction valued at $2.5 billion. This merger has been a key driver of the company's recent growth, contributing to increased interest income and a broader customer base. Additionally, the company executed a sale-leaseback transaction for 165 bank branch properties, generating a gain of $229.3 million, which further bolstered its financial position.
Operationally, SouthState reported a total of 6,306 full-time equivalent employees as of June 30, 2025, reflecting the integration of Independent's workforce. The company also noted a significant increase in noninterest income, which rose to $86.8 million in the second quarter, up from $75.2 million in the same period last year. This increase was attributed to higher income from correspondent banking and capital markets, as well as trust and investment services, driven by the expanded asset base from the acquisition.
Looking ahead, SouthState remains optimistic about its growth trajectory, emphasizing its commitment to organic growth and strategic acquisitions. The company is well-capitalized, with capital ratios exceeding regulatory requirements, and continues to monitor economic conditions that may impact its operations. The management's focus on maintaining a strong liquidity position and effective asset-liability management is expected to support its ongoing growth and stability in the financial 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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