$SSB · SouthState Bank Corp
SouthState Bank Corporation filed its Q3 2026 10-Q, reporting net income of $223.8 million ($2.30 diluted EPS) on net interest income of $591.5 million. Net interest margin contracted to 3.77% from 4.05% a year ago. Total assets reached $70.4 billion, up $3.2 billion from year-end 2025, while the company repurchased 2.75 million shares for $275.1 million during the nine-month period.
- Q3 net income $223.8M vs $246.6M YoY; diluted EPS $2.30 vs $2.42
- Net interest margin (non-TE) compressed to 3.77% from 4.05% YoY on $62.2B average earning assets
- Provision for credit losses jumped to $20.3M from $5.1M YoY, a 4x increase
- Total assets grew $3.2B (4.8%) to $70.4B since December 2025, driven by non-acquired loan growth
- Company repurchased 2.75M shares for $275.1M in the nine-month period; 250K shares in Q3 alone
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
The combination of NIM compression, a 4x jump in credit provisioning, and a deepening AOCI hole (-$539.6M) signals mounting balance-sheet pressure even as the bank aggressively buys back stock.
Regional banks continue to face NIM pressure as deposit costs lag the rate cycle. SSB's 3.77% NIM and 4x provision increase mirror broader regional-bank trends of margin compression and credit normalization in Q3 2026.
NIM compression of 28 bps YoY (3.77% vs 4.05%) signals ongoing deposit-cost pressure. Provision for credit losses quadrupled to $20.3M from $5.1M, suggesting credit normalization. AOCI deepened to -$539.6M from -$283.4M at year-end 2025 on unrealized securities losses.