SSB NYSE Russell 1000 Earnings call
SouthState Corporation (SSB) · Q2 2026 results and valuation
Share price: $105.31 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 24 Jul 2026 and 24 Apr 2026
Net income up 1.9% on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+1.9%
Net income vs Q1 2026
Outlook given
Net income 230.0M vs 225.8M
Revenue +1.7%
2 · How management spoke
Upbeat
More upbeat than 70% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Guidance
SouthState expects continued disciplined capital returns aligned with the previously communicated 40%-60% framework.
Valuation
Is SouthState Corporation undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (the standard assumption), the model's fair value is $187.43 a share — the stock trades 44% below it. Today's price assumes 1.6% growth a year.
Current price
$105.31
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+1.6% for 10 yrs
Fair value / share
$187.43
Buy below
$140.57
Price vs fair value
Undervalued 44%
Price vs buy-below price
Undervalued 25%
Read between the lines
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Guidance
Consensus estimates for NIE are above $1.46 billion, which aligns with the company's 2026 guidance of 4%.
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Fading
Commercial real estate pipeline share has picked up from 35% a year ago, marking a shift in loan mix.
Source quote
“Last year, we really saw all the growth was in C&I and very, very little in commercial real estate. There is a little bit of a mix shift change. The commercial real estate portion of the pipeline has picked up from 35% of the pipeline a year ago.”
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Dropped
The report notes that money market rates are no longer emphasized as the company evaluates new money raised during the quarter.
Source quote
“We look at how the new money that we raised during the quarter and we look at the money market...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Our results reflect solid balance sheet growth, stable margins, improving efficiency, and continued strength in credit quality.”
“In a period of meaningful disruption across many of our markets, bankers are looking for a platform that empowers local decision-making, values long-term relationships, and creates opportunities for growth.”
“One thing we're confident in is that we'd rather operate in vibrant, growing markets than be forced to manufacture growth where it doesn't naturally exist.”
Full figures
USD · ROIC.AI fundamentals (NYSE:SSB, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 672.7M | 661.7M | +1.7% | 664.8M | +1.2% |
| Net income | 230.0M | 225.8M | +1.9% | 215.2M | +6.9% |
| EPS | 2.36 | 2.29 | +3.2% | 2.12 | +11.5% |
| P/E today 10.6 | 10.5 | 10.0 | +0.5 | 13.7 | −3.2 |
Topics
Most discussed now
- Attracting top talent, growing the balance sheet, creating value through disciplined capital allocation, and building artificial…
- I'll point out that SouthState's Q2 2026 EPS, excluding both accretion income and CDI amortization expense, was up 13%...
- SouthState does expect good production in the back half of the year.
- SouthState has seen some downward pressure on the level of reserves from the migration of loans from PCD to non-PCD, the...
- I'd say overall, SouthState would expect the recent trend it has seen to continue absent significant changes in the Moody's expectations...
Faded since Q1 2026
- Fading With the consolidation disruption occurring throughout its markets, SouthState sees an opportunity to expand its commercial banking team by…
- Dropped SouthState also ifs you exclude the seasonal runoff of public funds, its customer deposits actually grew at 7%, about $850...
- Fading SouthState is making good progress on all 4 fronts.
- Fading Pipelines grew significantly again in the first quarter, which gives it confidence moving forward.
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure; Other events · SEC 8-K
- Director or officer change · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure; Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure; Other events · SEC 8-K