SouthState’s third quarter was marked by broad-based loan and deposit growth, with management highlighting a 9% annualized increase in both categories. The company maintained a stable net interest margin despite competitive pressures and higher deposit costs, benefitting from its ongoing shift to floating rate loans and its growing presence in fast-growing markets like Texas and the Southeast. CEO John Corbett noted, “We have grown our commercial relationship bankers by 10% over the last year,” which has already contributed to a healthy loan pipeline. The positive market reaction came as management emphasized strong credit quality and disciplined cost management.
Is now the time to buy SSB? Find out in our full research report (it’s free for active Edge members).
SouthState (SSB) Q3 2026 highlights:
- Revenue: $685.4 million vs analyst estimates of $688.9 million (1.9% year-on-year decline, 0.5% miss)
- Adjusted EPS: $2.30 vs analyst expectations of $2.40 (4.2% miss)
- Market Capitalization: $10.2 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our top 5 analyst questions from SouthState’s Q3 earnings call
- John McDonald (Truist Securities) asked about the sustainability of strong loan and deposit growth alongside stable margins. CFO Stephen Young explained that stability is expected to persist, driven by asset repricing and ongoing growth in interest-earning assets.
- Jared David Shaw (Barclays Capital) inquired whether the expanded banker team could accelerate loan growth. CEO John Corbett replied that, while the pipeline has dipped slightly with higher rates, high single-digit loan growth remains likely for the year.
- Will (analyst, no last name provided) asked how SouthState kept deposit costs low despite robust growth. Young cited a continued emphasis on treasury management and new markets, with minor tweaks to banker incentives supporting deposit gathering.
- Anthony Elian (JPMorgan) questioned the timing and impact of new fee-generating products in capital markets. Young said new FX and commodities platforms should contribute $10-$15 million annually once fully implemented, though ramp-up will be gradual.
- Janet Lee (TD Cowen) asked about M&A appetite and capital priorities. Corbett said organic growth, dividends, and opportunistic buybacks take precedence, with M&A at the bottom of the priority list for now.
Catalysts in upcoming quarters
Our analysts will be closely watching (1) the pace of loan and deposit growth in key Southeast and Texas markets, (2) the stability of net interest margin as fixed and floating rate assets reprice, and (3) any improvement in noninterest income as new FX and commodities products launch in capital markets. The trajectory of hiring and retention of commercial bankers will also be a critical driver of results.
SouthState currently trades at $105.27, up from $102.78 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).
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