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SouthState Bank

SSB on NYSE. SouthState Bank sells banking services to people and businesses. Market value $9.8bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
10.0%five-year median

Yearly profit per dollar of owners' money: 10 cents. Above 10 is good.

Price to book
quarterly report to June 2026
1.1×

What you pay for each dollar of net assets: $1.07.

Earnings yield
past 12 months to June 2026
9.7%

Profit per $100 you pay: $9.69.

Quality score: 88 of 100. Price score: 98 of 100. Our list needs 70 on quality and 60 on price.

$101.13 a share, 20% above its 1-year low

Over the past year the price has ranged from $84.48 to $112.20.

Dividend: 2.4% a year

Paid every year for at least 5 years

Payouts have jumped around in recent years, so this may not repeat.

Prices from Monday’s close (5 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.08bn0.08bn0.08bn0.10bn0.10bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 28% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Profit: $230 million, up 7% on a year ago.
  • Spare cash over the past 12 months: $860 million, up from $88,000.
  • 4% fewer shares than a year ago. Each share owns a bit more of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$143m
December 2024$144m
March 2025$89m
June 2025$215m
September 2025$247m
December 2025$248m
March 2026$226m
June 2026$230m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
20 February 2026
Next quarterly (estimated, 10-Q)
30 October 2026

Who owns it

4 long-term investors we follow own it, up from 3 last quarter. 555 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 3 sold $6m, $3m of it under preset trading plans.

  • MATTHEWS WILLIAM E V
    Chief Financial Officer
    Sold
    Date
    19 August 2026
    Shares
    4,000
    Price
    $108.93
    Value
    $435,720
  • Brooks David R
    Director
    Sold
    under a preset trading plan
    Date
    5 August 2026
    Shares
    24,650
    Price
    $110.00
    Value
    $3m
  • Brooks David R
    Director
    Sold
    Date
    3 August 2026
    Shares
    6,181
    Price
    $107.92
    Value
    $667,054
  • Brooks David R
    Director
    Sold
    Date
    28 April 2026
    Shares
    14,300
    Price
    $98.39
    Value
    $1m
  • MURRAY RICHARD IV
    President
    Sold
    Date
    18 February 2026
    Shares
    10,156
    Price
    $104.76
    Value
    $1m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.