SouthState Bank Corporation: 2Q26: Shares O/P As Deposit Competition Appears Manageable With All 2026 Guidance Fully Intact; OW

Research evidence excerpt

SouthState Bank Corporation: 2Q26: Shares O/P As Deposit Competition Appears Manageable With All 2026 Guidance Fully Intact; OW

J P M O R G A N North America Equity Research

27 July 2026

SouthState Bank Corporation Overweight

SSB, SSB US

2Q26: Shares O/P As Deposit Competition Appears Price (24 Jul 26):$106.00

Manageable With All 2026 Guidance Fully Intact; OW ▲Price Target (Dec-27):$125.00 Prior (Dec-27):$120.00

Although 2Q26 EPS of $2.35 came in about 2% above consensus, SSB shares

outperformed on Friday, increasing +6.0% vs. KRX +0.5% as we believe there was U.S. Mid and Small Cap Banks

a low bar among investors we had spoken to on the shares tied to the company’s Anthony Elian, CFA AC

previous comments on deposit costs and competition. Recall that during the 1Q26 (1-212) 622-5067

earnings call, the company pointed to an outsized level of deposit pricing anthony.elian@jpmorgan.com

competition, including the upwards trend in the rates of new money market Michael Pietrini

deposits during that quarter, which was an elevated level that we had not heard from (1-212) 622-0618

michael.pietrini@jpmorgan.com

other companies. As part of the 2Q earnings call, SouthState spoke to a much more J.P. Morgan Securities LLC

balanced level of deposit competition during the recent quarter, including for

renewal rates and on the retail side, and that deposit costs should only move up a

little bit from 2Q levels. Combining a low bar with a favorable message around Key Changes (FYE Dec)

deposit competition and 2Q NIM of 3.78% largely stable q/q and all parts of the Prev Cur Δ

outlook reiterated, including full year 2026 loan growth of mid- to high single Adj. EPS - 26E ($) 9.70 9.45 -2.6%

Adj. EPS - 27E ($) 11.07 10.44 -5.7%

digits, we were not surprised to see SSB shares outperform.