SouthState Bank Corp (SSB.N) 2Q26 Review - Solid Growth, Stable NIM, Better PPNR Trends

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SouthState Bank Corp (SSB.N) 2Q26 Review - Solid Growth, Stable NIM, Better PPNR Trends

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27 Jul 2026 05:00:00 ET │ 14 pages

SouthState Bank Corp (SSB.N)

2Q26 Review - Solid Growth, Stable NIM, Better PPNR Trends

CITI'S TAKE

Buy On a fundamental basis, 2Q results continued the loan growth path that

mgmt had highlighted over the past year; strong hirings, solid geographic Price (24 Jul 26 16:00) US$106.00

exposures, and market disruption. That said, we think the share price Target price US$126.00↑

reaction was driven by the combination of both solid core results, and from US$115.00

investors potentially positioning for increased deposits (weighing on NIM) Expected share price return 18.9%

– similar to growthier peer banks. NII is a little softer due to AEA size, Expected dividend yield 2.4%

however, loan growth was healthy and the outlook for a stable NIM

Expected total return 21.3% supported our EPS outlook. Ultimately, we think this quarter resets

Market Cap US$10,279M expectations and will act as the catalyst needed for the shares to higher

(as NIM fears fade). We tweaked our TP to $126 (+$11) given the rapidly

dissipating NIM fears, solid growth, and a stronger EPS outlook.

Benjamin GerlingerAC

Estimate Changes — We refreshed our model for the quarter’s results and updated +1-212-816-3538

guidance. We tweaked both our 2026 EPS (from $9.36 to $9.59) and 2027 EPS benjamin.gerlinger@citi.com

(from $10.13 to $11.12). We adjusted our loan growth up modestly and supported our

Kaili Wang, CFANIM trends (more for 2027). While these changes were modest, the net impact

supported our PPNR over the medium term. While we increased expense base +1-716-730-7408

modestly, weighing on PPNR slightly, the net impact was still a positive upward kaili.wang@citi.com

revision.