SouthState Bank Corp. (SSB) — Fundamental Analysis & Key Financial Ratios

Kaplio overview: SouthState Bank Corp.

Market cap $10B · 52 weeks $85 – $112 (6 % below the high) · P/E 11.2× · 2027 expected P/E 10.2× · Dividend 2.3 % · 11 years rising · Next earnings January 28, 2027 · expected EPS $2.42 · Closing price, Oct 30 · accounts published Oct 21.

• Valuation: P/B 1.1× (justified).
• Business: ROTCE 14.3 % (solid).
• Balance sheet: Capital/assets 13.5 % (solid).
• Earnings: 7 of 8 (on track).

What would it be worth at its usual multiples?

At a P/B justified by its ROTCE 14.3 % (2.0×) $185 (+76 %); at its peers' median (1.2×) $112 (+6 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.

What matters in banking: 5 of 5 pass

• ROA 1.3 %, passes.
• ROTCE 14.3 %, passes.
• Equity / Assets (Tier 1 proxy) 13.5 %, passes.
• P/B (Price / Book) 1.1×, passes.
• Sustainable dividend yield 2.3 %, passes.

Against its peers (reference peers) — SouthState Bank Corp.: P/E 11.2×; P/B 1.1×; ROE 10.2 %; $10.2B. Columbia Banking System, Inc. (P/E 10.6×; P/B 1.2×; ROE 11.1 %; $8.9B), Western Alliance Bancorporation (P/E 8.4×; P/B 1.1×; ROE 13.1 %; $8.3B), CVB Financial Corp. (P/E 14.3×; P/B 1.3×; ROE 8.5 %; $4.0B).

Expensive or cheap against its last ten fiscal years?

P/B at each close: today 1.1× · median 1.1× · minimum 0.6× · maximum 2.1× · cheap below 1.1× · expensive above 1.3×. It has been cheaper than today only 48% of the time over its last ten fiscal years.

Dividend

solid · Yield 2.3 % ($2.31 per share in 2025) · Years raising it ≥ 11 · 5-year growth +5 % a year · Free cash flow coverage payout 29 % · With $1,000 invested today you'd collect $23.20 a year ($1.93 a month).