SouthState Bank Corp Goodwill & Intangibles Disclosure
Note 7—Goodwill and Other Intangible Assets
The carrying amount of goodwill was $3.1 billion and $1.9 billion, respectively, at December 31, 2025 and December 31, 2024. The Company added a total of $1.2 billion in goodwill related to the Independent acquisition during the year ended December 31, 2025. The Company also added $412.1 million in core deposit intangibles and a client list intangible of $2.5 million related to the Independent acquisition. The goodwill was calculated based on the final fair values of the assets acquired and liabilities assumed as of the acquisition date. The Company’s other intangible assets, consisting of core deposit intangibles, noncompete intangibles, and client list intangibles are included on the face of the balance sheet.
The Company last completed its annual valuation of the carrying value of its goodwill as of October 31, 2025, and determined there was more likely than not that no impairment of the Company’s goodwill. Management continues to monitor the impact of market conditions on the Company’s business, operating results, cash flows and/or financial condition.
The Company’s other intangible assets, consisting of core deposit intangibles, noncompete intangibles, client list intangibles, and SBA servicing assets are included on the face of the balance sheet. The following is a summary of gross carrying amounts and accumulated amortization of other intangible assets:
December 31, |
| ||||||
(Dollars in thousands) | | 2025 | 2024 |
| |||
Gross carrying amount | $ | 689,419 | | $ | 274,829 | ||
Accumulated amortization |
| (303,093) |
| (208,371) | |||
$ | 386,326 | $ | 66,458 | ||||
Amortization expense totaled $94.7 million, $22.4 million and $27.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. Other intangibles, which includes core deposit intangibles, noncompete intangibles, and client list intangibles are amortized using either the straight-line method or an accelerated basis over their estimated useful lives, with lives generally between and 15 years. The SBA servicing assets are carried at fair value and along with goodwill, are not amortized.
Estimated amortization expense for amortizing other intangibles for each of the next five years is as follows:
(Dollars in thousands) | ||||
Year ended December 31: | | |
| |
2026 | $ | 83,601 | ||
2027 |
| 72,259 | ||
2028 |
| 60,796 | ||
2029 |
| 49,628 | ||
2030 | 39,182 | |||
Thereafter |
| 75,348 | ||
$ | 380,814 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Mar 4, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.