SouthState completes acquisition of Independent Bank Group; pro forma total assets $64.5B, net income $585.5M

SouthState Bank Corp

Acquisition closed Jan 1, 2025; combined pro forma total assets $64.5B as of Dec 31, 2024.
Pro forma 2024 net income $585.5M; diluted EPS $5.80 vs. SouthState standalone $6.97.
Goodwill recorded $3.09B; core deposit and other intangibles $422M.
Pro forma loans net $46.4B; allowance for credit losses $598M.
Audited financials of Independent (2022-2024) and pro forma combined statements furnished.

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