SouthState Corporation (SSB): Business Model Canvas [Dec-2025 Updated]

You're trying to map out exactly how SouthState Corporation makes its money and plans to grow, especially now with that big 2025 acquisition of Independent Bank Group closing. Honestly, for a regional bank with $46.4 billion in assets and a core focus on relationship-driven banking across its 251 branches, understanding the nine blocks of its Business Model Canvas is key to seeing where the $600 million in quarterly Net Interest Income really comes from. I've broken down their strategy-from their correspondent banking niche to their community reinvestment promises-so you can see the whole picture clearly. Dive in below to see the precise structure driving their performance.

SouthState Corporation (SSB) - Canvas Business Model: Key Partnerships

You're looking at the network that keeps SouthState Corporation running smoothly and meeting its regulatory and community obligations. These aren't just vendors; they are essential links to their customer base and compliance requirements.

Community-based and nonprofit organizations for CRA compliance

SouthState Corporation focuses on building meaningful and lasting relationships with community-based and nonprofit organizations to effectively serve its communities. This partnership approach is central to its Community Reinvestment Act (CRA) strategy. For instance, in the performance period covered by the 2025 Corporate Stewardship Report, SouthState Bank team members logged 19,047 volunteer hours, working with 1,028 different organizations. Furthermore, the bank awarded grants and contributions totaling $7.1 million to 2,393 different organizations. These efforts directly support CRA goals by demonstrating community engagement and support.

Over 1,200 small/medium correspondent financial institutions nationwide

The correspondent banking and capital markets division is a key partnership channel, serving clients nationwide. SouthState Bank, N.A., operates this division to support over 1,200 small and medium-sized community financial institutions across the United States. This division generates revenue through commissions on fixed income security sales, hedging services, loan brokerage fees, and consulting fees. The online banking platform, Converge, is custom-built for these community bank partners, offering services like clearing and cash management.

Strategic technology vendors like FIS Global, Fiserv, and Amazon Web Services

SouthState Corporation maintains ongoing investment in technology to deliver digital solutions to both customers and team members. This focus on digital infrastructure is a critical partnership area, even if specific vendor contracts aren't always detailed publicly with dollar amounts. A concrete metric showing technology adoption is that 58 percent of SouthState Corporation accounts receive eStatements, reflecting a move toward digital efficiency and environmental resourcefulness. The bank is committed to investing in state-of-the-art technology to protect customers from fraud and enhance treasury management solutions.

Affordable housing and economic development organizations for community investment

Partnerships with affordable housing and economic development organizations are quantified through direct investment and lending. The 2025 Corporate Stewardship Report highlighted specific performance metrics that flow through these partnerships. These investments often involve equity funding for affordable housing developers, offering down payment assistance, and investing in Low-Income Housing Tax Credits (LIHTC). The bank extended $401 million in community development loans and invested $54.7 million specifically to foster economic development and affordable housing projects in the reporting period. They also provided $670 million in affordable lending mortgage loan programs.

The five-year plan announced in March 2025 further details these commitments, spanning 2025 through 2029. Here's a breakdown of the major components of that strategic partnership commitment:

Investment/Lending Category	Five-Year Target Amount (2025-2029)	Context/Detail
Total Community Plan Commitment	$8.3 billion	To meet the needs of underserved communities across eight states.
Home Purchase/Refinance/Improvement Loans	$1.5 billion	Targeted for historically underserved borrowers and communities.
Loans to Small Businesses (Revenue < $1M)	$3.2 billion	For businesses located in historically underserved communities.
Community Development Loans and Investments	$3.5 billion	Part of the overall community development goal.
CRA-Eligible Philanthropic Contributions	$25 million	Must align with the bank's Core Values and Guiding Principles.

National Community Reinvestment Coalition (NCRC) for community plan development

The development of the five-year, $8.3 billion community plan was directly informed by collaborative listening sessions. These sessions involved more than 75 community leaders from seven states who discussed pressing community needs with SouthState Corporation and the National Community Reinvestment Coalition (NCRC). The NCRC's involvement, including its president and CEO and chief of Community Engagement and Institutional Accountability, provided a framework for transparency and accountability mechanisms, such as annual reports and state-level goal breakdowns, to be included in the plan spanning 2025-2029.

The bank's 2024 performance, as reported in 2025, included making $5.75 billion in CRA-eligible loans. This demonstrates the operational execution against the framework developed with partners like the NCRC. It's defintely a data-driven approach to community partnership.

SouthState Corporation (SSB) - Canvas Business Model: Key Activities

You're looking at the core engine of SouthState Corporation (SSB) after the major 2025 integration. The key activities center on deploying capital and managing liabilities across an expanded footprint.

Integrating the 2025 Independent Bank Group acquisition was a major activity, closing on January 1, 2025. This move immediately increased the combined asset size to approximately $65 billion. The core systems conversion finished in May 2025, allowing the company to start realizing the full earnings power from the deal in the third quarter.

Core commercial and consumer lending remains central. As of December 31, 2024, loans totaled $33.9 billion. By the third quarter of 2025, loans increased by $401 million, or 3%, for the quarter. Loan production for Q3 2025 reached nearly $3.4 billion.

Deposit gathering and treasury management services support the lending engine. Post-acquisition, the combined entity was expected to have deposits of $55 billion. In the third quarter of 2025, deposits increased by $376 million, or 3%, for the quarter. The ending loan to deposit ratio for Q3 2025 stood at 88%.

The company also focuses on fee-based services for specific client sets. Here's a look at the Noninterest Income components for the three months ended September 30, 2025:

Activity Segment	Q3 2025 Income (in thousands)
Total Noninterest Income	$99,100
Trust and investment services income	$14,157
Correspondent banking and capital markets income	$14,932

Wealth management and private banking for affluent clients is supported by the trust and investment services line. For the nine months ended September 30, 2025, Trust and investment services income totaled $43,508 thousand.

Correspondent banking and capital markets services for other financial institutions are a distinct revenue stream. The income from this segment was up $12 million compared to the prior quarter in Q3 2025. The company serves clients nationwide through this division.

Key performance indicators reflecting these activities in Q3 2025 include:

• Revenue, non-tax equivalent: $699 million.
• Net Interest Income: $600 million.
• Return on Tangible Equity: 20%.
• Reported Diluted Earnings per Share: $2.58.

Finance: review the Q4 2025 accretion forecast by Monday.

SouthState Corporation (SSB) - Canvas Business Model: Key Resources

You're looking at the hard assets that power SouthState Corporation's operations as of late 2025. These aren't just line items; they are the foundation for their service delivery across the Southeast and Texas.

The physical and financial scale is significant. As of December 31, 2024, SouthState Corporation reported total assets of approximately $46.38 billion. This scale positions the company in what management has described as the regulatory sweet spot, between $60 - $80 Billion in assets.

The deposit franchise is a critical funding source. The outline specifies a core deposit base of approximately $38.1 billion as of December 31, 2024. [cite: N/A - provided in prompt] To give you the most current view, the Core Deposits (excluding Time Deposits) figure reported following the Third Quarter 2025 results was approximately $46.44 billion. This shows substantial growth in the core funding base since year-end 2024.

The physical footprint is anchored by a network of branches. While the outline mentions 251 full-service branches, the Q3 2025 presentation indicated 343 Branch Locations across the footprint. This network spans eight states: Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia, and Tennessee.

SouthState Corporation's key resources include their commitment to technology, which they view as necessary to compete against larger institutions. They run on the Fiserv Premier Bank Platform for core banking, having selected it to modernize operations. Their digital offerings are central to customer interaction:

• The SouthState Mobile App for account management, bill pay, and transfers.
• Integration with Zelle® for fast person-to-person payments.
• Advanced treasury services like Treasury Navigator®.
• Investment in cloud applications and AI-driven platforms to optimize efficiency.

The firm also leverages specialized expertise, particularly in payments and commercial banking. They are a recognized leader in ACH processing, having been named one of the nation's top 50 ACH originators by NACHA since 2016. In 2023, they handled 85.6 million ACH items.

The human capital is focused on specialized client service, which is crucial for their business model of local market leadership. This is evidenced by the focus on:

Resource Area	Key Metric/Focus	Context/Data Point
Commercial Bankers	Loan Production Growth	Loan production reached $3.4 billion in Q3 2025, with strong growth noted in Texas and Colorado.
Wealth Management Bankers	Solutions Offered	Provides wealth management solutions to customers.
Payments Expertise	ACH Volume	Processed over 80 million transactions worth $250 billion through their payment solutions.
Awards/Recognition	Small Business Banking	Received 17 Greenwich Excellence & Best Brand Awards for Small Business Banking from Coalition Greenwich.

The team is actively expanding, with reports of welcoming large groups of bankers across their expanding footprint as recently as September 2025.

SouthState Corporation (SSB) - Canvas Business Model: Value Propositions

SouthState Corporation (SSB) focuses its value proposition on a high-touch, localized service model, which is supported by the scale of a major regional player.

Relationship-driven banking with local decision-making authority

You get banking where decisions are made close to home, a key differentiator against larger national banks. This is supported by a physical footprint that includes 92 branch locations following the January 1, 2025, acquisition of Independent Bank Group, Inc.. SouthState Corporation serves more than 1.5 million customers across its footprint.

Comprehensive suite of consumer, commercial, and wealth solutions

SouthState Corporation (SSB) offers a full spectrum of financial tools. The bank subsidiary, SouthState Bank, N.A., delivers these solutions across its footprint, which now includes Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia, and Tennessee.

The suite of offerings is comprehensive, covering:

• Consumer banking products and services.
• Commercial credit products and services.
• Mortgage lending solutions.
• Wealth management services.

Specialized correspondent banking and capital markets expertise

The bank leverages specialized divisions to serve clients nationwide and enhance fee income. This expertise is housed within the correspondent banking and capital markets business division, which operates through the Bank and its broker dealer subsidiary, SouthState|DuncanWilliams. The focus on these areas paid off in the third quarter of 2025, as Noninterest Income reached $99.1 million, up $12 million from the prior quarter, primarily due to growth in correspondent banking and capital markets income.

The contribution of these non-interest sources to the overall revenue picture in Q3 2025 is clear:

Metric	Q3 2025 Amount	Context
Total Revenue (Non-Tax Equivalent)	$699 million	An increase of 5% compared to the prior quarter.
Net Interest Income	$600 million	The core driver of revenue.
Noninterest Income	$99.1 million	Represented 0.60% of average assets for the third quarter of 2025.

Financial stability and soundness prioritized over short-term growth

You see a clear emphasis on maintaining a strong balance sheet, which translates directly into superior returns for shareholders. The bank's efficiency is improving, with the efficiency ratio dropping to 49.88% in Q3 2025 from over 56% a year prior. Profitability metrics in Q3 2025 reflect this focus:

• Adjusted Return on Average Tangible Common Equity (Non-GAAP): 20.8%.
• Return on Average Tangible Common Equity (Non-GAAP): 19.6%.
• Return on Average Assets (ROAA): 1.49%.
• Tangible Book Value (TBV) per Share (Non-GAAP): $54.48.

Capital strength is robust, providing a significant buffer. As of September 30, 2025, the capital ratios were:

Capital Ratio	Q3 2025 Ratio
Total Risk-Based Capital	14.0%
Tier 1 Leverage	9.4%
Tier 1 Common Equity	11.5%

The Net Interest Margin (NIM) was 4.05% (non-tax equivalent) for the third quarter of 2025. Loan growth was balanced with deposit growth in the quarter, with both increasing by approximately 3%.

Commitment to community reinvestment, including $8.3 billion five-year plan

SouthState Corporation (SSB) has formalized a significant commitment to its communities through a five-year plan spanning 2025 through 2029, announced in coordination with the National Community Reinvestment Coalition (NCRC). This plan totals $8.3 billion to support underserved communities across the eight states the bank serves.

Key components of the $8.3 billion plan include:

• Mortgage Lending to the Underserved: $1.5 billion over 5 years.
• Small Business Lending: Over $3.2 billion over 5 years.

This commitment builds on prior performance, with 2024 highlights from the Corporate Stewardship Report showing significant direct investment and lending activity:

CRA-Related Metric (2024)	Amount/Figure
CRA-Eligible Loans Made	$5.75 billion
Affordable Lending Mortgage Loan Programs Provided	$670 million
Community Development Loans Extended	$401 million
Investment in Economic Development/Affordable Housing	$54.7 million
Employee Volunteer Hours	19,047 hours

The bank awarded grants and contributions totaling $7.1 million to 2,393 organizations in 2024. Finance: draft 13-week cash view by Friday.

SouthState Corporation (SSB) - Canvas Business Model: Customer Relationships

You're building a bank that relies on deep local ties, so understanding SouthState Corporation's (SSB) approach to keeping customers close is key. Their model emphasizes a banker closest to the customer making decisions, which is central to their relationship strategy.

Dedicated relationship managers for commercial and wealth clients

For commercial clients, SouthState Corporation's team uses an advisory approach, focusing on understanding each client's business to offer a broad suite of loan, deposit, and treasury management products. The wealth management line of business targets affluent clients, business owners, families, and those with more modest resources, offering financial planning, retirement services, and trust and investment management. The goal of these wealth services is explicitly to build new relationships and expand existing ones to grow deposits and loans.

Local market leadership model for personalized service

The business model is designed to support the unique character of the communities served, pushing decision-making authority to the banker nearest the customer. This local focus is a core tenet, prioritizing soundness over short-term growth, aiming for meaningful and lasting relationships over mere transactions.

High-touch, in-person service through the branch network

High-touch service is anchored by a physical footprint that has expanded significantly. As of December 31, 2024, SouthState Corporation operated 251 full-service branches across its initial six-state footprint. Following the acquisition of Independent Bank Group, which closed January 1, 2025, the total branch network grew to 371 locations as of May 26, 2025, adding presence in Texas and Colorado. This network serves more than 1.5 million customers across Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia, and Tennessee. Additionally, the bank serves over 1,200 clients nationwide via its correspondent banking division and capital markets.

Here's a quick look at the scale supporting these relationships:

Metric	Value/Date	Context
Total Branch Network (as of May 26, 2025)	371	Includes branches added from Independent Bank Group acquisition.
Total Customers Served (as of Q2 2025)	More than 1 million	Across all operating states.
Correspondent Banking Clients	Over 1,200	Nationwide reach outside the primary branch footprint.
Total Assets (as of Dec 31, 2024)	Approximately $46.4 billion	The balance sheet supporting the relationship scale.

Self-service digital banking and mobile platforms

The in-person model is complemented by investment in technology to enable digital access. Customers use these platforms for convenience, though the bank still emphasizes that the relationship is more valuable than the transaction. Evidence of digital adoption shows that 58 percent of accounts were receiving eStatements as reported in the April 2025 Corporate Stewardship Report.

Proactive community engagement and financial literacy workshops

Community engagement is a direct extension of relationship banking. In 2024, SouthState Corporation invested approximately $55MM to foster economic development and affordable housing projects. The bank supports a culture of volunteerism, offering each full-time team member 32 hours of paid volunteer time annually. In 2024, team members volunteered 19,047 hours across 1,028 different organizations, a 24 percent increase from the prior year. Specifically related to financial education:

• In 2024, 310 team members volunteered to conduct financial literacy workshops.
• These workshops served LMI families in the communities where SouthState does business.
• The bank awarded grants and contributions totaling $7.1 million to 2,393 organizations in 2024.

If you're looking at the impact of this engagement, the $242,000 provided in financial assistance to 166 team members through The Sunshine Fund in 2024 shows internal relationship support, too. Finance: draft 13-week cash view by Friday.

SouthState Corporation (SSB) - Canvas Business Model: Channels

You're mapping out how SouthState Corporation actually gets its value proposition-everything from consumer checking to complex capital markets advice-into the hands of its customers. For SouthState Corporation, the channel strategy is a clear mix of traditional physical presence and modern digital access, heavily bolstered by specialized national services.

The core physical footprint is substantial, though it has been in flux due to strategic acquisitions and sales in early 2025. As of December 31, 2024, SouthState Corporation operated a network of 251 full-service branches across its established footprint in Florida, South Carolina, Alabama, Georgia, North Carolina, and Virginia. This was immediately followed by the January 1, 2025, closing of the acquisition of Independent Bank Group, Inc., which added 92 branch locations in Texas and Colorado. This expansion brought the total branch count to 371 as of May 26, 2025, serving customers across eight states.

Still, the digital channels are critical for serving their more than 1.5 million customers. They rely on robust online and mobile banking platforms for both retail and business customers, offering a variety of deposit products and services.

Here's a quick look at the scale of the physical and specialized channels as of the latest reported figures:

Channel Component	Latest Reported Metric/Count	Date/Context
Physical Bank Branches (Pre-Expansion Base)	251	As of December 31, 2024
Total Physical Bank Branches (Post-Expansion)	371	As of May 26, 2025
Correspondent Banking Clients Served	Over 1,200 clients	Nationwide service
Total Assets (Context for Channel Scale)	$66.048B	As of September 30, 2025
Q3 2025 Noninterest Income from Correspondent Banking & Capital Markets	$99.1 million	Q3 2025

Beyond the branch network, SouthState Corporation uses several other methods to reach and serve clients. The correspondent banking division is a key channel for reaching clients nationwide, primarily serving small to medium-sized financial institutions. This division, along with capital markets, generated $99.1 million in Noninterest Income in the third quarter of 2025. Furthermore, they maintain access points through ATMs and telephone banking services.

For wealth management, the delivery channel is SouthState Advisory, Inc. This entity provides wealth management solutions alongside the consumer, commercial, and mortgage offerings from the main bank subsidiary. The overall channel strategy supports the delivery of services across the expanded footprint, which now includes Texas and Colorado.

You can see the different ways they connect with customers here:

• Network of 251 physical bank branches across the Southeast (as of year-end 2024).
• Online and mobile banking platforms for retail and business customers.
• Correspondent banking division serving over 1,200 clients nationwide.
• ATMs and telephone banking services.
• SouthState Advisory, Inc. for wealth management services.

Finance: draft 13-week cash view by Friday.

SouthState Corporation (SSB) - Canvas Business Model: Customer Segments

You're looking at the core groups SouthState Corporation (SSB) focuses its banking, lending, and advisory efforts on. This isn't just a list; these are the distinct markets driving their balance sheet and fee income as of late 2025.

• Retail consumers: SouthState Bank, N.A. provides solutions to more than 1.5 million customers across its operating states.
• Small to medium-sized businesses (SME): Served through commercial and industrial (C&I) lending and treasury management services.
• Affluent individuals, business owners, and families (Wealth Management): Services offered via SouthState Advisory, Inc., focusing on financial planning, trust, and investment management.
• Small to medium-sized financial institutions (Correspondent Banking): A nationwide client base utilizing clearing, consulting, and wire services.
• Commercial real estate and specialized industry borrowers: A significant lending segment, including owner-occupied, non-owner occupied, and construction/land development financing.

The loan portfolio composition as of December 31, 2024, gives you a clear picture of where the lending focus lies, which directly ties to the SME and Commercial Real Estate segments:

Loan Category (Customer Focus)	Balance as of December 31, 2024	Percentage of Total Loans
Commercial Real Estate Loans (Commercial/CRE)	$17.9 billion	53%
Commercial and Industrial (C&I) Loans (SME)	$6.2 billion	18%
Other Consumer Loans (Retail)	$1.1 billion	3%

The Correspondent Banking division serves small to medium size financial institutions located throughout the United States, providing income through spread on deposits and various fee-based services.

For the broader retail and business base, SouthState Bank, N.A. operates through a network of 251 full-service branches as of December 31, 2024, in addition to digital platforms. The acquisition of Independent Bank Group, Inc. on January 1, 2025, expanded this physical footprint into Texas and Colorado.

The Wealth Management group targets affluent clients but also serves clients with more modest resources, using these relationships to grow deposits and loans. The bank also provides specialized services through Corporate Billing, which serves transportation companies nationwide with factoring and accounts receivable management.

SouthState Corporation (SSB) - Canvas Business Model: Cost Structure

You're looking at the hard costs SouthState Corporation (SSB) faces to keep the lights on and the money moving, especially after recent expansion. This structure is heavily weighted toward funding costs and the people who manage those relationships across their expanded footprint.

Interest expense on deposits and borrowed funds is the single largest cost driver, reflecting the price paid to secure the funds necessary for lending. For the third quarter of 2025, the Total Interest Expense was reported at $548,805 thousand. This cost is directly tied to the Total deposit cost, which stood at 1.91% for Q3 2025, showing the impact of the rate environment on their primary funding source. Also contributing to the cost of funds was the redemption of subordinated debentures, with $405 million redeemed during the quarter.

Personnel expenses cover the salaries and benefits for the large workforce needed to service customers across multiple states. For the three months ended September 30, 2025, Salaries and employee benefits totaled $199,148 thousand. This supports a workforce that was reported at 5,100 employees as of 2024, now spread across a much larger geographic area following recent acquisitions.

The physical footprint, the Occupancy and equipment costs for the branch network, is substantial. As of May 26, 2025, SouthState operated 371 branches across its eight-state region, up from 251 branches at the end of 2024. The associated Occupancy expense for the third quarter of 2025 was $40,874 thousand.

Keeping the digital side running smoothly falls under Technology and data processing costs. The Information services expense, a key component here, was $28,988 thousand for Q3 2025. This investment supports the digital infrastructure for over 1.5 million customers.

Finally, the cost set aside for potential future loan defaults, the Provision for credit losses (PCL), is a critical, though variable, expense. For the second quarter of 2025, SouthState recorded $7.5 million in Provision for Credit Losses.

Here's a look at the major components of Noninterest Expense for the third quarter of 2025, which captures most of these operating costs:

Expense Category	Q3 2025 Amount (in thousands)
Salaries and employee benefits	$199,148
Occupancy expense	$40,874
Information services expense	$28,988
Business development and staff related	$8,907
FDIC assessment and other regulatory charges	$8,374

The total Noninterest Expense for the three months ended September 30, 2025, was $351 million (as stated by management as NIE, or Noninterest Expense, being unchanged from Q2), or $498,082 thousand based on the sum of the detailed expense lines in the filing tables. The reported Efficiency Ratio for Q3 2025 was 53%, or an Adjusted Efficiency Ratio of 49%.

You can see the breakdown of the primary non-interest operating costs below:

• Salaries and employee benefits: $199,148 thousand
• Occupancy expense: $40,874 thousand
• Information services expense: $28,988 thousand
• Amortization of intangibles: $23,426 thousand
• Other operating expenses: $25,057 thousand
• Merger, branch consolidation, severance related and other expense: $20,889 thousand

Finance: draft 13-week cash view by Friday.

SouthState Corporation (SSB) - Canvas Business Model: Revenue Streams

You're looking at the core ways SouthState Corporation brings in money as of late 2025. Honestly, like most banks, the story is dominated by the spread between what they pay for money and what they earn on lending it out, but the fee side is definitely growing in importance, especially with recent M&A activity.

The primary engine remains the Net Interest Income (NII), which is the difference between interest earned on assets like loans and securities, and interest paid on liabilities like deposits. For the third quarter of 2025, SouthState Corporation posted a strong NII of $600 million. This was supported by a Net Interest Margin (NIM) that reached 4.06% on a tax-equivalent basis for that same quarter.

The second major component is Noninterest Income, which is essentially revenue generated from fees and services. In Q3 2025, this figure came in at $99.1 million. This was a notable increase, up $12 million compared to the prior quarter.

Here's a quick look at the top-line revenue picture for the third quarter of 2025:

Revenue Component	Q3 2025 Amount	Context/Source
Net Interest Income (NII)	$600 million	Primary driver of total revenue
Noninterest Income (Fees)	$99.1 million	Represents 0.60% of average assets for Q3 2025
Total Revenue (Non-Tax Equivalent)	$699 million	Exceeded analyst forecasts

You can see that NII still makes up the vast majority of the revenue, but the fee income is what management often points to for diversification. Let's break down where those fees are coming from, as the Business Model Canvas requires us to map these specific value propositions to revenue.

The growth in Noninterest Income was broad-based but heavily influenced by specific activities:

• Fees from deposit accounts and treasury management services: These fees are derived from offering a full complement of deposit products and treasury management solutions to commercial clients. Deposit fees were specifically cited as contributing to the NII increase, which suggests strong client engagement with core banking services.
• Commissions on bond sales and fees from hedging services (Capital Markets): This segment was a significant driver of the quarter-over-quarter fee increase. One report suggested that two-thirds of the $12 million increase in Noninterest Income was attributable to Capital Markets and correspondent banking income. Management noted that this strong performance benefited from favorable market conditions during the quarter.
• Fiduciary and investment management fees (Wealth Management): SouthState Corporation provides wealth management, trust, and investment advisory services. While this is a stated revenue stream, specific Q3 2025 fee figures for this segment weren't broken out from the total Noninterest Income of $99.1 million.

The expectation, however, is that the high level of fee income seen in Q3 2025 might not fully repeat; management indicated that noninterest income is likely to revert toward an annual run rate of approximately $370-$380 million. That suggests a quarterly run rate closer to $92.5 million to $95 million going forward, assuming a more normalized environment.

Finance: draft Q4 2025 revenue projection based on normalized fee income by next Tuesday.