SOUTH STATE Corp (Form: 8-K, Received: 04/28/2021 16:29:16)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2021

SOUTH STATE CORPORATION

(Exact name of registrant as specified in its charter)

South Carolina

(State or Other Jurisdiction of
Incorporation)

001-12669

(Commission File
Number)

57-0799315

(IRS Employer
Identification No.)

1101 First Street South, Suite 202,

Winter Haven, FL

(Address of principal executive offices)

33880

(Zip Code)

(863) 293-4710

Registrant’s telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐->Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐->Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐->Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐->Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $2.50 per share	SSB	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On April 28, 2021, SouthState Corporation (“SouthState” or the “Company”) issued a press release announcing its financial results for the first quarter and three months ended March 31, 2021, along with certain other financial information. Copies of the Company’s press release and presentation are attached as Exhibit 99.1 and 99.2, respectively, to this report and incorporated herein by reference.

Item 7.01 Regulation FD Disclosure

On April 28, 2021, the Company also made available the presentation (“Presentation”) prepared for use with the press release during the earnings conference call on April 29, 2021. Attached hereto and incorporated herein as Exhibit 99.2 is the text of that presentation.

The information contained in this Item 7.01 of this Current Report, including the information set forth in the Presentation filed as Exhibit 99.2 to, and incorporated in, this Current Report, is being "furnished" and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events

First Quarter 2021 Shareholder Dividend

The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.47 per share. The dividend is payable on May 21,2021 to shareholders of record as of May 14, 2021.

Redemptions of Subordinated Notes and Trust Preferred Securities

On April 28, 2021, the Company announced it received approval from its Board of Directors to redeem $25.0 million of subordinated notes (“Subordinated Note”) and $38.5 million of trust preferred securities (“Trust Preferred Securities”) as outlined in the table below. The Company also received regulatory approval from the Federal Reserve Bank of Atlanta to redeem the Subordinated Note and Trust Preferred Securities. The Company has delivered or will cause to deliver redemption notices to all trustees (“Trustees”) and will redeem the Subordinated Note and Trust Preferred Securities at a cash redemption price (“Redemption Price”) equal to the principal amount of the outstanding debentures and common securities, if applicable, plus accrued and unpaid interest, if any, to the redemptions dates (“Redemption Dates”) noted in the table below. Upon completion of the redemptions, no notes will be outstanding as it relates to the Subordinated Note and Trust Preferred Securities.

Payment of the Redemption Price will be made on the Redemption Dates only upon presentation and surrender of the Subordinated Note and Trust Preferred Securities to the Trustees. Interest on the Subordinated Note and Trust Preferred Securities called for redemption will cease to accrue on and after the Redemption Dates. Notice of redemption will be sent to the registered holders of the Subordinated Note and Trust Preferred Securities.

Debt Instrument ($ in thousands)

Original
Principal

Common
Securities

Trustee

Original
Issuance
Date

Redemption
Date

National Commerce Corp 6.0% Fixed-to-Floating Rate Subordinated Note

25,000

N/A

The Bank of New York Mellon Trust Company, N.A.

5/19/2016

6/1/2021

Gulfstream Bancshares Capital Trust II

3,000

Wilmington Trust Company

12/28/2006

6/6/2021

Valrico Capital Statutory Trust

2,500

Wells Fargo Bank, National Association

5/20/2004

6/8/2021

BSA Financial Statutory Trust I

5,000

155

U.S. Bank National Association

10/28/2005

6/15/2021

MRCB Statutory Trust II

3,000

U.S. Bank National Association

6/28/2006

6/15/2021

Federal Trust Statutory Trust I

5,000

155

U.S. Bank National Association

9/17/2003

6/17/2021

CenterState Banks of Florida Statutory Trust I

10,000

310

U.S. Bank National Association

9/22/2003

6/22/2021

Homestead Statutory Trust I

10,000

495

Wilmington Trust Company

7/17/2006

7/1/2021

Total

63,500

1,378

Cautionary Statement Regarding Forward Looking Statements

Statements included in this communication, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on, among other things, management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and SouthState. Words and phrases such as “may,” “approximately,” “continue,” “should,” “expects,” “projects,” “anticipates,” “is likely,” “look ahead,” “look forward,” “believes,” “will,” “intends,” “estimates,” “strategy,” “plan,” “could,” “potential,” “possible” and variations of such words and similar expressions are intended to identify such forward-looking statements. South State cautions readers that forward-looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic downturn risk, potentially resulting in deterioration in the credit markets, greater than expected noninterest expenses, excessive loan losses and other negative consequences, which risks could be exacerbated by potential continued negative economic developments resulting from the Covid19 pandemic, or from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) interest rate risk primarily resulting from the low interest rate environment and historically low yield curve primarily due to government programs in place under the CARES Act and otherwise in response to the Covid19 pandemic, and their impact on the Bank’s earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the bank’s loan and securities portfolios, and the market value of SouthState’s equity; (3) risks related to the merger and integration of SouthState and CSFL including, among others, (i) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (ii) the risk that the integration of each party’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate each party’s businesses into the other’s businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger, (4) risks relating to the continued impact of the Covid19 pandemic on the company, including possible impact to the company and its employees from contacting Covid19, and to efficiencies and the control environment due to the continued work from home environment and to our results of operations due to government stimulus and other interventions to blunt the impact of the pandemic; (5) the impact of increasing digitization of the banking industry and movement of customers to on-line platforms, and the possible impact on the Bank’s results of operations, customer base, expenses, suppliers and operations, (6) controls and procedures risk, including the potential failure or circumvention of our controls and procedures or failure to comply with regulations related to controls and procedures; (7) potential deterioration in real estate values; (8) the impact of competition with other financial institutions, including pricing pressures (including those resulting from the CARES Act) and the resulting impact, including as a result of compression to net interest margin, (9) risks relating to the ability to retain our culture and attract and retain qualified people; (10) credit risks associated with an obligor’s failure to meet the terms of any contract with the bank or otherwise fail to perform as agreed under the terms of any loan-related document; (11) risks related to the ability of the company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (12) liquidity risk affecting the Bank’s ability to meet its obligations when they come due; (13) risks associated with an anticipated increase in SouthState’s investment securities portfolio, including risks associated with acquiring and holding investment securities or potentially determining that the amount of investment securities SouthState desires to acquire are not available on terms acceptable to SouthState; (14) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (15) transaction risk arising from problems with service or product delivery; (16) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (17) regulatory change risk resulting from new laws, rules, regulations, accounting principles, proscribed practices or ethical standards, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and including the impact of the CARES Act, the Consumer Financial Protection Bureau regulations, and the possibility of changes in accounting standards, policies, principles and practices, including changes in accounting principles relating to loan loss recognition (CECL); (18) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (19) reputation risk that adversely affects earnings or capital arising from negative public opinion; (20) cybersecurity risk related to the dependence of SouthState on internal computer systems and the technology of outside service providers, as well as the potential impacts of internal or external security breaches, which may subject the company to potential business disruptions or financial losses resulting from deliberate attacks or

unintentional events; (21) reputational and operational risks associated with environment, social and governance matters; (22) greater than expected noninterest expenses; (23) excessive loan losses; (24) potential deposit attrition, higher than expected costs, customer loss and business disruption associated with the CSFL integration, and potential difficulties in maintaining relationships with key personnel; (25 the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (26) the payment of dividends on SouthState common stock, which is subject to legal and regulatory limitations as well as the discretion of the board of directors of SouthState, SouthState’s performance and other factors; (27) ownership dilution risk associated with potential acquisitions in which South State’s stock may be issued as consideration for an acquired company; (28) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisition, whether involving stock or cash consideration; (29) major catastrophes such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including infectious disease outbreaks, including the ongoing COVID-19 pandemic, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (30) terrorist activities risk that results in loss of consumer confidence and economic disruptions; and (31) other factors that may affect future results of SouthState, as disclosed in SouthState’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by SouthState with the U.S. Securities and Exchange Commission (“SEC”) and available on the SEC’s website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. SouthState does not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.


Item 9.01		Financial Statements and Exhibits

	(d)	Exhibits:

	Exhibit No.	Description

	Exhibit 99.1	Press release dated April 28, 2021

	Exhibit 99.2	Presentation for SouthState Corporation Earnings Call

	Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	SOUTH STATE CORPORATION
	(Registrant)

	By:	/s/ William E. Matthews, V
		William E. Matthews, V
		Senior Executive Vice President and
		Chief Financial Officer

Date: April 28, 2021

Exhibit 99.1


	FOR IMMEDIATE RELEASE
SouthState Corporation Reports First Quarter 2021 Results	Media Contact
Declares Quarterly Cash Dividend	Jackie Smith, 803.231.3486

WINTER HAVEN, FL – April 28, 2021 – SouthState Corporation (NASDAQ: SSB) today released its unaudited results of operations and other financial information for the three-month period ended March 31, 2021.

The Company reported consolidated net income of $2.06 per diluted common share for the three months ended March 31, 2021, compared to $1.21 per diluted common share for the three months ended December 31, 2020, and compared to $0.71 per diluted common share one year ago.

Adjusted net income (non-GAAP) totaled $2.17 per diluted share for the three months ended March 31, 2021, compared to $1.44 per diluted share, in the fourth quarter of 2020, and compared to $0.82 per diluted share one year ago. Adjusted net income in the first quarter of 2021 excludes $7.8 million of merger-related and branch closure costs (after-tax). In the fourth quarter of 2020, adjusted net income excluded $16.3 million of merger-related and branch closure costs (after-tax), $31.8 million in swap termination expense (after-tax), and $31.5 million of income tax benefit related to the ability to carryback tax losses under the CARES Act.

Highlights of the first quarter of 2021 include:

Returns

Reported & adjusted diluted Earnings per Share (“EPS”) of $2.06 and $2.17 (Non-GAAP), respectively

Recorded a negative provision for credit losses of $58.4 million compared to $18.2 million in provision expense in the prior quarter

Reported & adjusted Return on Average Tangible Common Equity of 21.2% (Non-GAAP) and 22.2% (Non-GAAP), respectively

Pre-Provision Net Revenue (“PPNR”) of $140 million, or 1.48% PPNR ROAA (Non-GAAP)

Book value per share of $66.42 increased by $0.93 per share compared to the prior quarter

Tangible book value (“TBV”) per share of $42.02 (Non-GAAP), up $4.01, or 10.5% from the year ago figure

Performance

Net interest margin (“NIM”, tax equivalent) of 3.12%, down 2 basis points from prior quarter

Recognized $10.4 million in loan accretion compared to $12.7 million in the prior quarter

Recognized $20.4 million in PPP net deferred loan fee income compared to $16.6 million in the prior quarter

Total deposit cost of 0.15% down 2 basis points from prior quarter

Noninterest income of $96.3 million, 1.02% of assets

Balance Sheet / Credit

Total deposits increased $1.7 billion with core deposit growth totaling $2.0 billion, or 30.3% annualized; 33.3% of deposits are noninterest-bearing

Loans, excluding PPP loans, decreased $185.0 million, or 3.3% annualized, centered in $131.1 million decline in consumer real estate loans and home equity lines of credit; C&I loans grew for the third consecutive quarter

Total PPP loans grew by $12.3 million, including the addition of $731.8 million round 2 PPP loans

Net loan recoveries of $21,000, or 0.00% annualized

Loan deferrals totaled $186.3 million, or 0.83% of the total loan portfolio, excluding PPP loans and held for sale loans as of March 31, 2021

Other Events

Completed Duncan-Williams, Inc. acquisition on February 1, 2021

Consolidated 4 branch locations in the first quarter

Declared a cash dividend on common stock of $0.47 per share, payable on May 21, 2021 to shareholders of record as of May 14, 2021

Received board and regulatory approval to redeem $25 million of subordinated debt and $38.5 million of trust preferred securities assumed from CenterState Bank Corporation (“CSFL”); Management intends to redeem by the next quarterly interest distribution date and expects to accelerate approximately $11 million of unamortized fair value discount related to the trust preferred securities

“We are pleased to begin 2021 with solid results in the first quarter”, said John C. Corbett, Chief Executive Officer. “Our longstanding focus on asset quality has benefited us through this environment, with four consecutive quarters with minimal to no net loan losses. The improvement in the economy and in economic forecasts led us to release loss reserves in the quarter, aiding our net income, though we continue to have a solid reserve position should the economic recovery falter. We are also pleased to have expanded our Correspondent division with the February 1 addition of the Duncan Williams team to the company.”

“South State’s balance sheet is strong and continues to strengthen with annualized total deposit growth of 23% for the quarter and Tangible Book Value growth of 10.5% compared to last year,” said Robert R. Hill, Jr., Executive Chairman. “This foundation, coupled with strong fee businesses, has us well-positioned for the future.”

First Quarter 2021 Financial Performance


	Three Months Ended
(Dollars in thousands, except per share data)	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			March 31,
INCOME STATEMENT	2021			2020			2020			2020			2020
Interest income
Loans, including fees (1)	$	259,967		$	269,632		$	280,825		$	167,707		$	133,034

Investment securities, trading securities, federal funds sold and securities purchased under agreements to resell		18,509			16,738			14,469			12,857			14,766
Total interest income		278,476			286,370			295,294			180,564			147,800
Interest expense
Deposits		11,257			13,227			15,154			12,624			14,437

Federal funds purchased, securities sold under agreements to repurchase, and other borrowings		5,221			7,596			9,792			5,383			5,350
Total interest expense		16,478			20,823			24,946			18,007			19,787
Net interest income		261,998			265,547			270,348			162,557			128,013
Provision (benefit) for credit losses		(58,420)			18,185			29,797			151,474			36,533
Net interest income after provision for credit losses		320,418			247,362			240,551			11,083			91,480
Noninterest income		96,285			97,871			114,790			54,347			44,132
Noninterest expense
Pre-tax operating expense		218,702			219,719			215,225			134,634			103,118
Merger and/or branch consolid. expense		10,009			19,836			21,662			40,279			4,129
SWAP termination expense		—			38,787			—			—			—
Federal Home Loan Bank advances prepayment fee		—			56			—			199			—
Total noninterest expense		228,711			278,398			236,887			175,112			107,247
Income before provision for income taxes		187,992			66,835			118,454			(109,682)			28,365
Income taxes (benefit) provision		41,043			(19,401)			23,233			(24,747)			4,255
Net income (loss)	$	146,949		$	86,236		$	95,221		$	(84,935)		$	24,110

Adjusted net income (non-GAAP) (2)
Net income (loss) (GAAP)	$	146,949		$	86,236		$	95,221		$	(84,935)		$	24,110
Securities gains, net of tax		—			(29)			(12)			—			—
Income taxes benefit - carryback tax loss		—			(31,468)			—			—			—
FHLB prepayment penalty, net of tax		—			46			—			154			—
SWAP termination expense, net of tax		—			31,784			—			—			—
Initial provision for credit losses - NonPCD loans and UFC		—			—			—			92,212			—
Merger and/or branch consolid. expense, net of tax		7,824			16,255			17,413			31,191			3,510
Adjusted net income (non-GAAP)	$	154,773		$	102,824		$	112,622		$	38,622		$	27,620

Basic earnings per common share	$	2.07		$	1.22		$	1.34		$	(1.96)		$	0.72
Diluted earnings per common share	$	2.06		$	1.21		$	1.34		$	(1.96)		$	0.71
Adjusted net income per common share - Basic (non-GAAP) (2)	$	2.18		$	1.45		$	1.59		$	0.89		$	0.82
Adjusted net income per common share - Diluted (non-GAAP) (2)	$	2.17		$	1.44		$	1.58		$	0.89		$	0.82
Dividends per common share	$	0.47		$	0.47		$	0.47		$	0.47		$	0.47
Basic weighted-average common shares outstanding		71,009,209			70,941,200			70,905,027			43,317,736			33,566,051
Diluted weighted-average common shares outstanding		71,484,490			71,294,864			71,075,866			43,317,736			33,804,908
Adjusted diluted weighted-average common shares outstanding*		71,484,490			71,294,864			71,075,866			43,606,333			33,804,908
Effective tax rate		21.83	%		(29.03)	%		19.61	%		22.56	%		15.00	%
Adjusted effective tax rate		21.83	%		18.05	%		19.61	%		22.56	%		15.00	%

*Adjusted diluted weighted average common shares was calculated with the result of adjusted net income (non-GAAP).

Performance and Capital Ratios


	Three Months Ended
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2021			2020			2020			2020			2020
PERFORMANCE RATIOS
Return on average assets (annualized)		1.56	%		0.90	%		1.00	%		(1.49)	%		0.60	%
Adjusted return on average assets (annualized) (non-GAAP) (2)		1.64	%		1.08	%		1.18	%		0.68	%		0.69	%
Return on average equity (annualized)		12.71	%		7.45	%		8.31	%		(11.78)	%		4.15	%
Adjusted return on average equity (annualized) (non-GAAP) (2)		13.39	%		8.88	%		9.83	%		5.36	%		4.75	%
Return on average tangible common equity (annualized) (non-GAAP) (3)		21.16	%		13.05	%		14.66	%		(19.71)	%		8.35	%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)		22.24	%		15.35	%		17.14	%		10.23	%		9.45	%
Efficiency ratio (tax equivalent)		61.06	%		73.59	%		58.91	%		78.37	%		60.37	%
Adjusted efficiency ratio (non-GAAP) (4)		58.27	%		57.52	%		53.30	%		59.76	%		57.98	%
Dividend payout ratio (5)		22.72	%		38.67	%		35.01	%		N/A			65.70	%
Book value per common share	$	66.42		$	65.49		$	64.34		$	63.35		$	69.40
Tangible book value per common share (non-GAAP) (3)	$	42.02		$	41.16		$	39.83		$	38.33		$	38.01

CAPITAL RATIOS
Equity-to-assets		11.9	%		12.3	%		12.1	%		11.9	%		14.0	%
Tangible equity-to-tangible assets (non-GAAP) (3)		7.9	%		8.1	%		7.8	%		7.6	%		8.2	%
Tier 1 leverage (6) *		8.5	%		8.3	%		8.1	%		13.3	%		9.5	%
Tier 1 common equity (6) *		12.2	%		11.8	%		11.5	%		10.7	%		11.0	%
Tier 1 risk-based capital (6) *		12.2	%		11.8	%		11.5	%		10.7	%		12.0	%
Total risk-based capital (6) *		14.5	%		14.2	%		13.9	%		12.9	%		12.7	%

OTHER DATA
Number of branches		281			285			305			305			155
Number of employees (full-time equivalent basis)		5,210			5,184			5,266			5,369			2,583

*The regulatory capital ratios presented above include the assumption of the transitional method relative to the CAREs Act in relief of COVID-19 pandemic on the economy and financial institutions in the United States. The referenced relief allows a total five-year “phase in” of the CECL impact on capital and relief over the next two years for the impact on the allowance for credit losses resulting from COVID-19.

Balance Sheet


	Ending Balance
(Dollars in thousands, except per share and share data)	Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
BALANCE SHEET	2021		2020		2020		2020		2020
Assets
Cash and due from banks	$	392,556	$	363,306	$	344,389	$	380,661	$	259,579
Federal Funds Sold and interest-earning deposits with banks		5,581,581		4,245,949		4,127,250		3,983,047		1,003,257
Cash and cash equivalents		5,974,137		4,609,255		4,471,639		4,363,708		1,262,836

Trading securities, at fair value		83,947		10,674		—		494		—
Investment securities:
Securities held-to-maturity		1,214,313		955,542		—		—		—
Securities available for sale, at fair value		3,891,490		3,330,672		3,561,929		3,137,718		1,971,195
Other investments		161,468		160,443		185,199		133,430		62,994
Total investment securities		5,267,271		4,446,657		3,747,128		3,271,148		2,034,189
Loans held for sale		352,997		290,467		456,141		603,275		71,719
Loans:
Purchased credit deteriorated		2,680,466		2,915,809		3,143,822		3,323,754		311,271
Purchased non-credit deteriorated		8,433,913		9,458,869		10,557,907		11,577,833		1,632,700
Non-acquired		13,377,086		12,289,456		11,536,086		10,597,560		9,562,919
Less allowance for credit losses		(406,460)		(457,309)		(440,159)		(434,608)		(144,785)
Loans, net		24,085,005		24,206,825		24,797,656		25,064,539		11,362,105
Other real estate owned ("OREO")		11,471		11,914		13,480		18,016		7,432
Premises and equipment, net		569,171		579,239		626,259		627,943		312,151
Bank owned life insurance		562,624		559,368		556,475		556,807		233,849
Mortgage servicing rights		54,285		43,820		34,578		25,441		26,365
Core deposit and other intangibles		153,861		162,592		171,637		170,911		46,809
Goodwill		1,579,758		1,563,942		1,566,524		1,603,383		1,002,900
Other assets		1,035,805		1,305,120		1,377,849		1,419,691		282,556
Total assets	$	39,730,332	$	37,789,873	$	37,819,366	$	37,725,356	$	16,642,911

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing	$	10,801,812	$	9,711,338	$	9,681,095	$	9,915,700	$	3,367,422
Interest-bearing		21,639,598		20,982,544		20,288,859		20,041,585		8,977,125
Total deposits		32,441,410		30,693,882		29,969,954		29,957,285		12,344,547

Federal funds purchased and securities sold under agreements to repurchase		878,581		779,666		706,723		720,479		325,723
Other borrowings		390,323		390,179		1,089,637		1,089,279		1,316,100
Reserve for unfunded commitments		35,829		43,380		43,161		21,051		8,555
Other liabilities		1,264,369		1,234,886		1,446,478		1,445,412		326,943
Total liabilities		35,010,512		33,141,993		33,255,953		33,233,506		14,321,868

Shareholders' equity:
Common stock - $2.50 par value; authorized 80,000,000 shares		177,651		177,434		177,321		177,268		83,611
Surplus		3,772,248		3,765,406		3,764,482		3,759,166		1,584,322
Retained earnings		770,952		657,451		604,564		542,677		643,345
Accumulated other comprehensive income (loss)		(1,031)		47,589		17,046		12,739		9,765
Total shareholders' equity		4,719,820		4,647,880		4,563,413		4,491,850		2,321,043
Total liabilities and shareholders' equity	$	39,730,332	$	37,789,873	$	37,819,366	$	37,725,356	$	16,642,911

Common shares issued and outstanding		71,060,446		70,973,477		70,928,304		70,907,119		33,444,236

Net Interest Income and Margin


	Three Months Ended
	March 31, 2021							December 31, 2020						March 31, 2020
(Dollars in thousands)	Average		Income/		Yield/			Average		Income/		Yield/		Average		Income/		Yield/
YIELD ANALYSIS	Balance		Expense		Rate			Balance		Expense		Rate		Balance		Expense		Rate
Interest-Earning Assets:
Federal funds sold, reverse repo, and time deposits	$	4,757,717	$	989		0.08	%	$	4,509,137	$	1,098	0.10	%	$	538,310	$	1,452	1.08	%
Investment securities		4,683,152		17,520		1.52	%		4,070,218		15,641	1.53	%		2,022,726		13,314	2.65	%
Loans held for sale		298,970		1,991		2.70	%		382,115		2,328	2.42	%		41,812		331	3.18	%
Total loans, excluding PPP		22,612,722		232,770		4.17	%		22,701,841		245,273	4.30	%		11,439,676		132,703	4.67	%
Total PPP loans		1,879,367		25,206		5.44	%		2,189,696		22,031	4.00	%		—		—	0.00	%
Total loans		24,492,089		257,976		4.27	%		24,891,536		267,304	4.27	%		11,439,676		132,703	4.67	%
Total interest-earning assets		34,231,928		278,476		3.30	%		33,853,006		286,371	3.37	%		14,042,524		147,800	4.23	%
Noninterest-earning assets		4,013,482							4,174,105						2,010,409
Total Assets	$	38,245,410						$	38,027,111					$	16,052,933

Interest-Bearing Liabilities:
Transaction and money market accounts	$	14,678,248	$	5,387		0.15	%		14,038,057	$	6,675	0.19	%		5,976,771	$	7,682	0.52	%
Savings deposits		2,780,361		434		0.06	%		2,667,211		505	0.08	%		1,323,770		650	0.20	%
Certificates and other time deposits		3,672,818		5,436		0.60	%		3,805,708		6,047	0.63	%		1,642,749		6,105	1.49	%
Federal funds purchased and repurchase agreements		852,277		351		0.17	%		754,457		435	0.23	%		328,372		615	0.75	%
Other borrowings		390,043		4,870		5.06	%		876,781		7,161	3.25	%		887,431		4,735	2.15	%
Total interest-bearing liabilities		22,373,747		16,478		0.30	%		22,142,214		20,823	0.37	%		10,159,093		19,787	0.78	%
Noninterest-bearing liabilities ("Non-IBL")		11,184,514							11,277,541						3,557,492
Shareholders' equity		4,687,149							4,607,356						2,336,348
Total Non-IBL and shareholders' equity		15,871,663							15,884,897						5,893,840
Total Liabilities and Shareholders' Equity	$	38,245,410						$	38,027,111					$	16,052,933
Net Interest Income and Margin (Non-Tax Equivalent)			$	261,998		3.10	%			$	265,548	3.12	%			$	128,013	3.67	%
Net Interest Margin (Tax Equivalent)						3.12	%					3.14	%					3.68	%
Total Deposit Cost (without Debt and Other Borrowings)						0.15	%					0.17	%					0.46	%
Overall Cost of Funds (including Demand Deposits)						0.21	%					0.26	%					0.59	%

Total Accretion on Acquired Loans (1)			$	10,416						$	12,686					$	10,931
TEFRA (included in NIM, Tax Equivalent)			$	1,286						$	1,663					$	530

The remaining loan discount on acquired loans to be accreted into loan interest income totals $87.3 million and the remaining net deferred fees on PPP loans totals $33.3 million as of March 31, 2021.

Noninterest Income and Expense


	Three Months Ended
	Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
(Dollars in thousands)	2021		2020		2020		2020		2020
Noninterest Income:
Fees on deposit accounts	$	25,282	$	25,153	$	24,346	$	16,679	$	18,141
Mortgage banking income		26,880		25,162		48,022		18,371		14,647
Trust and investment services income		8,578		7,506		7,404		7,138		7,389
Securities gains, net		—		35		15		—		—
Correspondent banking and capital market income		28,748		27,751		26,432		10,067		493
Bank owned life insurance income		3,300		3,341		4,127		1,381		2,530
Other		3,498		8,923		4,444		711		932
Total Noninterest Income	$	96,286	$	97,871	$	114,790	$	54,347	$	44,132

Noninterest Expense:
Salaries and employee benefits	$	140,361	$	138,982	$	134,919	$	81,720	$	60,978
Swap termination expense		—		38,787		—		—		—
Occupancy expense		23,331		23,496		23,845		15,959		12,287
Information services expense		18,789		19,527		18,855		12,155		9,306
FHLB prepayment penalty		—		56		—		199		—
OREO expense and loan related		1,002		728		1,146		1,107		587
Business development and staff related		3,371		3,835		2,599		1,447		2,244
Amortization of intangibles		9,164		9,760		9,560		4,665		3,007
Professional fees		3,274		4,306		4,385		2,848		2,494
Supplies and printing expense		2,670		2,809		2,755		1,610		1,505
FDIC assessment and other regulatory charges		3,771		3,403		2,849		2,403		2,058
Advertising and marketing		1,740		1,544		1,203		531		814
Other operating expenses		11,229		11,329		13,109		10,189		7,838
Branch consolidation and merger expense		10,009		19,836		21,662		40,279		4,129
Total Noninterest Expense	$	228,711	$	278,398	$	236,887	$	175,112	$	107,247

Loans and Deposits

The following table presents a summary of the loan portfolio by type (dollars in thousands):


	Ending Balance
(Dollars in thousands)	Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
LOAN PORTFOLIO	2021		2020		2020		2020		2020
Construction and land development	$	1,888,901	$	1,899,066	$	1,840,111	$	1,999,062	$	1,105,308
Investor commercial real estate		6,489,580		6,518,771		6,565,869		6,671,554		2,699,067
Commercial owner occupied real estate		4,826,651		4,842,092		4,846,020		4,762,520		2,177,738
Commercial and industrial, excluding PPP		3,141,643		3,113,685		3,067,399		3,005,030		1,418,421
Consumer real estate		5,313,597		5,444,731		5,658,984		5,799,653		3,423,887
Consumer/other		885,320		912,327		907,711		924,995		682,469
Subtotal		22,545,692		22,730,672		22,886,094		23,162,814		11,506,890
PPP loans		1,945,773		1,933,462		2,351,721		2,336,333		—
Total Loans	$	24,491,465	$	24,664,134	$	25,237,815	$	25,499,147	$	11,506,890

The following table presents a summary of the deposit types (dollars in thousands):


	Ending Balance
(Dollars in thousands)	Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
DEPOSITS	2021		2020		2020		2020		2020
Noninterest-bearing checking	$	10,801,812	$	9,711,338	$	9,681,095	$	9,915,700	$	3,367,422
Interest-bearing checking		7,369,066		6,955,575		6,414,905		6,192,915		2,963,679
Savings		2,906,673		2,694,010		2,618,877		2,503,514		1,337,730
Money market		7,884,132		7,584,353		7,404,299		7,196,456		3,029,769
Time deposits		3,479,727		3,748,605		3,850,778		4,148,700		1,645,947
Total Deposits	$	32,441,410	$	30,693,881	$	29,969,954	$	29,957,285	$	12,344,547

Core Deposits (excludes Time Deposits)	$	28,961,683	$	26,945,276	$	26,119,176	$	25,808,585	$	10,698,600

Asset Quality


	Ending Balance
	Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
(Dollars in thousands)	2021		2020		2020		2020		2020
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonperforming loans	$	21,034	$	29,171	$	22,463	$	22,883	$	23,912
Non-acquired OREO and other nonperforming assets		654		688		825		1,689		941
Total non-acquired nonperforming assets		21,688		29,859		23,288		24,572		24,853
Acquired
Acquired nonperforming loans		80,024		77,668		89,974		100,399		32,791
Acquired OREO and other nonperforming assets		11,292		11,568		12,904		16,987		6,802
Total acquired nonperforming assets		91,316		89,236		102,878		117,386		39,593
Total nonperforming assets	$	113,004	$	119,095	$	126,166	$	141,958	$	64,446


	Three Months Ended
	Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
	2021		2020		2020		2020		2020
ASSET QUALITY RATIOS:
Allowance for credit losses as a percentage of loans	1.66	%	1.85	%	1.74	%	1.70	%	1.26	%
Allowance for credit losses as a percentage of loans, excluding PPP loans	1.80	%	2.01	%	1.92	%	1.88	%	N/A
Allowance for credit losses as a percentage of nonperforming loans *	402.20	%	428.04	%	391.47	%	352.53	%	255.34	%
Net (recoveries) charge-offs as a percentage of average loans (annualized)	(0.00)	%	0.01	%	0.01	%	0.00	%	0.05	%
Total nonperforming assets as a percentage of total assets *	0.28	%	0.32	%	0.33	%	0.38	%	0.39	%
Nonperforming loans as a percentage of period end loans *	0.41	%	0.43	%	0.45	%	0.48	%	0.49	%

* With the merger with CSFL on June 7, 2020, the amount of acquired nonaccrual loans increased by approximately $69.9 million during the second quarter of 2020.

Current Expected Credit Losses (“CECL”)

Effective January 1, 2020, the Company adopted ASU 2016-13 (“CECL”), which affects the allowance for credit losses and the liability for unfunded commitments (“UFC”). Below is a table showing the roll forward of the ACL and UFC for the first quarter of 2021:


	Allowance for Credit Losses ("ACL & UFC")
	NonPCD ACL			PCD ACL			Total			UFC
Ending Balance 12/31/2020	$	315,470		$	141,839		$	457,309		$	43,380
Charge offs		(1,947)			—			(1,947)			—
Acquired charge offs		(570)			(857)			(1,427)			—
Recoveries		1,024			—			1,024			—
Acquired recoveries		956			1,415			2,371			—
Provision for credit losses		(30,676)			(20,194)			(50,870)			(7,551)
Ending balance 3/31/2021	$	284,257		$	122,203		$	406,460		$	35,829

Period end loans (includes PPP Loans)	$	21,810,999		$	2,680,466		$	24,491,465			N/A
Reserve to Loans (includes PPP Loans)		1.30	%		4.56	%		1.66	%		N/A
Period end loans (excludes PPP Loans)	$	19,865,226		$	2,680,466		$	22,545,692			N/A
Reserve to Loans (excludes PPP Loans)		1.43	%		4.56	%		1.80	%		N/A
Unfunded commitments (off balance sheet) *										$	4,859,717
Reserve to unfunded commitments (off balance sheet)											0.74	%

* Unfunded commitments excludes unconditionally cancelable commitments and letters of credit.

Conference Call

The Company will announce its first quarter 2021 earnings results in a news release after the market closes on April 28, 2021. At 10:00 a.m. Eastern Time on April 29, 2021, the Company will host a conference call to discuss its first quarter results. Callers wishing to participate may call toll-free by dialing 877-506-9272. The number for international participants is (412) 380-2004. The conference ID number is 10153950. Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com. An audio replay of the live webcast is expected to be available by the evening of April 29, 2021 on the Investor Relations section of SouthStateBank.com.

SouthState Corporation is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the Company’s nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The Bank also serves clients coast to coast through its correspondent banking division. Additional information is available at SouthStateBank.com.

###

Non-GAAP Measures

Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures. Management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company's results or financial condition as reported under GAAP.


(Dollars in thousands)
PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP)	Mar. 31, 2021			Dec. 31, 2020			Sept. 30, 2020			June 30, 2020
Net income (loss) (GAAP)	$	146,949		$	86,236		$	95,221		$	(84,935)
PCL legacy SSB		(58,420)			18,185			29,797			31,259
PCL legacy CSB NonPCD and UFC - Day 1		—			—			—			119,079
PCL legacy CSB for June, 2020		—			—			—			1,136
Tax provision (benefit)		41,043			(19,401)			23,233			(24,747)
Merger-related costs		10,009			19,836			21,662			40,279
Securities gain		—			(35)			(15)			—
FHLB advance prepayment cost		—			56			—			199
Swap termination cost		—			38,787			—			—
CSB pre-merger PPNR		—			—			—			74,791
Pre-provision net revenue (PPNR) Non-GAAP	$	139,581		$	143,664		$	169,898		$	157,061

SSB average asset balance (GAAP)	$	38,245,410		$	38,027,111		$	37,865,217		$	22,898,925
CSB average asset balance pre-merger											14,604,081
Total average balance June 30, 2020 (Non-GAAP)										$	37,503,006

PPNR ROAA		1.48	%		1.50	%		1.79	%		1.68	%


	Three Months Ended
(Dollars in thousands, except per share data)	Mar. 31,			Dec. 31			Sept. 30,			June 30,			Mar. 31,
RECONCILIATION OF GAAP TO NON-GAAP	2021			2020			2020			2020			2020
Adjusted Net Income (non-GAAP) (2)
Net income (loss) (GAAP)	$	146,949		$	86,236		$	95,221		$	(84,935)		$	24,110
Securities gains, net of tax		—			(29)			(12)			—			—
PCL - NonPCD loans & unfunded commitments		—			—			—			92,212			—
Swap termination expense, net of tax		—			31,784			—			—			—
Provision (Benefit) for income taxes - carryback tax loss		—			(31,468)			—			—			—
FHLB prepayment penalty, net of tax		—			46			—			154			—
Merger and branch consolidation/acq. expense, net of tax		7,824			16,255			17,413			31,191			3,510
Adjusted net income (non-GAAP)	$	154,773		$	102,824		$	112,622		$	38,622		$	27,620

Adjusted Net Income per Common Share - Basic (2)
Earnings (loss) per common share - Basic (GAAP)	$	2.07		$	1.22		$	1.34		$	(1.96)		$	0.72
Effect to adjust for securities gains		—			(0.00)			(0.00)			—			—
Effect to adjust for PCL - NonPCD loans & unfunded commitments		—			—			—			2.13			—
Effect to adjust for swap termination expense, net of tax		—			0.45			—			—			—
Effect to adjust for benefit for income taxes - carryback tax loss		—			(0.44)			—			—			—
Effect to adjust for FHLB prepayment penalty, net of tax		—			0.00			—			0.00			—
Effect to adjust for merger & branch consol./acq expenses, net of tax		0.11			0.23			0.25			0.72			0.10
Adjusted net income per common share - Basic (non-GAAP)	$	2.18		$	1.45		$	1.59		$	0.89		$	0.82

Adjusted Net Income per Common Share - Diluted (2)
Earnings (loss) per common share - Diluted (GAAP)	$	2.06		$	1.21		$	1.34		$	(1.96)		$	0.71
Effect to adjust for securities gains		—			(0.00)			(0.00)			—			—
Effect to adjust for PCL - NonPCD loans & unfunded commitments		—			—			—			2.11			—
Effect to adjust for swap termination expense, net of tax		—			0.45			—			—			—
Effect to adjust for benefit for income taxes - carryback tax loss		—			(0.44)			—			—			—
Effect to adjust for FHLB prepayment penalty, net of tax		—			0.00			—			0.00			—
Effect to adjust for merger & branch consol./acq expenses, net of tax		0.11			0.23			0.24			0.72			0.11
Effect of adjusted weighted ave shares due to adjusted net income		—			—			—			0.02			—
Adjusted net income per common share - Diluted (non-GAAP)	$	2.17		$	1.44		$	1.58		$	0.89		$	0.82

Adjusted Return of Average Assets (2)
Return on average assets (GAAP)		1.56	%		0.90	%		1.00	%		(1.49)	%		0.60	%
Effect to adjust for securities gains		—	%		(0.00)	%		—	%		—	%		—	%
Effect to adjust for PCL - NonPCD loans & unfunded commitments		—	%		—	%		—	%		1.62	%		—	%
Effect to adjust for swap termination expense		—	%		0.33	%		—	%		—	%		—	%
Effect to adjust for benefit for income taxes - carryback tax loss		—	%		(0.33)	%		—	%		—	%		—	%
Effect to adjust for FHLB prepayment penalty, net of tax		—	%		0.00	%		—	%		—	%		—	%
Effect to adjust for merger & branch consol./acq expenses, net of tax		0.08	%		0.18	%		0.18	%		0.55	%		0.09	%
Adjusted return on average assets (non-GAAP)		1.64	%		1.08	%		1.18	%		0.68	%		0.69	%

Adjusted Return of Average Equity (2)
Return on average equity (GAAP)		12.71	%		7.45	%		8.31	%		(11.78)	%		4.15	%
Effect to adjust for securities gains		—	%		0.00	%		—	%		—	%		—	%
Effect to adjust for PCL - NonPCD loans & unfunded commitments		—	%		—	%		—	%		12.79	%		—	%
Effect to adjust for swap termination expense		—	%		2.74	%		—	%		—	%		—	%
Effect to adjust for benefit for income taxes - carryback tax loss		—	%		(2.72)	%		—	%		—	%		—	%
Effect to adjust for FHLB prepayment penalty, net of tax		—	%		(0.00)	%		—	%		0.02	%		—	%
Effect to adjust for merger & branch consol./acq expenses, net of tax		0.68	%		1.41	%		1.52	%		4.33	%		0.60	%
Adjusted return on average equity (non-GAAP)		13.39	%		8.88	%		9.83	%		5.36	%		4.75	%

Adjusted Return on Average Common Tangible Equity (2) (3)
Return on average common equity (GAAP)		12.71	%		7.45	%		8.31	%		(11.78)	%		4.15	%
Effect to adjust for securities gains		—	%		—	%		—	%		—	%		—	%
Effect to adjust for PCL - NonPCD loans & unfunded commitments		—	%		—	%		—	%		12.79	%		—	%
Effect to adjust for swap termination expense		—	%		2.74	%		—	%		—	%		—	%
Effect to adjust for benefit for income taxes - carryback tax loss		—	%		(2.72)	%		—	%		—	%		—	%
Effect to adjust for FHLB prepayment penalty, net of tax		—	%		—	%		—	%		0.02	%		—	%
Effect to adjust for merger & branch consol./acq expenses, net of tax		0.68	%		1.40	%		1.52	%		4.32	%		0.60	%
Effect to adjust for intangible assets		8.85	%		6.48	%		7.31	%		4.88	%		4.70	%
Adjusted return on average common tangible equity (non-GAAP)		22.24	%		15.35	%		17.14	%		10.23	%		9.45	%


	Three Months Ended
(Dollars in thousands, except per share data)	Mar. 31,			Dec. 31			Sept. 30,			June 30,			Mar. 31,
RECONCILIATION OF GAAP TO NON-GAAP	2021			2020			2020			2020			2020
Adjusted Efficiency Ratio (4)
Efficiency ratio		61.06	%		73.59	%		58.91	%		78.37	%		60.37	%
Effect to adjust for merger and branch consolidation related expenses		(2.79)	%		(16.07)	%		(5.61)	%		(18.61)	%		(2.39)	%
Adjusted efficiency ratio		58.26	%		57.52	%		53.30	%		59.76	%		57.98	%

Tangible Book Value Per Common Share (3)
Book value per common share (GAAP)	$	66.42		$	65.49		$	64.34		$	63.35		$	69.40
Effect to adjust for intangible assets		(24.40)			(24.33)			(24.51)			(25.02)			(31.39)
Tangible book value per common share (non-GAAP)	$	42.02		$	41.16		$	39.83		$	38.33		$	38.01

Tangible Equity-to-Tangible Assets (3)
Equity-to-assets (GAAP)		11.88	%		12.30	%		12.07	%		11.91	%		13.95	%
Effect to adjust for intangible assets		(4.02)	%		(4.20)	%		(4.24)	%		(4.35)	%		(5.80)	%
Tangible equity-to-tangible assets (non-GAAP)		7.86	%		8.10	%		7.83	%		7.56	%		8.15	%

Certain prior period information has been reclassified to conform to the current period presentation, and these reclassifications had no impact on net income or equity as previously reported.

Footnotes to tables:

(1)	Includes loan accretion (interest) income related to the discount on acquired loans of $10.4 million, $12.7 million, $22.4 million, $10.1 million and $10.9 million, respectively, during the five quarters above.

(2)

Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, FHLB Advances prepayment penalty, initial provision for credit losses on non-PCD loans and unfunded commitments, income tax benefit related to the carryback of tax losses under the CARES Act, swap termination expense, and merger and branch consolidation related expense. Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company's results or financial condition as reported under GAAP. Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger and branch consolidation related expense of $10.0 million, $19.8 million, $21.7 million, $40.3 million and $4.1 million, for the quarters ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively; (b) net securities gains of $35,000 and $15,000 for the quarters ended December 31, 2020 and September 30, 2020, respectively; (c) FHLB prepayment penalty of $56,000 and $199,000 for the quarters ended December 31, 2020 and June 30, 2020, respectively; (d) swap termination expense of $38.8 million for the quarter ended December 31, 2020; (e) tax carryback losses under the CARES Act of $31.5 million for the quarter ended December 31, 2020; and (f) initial provision for credit losses on non-PCD loans and unfunded commitments of $119.1 million for the quarter ended June 30, 2020.

(3)

The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company's results or financial condition as reported under GAAP. The sections titled "Reconciliation of Non-GAAP to GAAP" provide tables that reconcile non-GAAP measures to GAAP.

(4)

Adjusted efficiency ratio is calculated by taking the noninterest expense excluding swap termination expense, branch consolidation cost and merger cost, tax carryback losses under the CARES Act, amortization of intangible assets, and the FHLB prepayment penalty divided by net interest income and noninterest income excluding securities gains (losses). The pre-tax amortization expense of intangible assets were $9.2 million, $9.8 million, $9.6 million, $4.7 million and $3.0 million, for the quarters ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

(5)	The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.

(6)	March 31, 2021 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.

(7)	Loan data excludes mortgage loans held for sale.

Cautionary Statement Regarding Forward Looking Statements

Exhibit 99.2

Earnings Call 1Q 2021 Thursday, April 29, 2021 Exhibit 99.2

DISCLAIMER Statements included in this communication, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on, among other things, management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and SouthState. Words and phrases such as “may,” “approximately,” “continue,” “should,” “expects,” “projects,” “anticipates,” “is likely,” “look ahead,” “look forward,” “believes,” “will,” “intends,” “estimates,” “strategy,” “plan,” “could,” “potential,” “possible” and variations of such words and similar expressions are intended to identify such forward-looking statements. South State cautions readers that forward-looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic downturn risk, potentially resulting in deterioration in the credit markets, greater than expected noninterest expenses, excessive loan losses and other negative consequences, which risks could be exacerbated by potential continued negative economic developments resulting from the Covid19 pandemic, or from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) interest rate risk primarily resulting from the low interest rate environment and historically low yield curve primarily due to government programs in place under the CARES Act and otherwise in response to the Covid19 pandemic, and their impact on the Bank’s earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the bank’s loan and securities portfolios, and the market value of SouthState’s equity; (3) risks related to the merger and integration of SouthState and CSFL including, among others, (i) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (ii) the risk that the integration of each party’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate each party’s businesses into the other’s businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger, (4) risks relating to the continued impact of the Covid19 pandemic on the company, including possible impact to the company and its employees from contacting Covid19, and to efficiencies and the control environment due to the continued work from home environment and to our results of operations due to government stimulus and other interventions to blunt the impact of the pandemic; (5) the impact of increasing digitization of the banking industry and movement of customers to on-line platforms, and the possible impact on the Bank’s results of operations, customer base, expenses, suppliers and operations, (6) controls and procedures risk, including the potential failure or circumvention of our controls and procedures or failure to comply with regulations related to controls and procedures; (7) potential deterioration in real estate values; (8) the impact of competition with other financial institutions, including pricing pressures (including those resulting from the CARES Act) and the resulting impact, including as a result of compression to net interest margin, (9) risks relating to the ability to retain our culture and attract and retain qualified people; (10) credit risks associated with an obligor’s failure to meet the terms of any contract with the bank or otherwise fail to perform as agreed under the terms of any loan-related document; (11) risks related to the ability of the company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (12) liquidity risk affecting the Bank’s ability to meet its obligations when they come due; (13) risks associated with an anticipated increase in SouthState’s investment securities portfolio, including risks associated with acquiring and holding investment securities or potentially determining that the amount of investment securities SouthState desires to acquire are not available on terms acceptable to SouthState; (14) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (15) transaction risk arising from problems with service or product delivery; (16) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (17) regulatory change risk resulting from new laws, rules, regulations, accounting principles, proscribed practices or ethical standards, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and including the impact of the CARES Act, the Consumer Financial Protection Bureau regulations, and the possibility of changes in accounting standards, policies, principles and practices, including changes in accounting principles relating to loan loss recognition (CECL); (18) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (19) reputation risk that adversely affects earnings or capital arising from negative public opinion; (20) cybersecurity risk related to the dependence of SouthState on internal computer systems and the technology of outside service providers, as well as the potential impacts of internal or external security breaches, which may subject the company to potential business disruptions or financial losses resulting from deliberate attacks or unintentional events; (21) reputational and operational risks associated with environment, social and governance matters; (22) greater than expected noninterest expenses; (23) excessive loan losses; (24) potential deposit attrition, higher than expected costs, customer loss and business disruption associated with the CSFL integration, and potential difficulties in maintaining relationships with key personnel; (25 the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (26) the payment of dividends on SouthState common stock, which is subject to legal and regulatory limitations as well as the discretion of the board of directors of SouthState, SouthState’s performance and other factors; (27) ownership dilution risk associated with potential acquisitions in which South State’s stock may be issued as consideration for an acquired company; (28) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisition, whether involving stock or cash consideration; (29) major catastrophes such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including infectious disease outbreaks, including the ongoing COVID-19 pandemic, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (30) terrorist activities risk that results in loss of consumer confidence and economic disruptions; and (31) other factors that may affect future results of SouthState, as disclosed in SouthState’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by SouthState with the U.S. Securities and Exchange Commission (“SEC”) and available on the SEC’s website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements. All forward-looking statements speak only as of the date they are made and are based on information available at that time. SouthState does not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. 2

$32 Billion in deposits $24 Billion in loans $40 Billion in assets $5.9 Billion market cap (1) Financial metrics as of March 31, 2021; market cap as of April 26, 2021 SouthState Corporation Overview of Franchise (1) 3 (281)

HOW WE OPERATE THE COMPANY 4 Local Market Leadership Our business model supports the unique character of the communities we serve and encourages decision making by the banker that is closest to the customer. Long-Term Horizon We think and act like owners and measure success over entire economic cycles. We prioritize soundness before short-term profitability and growth. Remarkable Experiences We will make our customers’ lives better by anticipating their needs and responding with a sense of urgency. Each of us has the freedom, authority and responsibility to do the right thing for our customers. Meaningful and Lasting Relationships We communicate with candor and transparency. The relationship is more valuable than the transaction. Greater Purpose We enable our team members to pursue their ultimate purpose in life—their personal faith, their family, their service to community. Leadership The WHAT Guiding Principles The HOW Our Core Values

INVESTMENT THESIS 5 • Well-positioned to compete with largest banks with capital markets platform and upgraded technology solutions • High growth markets • Low-cost core deposit base • Diversified revenue streams • Strong credit quality and disciplined underwriting • Energetic and experienced management team with entrepreneurial ownership culture

Financial Highlights - Reported

TANGIBLE BOOK VALUE PER SHARE (1) (1) The tangible measure is a non-GAAP measure and excludes the effect of period end balances of intangible assets - See reconciliation of GAAP to Non-GAAP measures in Appendix $38.01 $38.33 $39.83 $41.16 $42.02 $36.00 $37.00 $38.00 $39.00 $40.00 $41.00 $42.00 $43.00 1Q20 2Q20 3Q20 4Q20 1Q21 7

(1) Adjusted figures above exclude the impact of merger-related expenses; The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets and the after-tax amortization of intangibles to GAAP basis net income as applicable; Tax equivalent NIM is also a non-GAAP financial measure - See reconciliation of GAAP to Non-GAAP measures in Appendix (2) Adjusted PPNR and PPNR ROAA are Non-GAAP financial measures that exclude the impact of merger-related expenses - See reconciliation of GAAP to Non-GAAP measures in Appendix (3) Percentages exclude PPP loans and loan held for sale; loss absorption capacity includes mark on loans acquired from CSFL and prior SSB acquisitions (4) Excludes loans held for sale and PPP loans 8 Returns • Reported & adjusted diluted Earnings per Share (“EPS”)(1) of $2.06 and $2.17, respectively • Recorded a negative provision for credit losses of $58.4 million compared to $18.2 million in provision expense in the prior quarter • Reported & adjusted Return on Average Tangible Common Equity (“ROATCE”)(1) of 21.2% and 22.2%, respectively • Pre-Provision Net Revenue (“PPNR”)(2) of $140 million, or 1.48% PPNR ROAA(2) • Tangible Book Value per Share (“TBVPS”)(1) of $42.02, up $4.01, or 10.5% from the year ago figure Performance • Net Interest Margin (“NIM”, tax equivalent)(1) of 3.12%, down 2 bps from 4Q 2020 • Loan accretion of $10.4 million compared to $12.7 million in 4Q 2020 • Recognized PPP deferred fee income of $20.4 million compared to $16.6 million in 4Q 2020 • Total deposit cost of 0.15%, down 2 bps from 4Q 2020 • Noninterest income of $96 million, 1.02% of assets QUARTERLY HIGHLIGHTS | 1Q 2021 Balance Sheet/Credit • Deposits increased by $1.75 billion with core deposit growth totaling $2.02 billion, or 30.3%, annualized • 33% of deposits are noninterest-bearing • Loans, excluding PPP loans, declined by $185.0 million, or 3.3% annualized • Concentrated in $131 million decline in consumer RE loans and home equity lines of credit; • C&I loans grew for the third consecutive quarter • Total PPP loans grew by $12 million, including the addition of $732 million round 2 PPP loans • Strong allowance for credit losses (1.96% including reserve for unfunded commitments) and loss absorption capacity (2.34%)(3) • Net loan recoveries of $21,000, or 0.00% annualized • Loan deferrals of $186.3 million, or 0.83% of the total loan portfolio(4) Other Events • Completion of Duncan-Williams, Inc. acquisition • 4 branch location consolidations in the first quarter • $0.47 per share cash dividend declaration by the Company’s Board of Directors

HIGHLIGHTS | LINKED QUARTER Dollars in millions, except per share data * The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible returns on equity and common equity measures also add back the after- tax amortization of intangibles to GAAP basis net income; other adjusted figures presented are also Non-GAAP financial measures that exclude the impact of branch consolidation and merger-related expenses, securities gains or losses, FHLB Advances prepayment penalty, swap termination expense and income tax benefit related to the carryback of tax losses under the CARES Act - See reconciliation of GAAP to Non-GAAP measures in Appendix 9 4Q20 1Q21 GAAP Net Income $ 86.2 $ 146.9 EPS (Diluted) $ 1.21 $ 2.06 Return on Average Assets 0.90 % 1.56 % Non-GAAP* Return on Average Tangible Common Equity 13.05 % 21.16 % Non-GAAP, Adjusted* Net Income $ 102.8 $ 154.8 EPS (Diluted) $ 1.44 $ 2.17 Return on Average Assets 1.08 % 1.64 % Return on Average Tangible Common Equity 15.35 % 22.24 % Cash dividend per common share $ 0.47 $ 0.47

NET INTEREST MARGIN Dollars in millions * Tax equivalent ** Accretion includes PPP loans deferred fees and loan discount accretion Tax equivalent NIM is Non-GAAP financial measures - See reconciliation of GAAP to Non-GAAP measures in Appendix 10 $117.0 $145.3 $239.4 $236.2 $231.2 $11.0 $17.3 $30.9 $29.3 $30.8 $128.0 $162.6 $270.3 $265.5 $262.0 3.68% 3.24% 3.22% 3.14% 3.12% 2.0% 2.5% 3.0% 3.5% 4.0% $- $100 $200 $300 $400 $500 1Q20 2Q20 3Q20 4Q20 1Q21 $ in millions Net Interest Income excld. Accretion** Accretion** Net Interest Income Net Interest Margin*

Combined Business Basis Performance

CASH & SECURITIES (COMBINED BUSINESS BASIS) Dollars in billions (1) 10-year Treasury at each quarter-end date * The combined historical information referred to in this presentation as the “Combined Business Basis” presented is based on the reported GAAP results of the Company and CenterState for the applicable periods without adjustments and the information included in this release has not been prepared in accordance with Article 11 of Regulation S-X, and therefore does not reflect any of the pro forma adjustments that would be required thereby. All Combined Business Basis financial information should be reviewed in connection the historical information of the Company and CenterState, as applicable, included in the Appendix to this presentation. 12 $4.1 $4.4 $3.3 $3.7 $4.5 $5.3 $0.6 $2.0 $4.0 $4.1 $4.2 $5.6 $4.7B $6.4B $7.3B $7.8B $8.7B $10.9B 1.92% 0.67% 0.66% 0.69% 0.92% 1.74% 0.0% 0.4% 0.8% 1.2% 1.6% 2.0% $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 $6.5 $7.0 $7.5 $8.0 $8.5 $9.0 $9.5 $10.0 $10.5 $11.0 4Q19* 1Q20* 2Q20 3Q20 4Q20 1Q21 $ in billions Investments ($) Fed Funds & Int. Earning Cash ($) 10-Yr Treasury (1)

EXCESS LIQUIDITY PROVIDES SIGNIFICANT TAILWIND (COMBINED BUSINESS BASIS) (1) Source: S&P Global Market Intelligence; Peers as disclosed in the most recent SSB proxy statement; The 1Q21 averages are based on MRQs available as of 4/27/21 * The combined historical information referred to in this presentation as the “Combined Business Basis” presented is based on the reported GAAP results of the Company and CenterState for the applicable periods without adjustments and the information included in this release has not been prepared in accordance with Article 11 of Regulation S-X, and therefore does not reflect any of the pro forma adjustments that would be required thereby. All Combined Business Basis financial information should be reviewed in connection the historical information of the Company and CenterState, as applicable, included in the Appendix to this presentation. 13 1.8% 5.8% 10.6% 10.9% 11.2% 14.1% 12.4% 12.4% 8.7% 9.9% 11.8% 13.5% 3.0% 3.2% 5.5% 5.5% 7.4% 8.1% 18.6% 18.8% 17.9% 18.4% 18.6% 18.6% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 0% 4% 8% 12% 16% 20% 4Q19* 1Q20* 2Q20* 3Q20 4Q20 1Q21 Fed Funds & Interest Earning Cash / Assets Investments / Assets Peer Avg. - Fed Funds & Interest Earning Cash / Assets (1) Peer Avg. - Investments / Assets (1)

CURRENT & HISTORICAL 5- QTR PERFORMANCE (COMBINED BUSINESS BASIS) Total revenue and noninterest income are adjusted by securities gains or losses; Tax equivalent NIM, efficiency ratio and adjusted efficiency ratio are Non-GAAP financial measures; Adjusted Efficiency Ratio excludes the impact of branch consolidation, merger-related expenses, securities gains or losses, FHLB Advances prepayment penalty, swap termination expense, income tax benefit related to the carryback of tax losses under the CARES Act and amortization expense on intangible assets, as applicable – See Current & Historical Efficiency Ratio and Net Interest Margin in Appendix * The combined historical information referred to in this presentation as the “Combined Business Basis” presented is based on the reported GAAP results of the Company and CenterState for the applicable periods without adjustments and the information included in this release has not been prepared in accordance with Article 11 of Regulation S-X, and therefore does not reflect any of the pro forma adjustments that would be required thereby. All Combined Business Basis financial information should be reviewed in connection the historical information of the Company and CenterState, as applicable, included in the Appendix to this presentation. 14 3.94% 3.38% 3.22% 3.14% 3.12% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% $200 $220 $240 $260 $280 $300 1Q20* 2Q20* 3Q20 4Q20 1Q21 $ in millions Net Interest Margin (“NIM”) NIM ($) NIM (%) 74% 72% 70% 73% 73% 26% 28% 30% 27% 27% $381M $383M $385M $363M $358M 1.32% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 0% 20% 40% 60% 80% 100% 120% 1Q20* 2Q20* 3Q20 4Q20 1Q21 Revenue Composition NIM / Revenue Noninterest Income / Revenue Avg. 10-year UST Total Revenue $100 $108 $115 $98 $96 1.19% 1.16% 1.21% 1.03% 1.02% 0.7% 0.8% 0.9% 1.0% 1.1% 1.2% 1.3% $- $20 $40 $60 $80 $100 $120 $140 1Q20* 2Q20* 3Q20 4Q20 1Q21 $ in millions Noninterest Income Noninterest Income Noninterest Income / Avg. Assets 58% 78% 59% 74% 61% 56% 57% 53% 58% 58% 0% 15% 30% 45% 60% 75% 90% 1Q20* 2Q20* 3Q20 4Q20 1Q21 Efficiency Ratio Efficiency Ratio Adjusted Efficiency Ratio

66% 73% 72% 72% 67% 34% 27% 28% 28% 33% 3.07% 4.41% 4.05% 2.40% 3.25% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 0% 20% 40% 60% 80% 100% 120% 1Q20* 2Q20* 3Q20 4Q20 1Q21 Secondary Portfolio Secondary Gain on Sale Margin (1) $987 $1,493 $1,574 $1,413 $1,299 $0 $400 $800 $1,200 $1,600 $2,000 QTD Production ($) 1Q20* 2Q20* 3Q20 4Q20 1Q21 Pipeline ($) $812 $874 $954 $674 $945 MORTGAGE BANKING DIVISION (COMBINED BUSINESS BASIS) Dollars in millions (1) Secondary gain on sale margin includes pipeline/LHFS changes * The combined historical information referred to in this presentation as the “Combined Business Basis” presented is based on the reported GAAP results of the Company and CenterState for the applicable periods without adjustments and the information included in this release has not been prepared in accordance with Article 11 of Regulation S-X, and therefore does not reflect any of the pro forma adjustments that would be required thereby. All Combined Business Basis financial information should be reviewed in connection the historical information of the Company and CenterState, as applicable, included in the Appendix to this presentation. 15 61% 39% 49% 51% 60% 40% 63% 37% 63% 37%

• Provides capital markets hedging (ARC), fixed income sales, international, clearing and other services to financial institutions • Expanded Correspondent Banking Division with the acquisition of Duncan Williams, Inc. (acquisition closed on February 1, 2021) CORRESPONDENT BANKING DIVISION (COMBINED BUSINESS BASIS) 1,011 Client Banks $0 $5 $10 $15 $20 $25 $30 $35 1Q20* 2Q20* 3Q20 4Q20 1Q21 $ in millions Correspondent Revenue Breakout ARC Revenues FI Revenues Operational Revenues 16 * The combined historical information referred to in this presentation as the “Combined Business Basis” presented is based on the reported GAAP results of the Company and CenterState for the applicable periods without adjustments and the information included in this release has not been prepared in accordance with Article 11 of Regulation S-X, and therefore does not reflect any of the pro forma adjustments that would be required thereby. All Combined Business Basis financial information should be reviewed in connection the historical information of the Company and CenterState, as applicable, included in the Appendix to this presentation.

CURRENT & HISTORICAL TREND (COMBINED BUSINESS BASIS) $23.5 $23.2 $22.9 $22.7 $22.5 $2.3 $2.3 $1.9 $1.9 $23.5B $25.5B $25.2B $24.6B $24.4B $22.5B $23.0B $23.5B $24.0B $24.5B $25.0B $25.5B $26.0B $- $10 $20 $30 $40 1Q20* 2Q20 3Q20 4Q20 1Q21 $ in billions Loans(1) Total Loans PPP Dollars in billions (1) Excludes loans held for sale * The combined historical information referred to in this presentation as the “Combined Business Basis” presented is based on the reported GAAP results of the Company and CenterState for the applicable periods without adjustments and the information included in this release has not been prepared in accordance with Article 11 of Regulation S-X, and therefore does not reflect any of the pro forma adjustments that would be required thereby. All Combined Business Basis financial information should be reviewed in connection the historical information of the Company and CenterState, as applicable. 17 $7.5 $9.9 $9.7 $9.7 $10.8 $5.6 $6.2 $6.4 $7.0 $7.4 $8.8 $9.7 $10.0 $10.3 $10.8 $4.5 $4.1 $3.9 $3.7 $3.5 $26.5B $30.0B $30.0B $30.7B $32.4B $- $50,000,000.0B $100,000,000.0B $150,000,000.0B $200,000,000.0B $250,000,000.0B $300,000,000.0B $350,000,000.0B $- $10 $20 $30 $40 1Q20* 2Q20 3Q20 4Q20 1Q21 $ in billions Deposits Noninterest-bearing Checking Interest-bearing Checking MMA & Savings Time Deposits

$5.2 $5.1 $5.0 $4.8 $4.6 $3.4 $3.7 $4.3 $5.1 $5.4 $8.6 $8.8 $9.3 $9.9 $10.0 $- $2 $4 $6 $8 $10 $12 1Q20* 2Q20 3Q20 4Q20 1Q21 $ in billions Portfolio Loans MSR Servicing Loans Total Mortgage Servicing Loans RESIDENTIAL PORTFOLIO (COMBINED BUSINESS BASIS) Dollars in billions * The combined historical information referred to in this presentation as the “Combined Business Basis” presented is based on the reported GAAP results of the Company and CenterState for the applicable periods without adjustments and the information included in this release has not been prepared in accordance with Article 11 of Regulation S-X, and therefore does not reflect any of the pro forma adjustments that would be required thereby. All Combined Business Basis financial information should be reviewed in connection the historical information of the Company and CenterState, as applicable. 18

ASSET QUALITY (COMBINED BUSINESS BASIS) Dollars in millions, unless otherwise noted (1) Excludes loans held for sale and PPP loans * The combined historical information referred to in this presentation as the “Combined Business Basis” presented is based on the reported GAAP results of the Company and CenterState for the applicable periods without adjustments and the information included in this release has not been prepared in accordance with Article 11 of Regulation S-X, and therefore does not reflect any of the pro forma adjustments that would be required thereby. All Combined Business Basis financial information should be reviewed in connection the historical information of the Company and CenterState, as applicable, included in the Appendix to this presentation. 0.05% 0.01% 0.01% 0.01% (0.00)% -0.01% 0.00% 0.01% 0.02% 0.03% 0.04% 0.05% 0.06% 1Q20* 2Q20* 3Q20 4Q20 1Q21 Net Charge-Offs (Recoveries) to Loans 0.65% 0.56% 0.50% 0.48% 0.46% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1Q20* 2Q20 3Q20 4Q20 1Q21 Nonperforming Assets to Loans & OREO 2.06% 2.13% 3.37% 3.28% 3.12% 1.10% 1.23% 2.08% 2.03% 1.84% 0.96% 0.94% 1.29% 1.25% 1.28% 0% 1% 2% 3% 4% 1Q20* 2Q20 3Q20 4Q20 1Q21 Criticized & Classified Asset Trends Combined Special Mention / Assets Substandard / Assets 19 17.5% 4.1% 1.1% 0.8% 0.0% 5.0% 10.0% 15.0% 20.0% $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2Q20 3Q20 4Q20 1Q21 Loan Deferrals (1)

CAPITAL RATIOS (1) Preliminary * The tangible measures are non-GAAP measures and exclude the effect of period end balance of intangible assets - See reconciliation of GAAP to Non-GAAP measures in Appendix 20 4Q20 1Q21(1) Tangible Common Equity* 8.1 % 7.9 % Tier 1 Leverage 8.3 % 8.5 % Tier 1 Common Equity 11.8 % 12.1 % Tier 1 Risk-Based Capital 11.8 % 12.1 % Total Risk-Based Capital 14.2 % 14.5 % Bank CRE Concentration Ratio 230 % 224 % Bank CDL Concentration Ratio 54 % 53 %

PREMIUM CORE† DEPOSIT FRANCHISE Data as of March 31, 2021 Dollars in billions † Core deposits defined as non-time deposits (1) Source: S&P Global Market Intelligence; 1Q21 MRQs available as of 4/27/21; Peers as disclosed in the most recent SSB proxy statement 21 Noninterest- bearing Checking $10.8 Interest- bearing Checking $7.4 Savings $2.9 Money Market $7.9 Time Deposits $3.5 Total Deposits $32.4 Billion Small Business 30% Coporate 36% Retail 34% 56% 39% 33% 49% 11% 11% 0% 20% 40% 60% 80% 100% SSB Peer Average (1) Deposit Mix vs. Peers Checking Accounts MM & Savings Time Deposits Deposits by Type Checking Accounts (Noninterest & Interest-bearing) • Total cost of deposits for 1Q21: 15 bps • ~ 815 thousand checking accounts / ~1.1 million total deposit accounts

BRANCH OPTIMIZATION 285 Branches 4Q20 4 Branches Consolidated or Sold 281 Branches 1Q21 85 Branches Average Size $40M 420 Branches Acquired Plus 12 DeNovo Branches 236 Branches Consolidated or Sold 281 Branches Average Size $115M ~188% growth in deposits per branch 85 432 236 281 2009 …..……………..………..……....…………………………….. March 2021 1st Quarter 2021 Activity 22

COVID Effect 1Q20 vs 1Q21 Teller Transactions 29% Mobile Deposits 36% ATM Deposits 11% Call Center Volume 30% *SSB Legacy Basis by Units 23

91% 86% 81% 9% 14% 19% 0% 50% 100% 1Q19 1Q20 1Q21 Online Checking to Total Checking Accounts Opened Branch Online 92% 90% 87% 80% 8% 10% 13% 20% 0% 50% 100% 1Q18 1Q19 1Q20 1Q21 Online Consumer Loans to Total Consumer Loans Branch Online 86% 84% 82% 78% 71% 14% 16% 18% 22% 29% 0% 50% 100% 1Q17 1Q18 1Q19 1Q20 1Q21 Deposits Branch Digital *Combined Business Basis 24 DIGITAL INVESTMENTS

Appendix

LOSS ABSORPTION CAPACITY | 1Q 2021 Dollars in millions (1) Excludes PPP loans and loan held for sale (2) Includes mark on loans from CSFL and prior SSB acquisitions 26 1Q21 % of Total Loans (1) Allowance for Credit Losses (“ACL”) Non-PCD ACL $ 284.2 PCD ACL 122.2 Total ACL $ 406.4 1.80 % Reserve for Unfunded Commitments Reserve for unfunded commitments 35.8 0.16 % Total ACL plus Reserve for Unfunded Commitments $ 442.2 1.96 % Unrecognized Discount – Acquired Loans (2) 87.3 0.39 % Loss Absorption Capacity $ 529.5 2.34 % Total Loans Held for Investment (1) $ 22,546

MERGER- RELATED EXPENSES/DEAL COSTS (1) | 2020 - 2021 Dollars in thousands, unless otherwise noted (1) Only includes SSB/CSFL merger-related expenses (2) Merger-related expense occurred pre-merger • System conversion scheduled for 2Q21 • Cost save realization process on track • Estimated $205 million total spend; $75.4 million remaining 27 CSFL(2) SSB Total MRE 1Q20 $ 3,076 $ 4,114 $ 7,190 4/1-6/7 33,526 33,526 2Q20 40,229 40,229 3Q20 21,574 21,574 4Q20 17,036 17,036 2020 YTD $ 36,602 $ 82,953 $ 119,555 1Q21 9,999 9,999 LTD $ 36,602 $ 92,952 $ 129,554

PPP UPDATE 28 28 $716 $1,285 $704 $420 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 Round 2 (1) Round 1 PPP Totals ($ in millions) Not Forgiven Forgiven 1Q21 Forgiven 4Q20 • As of 1Q21, approximately 47%, or $1,124 million of Round 1 PPP loans have been forgiven by the SBA (2) • In 1Q21, we recognized PPP deferred fees of $20.4 million • Approximately $33.3 million of PPP fees remaining to recognize (2) The total forgiven dollar amount represents approved by the SBA and processed PPP loans (1) Gross origination of $731.8 million, net of $15.9 million of deferred fees

CDL (1) 8% Investor CRE (2) 29% Owner- Occupied CRE 21% Commercial & Industrial 14% Consumer RE 24% Cons / Other 4% TOTAL LOAN PORTFOLIO 29 Data as of March 31, 2021 Loan portfolio balances, average balances or percentage exclude loans held for sale and PPP loans (1) CDL includes residential construction, commercial construction, and all land development loans (2) Investor CRE includes nonowner-occupied CRE and other income producing property Loan Type No. of Loans Balance Avg. Loan Balance Constr., Dev. & Land 5,473 $ 1,889MM $ 345,100 Investor CRE 6,219 6,490MM 1,043,500 Owner-Occupied CRE 8,701 4,827MM 554,700 Commercial & Industrial 6,469 3,142MM 485,600 Consumer RE 44,816 5,313MM 118,600 Cons / Other 46,034 885MM 19,200 Total 117,712 $ 22,546MM $ 191,500 Loan Relationships Top 10 Represents ~ 3% of total loans Top 20 Represents ~ 5% of total loans

LOANS – INDUSTRY EXPOSURES(1) Dollars in millions, unless otherwise noted (1) Loan portfolio excluding loans held for sale and PPP loans 30 Selected Industries (% of total loan portfolio) Lodging $978 4.3% Restaurants $434 1.9% Retail CRE $2,212 9.8%

Lodging Portfolio • 59% weighted average loan to value • Lodging is $978 million or 4.3% of loan portfolio(1) • 13% of portfolio under deferral • Top 3 MSA’s: Charleston, Greenville, Charlotte LOANS – INDUSTRY EXPOSURES | LODGING PORTFOLIO Dollars in millions (1) Loan portfolio excluding loans held for sale and PPP loans Marriott $287 Hilton $260 Independent $146 IHG $97 Choice $62 Wyndham $38 Hyatt $34 Other National Brands $54 31 31

Restaurant Portfolio • 56% weighted average loan to value • Restaurant is $434 million or 1.9% of loan portfolio(1) • 1.6% of portfolio under deferral • Top 3 MSA’s: Atlanta, Jacksonville, Tampa LOANS – INDUSTRY EXPOSURES | RESTAURANT PORTFOLIO Dollars in millions (1) Loan portfolio excluding loans held for sale and PPP loans Owner Occupied Real Estate $274 Non-Owner Occupied Real Estate $154 CDL $6 Non-RE Secured $0.46 32 32

Retail Portfolio • 53% weighted average loan to value • Retail CRE is $2.2 billion or 9.8% of loan portfolio(1) • 0.03% of portfolio under deferral • Top 3 MSA’s: Orlando, Miami, Tampa LOANS – INDUSTRY EXPOSURES | RETAIL PORTFOLIO Dollars in millions, unless otherwise noted (1) Loan portfolio excluding loans held for sale and PPP loans Non-Owner Occupied Real Estate $1,751 Owner Occupied Real Estate $384 CDL $82 Non-Real Estate $0.21 33 33

NON- GAAP RECONCILIATIONS – CURRENT & HISTORICAL: EFFICIENCY RATIOS & NET INTEREST MARGIN(UNAUDITED) Dollars in thousands (1) Does not include purchase accounting adjustments (2) Through June 7, 2020 (3) Non-recurring items include intangible assets’ amortization expenses for the adjusted efficiency ratios * The combined historical information referred to in this presentation as the “Combined Business Basis” presented is based on the reported GAAP results of the Company and CenterState for the applicable periods without adjustments and the information included in this release has not been prepared in accordance with Article 11 of Regulation S-X, and therefore does not reflect any of the pro forma adjustments that would be required thereby. 34 Combined Business Basis 1Q20 2Q20 3Q20 4Q20 1Q21 SSB CSFL Combined (1) SSB CSFL (2) Combined SSB SSB SSB Noninterest expense (GAAP) $ 107,247 $ 122,772 $ 230,019 $ 175,112 $ 132,703 $ 307,815 $ 236,887 $ 278,398 $ 228,711 Less: Amortization of intangible assets 3,007 4,535 7,542 4,665 2,886 7,551 9,560 9,760 9,164 Adjusted noninterest expense (non-GAAP) $ 104,240 $ 118,237 $ 222,477 $ 170,447 $ 129,817 $ 300,264 $ 227,327 $ 268,638 $ 219,547 Net interest income (GAAP) $ 128,013 $ 153,353 $ 281,366 $ 162,557 $ 111,624 $ 274,181 $ 270,348 $ 265,547 $ 261,998 Tax Equivalent ("TE") adjustments 530 685 1,215 579 495 1,074 734 1,662 1,286 Net interest income, TE (non-GAAP) $ 128,543 $ 154,038 $ 282,581 $ 163,136 $ 112,119 $ 275,255 $ 271,082 $ 267,209 $ 263,284 Noninterest income (GAAP) $ 44,132 $ 55,790 $ 99,922 $ 54,347 $ 94,271 $ 148,618 $ 114,790 $ 97,871 $ 96,285 Less: Gain (loss) on sale of securities - - - - 40,276 40,276 15 35 - Adjusted noninterest income (non-GAAP) $ 44,132 $ 55,790 $ 99,922 $ 54,347 $ 53,995 $ 108,342 $ 114,775 $ 97,836 $ 96,285 Efficiency Ratio (Non-GAAP) 60% 56% 58% 78% 78% 78% 59% 74% 61% Noninterest expense (GAAP) $ 107,247 $ 122,772 $ 230,019 $ 175,112 $ 132,703 $ 307,815 $ 236,887 $ 278,398 $ 228,711 Less: Non-recurring items(3) 7,136 7,586 14,722 45,143 44,761 89,904 31,222 68,439 19,173 Adjusted noninterest expense (non-GAAP) $ 100,111 $ 115,186 $ 215,297 $ 129,969 $ 87,942 $ 217,911 $ 205,665 $ 209,959 $ 209,538 Adjusted Efficiency Ratio (Non-GAAP) 58% 55% 56% 60% 53% 57% 53% 58% 58% Average Interest-earning Assets $ 14,042,524 $ 14,873,007 $ 28,915,531 $ 20,347,350 $ 12,414,262 $ 32,761,612 $ 33,503,666 $ 33,853,006 $ 34,265,903 Net interest income, TE (non-GAAP) 128,543 154,038 282,581 163,136 112,119 275,255 271,082 267,209 263,284 Net Interest Margin (Non-GAAP) 3.68% 3.94% 3.24% 3.38% 3.22% 3.14% 3.12%

NON- GAAP RECONCILIATIONS – CURRENT & HISTORICAL: INVESTMENTS, FED FUNDS SOLD & INT. EARNING CASH(UNAUDITED) Dollars in thousands (1) Does not include purchase accounting adjustments * The combined historical information referred to in this presentation as the “Combined Business Basis” presented is based on the reported GAAP results of the Company and CenterState for the applicable periods without adjustments and the information included in this release has not been prepared in accordance with Article 11 of Regulation S-X, and therefore does not reflect any of the pro forma adjustments that would be required thereby. 35 Combined Business Basis 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 SSB CSFL Combined (1) SSB CSFL Combined (1) SSB SSB SSB SSB Fed Funds & Interest Earning Cash $ 426,685 $ 163,890 $ 590,575 $ 1,003,257 $ 1,033,586 $ 2,036,843 $ 3,983,047 $ 4,127,250 $ 4,245,949 $ 5,581,581 Investments 2,005,171 2,094,614 4,099,785 2,034,189 2,342,822 4,377,011 3,271,148 3,747,128 4,457,331 5,351,218 Total Assets $ 15,921,092 $ 17,142,025 $ 33,063,117 $ 16,642,911 $ 18,596,292 $ 35,239,203 $ 37,725,356 $ 37,819,366 $ 37,789,873 $ 39,730,332 Fed Funds & Interest Earning Cash / Assets 1.8% 5.8% 10.6% 10.9% 11.2% 14.1% Investments / Assets 12.4% 12.4% 8.7% 9.9% 11.8% 13.5%

NON- GAAP RECONCILIATIONS – PPNR, ADJUSTED & CORRESPONDENT & CAPITAL MARKETS INCOME (UNAUDITED) Dollars in thousands (1) Does not include purchase accounting adjustments (2) Through June 7, 2020 36 PPNR, Adjusted (Non-GAAP) 1Q21 SSB Net interest income (GAAP) $ 261,998 Plus: Noninterest income 96,285 Less: Gain (loss) on sale of securities - Total revenue, adjusted (non-GAAP) $ 358,283 Less: Noninterest expense 228,711 PPNR (Non-GAAP) $ 129,572 Plus: Non-recurring items 10,009 PPNR, Adjusted (Non-GAAP) $ 139,581 Correspondent & Capital Market Income 3Q20 4Q20 1Q21 SSB CSFL Combined (1) SSB CSFL (2) Combined SSB SSB SSB ARC revenues - $ 21,821 $ 21,821 $ 6,037 $ 16,003 $ 22,040 $ 17,682 $ 19,446 $ 10,370 $ FI revenues - 4,603 4,603 1,848 3,348 5,196 5,157 6,139 15,052 Operational revenues 493 1,385 1,878 2,182 986 3,168 3,593 2,166 3,326 Total Correspondent & Capital Market Income 493 $ 27,809 $ 28,302 $ 10,067 $ 20,337 $ 30,404 $ 26,432 $ 27,751 $ 28,748 $ Combined Business Basis 1Q20 2Q20

NON- GAAP RECONCILIATIONS – TANGIBLE BOOK VALUE / SHARE & TANGIBLE COMMON EQUITY RATIO Dollars in thousands, except for per share data Tangible Book Value per Common Share 1Q20 2Q20 3Q20 4Q20 1Q21 Shareholders' common equity (excludes preferred stock) $ 2,321,043 $ 4,491,850 $ 4,563,413 $ 4,647,880 $ 4,719,820 Less: Intangible assets 1,049,709 1,774,294 1,738,161 1,726,534 1,733,619 Tangible shareholders' common equity (excludes preferred stock) $ 1,271,334 $ 2,717,556 $ 2,825,252 $ 2,921,346 $ 2,986,201 Common shares issued and outstanding 33,444,236 70,907,119 70,928,304 70,973,477 71,060,446 Tangible Book Value per Common Share (Non-GAAP) $ 38.01 $ 38.33 $ 39.83 $ 41.16 $ 42.02 Tangible Common Equity ("TCE") Ratio 4Q20 1Q21 Shareholders' equity (GAAP) $ 4,647,880 $ 4,719,820 Less: Intangible assets 1,726,534 1,733,619 Tangible common equity (non-GAAP) $ 2,921,346 $ 2,986,201 Total assets (GAAP) 37,789,873 39,730,332 Less: Intangible assets 1,726,534 1,733,619 Tangible asset (non-GAAP) $ 36,063,339 $ 37,996,713 TCE Ratio (Non-GAAP) 8.1% 7.9% 37

Dollars in thousands The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets; the tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Return on Average Tangible Common Equity 4Q20 1Q21 Net income (GAAP) $ 86,236 $ 146,949 Plus: Amortization of intangibles 9,760 9,164 Effective tax rate, excluding DTA write-off 18% 22 % Amortization of intangibles, net of tax 7,998 7,163 Net income plus after-tax amortization of intangibles (non-GAAP) $ 94,234 $ 154,112 Average shareholders' common equity, excluding preferred stock $ 4,607,356 $ 4,687,149 Less: Average intangible assets 1,735,035 1,733,522 Average tangible common equity $ 2,872,321 $ 2,953,627 Return on Average Tangible Common Equity (Non-GAAP) 13.05% 21.16% PPNR (adjusted) Return on Average Assets 1Q21 PPNR, Adjusted (Non-GAAP) $ 139,581 Average assets 38,245,410 PPNR ROAA 1.48% 38 NON- GAAP RECONCILIATIONS – RETURN ON AVG. TANGIBLE COMMON EQUITY & PPNR RETURN ON AVG. ASSETS

NON- GAAP RECONCILIATIONS – ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE (“EPS”) Dollars in thousands, except for per share data Adjusted Net Income 4Q20 1Q21 Net income (GAAP) $ 86,236 $ 146,949 Plus: Securities gain, net of tax (29) - Income tax benefit - carryback of tax losses under the CARES Act (31,468) 7,824 Merger and branch consolidation related expense, net of tax 16,255 - Swap termination expense 31,784 - FHLB prepayment penalty 46 - Adjusted Net Income (Non-GAAP) $ 102,824 $ 154,773 Adjusted EPS 4Q20 1Q21 Adjusted diluted weighted-average common shares 71,295 71,484 Net income (GAAP) $ 86,236 $ 146,949 Plus: Securities gain, net of tax (29) - Income tax benefit - carryback of tax losses under the CARES Act (31,468) - Merger and branch consolidation related expense, net of tax 16,255 7,824 Swap termination expense 31,784 - FHLB prepayment penalty 46 - Adjusted net income (non-GAAP) $ 102,824 $ 154,773 Adjusted EPS, Diluted (Non-GAAP) $ 1.44 $ 2.17 39

NON- GAAP RECONCILIATIONS – ADJUSTED RETURN ON AVG. ASSETS & AVG. TANGIBLE COMMON EQUITY Dollars in thousands The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets; the tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Dollars in thousands, except for per share data Adjusted Return on Average Assets 4Q20 1Q21 Adjusted net income (non-GAAP) $ 102,824 $ 154,773 Total average assets 38,027,111 38,245,410 Adjusted Return on Average Assets (Non-GAAP) 1.08% 1.64% Adjusted Return on Average Tangible Common Equity 4Q20 1Q21 Adjusted net income (non-GAAP) $ 102,824 $ 154,773 Plus: Amortization of intangibles, net of tax 7,998 7,163 Adjusted net income plus after-tax amortization of intangibles (non-GAAP) $ 110,822 $ 161,936 Average tangible common equity $ 2,872,321 $ 2,953,627 Adjusted Return on Average Tangible Common Equity (Non-GAAP) 15.35% 22.24% 40

NON- GAAP RECONCILIATIONS – NET INTEREST MARGIN, TAX EQUIVALENT Dollars in thousands Dollars in thousands, except for per share data Net Interest Margin - Tax Equivalent (Non-GAAP) 1Q20 2Q20 3Q20 4Q20 1Q21 Net interest income (GAAP) $ 128,013 $ 162,557 $ 270,348 $ 265,547 $ 261,998 Tax equivalent adjustments 530 579 734 1,662 1,286 Net interest income (tax equivalent) (Non-GAAP) $ 128,543 $ 163,136 $ 271,082 $ 267,209 $ 263,284 Average interest earning assets $ 14,042,524 $ 20,262,035 $ 33,503,666 $ 33,853,006 $ 34,231,928 Net Interest Margin - Tax Equivalent (Non-GAAP) 3.68% 3.24% 3.22% 3.14% 3.12% 41