SouthState Corp (Form: 8-K, Received: 04/25/2024 16:20:50)

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 25, 2024

SOUTHSTATE 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	The New York Stock Exchange

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 25, 2024, SouthState Corporation (“SouthState” or the “Company”) issued a press release announcing its financial results for the three-month period ended March 31, 2024, 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.

SouthState will host a conference call on April 26, 2023 at 9 a.m. (ET) to discuss the Company’s first quarter 2024 results. Investors may call in (toll free) by dialing (888) 350-3899 within the U.S. and (646) 960-0343 for all other locations (passcode 4200408; host: Will Matthews, CFO). The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/. Participants may also pre-register for the conference by navigating to https://events.q4inc.com/attendee/271118037. Access detail will be provided via email upon completion of registration.


Item 7.01				Regulation FD Disclosure.

On April 25, 2024, the Company also made available the presentation (“Presentation”) prepared for use with the press release during the earnings conference call on April 26, 2024. 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.

Second Quarter 2024 Shareholder Dividend

The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.52 per share, payable on May 17, 2024 to shareholders of record as of May 10, 2024.


Item 9.01		Financial Statements and Exhibits.

	(d)	Exhibits:

	Exhibit No.	Description

	99.1	Press Release, dated April 25, 2024

	99.2	Presentation for SouthState Corporation Earnings Call

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

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.

SouthState 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, inflation, greater than expected noninterest expenses, excessive loan losses and other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (3) risks relating to the ability to retain our culture and attract and retain qualified people, which could be exacerbated by the continuing work from remote environment; (4) 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; (5) interest rate risk primarily resulting from our inability to effectively manage the risk, 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; (6) a decrease in our net interest income due to the interest rate environment; (7) liquidity risk affecting the Bank’s ability to meet its obligations when they come due; (8) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (9) potential deterioration in real estate values; (10) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (11) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (12) transaction risk arising from problems with service or product delivery; (13) 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; (14) 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; (15) volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; (16) the impact of competition with other financial institutions, including deposit and loan pricing pressures and the resulting impact, including as a result of compression to net interest margin; (17) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards, and contractual obligations regarding data privacy and cybersecurity; (18) 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 special FDIC assessments, the Consumer Financial Protection Bureau regulations or other guidance, and the possibility of changes in accounting standards, policies, principles and practices; (19) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (20) reputation risk that adversely affects earnings or capital arising from negative public opinion including the effects of social media on market perceptions of us and banks generally; (21) 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; (22) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of changes in federal and state laws, regulations and guidance relating to climate change; (23) excessive loan losses; (24) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank’s consumer programs and products; (25) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions, whether involving stock or cash consideration; (26) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events, 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; (27) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (28) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (29) 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; (30) ownership dilution risk associated with potential acquisitions in which SouthState’s stock may be issued as consideration for an acquired company; 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.

SIGNATURES

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.


	SOUTHSTATE CORPORATION
	(Registrant)

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

Dated: April 25, 2024

Exhibit 99.1


SouthState Corporation Reports First Quarter 2024 Results Declares Quarterly Cash Dividend	For Immediate Release
		Media Contact
		Jackie Smith, 803.231.3486

WINTER HAVEN, FL – April 25, 2024 – SouthState Corporation (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month period ended March 31, 2024.

“In the midst of a transition year for the US economy, SouthState produced first quarter revenue and earnings per share in line with our guidance", commented John C. Corbett, SouthState’s Chief Executive Officer. "Loans and deposits grew in the low-single digit percent range and asset quality remains stable with strong reserves. Our markets are resilient, and people are migrating to the South as an attractive place to live and grow a business."

Highlights of the first quarter of 2024 include:

Returns

●

Reported Diluted Earnings per Share (“EPS”) of $1.50; Adjusted Diluted EPS (Non-GAAP) of $1.58

●

Net Income of $115.1 million; Adjusted Net Income (Non-GAAP) of $121.3 million

●

Return on Average Common Equity of 8.4%; Return on Average Tangible Common Equity (Non-GAAP) of 13.6% and Adjusted Return on Average Tangible Common Equity(Non-GAAP) of 14.4%*

●

Return on Average Assets (“ROAA”) of 1.03% and Adjusted ROAA (Non-GAAP) of 1.08%*

●

Pre-Provision Net Revenue (“PPNR”) per Weighted Average Diluted Share (Non-GAAP) of $2.28

●

Book Value per Share of $72.82; Tangible Book Value (“TBV”) per Share (Non-GAAP) of $46.48

Performance

●

Net Interest Income of $344 million; Core Net Interest Income (excluding loan accretion) (Non-GAAP) of $340 million

●

Net Interest Margin (“NIM”), non-tax equivalent of 3.40% and tax equivalent (Non-GAAP) of 3.41%

●

Net charge-offs of $2.7 million, or 0.03% annualized; $12.7 million Provision for Credit Losses (“PCL”), including release for unfunded commitments; total allowance for credit losses (“ACL”) plus reserve for unfunded commitments of 1.60%

●

Noninterest Income of $72 million; Noninterest Income represented 0.64% of average assets for the first quarter of 2024

●

Recorded FDIC special assessment expense of $3.9 million

●

Efficiency Ratio of 58% and Adjusted Efficiency Ratio (Non-GAAP) of 56%

Balance Sheet

●

Loans increased $279 million, or 3% annualized, led by consumer real estate; ending loan to deposit ratio of 88%

●

Deposits increased $130 million, or 1% annualized

●

Total deposit cost of 1.74%, up 0.14% from prior quarter, resulting in a 33% cycle-to-date beta

●

Repurchased a total of 100,000 shares during 1Q 2024 at a weighted average price of $79.85

●

Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.2%, 14.4%, 9.6%, and 11.9%, respectively†

Subsequent Events

●

The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.52 per share, payable on May 17, 2024 to shareholders of record as of May 10, 2024

∗ Annualized percentages

† Preliminary

Financial Performance


	Three Months Ended
(Dollars in thousands, except per share data)	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
INCOME STATEMENT	2024		2023		2023		2023		2023
Interest Income
Loans, including fees (1)	$	463,688	$	459,880	$	443,805	$	419,355	$	393,366
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell		53,567		55,555		56,704		58,698		57,043
Total interest income		517,255		515,435		500,509		478,053		450,409
Interest Expense
Deposits		160,162		149,584		133,944		100,787		55,942
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings		13,157		11,620		11,194		15,523		13,204
Total interest expense		173,319		161,204		145,138		116,310		69,146
Net Interest Income		343,936		354,231		355,371		361,743		381,263
Provision for credit losses		12,686		9,893		32,709		38,389		33,091
Net Interest Income after Provision for Credit Losses		331,250		344,338		322,662		323,354		348,172
Noninterest Income		71,558		65,489		72,848		77,214		71,355
Noninterest Expense
Operating expense		240,923		245,774		238,042		240,818		231,093
Merger, branch consolidation, severance related and other expense (8)		4,513		1,778		164		1,808		9,412
FDIC special assessment		3,854		25,691		—		—		—
Total noninterest expense		249,290		273,243		238,206		242,626		240,505
Income before Income Taxes Provision		153,518		136,584		157,304		157,942		179,022
Income taxes provision		38,462		29,793		33,160		34,495		39,096
Net Income	$	115,056	$	106,791	$	124,144	$	123,447	$	139,926

Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)	$	115,056	$	106,791	$	124,144	$	123,447	$	139,926
Securities losses (gains), net of tax		—		2		—		—		(35)
Merger, branch consolidation, severance related and other expense, net of tax (8)		3,382		1,391		130		1,414		7,356
FDIC special assessment, net of tax		2,888		20,087		—		—		—
Adjusted Net Income (non-GAAP)	$	121,326	$	128,271	$	124,274	$	124,861	$	147,247

Basic earnings per common share	$	1.51	$	1.40	$	1.63	$	1.62	$	1.84
Diluted earnings per common share	$	1.50	$	1.39	$	1.62	$	1.62	$	1.83
Adjusted net income per common share - Basic (non-GAAP) (2)	$	1.59	$	1.69	$	1.63	$	1.64	$	1.94
Adjusted net income per common share - Diluted (non-GAAP) (2)	$	1.58	$	1.67	$	1.62	$	1.63	$	1.93
Dividends per common share	$	0.52	$	0.52	$	0.52	$	0.50	$	0.50
Basic weighted-average common shares outstanding		76,301,411		76,100,187		76,139,170		76,057,977		75,902,440
Diluted weighted-average common shares outstanding		76,660,081		76,634,100		76,571,430		76,417,537		76,388,954
Effective tax rate		25.05%		21.81%		21.08%		21.84%		21.84%

Performance and Capital Ratios


	Three Months Ended
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2024			2023			2023			2023			2023
PERFORMANCE RATIOS
Return on average assets (annualized)		1.03	%		0.94	%		1.10	%		1.11	%		1.29	%
Adjusted return on average assets (annualized) (non-GAAP) (2)		1.08	%		1.13	%		1.10	%		1.12	%		1.35	%
Return on average common equity (annualized)		8.36	%		7.99	%		9.24	%		9.34	%		10.96	%
Adjusted return on average common equity (annualized) (non-GAAP) (2)		8.81	%		9.60	%		9.25	%		9.45	%		11.53	%
Return on average tangible common equity (annualized) (non-GAAP) (3)		13.63	%		13.53	%		15.52	%		15.81	%		18.81	%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)		14.35	%		16.12	%		15.54	%		15.98	%		19.75	%
Efficiency ratio (tax equivalent)		58.48	%		63.43	%		54.00	%		53.59	%		51.41	%
Adjusted efficiency ratio (non-GAAP) (4)		56.47	%		56.89	%		53.96	%		53.18	%		49.34	%
Dividend payout ratio (5)		34.42	%		37.01	%		31.84	%		30.75	%		27.09	%
Book value per common share	$	72.82		$	72.78		$	68.81		$	69.61		$	69.19
Tangible book value per common share (non-GAAP) (3)	$	46.48		$	46.32		$	42.26		$	42.96		$	42.40

CAPITAL RATIOS
Equity-to-assets		12.3	%		12.3	%		11.6	%		11.8	%		11.7	%
Tangible equity-to-tangible assets (non-GAAP) (3)		8.2	%		8.2	%		7.5	%		7.6	%		7.5	%
Tier 1 leverage (6)		9.6	%		9.4	%		9.3	%		9.2	%		9.1	%
Tier 1 common equity (6)		11.9	%		11.8	%		11.5	%		11.3	%		11.1	%
Tier 1 risk-based capital (6)		11.9	%		11.8	%		11.5	%		11.3	%		11.1	%
Total risk-based capital (6)		14.4	%		14.1	%		13.8	%		13.5	%		13.3	%

Balance Sheet


	Ending Balance
(Dollars in thousands, except per share and share data)	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
BALANCE SHEET	2024		2023		2023		2023		2023
Assets
Cash and due from banks	$	478,271	$	510,922	$	514,917	$	552,900	$	558,158
Federal funds sold and interest-earning deposits with banks		731,186		487,955		814,220		960,849		1,438,504
Cash and cash equivalents		1,209,457		998,877		1,329,137		1,513,749		1,996,662

Trading securities, at fair value		66,188		31,321		114,154		56,580		16,039
Investment securities:
Securities held to maturity		2,446,589		2,487,440		2,533,713		2,585,155		2,636,673
Securities available for sale, at fair value		4,598,400		4,784,388		4,623,618		4,949,334		5,159,999
Other investments		187,285		192,043		187,152		196,728		217,991
Total investment securities		7,232,274		7,463,871		7,344,483		7,731,217		8,014,663
Loans held for sale		56,553		50,888		27,443		42,951		27,289
Loans:
Purchased credit deteriorated		1,031,283		1,108,813		1,171,543		1,269,983		1,325,400
Purchased non-credit deteriorated		4,534,583		4,796,913		5,064,254		5,275,913		5,620,290
Non-acquired		27,101,444		26,482,763		25,780,875		24,990,889		23,750,452
Less allowance for credit losses		(469,654)		(456,573)		(447,956)		(427,392)		(370,645)
Loans, net		32,197,656		31,931,916		31,568,716		31,109,393		30,325,497
Premises and equipment, net		512,635		519,197		516,583		518,353		517,146
Bank owned life insurance		997,562		991,454		984,881		979,494		967,750
Mortgage servicing rights		87,970		85,164		89,476		87,539		85,406
Core deposit and other intangibles		83,193		88,776		95,094		102,256		109,603
Goodwill		1,923,106		1,923,106		1,923,106		1,923,106		1,923,106
Other assets		778,244		817,454		996,055		875,694		940,666
Total assets	$	45,144,838	$	44,902,024	$	44,989,128	$	44,940,332	$	44,923,827

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing	$	10,546,410	$	10,649,274	$	11,158,431	$	11,489,483	$	12,422,583
Interest-bearing		26,632,024		26,399,635		25,776,767		25,252,395		23,979,009
Total deposits		37,178,434		37,048,909		36,935,198		36,741,878		36,401,592
Federal funds purchased and securities
sold under agreements to repurchase		554,691		489,185		513,304		581,446		544,108
Other borrowings		391,812		491,904		391,997		792,090		1,292,182
Reserve for unfunded commitments		53,229		56,303		62,347		63,399		85,068
Other liabilities		1,419,663		1,282,625		1,855,295		1,471,509		1,351,873
Total liabilities		39,597,829		39,368,926		39,758,141		39,650,322		39,674,823

Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares		190,443		190,055		190,043		189,990		189,649
Surplus		4,230,345		4,240,413		4,238,753		4,228,910		4,224,503
Retained earnings		1,749,215		1,685,166		1,618,080		1,533,508		1,448,636
Accumulated other comprehensive loss		(622,994)		(582,536)		(815,889)		(662,398)		(613,784)
Total shareholders' equity		5,547,009		5,533,098		5,230,987		5,290,010		5,249,004
Total liabilities and shareholders' equity	$	45,144,838	$	44,902,024	$	44,989,128	$	44,940,332	$	44,923,827

Common shares issued and outstanding		76,177,163		76,022,039		76,017,366		75,995,979		75,859,665

Net Interest Income and Margin


	Three Months Ended
	Mar. 31, 2024					Dec. 31, 2023					Mar. 31, 2023
(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 and interest-earning deposits with banks	$	668,349	$	8,254	4.97%	$	814,244	$	10,029	4.89%	$	759,239	$	8,921	4.77%
Investment securities		7,465,735		45,313	2.44%		7,382,800		45,526	2.45%		8,232,582		48,122	2.37%
Loans held for sale		42,872		681	6.39%		28,878		552	7.58%		23,123		402	7.05%
Total loans held for investment		32,480,220		463,007	5.73%		32,239,455		459,328	5.65%		30,394,396		392,964	5.24%
Total interest-earning assets		40,657,176		517,255	5.12%		40,465,377		515,435	5.05%		39,409,340		450,409	4.64%
Noninterest-earning assets		4,353,987					4,572,255					4,695,138
Total Assets	$	45,011,163				$	45,037,632				$	44,104,478

Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts	$	19,544,019	$	117,292	2.41%	$	18,957,647	$	107,994	2.26%	$	16,874,909	$	40,516	0.97%
Savings deposits		2,589,251		1,818	0.28%		2,680,065		1,888	0.28%		3,298,221		1,756	0.22%
Certificates and other time deposits		4,282,749		41,052	3.86%		4,294,555		39,702	3.67%		3,114,354		13,670	1.78%
Federal funds purchased		256,506		3,369	5.28%		256,672		3,453	5.34%		193,259		2,187	4.59%
Repurchase agreements		280,674		1,358	1.95%		265,839		1,458	2.18%		373,563		666	0.72%
Other borrowings		563,848		8,430	6.01%		438,701		6,709	6.07%		785,571		10,351	5.34%
Total interest-bearing liabilities		27,517,047		173,319	2.53%		26,893,479		161,204	2.38%		24,639,877		69,146	1.14%
Noninterest-bearing liabilities ("Non-IBL")		11,957,565					12,844,262					14,287,553
Shareholders' equity		5,536,551					5,299,891					5,177,048
Total Non-IBL and shareholders' equity		17,494,116					18,144,153					19,464,601
Total Liabilities and Shareholders' Equity	$	45,011,163				$	45,037,632				$	44,104,478
Net Interest Income and Margin (Non-Tax Equivalent)			$	343,936	3.40%			$	354,231	3.47%			$	381,263	3.92%
Net Interest Margin (Tax Equivalent) (non-GAAP)					3.41%					3.48%					3.93%
Total Deposit Cost (without Debt and Other Borrowings)					1.74%					1.60%					0.63%
Overall Cost of Funds (including Demand Deposits)					1.83%					1.69%					0.75%

Total Accretion on Acquired Loans (1)			$	4,287				$	3,870				$	7,398
Tax Equivalent ("TE") Adjustment			$	528				$	659				$	1,020

●

The remaining loan discount on acquired loans to be accreted into loan interest income totals $47.0 million as of March 31, 2024.

Noninterest Income and Expense


	Three Months Ended
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
(Dollars in thousands)	2024		2023		2023		2023		2023
Noninterest Income:
Fees on deposit accounts	$	33,145	$	33,225	$	32,830	$	33,101	$	29,859
Mortgage banking income		6,169		2,191		2,478		4,354		4,332
Trust and investment services income		10,391		10,131		9,556		9,823		9,937
Securities (losses) gains, net		—		(2)		—		—		45
Correspondent banking and capital markets income		14,591		16,081		24,808		27,734		21,956
Expense on centrally-cleared variation margin		(10,280)		(12,677)		(11,892)		(8,547)		(8,362)
Total correspondent banking and capital markets income		4,311		3,404		12,916		19,187		13,594
Bank owned life insurance income		6,892		6,567		7,039		6,271		6,813
Other		10,650		9,973		8,029		4,478		6,775
Total Noninterest Income	$	71,558	$	65,489	$	72,848	$	77,214	$	71,355

Noninterest Expense:
Salaries and employee benefits	$	150,453	$	145,850	$	146,146	$	147,342	$	144,060
Occupancy expense		22,577		22,715		22,251		22,196		21,533
Information services expense		22,353		22,000		21,428		21,119		19,925
OREO and loan related expense (income)		606		948		613		(14)		169
Business development and staff related		5,799		7,492		5,995		6,672		5,957
Amortization of intangibles		5,998		6,615		6,616		7,028		7,299
Professional fees		3,115		7,025		3,456		4,364		3,702
Supplies and printing expense		2,540		2,761		2,623		2,554		2,640
FDIC assessment and other regulatory charges		8,534		8,325		8,632		9,819		6,294
Advertising and marketing		1,984		2,826		3,009		1,521		2,118
Other operating expenses		16,964		19,217		17,273		18,217		17,396
Merger, branch consolidation, severance related and other expense (8)		4,513		1,778		164		1,808		9,412
FDIC special assessment		3,854		25,691		—		—		—
Total Noninterest Expense	$	249,290	$	273,243	$	238,206	$	242,626	$	240,505

Loans and Deposits

The following table presents a summary of the loan portfolio by type:


	Ending Balance
(Dollars in thousands)	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
LOAN PORTFOLIO (7)	2024		2023		2023		2023		2023
Construction and land development * †	$	2,437,343	$	2,923,514	$	2,776,241	$	2,817,125	$	2,749,290
Investor commercial real estate*		9,752,529		9,227,968		9,372,683		9,187,948		8,957,507
Commercial owner occupied real estate		5,511,855		5,497,671		5,539,097		5,585,951		5,522,514
Commercial and industrial		5,544,131		5,504,539		5,458,229		5,378,294		5,321,306
Consumer real estate *		8,223,066		7,993,450		7,608,145		7,275,495		6,860,831
Consumer/other		1,198,386		1,241,347		1,262,277		1,291,972		1,284,694
Total Loans	$	32,667,310	$	32,388,489	$	32,016,672	$	31,536,785	$	30,696,142

* Single family home construction-to-permanent loans originated by the Company’s mortgage banking division are included in construction and land development category until completion. Investor commercial real estate loans include commercial non-owner occupied real estate and other income producing property. Consumer real estate includes consumer owner occupied real estate and home equity loans.

† Includes single family home construction-to-permanent loans of $623.9 million, $715.5 million, $863.1 million, $928.4 million, and $893.7 million for the quarters ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, respectively.


	Ending Balance
(Dollars in thousands)	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
DEPOSITS	2024		2023		2023		2023		2023
Noninterest-bearing checking	$	10,546,410	$	10,649,274	$	11,158,431	$	11,489,483	$	12,422,583
Interest-bearing checking		7,898,835		7,978,799		7,806,243		8,185,609		8,316,023
Savings		2,557,203		2,632,212		2,760,166		2,931,320		3,156,214
Money market		11,895,385		11,538,671		10,756,431		9,710,032		8,388,275
Time deposits		4,280,601		4,249,953		4,453,927		4,425,434		4,118,497
Total Deposits	$	37,178,434	$	37,048,909	$	36,935,198	$	36,741,878	$	36,401,592

Core Deposits (excludes Time Deposits)	$	32,897,833	$	32,798,956	$	32,481,271	$	32,316,444	$	32,283,095

Asset Quality


	Ending Balance
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
(Dollars in thousands)	2024		2023		2023		2023		2023
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual	$	106,189	$	110,467	$	105,856	$	104,772	$	68,176
Accruing loans past due 90 days or more		2,497		11,305		783		3,620		2,667
Non-acquired OREO and other nonperforming assets		1,589		711		449		227		186
Total non-acquired nonperforming assets		110,275		122,483		107,088		108,619		71,029
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual		63,451		59,755		57,464		60,734		52,795
Accruing loans past due 90 days or more		135		1,174		1,821		571		983
Acquired OREO and other nonperforming assets		655		712		378		981		3,446
Total acquired nonperforming assets		64,241		61,641		59,663		62,286		57,224
Total nonperforming assets	$	174,516	$	184,124	$	166,751	$	170,905	$	128,253


	Three Months Ended
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
	2024		2023		2023		2023		2023
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans		1.44%		1.41%		1.40%		1.36%		1.21%
Allowance for credit losses, including reserve for unfunded commitments, as a percentage of loans		1.60%		1.58%		1.59%		1.56%		1.48%
Allowance for credit losses as a percentage of nonperforming loans		272.62%		249.90%		269.98%		251.86%		297.42%
Net charge-offs as a percentage of average loans (annualized)		0.03%		0.09%		0.16%		0.04%		0.01%
Total nonperforming assets as a percentage of total assets		0.39%		0.41%		0.37%		0.38%		0.29%
Nonperforming loans as a percentage of period end loans		0.53%		0.56%		0.52%		0.54%		0.41%

Current Expected Credit Losses (“CECL”)

Below is a table showing the roll forward of the ACL and UFC for the first quarter of 2024:

Allowance for Credit Losses ("ACL and UFC")

(Dollars in thousands)

NonPCD ACL

PCD ACL

Total ACL

UFC

Ending balance 12/31/2023

423,876

32,697

456,573

56,303

Charge offs

(4,829)

—

(4,829)

—

Acquired charge offs

(2,889)

(222)

(3,111)

—

Recoveries

2,703

—

2,703

—

Acquired recoveries

272

2,286

2,558

—

Provision (recovery) for credit losses

20,055

(4,295)

15,760

(3,074)

Ending balance 3/31/2024

439,188

30,466

469,654

53,229

Period end loans

31,636,027

1,031,283

32,667,310

N/A

Allowance for Credit Losses to Loans

1.39%

2.95%

1.44%

N/A

Unfunded commitments (off balance sheet) *

8,160,594

Reserve to unfunded commitments (off balance sheet)

0.65%

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

Conference Call

The Company will host a conference call to discuss its first quarter results at 9:00 a.m. Eastern Time on April 26, 2024. Callers wishing to participate may call toll-free by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations. The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/. The conference ID number is 4200408. 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 26, 2024 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. Although other companies may use calculation methods that differ from those used by SouthState for non-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 and shares in thousands, except per share data)	Three Months Ended
PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP)	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023
Net income (GAAP)	$	115,056		$	106,791		$	124,144		$	123,447		$	139,926
Provision for credit losses		12,686			9,893			32,709			38,389			33,091
Tax provision		38,462			29,793			33,160			34,495			39,096
Merger, branch consolidation, severance related and other expense (8)		4,513			1,778			164			1,808			9,412
FDIC special assessment		3,854			25,691			—			—			—
Securities losses (gains)		—			2			—			—			(45)
Pre-provision net revenue (PPNR) (Non-GAAP)	$	174,571		$	173,948		$	190,177		$	198,139		$	221,480

Average asset balance (GAAP)	$	45,011,163		$	45,037,632		$	44,841,319		$	44,628,124		$	44,104,478
PPNR ROAA		1.56	%		1.53	%		1.68	%		1.78	%		2.04	%

Diluted weighted-average common shares outstanding		76,660			76,634			76,571			76,418			76,389
PPNR per weighted-average common shares outstanding	$	2.28		$	2.27		$	2.48		$	2.59		$	2.90


(Dollars in thousands)	Three Months Ended
CORE NET INTEREST INCOME (NON-GAAP)	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023
Net interest income (GAAP)	$	343,936		$	354,231		$	355,371		$	361,743		$	381,263
Less:
Total accretion on acquired loans		4,287			3,870			4,053			5,481			7,398
Core net interest income (Non-GAAP)	$	339,649		$	350,361		$	351,318		$	356,262		$	373,865

NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)
Net interest income (GAAP)	$	343,936		$	354,231		$	355,371		$	361,743		$	381,263
Total average interest-earning assets		40,657,176			40,465,377			40,376,380			40,127,836			39,409,340
NIM, non-tax equivalent		3.40	%		3.47	%		3.49	%		3.62	%		3.92	%

Tax equivalent adjustment (included in NIM, TE)		528			659			646			698			1,020
Net interest income, tax equivalent (Non-GAAP)	$	344,464		$	354,890		$	356,017		$	362,441		$	382,283
NIM, TE (Non-GAAP)		3.41	%		3.48	%		3.50	%		3.62	%		3.93	%


	Three Months Ended
(Dollars in thousands, except per share data)	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
RECONCILIATION OF GAAP TO NON-GAAP	2024			2023			2023			2023			2023
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)	$	115,056		$	106,791		$	124,144		$	123,447		$	139,926
Securities losses (gains), net of tax		—			2			—			—			(35)
Merger, branch consolidation, severance related and other expense, net of tax (8)		3,382			1,391			130			1,414			7,356
FDIC special assessment, net of tax		2,888			20,087			—			—			—
Adjusted net income (non-GAAP)	$	121,326		$	128,271		$	124,274		$	124,861		$	147,247

Adjusted Net Income per Common Share - Basic (2)
Earnings per common share - Basic (GAAP)	$	1.51		$	1.40		$	1.63		$	1.62		$	1.84
Effect to adjust for securities losses (gains), net of tax		—			0.00			—			—			(0.00)
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.04			0.03			0.00			0.02			0.10
Effect to adjust for FDIC special assessment, net of tax		0.04			0.26			—			—			—
Adjusted net income per common share - Basic (non-GAAP)	$	1.59		$	1.69		$	1.63		$	1.64		$	1.94

Adjusted Net Income per Common Share - Diluted (2)
Earnings per common share - Diluted (GAAP)	$	1.50		$	1.39		$	1.62		$	1.62		$	1.83
Effect to adjust for securities losses (gains), net of tax		—			—			—			—			(0.00)
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.04			0.02			0.00			0.01			0.10
Effect to adjust for FDIC special assessment, net of tax		0.04			0.26			—			—			—
Adjusted net income per common share - Diluted (non-GAAP)	$	1.58		$	1.67		$	1.62		$	1.63		$	1.93

Adjusted Return on Average Assets (2)
Return on average assets (GAAP)		1.03	%		0.94	%		1.10	%		1.11	%		1.29	%
Effect to adjust for securities losses (gains), net of tax		—	%		0.00	%		—	%		—	%		(0.00)	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.02	%		0.01	%		—	%		0.01	%		0.06	%
Effect to adjust for FDIC special assessment, net of tax		0.03	%		0.18	%		—	%		—	%		—	%
Adjusted return on average assets (non-GAAP)		1.08	%		1.13	%		1.10	%		1.12	%		1.35	%

Adjusted Return on Average Common Equity (2)
Return on average common equity (GAAP)		8.36	%		7.99	%		9.24	%		9.34	%		10.96	%
Effect to adjust for securities losses (gains), net of tax		—	%		0.00	%		—	%		—	%		(0.00)	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.24	%		0.11	%		0.01	%		0.11	%		0.57	%
Effect to adjust for FDIC special assessment, net of tax		0.21	%		1.50	%		—	%		—	%		—	%
Adjusted return on average common equity (non-GAAP)		8.81	%		9.60	%		9.25	%		9.45	%		11.53	%

Return on Average Common Tangible Equity (3)
Return on average common equity (GAAP)		8.36	%		7.99	%		9.24	%		9.34	%		10.96	%
Effect to adjust for intangible assets		5.27	%		5.54	%		6.28	%		6.47	%		7.85	%
Return on average tangible equity (non-GAAP)		13.63	%		13.53	%		15.52	%		15.81	%		18.81	%

Adjusted Return on Average Common Tangible Equity (2) (3)
Return on average common equity (GAAP)		8.36	%		7.99	%		9.24	%		9.34	%		10.96	%
Effect to adjust for securities losses (gains), net of tax		—	%		0.00	%		—	%		—	%		(0.00)	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.25	%		0.10	%		0.01	%		0.11	%		0.58	%
Effect to adjust for FDIC special assessment, net of tax		0.21	%		1.50	%		—	%		—	%		—	%
Effect to adjust for intangible assets, net of tax		5.53	%		6.53	%		6.29	%		6.53	%		8.21	%
Adjusted return on average common tangible equity (non-GAAP)		14.35	%		16.12	%		15.54	%		15.98	%		19.75	%

Adjusted Efficiency Ratio (4)
Efficiency ratio		58.48	%		63.43	%		54.00	%		53.59	%		51.41	%
Effect to adjust for merger, branch consolidation, severance related and other expense (8)		(1.08)	%		(0.43)	%		(0.04)	%		(0.41)	%		(2.07)	%
Effect to adjust for FDIC special assessment		(0.93)	%		(6.11)	%		—	%		—	%		—	%
Adjusted efficiency ratio		56.47	%		56.89	%		53.96	%		53.18	%		49.34	%

Tangible Book Value Per Common Share (3)
Book value per common share (GAAP)	$	72.82		$	72.78		$	68.81		$	69.61		$	69.19
Effect to adjust for intangible assets		(26.34)			(26.46)			(26.55)			(26.65)			(26.79)
Tangible book value per common share (non-GAAP)	$	46.48		$	46.32		$	42.26		$	42.96		$	42.40

Tangible Equity-to-Tangible Assets (3)
Equity-to-assets (GAAP)		12.29	%		12.32	%		11.63	%		11.77	%		11.68	%
Effect to adjust for intangible assets		(4.08)	%		(4.11)	%		(4.15)	%		(4.16)	%		(4.18)	%
Tangible equity-to-tangible assets (non-GAAP)		8.21	%		8.21	%		7.48	%		7.61	%		7.50	%

Footnotes to tables:

(1)	Includes loan accretion (interest) income related to the discount on acquired loans of $4.3 million, $3.9 million, $4.1 million, $5.5 million, and $7.4 million during the quarters ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, respectively.

(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, merger, branch consolidation, severance related and other expense, and FDIC special assessments. 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, branch consolidation, severance related and other expense of $4.5 million, $1.8 million, $164,000, $1.8 million, and $9.4 million for the quarters ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, respectively; (b) pre-tax net securities (losses) gains of $(2,000) and $45,000 for the quarters ended December 31, 2023 and March 31, 2023, respectively; and (c) pre-tax FDIC special assessment of $3.9 million and $25.7 million for the quarters ended March 31, 2024 and December 31, 2023, respectively.

(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 GAAP to Non-GAAP" provide tables that reconcile GAAP measures to non-GAAP.

(4)

Adjusted efficiency ratio is calculated by taking the noninterest expense excluding merger, branch consolidation, severance related and other expense, FDIC special assessment and amortization of intangible assets, divided by net interest income and noninterest income excluding securities gains (losses). The pre-tax amortization expenses of intangible assets were $6.0 million, $6.6 million, $6.6 million, $7.0 million, and $7.3 million for the quarters ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, 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, 2024 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.

(8)	Includes pre-tax cyber incident costs of $4.4 million for the quarter ended March 31, 2024.

Cautionary Statement Regarding Forward Looking Statements

Exhibit 99.2

Earnings Call 1Q 2024 April 26, 2024 Exhibit 99.2

DISCLAIMER 2 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. SouthState 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, inflation, greater than expected noninterest expenses, excessive loan losses and other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (3) risks relating to the ability to retain our culture and attract and retain qualified people, which could be exacerbated by the continuing work from remote environment; (4) 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; (5) interest rate risk primarily resulting from our inability to effectively manage the risk, 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; (6) a decrease in our net interest income due to the interest rate environment; (7) liquidity risk affecting the Bank’s ability to meet its obligations when they come due; (8) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (9) potential deterioration in real estate values; (10) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (11) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (12) transaction risk arising from problems with service or product delivery; (13) 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; (14) 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; (15) volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; (16) the impact of competition with other financial institutions, including deposit and loan pricing pressures and the resulting impact, including as a result of compression to net interest margin; (17) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards, and contractual obligations regarding data privacy and cybersecurity; (18) 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 special FDIC assessments, the Consumer Financial Protection Bureau regulations or other guidance, and the possibility of changes in accounting standards, policies, principles and practices; (19) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (20) reputation risk that adversely affects earnings or capital arising from negative public opinion including the effects of social media on market perceptions of us and banks generally; (21) 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; (22) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of changes in federal and state laws, regulations and guidance relating to climate change; (23) excessive loan losses; (24) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank’s consumer programs and products; (25) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions, whether involving stock or cash consideration; (26) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events, 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; (27) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (28) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (29) 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; (30) ownership dilution risk associated with potential acquisitions in which SouthState’s stock may be issued as consideration for an acquired company; 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.

(1) Financial metrics as of March 31, 2024; market cap as of April 24, 2024 SouthState Corporation Overview of Franchise (1) (251) $37 Billion in deposits $33 Billion in loans $45 Billion in assets $6.1 Billion market cap 3 17 Greenwich Excellence & Best Brand Awards for Small Business Banking from Coalition Greenwich Ranked #14 by S&P Global

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. The WHAT The HOW Guiding Principles Core Values Leadership The WHY To invest in the entrepreneurial spirit, pursue excellence and inspire a greater purpose. 4

17.8% 13.7%12.8% 11.9% 8.9% 8.3% 6.0% FL SC GA NC VA U.S. AL Actual Population Growth 2010-2023 $1.9B $1.8B $0.8B $0.6B $3.0B $2.1B POSITIONED FOR THE FUTURE IN THE BEST GROWTH MARKETS IN AMERICA 5 $307 $331 $723 $783 $822 $1,623 AL SC VA NC GA FL GDP by State ($ in billions) 5.3% 4.7% 3.9% 3.7% 3.0% 3.0% 2.4% FL SC NC GA VA AL U.S. Projected Population Growth 2024-2029 $3.3 $3.7 $4.2 $4.4 $4.6 $17.7 $27.4 UK India Japan Germany SSB Footprint China US GDP ($ in trillions) The combined GDP of SouthState’s 6 state branch footprint would represent the world’s third largest economy. 1.2 0.3 0.4 0.4 0.3 0.2 8.1 Population increase (in millions) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. Population increase (in millions) 3.3 0.6 1.2 1.1 0.7 25.8 0.3 $10.7B $12.0B $7.5B $10.9B $0.8B $0.6B $6.5B $6.3B Loans Deposits

Source: U.S. Census Bureau (Net Domestic Migration) PANDEMIC ACCELERATES POPULATION MIGRATION TO THE SOUTH Top 10 States Net Domestic Migration 1. Florida 818,762 2. Texas 656,220 3. North Carolina 310,189 4. South Carolina 248,055 5. Arizona 218,247 6. Tennessee 207,097 7. Georgia 185,752 8. Idaho 104,313 9. Alabama 96,538 10. Oklahoma 80,064 6

INVESTMENT THESIS 7 • High growth markets • Granular, low-cost core deposit base • Diversified revenue streams • Strong credit quality and disciplined underwriting • Energetic and experienced management team with entrepreneurial ownership culture • True alternative to the largest banks with capital markets platform and upgraded technology solutions

Quarterly Results

HIGHLIGHTS | LINKED QUARTER Dollars in millions, except per share data (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. 9 4Q23 1Q24 GAAP Net Income $ 106.8 $ 115.1 EPS (Diluted) $ 1.39 $ 1.50 Return on Average Assets 0.94 % 1.03 % Non-GAAP(1) Return on Average Tangible Common Equity 13.5 % 13.6 % Non-GAAP, Adjusted(1) Net Income $ 128.3 $ 121.3 EPS (Diluted) $ 1.67 $ 1.58 Return on Average Assets 1.13 % 1.08 % Return on Average Tangible Common Equity 16.1 % 14.4 %

QUARTERLY HIGHLIGHTS | 1Q 2024 (1)~(3) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. 10 • Reported Diluted Earnings per Share (“EPS”) of $1.50; adjusted Diluted EPS (non-GAAP)(1) of $1.58 • Pre-Provision Net Revenue (“PPNR”)(non-GAAP)(2) of $174.6 million, or 1.56% PPNR ROAA (non-GAAP)(2) • PPNR per weighted average diluted share (non-GAAP)(2) of $2.28 • Loans increased $279 million, or 3% annualized • Deposits increased $130 million, or 1% annualized • Total deposit cost of 1.74%, up 0.14% from prior quarter, resulting in a 33% cycle-to-date beta • Repurchased a total of 100,000 shares during 1Q 2024 at a weighted average price of $79.85 • Net interest margin, non-tax equivalent of 3.40% and tax equivalent (non-GAAP)(3) of 3.41% • Net charge-offs of $2.7 million, or 0.03% annualized; Provision for Credit Losses (“PCL”), including release for unfunded commitments, of $12.7 million; total allowance for credit losses (“ACL”) plus reserve for unfunded commitments of 1.60% • Recorded FDIC special assessment expense of $3.9 million • Efficiency ratio of 58% and adjusted efficiency ratio (non-GAAP)(1) of 56%

$373.9 $356.2 $351.3 $350.4 $339.6 $7.4 $5.5 $4.1 $3.9 $4.3 $381.3 $361.7 $355.4 $354.2 $343.9 3.93% 3.62% 3.50% 3.48% 3.41% 2.4% 2.8% 3.2% 3.6% 4.0% 4.4% $100 $150 $200 $250 $300 $350 $400 1Q23 2Q23 3Q23 4Q23 1Q24 $ in millions Net Interest Income excld. Accretion Accretion Net Interest Income Net Interest Margin NET INTEREST MARGIN (1) Dollars in millions; Amounts may not total due to rounding. (1)~(3) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. 11 (2) (2) (3)

LOAN PRODUCTION VS LOAN GROWTH $1,256 $1,791 $1,933 $2,079 $1,699 $1,470 $1,535 $1,879 $1,834 $2,355 $2,636 $3,129 $2,582 $3,863 $3,372 $3,305 $2,181 $2,369 $1,459 $1,233 $1,352 $180 $82 $267 $153 $180 $(372)$(277)$(155)$(185) $169 $573 $396 $381 $1,451 $933 $1,347 $519 $841 $480 $372 $279 $(500) $— $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 $ in millions Loan Production Loan Portfolio Growth Dollars in millions (1)~(4) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. 12 (2) (4) (4) (4) (4) (4) (4) (3) (3) (1) (1) (1) (1)

Balance Sheet

1Q23 2Q23 3Q23 4Q23 1Q24 DDA / Total Deposits 34% 31% 30% 29% 28% LOAN AND DEPOSIT TRENDS $30.7 $31.5 $32.0 $32.4 $32.7 $29.5B $30.0B $30.5B $31.0B $31.5B $32.0B $32.5B $33.0B $— $6 $12 $18 $24 $30 $36 $42 1Q23 2Q23 3Q23 4Q23 1Q24 $ in billions Loans (1) Dollars in billions Amounts may not total due to rounding. (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. 14 $12.4 $11.5 $11.2 $10.6 $10.5 $8.3 $8.2 $7.8 $8.0 $7.9 $11.5 $12.6 $13.5 $14.2 $14.5 $4.1 $4.4 $4.5 $4.2 $4.3 $- $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 $— $6 $12 $18 $24 $30 $36 $42 Deposits Noninterest-bearing Checking ("DDA") Interest-bearing Checking MMA & Savings Time Deposits

Investor CRE (2) 30% Consumer RE 25% Owner-Occupied CRE 17% C&I 17% CDL (1) 7% Cons / Other 4% TOTAL LOAN PORTFOLIO 15 Data as of March 31, 2024 Loan portfolio balances, average balances or percentage exclude loans held for sale (1)~(3) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. Loan Type No. of Loans Balance Avg. Loan Balance Investor CRE 8,107 $ 9.8B $ 1,203,000 Consumer RE 45,011 8.2B 182,700 Owner-Occupied CRE 7,758 5.5B 710,500 C & I 19,405 5.5B 285,700 Constr., Dev. & Land 3,236 2.4B 753,200 Cons / Other(3) 55,259 1.0B 18,900 Total(3) 138,776 $ 32.5B $ 234,300 Loan Relationships Top 10 Represents ~ 2% of total loans Top 20 Represents ~ 4% of total loans Loans by Type Total Loans $32.7 Billion • SNC loans represent approximately 2% of total outstanding loans at March 31, 2024

42% 30% 28% Checking Accounts Composition Commercial Small Business Retail Noninterest-bearing Checking $10.5B Interest-bearing Checking $7.9B Savings $2.6B Money Market $11.9B Time Deposits $4.3B Data as of March 31, 2024 Dollars in billions except for average checking balances; Amounts may not total due to rounding. † & (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. 50% 45% 39% 38% 11% 17% 0% 20% 40% 60% 80% 100% SSB Peer Average (1) Deposit Mix vs. Peers Checking Accounts MM & Savings Time Deposits PREMIUM CORE † DEPOSIT FRANCHISE 16 Total Deposits $37.2 Billion Deposits by Type Checking Type Avg. Checking Balance Commercial $301,000 Small Business $40,300 Retail $9,400 Total Cost of Deposits 1Q24 SSB 174 bps Peer Average(1) 238 bps

REMAIN WELL - POSITIONED DURING CURRENT CYCLE – PREVIOUS AND CURRENT RISING INTEREST RATE CYCLE Historic deposit beta excludes legacy ACBI. 17 0.11% 0.75% 2.17% 3.64% 4.50% 4.98% 5.25% 5.31% 5.31% 0.05%0.05% 0.08% 0.21% 0.63% 1.11% 1.44% 1.60% 1.74% —% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 0.16% 0.37% 0.37% 0.40% 0.45% 0.70% 0.95% 1.16% 1.20% 1.45% 1.74% 1.92% 2.22% 2.40% 2.40% 0.12% 0.12% 0.11% 0.11% 0.12% 0.13% 0.15% 0.17% 0.19% 0.25% 0.34% 0.44% 0.52% 0.56% 0.64% —% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 24% deposit beta in previous cycle Average Fed Funds Rate Cost of Deposits 33% deposit beta in current cycle to date

Credit

LOAN PORTFOLIO – OFFICE EXPOSURE 19 State • Office represents 4% of the loan portfolio • Average loan size only $1.4 million • 95% located in the SouthState footprint • Approximately 10% is located within the Central Business District(1) • 81% of the portfolio is less than 150K square feet(1) • 80% mature in 2026 or later • 60% weighted average Loan to Value(2) • 1.62x weighted average Debt Service Coverage(2) Granular and Diversified Office Portfolio (1)&(2) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. FL 44% SC 21% GA 18% VA 6% NC 5% Other 5% AL 2% Greenville Miami/Ft. Lauderdale Jacksonville Tamp a Charleston Atlanta MSA

(1) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. 22% 18% 18% 17% 16% 16% 16% 16% 16% 16% 14% 14% 14% 13% 12% 12% 12% 11% 11% 11% 11% 11% 10% 10% 9% 9% 9% 8% 8% 8% 8% 8% 8% 5% 4% 4% 2% San Francisco Houston Dallas/Ft Worth Austin Washington DC Chicago Denver Phoenix Los Angeles Atlanta Seattle New York Charlotte Portland Baltimore San Antonio Detroit Birmingham Minneapolis Boston San Diego Philadelphia Saint Louis Jacksonville Tampa Huntsville Greenville Orlando Richmond Miami Columbia Charleston Augusta Sarasota Lakeland Port St. Lucie Savannah 7% 8% 8% 9% 11% 12% 12% 13% 13% 13% 13% 13% 14% 14% 15% 15% 15% 15% 15% 16% 16% 16% 16% 16% 17% 17% 17% 18% 18% 18% 19% 23% 23% 24% 24% 25% 27% Minneapolis Huntsville San Francisco Los Angeles Portland New York Houston San Antonio Detroit Birmingham Augusta Seattle Austin Baltimore Philadelphia Washington DC Saint Louis Chicago Atlanta Denver Richmond Phoenix Port St. Lucie Jacksonville Dallas/Ft Worth Lakeland Boston Columbia Charlotte Greenville San Diego Charleston Orlando Miami Tampa Sarasota Savannah 11% 10% 10% 9% 9% 9% 9% 9% 8% 8% 8% 8% 8% 8% 8% 7% 7% 7% 7% 7% 7% 6% 6% 6% 6% 6% 6% 6% 6% 6% 5% 5% 5% 4% 4% 4% 2% Augusta San Antonio Birmingham Atlanta Houston Jacksonville Austin Saint Louis Columbia Dallas/Ft Worth Huntsville Greenville Phoenix Charlotte Port St. Lucie Detroit Charleston Tampa Orlando Lakeland Richmond Baltimore Denver Sarasota Portland Savannah Seattle San Francisco Washington DC Minneapolis Philadelphia Chicago Los Angeles San Diego Boston Miami New York -3% -1% -1% 1% 2% 2% 2% 2% 3% 3% 3% 3% 7% 7% 7% 7% 8% 8% 9% 11% 11% 12% 13% 14% 14% 14% 14% 14% 14% 15% 17% 18% 19% 20% 25% 25% Los Angeles Baltimore Detroit Chicago Boston Houston Denver Philadelphia Austin Portland Saint Louis San Diego Minneapolis Dallas/Ft Worth Atlanta Birmingham San Antonio Richmond Augusta Jacksonville Columbia Huntsville Charleston Greenville Charlotte Phoenix Orlando Tampa Lakeland Port St. Lucie Savannah Sarasota Miami San Francisco Seattle New York Washington DC -21% CRE TRENDS – SOUTHSTATE FOOTPRINT VS. TOP 25 MSAs (1) Office Multifamily Rent Growth (Last 3 Years) Vacancy (12/31/23) Rent Growth (Last 3 Years) Vacancy (12/31/23) 20

LOAN PORTFOLIO – NON OWNER - OCCUPIED COMMERCIAL REAL ESTATE (1) Balance and average loan size in millions (1)~(3) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. 21 Loan Type Balance Avg Loan Size Wtd Avg DSC(2) Wtd Avg LTV(2) AL% FL% GA% NC% SC% VA% OTHER % Non-Accrual %(3) Substandard & Accruing %(3) Special Mention %(3) Retail $2,124 $1.7 1.76 54% 2% 55% 15% 6% 12% 2% 7% —% 0.42% 0.36% Warehouse / Industrial 1,315 1.7 1.68 57% 9% 35% 19% 11% 14% 5% 7% —% 2.23% 2.22% Office 1,288 1.4 1.62 60% 2% 44% 18% 5% 21% 6% 5% 0.22% 10.08% 4.14% Multifamily 1,196 2.7 1.41 59% 5% 24% 35% 9% 24% 1% 2% 0.02% 7.38% 4.60% Hotel 966 4.6 2.05 55% 4% 18% 9% 14% 41% 10% 4% 0.01% 3.61% 0.87% Medical 596 1.8 1.69 57% —% 55% 11% 9% 11% 5% 8% 0.12% 1.45% 2.06% Other 493 1.1 1.56 57% 1% 33% 29% 13% 19% 2% 4% 0.59% 1.42% 6.50% Self Storage 449 3.5 1.55 56% 6% 41% 24% 4% 17% —% 8% —% 6.13% 3.33%

LOAN PORTFOLIO – COMMERCIAL REAL ESTATE MATURITIES BY YEAR (1) (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. 22 $0.9 $1.3 $1.9 $1.7 $1.6 $7.9 6% 8% 12% 11% 11% 52% 0% 10% 20% 30% 40% 50% $— $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 2024 2025 2026 2027 2028 2029 & Beyond $ in billions 86% of CRE loans mature in 2026 or later

0.42% 0.54% 0.52% 0.57% 0.53% —% 0.25% 0.50% 0.75% 1.00% 1Q23 2Q23 3Q23 4Q23 1Q24 Nonperforming Assets to Loans & OREO 1.57% 1.86% 1.94% 2.56% 3.05% 0.55% 0.71% 0.63% 0.58% 0.86% 1.02% 1.15% 1.31% 1.97% 2.20% —% 1.00% 2.00% 3.00% 4.00% 1Q23 2Q23 3Q23 4Q23 1Q24 Criticized & Classified Asset Trends Combined Special Mention / Assets Substandard / Assets ASSET QUALITY METRICS Dollars in millions 23 0.01% 0.04% 0.16% 0.09% 0.03% (0.05)% 0.05% 0.15% 0.25% 1Q23 2Q23 3Q23 4Q23 1Q24 Net Charge-Offs to Loans • $217 million in provision for credit losses vs. $29 million in net charge-offs trailing eight quarters • Increased ACL plus reserve for unfunded commitments by 35 bps to 1.60% from 1Q22 to 1Q24

Dollars in millions (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. LOSS ABSORPTION CAPACITY TREND 24 $(8.4) $19.3 $23.9 $47.1 $33.1 $38.4 $32.7 $9.9 $12.7 $2.3 $2.3 $(1.3) $0.9 $1.0 $3.3 $13.2 $7.3 $2.7 $(10) $- $10 $20 $30 $40 $50 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 $ in millions Provision for Credit Losses & Net Charge-Offs (Recoveries) Provision for Credit Losses Net Charge-Offs (Recoveries) $300 $320 $324 $356 $371 $427 $448 $457 $470 $30 $33 $53 $67 $85 $63 $62 $56 $53 1.25% 1.26% 1.31% 1.40% 1.48% 1.56% 1.59% 1.58% 1.60% 1.00% 1.40% 1.80% 2.20% $150 $200 $250 $300 $350 $400 $450 $500 $550 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 $ in millions Total ACL(1) plus Reserve for Unfunded Commitments Total ACL Reserve for Unfunded Commitments % of Total Loans

Capital

CAPITAL RATIOS 4Q23 1Q24(2) Tangible Common Equity(1) 8.2 % 8.2 % Tier 1 Leverage 9.4 % 9.6 % Tier 1 Common Equity 11.8 % 11.9 % Tier 1 Risk-Based Capital 11.8 % 11.9 % Total Risk-Based Capital 14.1 % 14.4 % Bank CRE Concentration Ratio 237 % 235 % Bank CDL Concentration Ratio 60 % 49 % (1)&(2) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. 26

Appendix

37% 61% 2% Municipal Bond Rating AAA AA A Dollars in billions, unless otherwise noted; data as of March 31, 2024 Amounts may not total due to rounding. † , (1)~(4) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. 2.37% 2.35% 2.36% 2.45% 2.44% 1.00% 1.30% 1.60% 1.90% 2.20% 2.50% 1Q23 2Q23 3Q23 4Q23 1Q24 Investment Securities Yield(2) HIGH QUALITY INVESTMENT PORTFOLIO 74% 12% 14% 0.4% Investment Portfolio† Composition Agency MBS(1) Treasury, Agency & SBA Municipal Corporates Type AFS HTM Balance Duration (yrs)(3,4) Balance Duration (yrs)(4) Agency MBS(1) $3.0B 5.1 $2.2B 5.8 Municipal $1.0B 10.4 — — Treasury, Agency & SBA $0.6B 3.4 $0.3B 5.2 Corporates $0.03B 2.2 — — Total $4.6B 6.0 $2.4B 5.7 28 Total Investment Portfolio† $7.0 Billion • ~98% of municipal portfolio is AA or higher rated • ~$329 million in documented ESG investments and ~$164 million CRA eligible investments(4)

CURRENT & HISTORICAL 5 - QTR PERFORMANCE (1) 84% 82% 83% 84% 83% 16% 18% 17% 16% 17% $453M $440M $429M $420M $416M 4.15% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 0% 20% 40% 60% 80% 100% 1Q23 2Q23 3Q23 4Q23 1Q24 Revenue Composition NIM, TE / Revenue Noninterest Income / Revenue Avg. 10-year UST Total Revenue Dollars in millions (1)&(2) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. $71 $77 $73 $65 $72 0.66% 0.69% 0.64% 0.58% 0.64% 0.5% 0.6% 0.7% 0.8% 0.9% 1.0% $— $20 $40 $60 $80 $100 $120 $140 1Q23 2Q23 3Q23 4Q23 1Q24 $ in millions Noninterest Income Noninterest Income Noninterest Income / Avg. Assets $382 $362 $356 $355 $344 3.93% 3.62% 3.50% 3.48% 3.41% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% $200 $300 $400 1Q23 2Q23 3Q23 4Q23 1Q24 $ in millions Net Interest Margin (“NIM”, TE) NIM, TE ($) NIM, TE (%) 51% 54% 54% 63% 58% 49% 53% 54% 57% 56% —% 15% 30% 45% 60% 75% 90% 1Q23 2Q23 3Q23 4Q23 1Q24 Efficiency Ratio Efficiency Ratio Adjusted Efficiency Ratio 29 (2)

QTD Production ($mm) $556 $436 $429 Refinance 5% 5% 6% Purchase 95% 95% 94% 47% 53% 1Q24 MORTGAGE BANKING DIVISION (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. 30 Highlights Quarterly Mortgage Production Gain on Sale Margin • Mortgage banking income of $6.2 million in 1Q 2024 compared to $2.2 million in 4Q 2023 • Secondary pipeline of $118 million at 1Q 2024, as compared to $64 million at 4Q 2023 2.33% 2.00% 1.84% 1.59% 2.10% 1Q23 2Q23 3Q23 4Q23 1Q24 Mortgage Banking Income ($mm) 72% 28% 1Q23 Portfolio Secondary 51% 49% 4Q23 1Q23 4Q23 1Q24 Secondary Market Gain on Sale, net $ 2,460 $ 889 $ 2,465 Fair Value Change(1) 306 312 1,188 Total Secondary Market Mortgage Income $ 2,766 $ 1,201 $ 3,653 MSR Servicing Fee Income $ 4,119 $ 4,127 $ 4,154 Fair Value Change / Decay (2,553) (3,136) (1,638) Total MSR-Related Income $ 1,566 $ 991 $ 2,516 Total Mortgage Banking Income $ 4,332 $ 2,192 $ 6,169

$(8.4) $(8.5) $(11.9) $(12.7) $(10.3) $22.0 $27.7 $24.8 $16.1 $14.6 ($10.0) ($5.0) $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $(15) $(10) $(5) $— $5 $10 $15 $20 $25 $30 $35 1Q23 2Q23 3Q23 4Q23 1Q24 $ in millions Correspondent Revenue Breakout ARC Revenues, gross Interest on VM FI Revenues Operational Revenues Total Revenues, gross • Provides capital markets hedging (ARC), fixed income sales, international, clearing and other services to over 1,200 financial institutions across the country CORRESPONDENT BANKING DIVISION 31 1,229 Financial Institution Clients (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 41. Correspondent banking and capital markets income, gross $ 21,956 $ 27,734 $ 24,808 $ 16,081 $ 14,591 Interest on centrally-cleared Variation Margin ("VM")(1) (8,362) (8,547) (11,892) (12,677) (10,280) Total Correspondent Banking and Capital Markets Income $ 13,594 $ 19,187 $ 12,916 $ 3,404 $ 4,311

DIGITAL TRENDS 32 65% 64% 35% 36% —% 20% 40% 60% 80% 100% 1Q23 1Q24 Branch Digital Digital Deposits* $100M $150M $— $30 $60 $90 $120 $150 $180 1Q23 1Q24 Millions Zelle P2P Transactions Digital Sales – Deposit Accounts * Digital Sales – Loans ** 79% 78% 21% 22% —% 20% 40% 60% 80% 100% 1Q23 1Q24 Branch Digital 82% 85% 18% 15% —% 20% 40% 60% 80% 100% 1Q23 1Q24 Branch Digital 400,889 421,606 — 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 1Q23 1Q24 Mobile App Users 41,808 37,227 — 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 1Q23 1Q24 Secure Messages & Chat 5% Increase 51% Increase 11% Decrease * Consumer DDA and Savings ** Consumer Loans

BRANCH OPTIMIZATION 85 Branches Average Size $40M 422 Branches Acquired Plus 12 DeNovo Branches 268 Branches Consolidated or Sold 251 Branches Average Size $148M Increased deposits per branch 3.7x from 2009 to 1Q24 85 434 268 251 2009 …..……………..………..……....…………………………….. 1Q 2024 33

NON - GAAP RECONCILIATIONS – RETURN ON AVG. TANGIBLE COMMON EQUITY & PPNR RETURN ON AVG. ASSETS 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. 34 Return on Average Tangible Equity 4Q23 1Q24 Net income (GAAP) $ 106,791 $ 115,056 Plus: Amortization of intangibles 6,615 5,998 Effective tax rate 22 % 25 % Amortization of intangibles, net of tax 5,172 4,495 Net income plus after-tax amortization of intangibles (non-GAAP) $ 111,963 $ 119,551 Average shareholders' common equity $ 5,299,891 $ 5,536,551 Less: Average intangible assets 2,015,719 2,009,649 Average tangible common equity $ 3,284,172 $ 3,526,902 Return on Average Tangible Common Equity (Non-GAAP) 13.5% 13.6% PPNR Return on Average Assets 4Q23 1Q24 PPNR, Adjusted (Non-GAAP) $ 173,948 $ 174,571 Average assets 45,037,632 45,011,163 PPNR ROAA 1.53% 1.56%

NON - GAAP RECONCILIATIONS – ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE (“EPS”) Dollars in thousands, except for per share data (1) Includes pre-tax cyber incident costs of $4.4 million for the quarter ended March 31, 2024. 35 Adjusted Net Income 4Q23 1Q24 Net income (GAAP) $ 106,791 $ 115,056 Plus: Securities losses, net of tax 2 — Merger, branch consolidation, severance related and other expense, net of tax (1) 1,391 3,382 FDIC special assessment, net of tax 20,087 2,888 Adjusted Net Income (Non-GAAP) $ 128,271 $ 121,326 Adjusted EPS 4Q23 1Q24 Diluted weighted-average common shares 76,634 76,660 Adjusted net income (non-GAAP) $ 128,271 $ 121,326 Adjusted EPS, Diluted (Non-GAAP) $ 1.67 $ 1.58

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. 36 Dollars in thousands, except for per share data Adjusted Return on Average Assets 4Q23 1Q24 Adjusted net income (non-GAAP) $ 128,271 $ 121,326 Total average assets 45,037,632 45,011,163 Adjusted Return on Average Assets (Non-GAAP) 1.13% 1.08% Adjusted Return on Average Tangible Common Equity 4Q23 1Q24 Adjusted net income (non-GAAP) $ 128,271 $ 121,326 Plus: Amortization of intangibles, net of tax 5,172 4,495 Adjusted net income plus after-tax amortization of intangibles (non-GAAP) $ 133,443 $ 125,821 Average tangible common equity $ 3,284,172 $ 3,526,902 Adjusted Return on Average Tangible Common Equity (Non-GAAP) 16.12% 14.35%

NON - GAAP RECONCILIATIONS – NET INTEREST MARGIN & CORE NET INTEREST INCOME (EXCLD. FMV & PPP ACCRETION) Dollars in thousands 37 Dollars in thousands, except for per share data Net Interest Margin - Tax Equivalent (Non-GAAP) 1Q23 2Q23 3Q23 4Q23 1Q24 Net interest income (GAAP) $ 381,263 $ 361,743 $ 355,371 $ 354,231 $ 343,936 Tax equivalent adjustments 1,020 698 646 659 528 Net interest income (tax equivalent) (Non-GAAP) $ 382,283 $ 362,441 $ 356,017 $ 354,890 $ 344,464 Average interest earning assets $ 39,409,340 $ 40,127,836 $ 40,376,380 $ 40,465,377 $ 40,657,176 Net Interest Margin - Tax Equivalent (Non-GAAP) 3.93% 3.62% 3.50% 3.48% 3.41% Core Net Interest Margin excluding FMV Accretion (Non-GAAP) 1Q23 2Q23 3Q23 4Q23 1Q24 Net interest income (GAAP) $ 381,263 $ 361,743 $ 355,371 $ 354,231 $ 343,936 Less: Total accretion on acquired loans 7,398 5,481 4,053 3,870 4,287 Core Net Interest Margin excluding FMV Accretion (Non-GAAP) $ 373,865 $ 356,262 $ 351,318 $ 350,361 $ 339,649

NON - GAAP RECONCILIATIONS – PPNR, ADJUSTED, PPNR/WEIGHTED AVG. CS & CORRESPONDENT & CAPITAL MARKETS INCOME (UNAUDITED) Dollars and weighted average commons share outstanding in thousands except per share data (1) Includes pre-tax cyber incident costs of $4.4 million for the quarter ended March 31, 2024. 38 1Q23 2Q23 3Q23 4Q23 1Q24 SSB SSB SSB SSB SSB Net interest income (GAAP) $ 381,263 $ 361,743 $ 355,371 $ 354,231 $ 343,936 Plus: Noninterest income 71,355 77,214 72,848 65,489 71,558 Less: Gains (losses) on sales of securities 45 — — (2) — Total revenue, adjusted (non-GAAP) $ 452,573 $ 438,957 $ 428,219 $ 419,722 $ 415,494 Less: Noninterest expense 240,505 242,626 238,206 273,243 249,290 PPNR (Non-GAAP) $ 212,068 $ 196,331 $ 190,013 $ 146,479 $ 166,204 Plus: Merger, branch consolidation, severance related and other expense (1) 9,412 1,808 164 1,778 4,513 FDIC Special Assessment — — — 25,691 3,854 Total adjustments $ 9,412 $ 1,808 $ 164 $ 27,469 $ 8,367 PPNR, Adjusted (Non-GAAP) $ 221,480 $ 198,139 $ 190,177 $ 173,948 $ 174,571 Weighted average common shares outstanding, diluted 76,389 76,418 76,571 76,634 76,660 PPNR, Adjusted per Weighted Avg. Common Shares Outstanding, Diluted (Non-GAAP) $ 2.90 $ 2.59 $ 2.48 $ 2.27 $ 2.28 Correspondent & Capital Markets Income 1Q23 2Q23 3Q23 4Q23 1Q24 SSB SSB SSB SSB SSB ARC revenues $ 3,684 $ 11,126 $ 4,546 $ (6,058) $ (4,531) FI revenues 6,916 5,055 5,692 6,447 5,999 Operational revenues 2,994 3,006 2,678 3,015 2,843 Total Correspondent & Capital Markets Income $ 13,594 $ 19,187 $ 12,916 $ 3,404 $ 4,311 PPNR, Adjusted & PPNR, Adjusted per Weighted Avg. Common Shares Oustanding, Diluted (Non-GAAP)

NON - GAAP RECONCILIATIONS – CURRENT & HISTORICAL: EFFICIENCY RATIOS (UNAUDITED) Dollars in thousands (1) Includes pre-tax cyber incident costs of $4.4 million for the quarter ended March 31, 2024. 39 1Q23 2Q23 3Q23 4Q23 1Q24 Noninterest expense (GAAP) $ 240,505 $ 242,626 $ 238,206 $ 273,243 $ 249,290 Less: Amortization of intangible assets 7,299 7,028 6,616 6,615 5,998 Adjusted noninterest expense (non-GAAP) $ 233,206 $ 235,598 $ 231,590 $ 266,628 $ 243,292 Net interest income (GAAP) $ 381,263 $ 361,743 $ 355,371 $ 354,231 $ 343,936 Tax Equivalent ("TE") adjustments 1,020 698 646 659 528 Net interest income, TE (non-GAAP) $ 382,283 $ 362,441 $ 356,017 $ 354,890 $ 344,464 Noninterest income (GAAP) $ 71,355 $ 77,214 $ 72,848 $ 65,489 $ 71,558 Less: Gains/(losses) on sales of securities 45 — — (2) — Adjusted noninterest income (non-GAAP) $ 71,310 $ 77,214 $ 72,848 $ 65,491 $ 71,558 Efficiency Ratio (Non-GAAP) 51% 54% 54% 63% 58% Noninterest expense (GAAP) $ 240,505 $ 242,626 $ 238,206 $ 273,243 $ 249,290 Less: Merger, branch consolidation, severance related and other expense (1) 9,412 1,808 164 1,778 4,513 FDIC special assessment — — — 25,691 3,854 Amortization of intangible assets 7,299 7,028 6,616 6,615 5,998 Total adjustments $ 16,711 $ 8,836 $ 6,780 $ 34,084 $ 14,365 Adjusted noninterest expense (non-GAAP) $ 223,794 $ 233,790 $ 231,426 $ 239,159 $ 234,925 Adjusted Efficiency Ratio (Non-GAAP) 49% 53% 54% 57% 56%

NON - GAAP RECONCILIATIONS – TANGIBLE COMMON EQUITY RATIO Dollars in thousands 40 Tangible Common Equity ("TCE") Ratio 4Q23 1Q24 Tangible common equity (non-GAAP) $ 3,521,216 $ 3,540,710 Total assets (GAAP) 44,902,024 45,144,838 Less: Intangible assets 2,011,882 2,006,299 Tangible asset (non-GAAP) $ 42,890,142 $ 43,138,539 TCE Ratio (Non-GAAP) 8.2% 8.2%

EARNINGS PRESENTATION END NOTES 41 Slide 5 End Notes • Loans and deposits as of March 31, 2024; excludes $2.2B of loans and $3.4B of deposits from national lines of business and brokered deposits. • Country GDP as of 2023; State GDP as of 4Q23 • Sources: S&P Global, International Monetary Fund, US Bureau of Economic Analysis Slide 9 End Notes (1) 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 FDIC special assessment and merger, branch consolidation, severance related and other expenses - See reconciliation of GAAP to Non-GAAP measures in Appendix. Slide 10 End Notes (1) Adjusted figures exclude the impact of FDIC special assessment and merger, branch consolidation, severance related and other expenses; Core net interest income excluding loan accretion is also a non-GAAP financial measure; Adjusted efficiency ratio is calculated by taking the noninterest expense excluding FDIC special assessment and merger, branch consolidation and severance related expenses and amortization of intangible assets - See reconciliation of GAAP to Non-GAAP measures in Appendix. (2) Adjusted PPNR, PPNR ROAA and PPNR per weighted average diluted share are Non-GAAP financial measures that exclude the impact of FDIC special assessment and merger, branch consolidation, severance related and other expenses - See reconciliation of GAAP to Non-GAAP measures in Appendix. (3) Tax equivalent NIM is a Non-GAAP financial measure - See reconciliation of GAAP to Non-GAAP measures in Appendix. Slide 11 End Notes (1) Tax equivalent NIM is a Non-GAAP financial measure - See reconciliation of GAAP to Non-GAAP measures in Appendix. (2) Accretion includes loan discount accretion. (3) Tax equivalent Slide 12 End Notes (1) 1Q22, 2Q22 and 3Q22 loan production excludes production by legacy ACBI from March ~ July 2022 (pre-core system conversion); 1Q22 loan portfolio growth excludes acquisition date loan balances acquired from ACBI. (2) 1Q19 loan production excludes production from National Bank of Commerce (“NBC”); National Commerce Corporation, the holding company of NBC, was acquired by CenterState in 2Q19. (3) Excludes loans held for sale (and excludes PPP for periods prior to 2023); loan production indicates committed balance total; loan portfolio growth indicates quarter-over-quarter loan ending balance growth, excluding loans held for sale (and excluding PPP for periods prior to 2023). (4) The combined historical information referred to in this presentation as the “Combined Business Basis” 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 with the historical information of the Company and CenterState, as applicable. The combined historical information excludes ACBI. Slide 14 End Notes (1) Excludes loans held for sale.

EARNINGS PRESENTATION END NOTES 42 Slide 15 End Notes (1) CDL includes residential construction, commercial construction, and all land development loans. (2) Investor CRE includes nonowner-occupied CRE and other income producing property. (3) Excludes SELF loans acquired from ACBI. Slide 16 End Notes † Core deposits defined as non-time deposits (1) Source: S&P Global Market Intelligence; 1Q24 MRQs available as of April 24, 2024; Peers as disclosed in the most recent SSB proxy statement. Slide 19 End Notes (1) Review consists of all loans over $1 million; Substantially all loans reviewed in the $1 million to $1.5 million population were 50 thousand square feet or smaller and were not located in a Central Business District. (2) Weighted average DSC information from the Company’s December 31, 2023 stress test using commitment balances, totaling approximately $6.5 billion; excludes loans below $1.5 million, unless part of a larger relationship; Weighted average LTV as of March 31, 2024. Slide 20 End Notes (1) Top 25 MSAs by population; markets in SouthState footprint in top 25 MSAs include Miami, Atlanta, Charlotte, Tampa, and Orlando; blue bars indicate markets in SouthState footprint; Source: CoStar Slide 21 End Notes (1) Includes loan types representing 2% or more of investor CRE portfolio; based on the total portfolio of $9.1 billion, excluding 1-4 family rental properties and agricultural loans. (2) Weighted average DSC information from the Company’s December 31, 2023 stress test using commitment balances, totaling approximately $6.5 billion; excludes loans below $1.5 million, unless part of a larger relationship; Weighted average LTV as of March 31, 2024. (3) Represents % of each loan type balance. Slide 22 End Notes (1) Includes agricultural and 1-4 family rental properties loans. Slide 24 End Notes (1) Unamortized discount on acquired loans was $47 million, $51 million, $55 million, $59 million, and $65 million for the quarters ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, respectively. Slide 26 End Notes (1) The tangible measures are non-GAAP measures and exclude the effect of period end intangible assets - See reconciliation of GAAP to Non-GAAP measures in Appendix. (2) Preliminary Slide 28 End Notes † Investment portfolio excludes non-marketable equity. (1) MBS issued by U.S. government agencies or sponsored enterprises (commercial and residential collateral) (2) Investment securities yield include non-marketable equity and trading securities. (3) Excludes principal receivable balance as of March 31, 2024. (4) Based on current par value

EARNINGS PRESENTATION END NOTES 43 Slide 29 End Notes (1) Total revenue and noninterest income are adjusted by gains or losses on sales of securities and tax equivalent adjustments; Tax equivalent NIM, efficiency ratio and adjusted efficiency ratio are Non-GAAP financial measures; Adjusted Efficiency Ratio excludes the impact of FDIC special assessment and merger, branch consolidation, severance related and other expenses, gain on sales of securities, and amortization expense on intangible assets, as applicable – See Current & Historical Efficiency Ratios and Net Interest Margin reconciliation in Appendix. (2) Annualized Slide 30 End Notes (1) Includes pipeline, LHFS and MBS forwards. Slide 31 End Notes (1) Interest on centrally-cleared variation margin (expense or income) is included in ARC revenue within Correspondent Banking and Capital Markets Income.