サウスステートバンクの適時開示・決算・その他

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): July 27, 2023

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	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 July 27, 2023, SouthState Corporation (“SouthState” or the “Company”) issued a press release announcing its financial results for the three- and six-month periods ended June 30, 2023, 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 July 28, 2023 at 9 a.m. (ET) to discuss the Company’s second quarter 2023 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/.


Item 7.01				Regulation FD Disclosure.

On July 27, 2023, the Company also made available the presentation (“Presentation”) prepared for use with the press release during the earnings conference call on July 28, 2023. 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.

Third Quarter 2023 Shareholder Dividend

On July 27, 2023, SouthState announced that the Board of Directors of the Company increased its quarterly cash dividend on its common stock from $0.50 per share to $0.52 per share. The dividend is payable on August 18, 2023 to shareholders of record as of August 11, 2023.


Item 9.01		Financial Statements and Exhibits.

	(d)	Exhibits:

	Exhibit No.	Description

	Exhibit 99.1	Press Release, dated July 27, 2023

	Exhibit 99.2	Presentation for SouthState Corporation Earnings Call

	Exhibit 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) interest rate risk primarily resulting from the interest rate environment, the number and pace of interest rate increases, 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) volatility in the financial services industry (including failures or rumors of failures of other depositor 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 (4) risks related to the merger and integration of SouthState and Atlantic Capital 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 Atlantic Capital’s operations into SouthState’s operations will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Atlantic Capital’s businesses into SouthState’s businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, and (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger; (5) risks relating to the continued impact of the Covid19 pandemic on the Company, including to efficiencies and the control environment due to the changing work environment; (6) 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; (7) 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; (8) potential deterioration in real estate values; (9) 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; (10) risks relating to the ability to retain our culture and attract and retain qualified people; (11) 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; (12) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (13) liquidity risk affecting the Bank’s ability to meet its obligations when they come due; (14) 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; (15) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (16) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (17) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (18) transaction risk arising from problems with service or product delivery; (19) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (20) 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, and the possibility of changes in accounting standards, policies, principles and practices; (21) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (22) 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; (23) 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; (24) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of recently issued proposed regulatory guidance and regulation relating to climate change; (25) greater than expected noninterest expenses; (26) excessive loan losses; (27) potential deposit attrition, higher than expected costs, customer loss and business disruption associated with the Atlantic Capital integration, and potential difficulties in maintaining relationships with key personnel; (28) reputational risk and possible higher than estimated reduced revenue from announced changes in the Bank’s consumer overdraft programs; (29) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (30) 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; (31) ownership dilution risk associated with potential acquisitions in which SouthState’s stock may be issued as consideration for an acquired company; (32) 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; (33) major catastrophes such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including infectious disease outbreaks, 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; (34) terrorist activities risk that results in loss of consumer confidence and economic disruptions; and (35) 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: July 27, 2023

EX-99.1 2 ssb-20230727xex99d1.htm EX-99.1

Exhibit 99.1


SouthState Corporation Reports Second Quarter 2023 Results Declares an Increase in the Quarterly Cash Dividend	FOR IMMEDIATE RELEASE
		Media Contact
		Jackie Smith, 803.231.3486

WINTER HAVEN, FL – July 27, 2023 – SouthState Corporation (NASDAQ: SSB) today released its unaudited results of operations and other financial information for the three-month and six-month periods ended June 30, 2023.

“Following the turmoil in March, we demonstrated the value of SouthState’s granular deposit franchise with 6% annualized growth in customer deposits and a low cycle-to-date beta of 22%", said John C. Corbett, SouthState’s Chief Executive Officer. "Additionally, we are pleased to report 11% annualized loan growth fueled by a resilient economy and strong population growth in the Southeast. As we approach the next phase of the economic cycle, we believe we are well-prepared with healthy capital and reserve levels."

Highlights of the second quarter of 2023 include:

Returns

●

Reported Diluted Earnings per Share (“EPS”) of $1.62; Adjusted Diluted EPS (Non-GAAP) of $1.63

●

Net Income of $123.4 million; Adjusted Net Income (Non-GAAP) of $124.9 million

●

Return on Average Common Equity of 9.3% and Return on Average Tangible Common Equity (Non-GAAP) of 15.8%; Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 16.0%*

●

Return on Average Assets (“ROAA”) of 1.11%; Adjusted ROAA (Non-GAAP) of 1.12%*

●

Pre-Provision Net Revenue (“PPNR”) per weighted average diluted share (Non-GAAP) of $2.59

●

Book Value per Share of $69.61 increased by $0.42 per share compared to the prior quarter

●

Tangible Book Value (“TBV”) per Share (Non-GAAP) of $42.96

Performance

●

Net Interest Income of $362 million; Core Net Interest Income (excluding loan accretion and deferred fees on PPP) (Non-GAAP) decreased $18 million from prior quarter, due to a $47 million increase in interest expense, offset by a $28 million increase in interest income and a $2 million decrease in loan accretion

●

Net Interest Margin (“NIM”), non-tax equivalent and tax equivalent (Non-GAAP) of 3.62%

●

Net charge-offs of $3.3 million, or 0.04% annualized; $38.4 million Provision for Credit Losses (“PCL”), including provision for unfunded commitments; 8 basis points build in total allowance for credit losses (“ACL”) plus reserve for unfunded commitments to 1.56%

●

Noninterest Income of $77 million, up $6 million compared to the prior quarter, primarily due to an increase in correspondent banking and capital market income; Noninterest Income represented 0.69% of average assets for the second quarter of 2023

●

Efficiency Ratio of 54%; Adjusted Efficiency Ratio (Non-GAAP) of 53%

Balance Sheet

●

Loans increased $841 million, or 11% annualized, led by consumer real estate and investor commercial real estate; ending loan to deposit ratio of 86%

●

Deposits increased $340 million, or 4% annualized, despite a $209 million decline in brokered CDs; excluding brokered CDs, deposits increased $549 million, or 6% annualized, from prior quarter

●

Total deposit cost of 1.11%, up 0.48% from prior quarter, resulting in a 22% cycle-to-date beta

●

Other borrowings decreased $500 million as a result of FHLB advance payoffs during the quarter

●

Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 7.6%, 13.5%, 9.2%, and 11.3%, respectively†

Subsequent Events

●

The Board of Directors of the Company increased its quarterly cash dividend on its common stock from $0.50 per share to $0.52 per share; the dividend is payable on August 18, 2023 to shareholders of record as of August 11, 2023

∗ Annualized percentages

† Preliminary

Financial Performance


	Three Months Ended										Six Months Ended
(Dollars in thousands, except per share data)	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Jun. 30,		Jun. 30,
INCOME STATEMENT	2023		2023		2022		2022		2022		2023		2022
Interest income
Loans, including fees (1)	$	419,355	$	393,366	$	359,552	$	312,856	$	272,000	$	812,720	$	505,617
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell (8)		58,698		57,043		64,337		63,476		54,333		115,742		91,187
Total interest income		478,053		450,409		423,889		376,332		326,333		928,462		596,804
Interest expense
Deposits (8)		100,787		55,942		19,945		7,534		4,914		156,729		9,506
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings		15,523		13,204		7,940		6,464		5,604		28,727		9,966
Total interest expense		116,310		69,146		27,885		13,998		10,518		185,456		19,472
Net interest income (8)		361,743		381,263		396,004		362,334		315,815		743,006		577,332
Provision for credit losses		38,389		33,091		47,142		23,876		19,286		71,480		10,837
Net interest income after provision for credit losses		323,354		348,172		348,862		338,458		296,529		671,526		566,495
Noninterest income (8)		77,214		71,355		63,392		73,053		86,756		148,569		172,803
Noninterest expense
Operating expense		240,818		231,093		227,957		226,754		225,779		471,911		444,103
Merger, branch consolidation and severance related expense		1,808		9,412		1,542		13,679		5,390		11,220		15,666
Total noninterest expense		242,626		240,505		229,499		240,433		231,169		483,131		459,769
Income before provision for income taxes		157,942		179,022		182,755		171,078		152,116		336,964		279,529
Income taxes provision		34,495		39,096		39,253		38,035		32,941		73,591		60,025
Net income	$	123,447	$	139,926	$	143,502	$	133,043	$	119,175	$	263,373	$	219,504

Adjusted net income (non-GAAP) (2)
Net income (GAAP)	$	123,447	$	139,926	$	143,502	$	133,043	$	119,175	$	263,373	$	219,504
Securities gains, net of tax		—		(35)		—		(24)		—		(35)		—
Initial provision for credit losses - NonPCD loans and UFC from ACBI, net of tax		—		—		—		—		—		—		13,492
Merger, branch consolidation and severance related expense, net of tax		1,414		7,356		1,211		10,638		4,223		8,770		12,314
Adjusted net income (non-GAAP)	$	124,861	$	147,247	$	144,713	$	143,657	$	123,398	$	272,108	$	245,310

Basic earnings per common share	$	1.62	$	1.84	$	1.90	$	1.76	$	1.58	$	3.47	$	2.99
Diluted earnings per common share	$	1.62	$	1.83	$	1.88	$	1.75	$	1.57	$	3.45	$	2.96
Adjusted net income per common share - Basic (non-GAAP) (2)	$	1.64	$	1.94	$	1.91	$	1.90	$	1.64	$	3.58	$	3.34
Adjusted net income per common share - Diluted (non-GAAP) (2)	$	1.63	$	1.93	$	1.90	$	1.89	$	1.62	$	3.56	$	3.31
Dividends per common share	$	0.50	$	0.50	$	0.50	$	0.50	$	0.49	$	1.00	$	0.98
Basic weighted-average common shares outstanding		76,057,977		75,902,440		75,639,640		75,605,960		75,461,157		75,980,638		73,464,620
Diluted weighted-average common shares outstanding		76,417,537		76,388,954		76,326,777		76,182,131		76,094,198		76,394,174		74,103,640
Effective tax rate		21.84%		21.84%		21.48%		22.23%		21.66%		21.84%		21.47%

Performance and Capital Ratios


	Three Months Ended															Six Months Ended
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Jun. 30,		Jun. 30,
	2023			2023			2022			2022			2022			2023		2022
PERFORMANCE RATIOS
Return on average assets (annualized) (8)		1.11	%		1.29	%		1.28	%		1.17	%		1.05	%	1.20	%	1.00	%
Adjusted return on average assets (annualized) (non-GAAP) (2) (8)		1.12	%		1.35	%		1.29	%		1.27	%		1.09	%	1.24	%	1.12	%
Return on average common equity (annualized)		9.34	%		10.96	%		11.41	%		10.31	%		9.36	%	10.14	%	8.81	%
Adjusted return on average common equity (annualized) (non-GAAP) (2)		9.45	%		11.53	%		11.50	%		11.13	%		9.69	%	10.47	%	9.85	%
Return on average tangible common equity (annualized) (non-GAAP) (3)		15.81	%		18.81	%		20.17	%		17.99	%		16.59	%	17.27	%	15.28	%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)		15.98	%		19.75	%		20.33	%		19.36	%		17.15	%	17.82	%	16.97	%
Efficiency ratio (tax equivalent)		53.59	%		51.41	%		47.96	%		53.14	%		54.92	%	52.48	%	58.66	%
Adjusted efficiency ratio (non-GAAP) (4)		53.18	%		49.34	%		47.63	%		50.02	%		53.59	%	51.23	%	56.58	%
Dividend payout ratio (5)		30.75	%		27.09	%		26.40	%		28.44	%		31.03	%	28.81	%	32.26	%
Book value per common share	$	69.61		$	69.19		$	67.04		$	65.03		$	66.64
Tangible book value per common share (non-GAAP) (3)	$	42.96		$	42.40		$	40.09		$	37.97		$	39.47

CAPITAL RATIOS
Equity-to-assets (8)		11.8	%		11.7	%		11.6	%		11.1	%		11.0	%
Tangible equity-to-tangible assets (non-GAAP) (3) (8)		7.6	%		7.5	%		7.2	%		6.8	%		6.8	%
Tier 1 leverage (6) (8)		9.2	%		9.1	%		8.7	%		8.4	%		8.0	%
Tier 1 common equity (6) (8)		11.3	%		11.1	%		11.0	%		11.0	%		11.1	%
Tier 1 risk-based capital (6) (8)		11.3	%		11.1	%		11.0	%		11.0	%		11.1	%
Total risk-based capital (6) (8)		13.5	%		13.3	%		13.0	%		13.0	%		13.0	%

Balance Sheet


	Ending Balance
(Dollars in thousands, except per share and share data)	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,
BALANCE SHEET	2023		2023		2022		2022		2022
Assets
Cash and due from banks	$	552,900	$	558,158	$	548,387	$	394,794	$	561,516
Federal funds sold and interest-earning deposits with banks (8)		960,849		1,438,504		764,176		2,529,415		4,259,490
Cash and cash equivalents		1,513,749		1,996,662		1,312,563		2,924,209		4,821,006

Trading securities, at fair value		56,580		16,039		31,263		51,940		88,088
Investment securities:
Securities held to maturity		2,585,155		2,636,673		2,683,241		2,738,178		2,806,465
Securities available for sale, at fair value		4,949,334		5,159,999		5,326,822		5,369,610		5,666,008
Other investments		196,728		217,991		179,717		179,755		179,815
Total investment securities		7,731,217		8,014,663		8,189,780		8,287,543		8,652,288
Loans held for sale		42,951		27,289		28,968		34,477		73,880
Loans:
Purchased credit deteriorated		1,269,983		1,325,400		1,429,731		1,544,562		1,707,592
Purchased non-credit deteriorated		5,275,913		5,620,290		5,943,092		6,365,175		6,908,234
Non-acquired		24,990,889		23,750,452		22,805,039		20,926,566		19,319,440
Less allowance for credit losses		(427,392)		(370,645)		(356,444)		(324,398)		(319,708)
Loans, net		31,109,393		30,325,497		29,821,418		28,511,905		27,615,558
Other real estate owned ("OREO")		1,080		3,473		1,023		2,160		1,431
Premises and equipment, net		518,353		517,146		520,635		531,160		562,781
Bank owned life insurance		979,494		967,750		964,708		960,052		953,970
Mortgage servicing rights		87,539		85,406		86,610		90,459		87,463
Core deposit and other intangibles		102,256		109,603		116,450		125,390		132,694
Goodwill		1,923,106		1,923,106		1,923,106		1,922,525		1,922,525
Other assets (8)		874,614		937,193		922,172		980,557		854,506
Total assets	$	44,940,332	$	44,923,827	$	43,918,696	$	44,422,377	$	45,766,190

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing	$	11,489,483	$	12,422,583	$	13,168,656	$	13,660,244	$	14,337,018
Interest-bearing (8)		25,252,395		23,979,009		23,181,967		23,249,545		24,097,601
Total deposits		36,741,878		36,401,592		36,350,623		36,909,789		38,434,619
Federal funds purchased and securities
sold under agreements to repurchase		581,446		544,108		556,417		557,802		669,999
Other borrowings		792,090		1,292,182		392,275		392,368		392,460
Reserve for unfunded commitments		63,399		85,068		67,215		52,991		32,543
Other liabilities (8)		1,471,509		1,351,873		1,477,239		1,588,241		1,196,144
Total liabilities		39,650,322		39,674,823		38,843,769		39,501,191		40,725,765

Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares		189,990		189,649		189,261		189,191		189,103
Surplus		4,228,910		4,224,503		4,215,712		4,207,040		4,195,976
Retained earnings		1,533,508		1,448,636		1,347,042		1,241,413		1,146,230
Accumulated other comprehensive loss		(662,398)		(613,784)		(677,088)		(716,458)		(490,884)
Total shareholders' equity		5,290,010		5,249,004		5,074,927		4,921,186		5,040,425
Total liabilities and shareholders' equity	$	44,940,332	$	44,923,827	$	43,918,696	$	44,422,377	$	45,766,190

Common shares issued and outstanding		75,995,979		75,859,665		75,704,563		75,676,445		75,641,322

Net Interest Income and Margin


	Three Months Ended
	Jun. 30, 2023					Mar. 31, 2023					Jun. 30, 2022
(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 (8)	$	947,526	$	11,858	5.02%	$	759,239	$	8,921	4.77%	$	4,809,521	$	9,309	0.78%
Investment securities		7,994,330		46,840	2.35%		8,232,582		48,122	2.37%		8,880,419		45,024	2.03%
Loans held for sale		36,114		568	6.31%		23,123		402	7.05%		76,567		791	4.14%
Total loans, excluding PPP		31,141,951		418,766	5.39%		30,384,754		392,941	5.24%		27,055,042		271,003	4.02%
Total PPP loans		7,915		21	1.06%		9,642		23	0.97%		77,816		206	1.06%
Total loans held for investment		31,149,866		418,787	5.39%		30,394,396		392,964	5.24%		27,132,858		271,209	4.01%
Total interest-earning assets (8)		40,127,836		478,053	4.78%		39,409,340		450,409	4.64%		40,899,365		326,333	3.20%
Noninterest-earning assets (8)		4,500,288					4,695,138					4,677,377
Total Assets	$	44,628,124				$	44,104,478				$	45,576,742

Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts (8)	$	17,222,660	$	65,717	1.53%	$	16,874,909	$	40,516	0.97%	$	18,045,842	$	2,974	0.07%
Savings deposits		3,031,153		1,951	0.26%		3,298,221		1,756	0.22%		3,548,192		143	0.02%
Certificates and other time deposits		4,328,388		33,119	3.07%		3,114,354		13,670	1.78%		2,776,478		1,797	0.26%
Federal funds purchased		215,085		2,690	5.02%		193,259		2,187	4.59%		333,326		628	0.76%
Repurchase agreements		330,118		845	1.03%		373,563		666	0.72%		403,008		153	0.15%
Other borrowings		865,770		11,988	5.55%		785,571		10,351	5.34%		405,241		4,823	4.77%
Total interest-bearing liabilities (8)		25,993,174		116,310	1.79%		24,639,877		69,146	1.14%		25,512,087		10,518	0.17%
Noninterest-bearing liabilities ("Non-IBL") (8)		13,333,253					14,287,553					14,955,330
Shareholders' equity		5,301,697					5,177,048					5,109,325
Total Non-IBL and shareholders' equity		18,634,950					19,464,601					20,064,655
Total Liabilities and Shareholders' Equity	$	44,628,124				$	44,104,478				$	45,576,742
Net Interest Income and Margin (Non-Tax Equivalent) (8)			$	361,743	3.62%			$	381,263	3.92%			$	315,815	3.10%
Net Interest Margin (Tax Equivalent) (non-GAAP) (8)					3.62%					3.93%					3.12%
Total Deposit Cost (without Debt and Other Borrowings)					1.11%					0.63%					0.05%
Overall Cost of Funds (including Demand Deposits)					1.23%					0.75%					0.11%

Total Accretion on Acquired Loans (1)			$	5,481				$	7,398				$	12,770
Total Deferred Fees on PPP Loans			$	—				$	—				$	8
Tax Equivalent ("TE") Adjustment			$	698				$	1,020				$	2,249

(1)

The remaining loan discount on acquired loans to be accreted into loan interest income totals $59.3 million as of June 30, 2023.

Noninterest Income and Expense


	Three Months Ended										Six Months Ended
	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Jun. 30,		Jun. 30,
(Dollars in thousands)	2023		2023		2022		2022		2022		2023		2022
Noninterest Income:
Fees on deposit accounts	$	33,101	$	29,859	$	33,612	$	30,327	$	32,862	$	62,960	$	60,871
Mortgage banking income (loss)		4,354		4,332		(545)		2,262		5,480		8,686		16,074
Trust and investment services income		9,823		9,937		9,867		9,603		9,831		19,760		19,549
Securities gains, net		—		45		—		30		—		45		—
Correspondent banking and capital market income (8)		27,734		21,956		16,760		20,552		27,604		49,690		55,598
Expense on centrally-cleared variation margin (8)		(8,547)		(8,362)		(8,451)		(4,125)		(1,536)		(16,909)		(1,579)
Total Correspondent banking and capital market income (8)		19,187		13,594		8,309		16,427		26,068		32,781		54,019
Bank owned life insurance income		6,271		6,813		6,723		6,082		6,246		13,084		11,506
Other		4,478		6,775		5,426		8,322		6,269		11,253		10,784
Total Noninterest Income (8)	$	77,214	$	71,355	$	63,392	$	73,053	$	86,756	$	148,569	$	172,803

Noninterest Expense:
Salaries and employee benefits	$	147,342	$	144,060	$	140,440	$	139,554	$	137,037	$	291,402	$	274,710
Occupancy expense		22,196		21,533		22,412		22,490		22,759		43,729		44,599
Information services expense		21,119		19,925		19,847		20,714		19,947		41,044		39,140
OREO and loan related (income) expense		(14)		169		78		532		(3)		155		(241)
Business development and staff related		6,672		5,957		5,851		5,090		4,916		12,629		9,192
Amortization of intangibles		7,028		7,299		8,027		7,837		8,847		14,327		17,341
Professional fees		4,364		3,702		3,756		3,495		4,331		8,066		8,080
Supplies and printing expense		2,554		2,640		2,411		2,621		2,400		5,194		4,589
FDIC assessment and other regulatory charges		9,819		6,294		6,589		6,300		5,332		16,113		10,144
Advertising and marketing		1,521		2,118		2,669		2,170		2,286		3,639		4,049
Other operating expenses		18,217		17,396		15,877		15,951		17,927		35,613		32,500
Merger, branch consolidation and severance related expense		1,808		9,412		1,542		13,679		5,390		11,220		15,666
Total Noninterest Expense	$	242,626	$	240,505	$	229,499	$	240,433	$	231,169	$	483,131	$	459,769

* During the first quarter of 2023, the Company recorded $8.1 million in severance payments, which are included in the Merger, branch consolidation and severance related expense in the table above.

Loans and Deposits

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


	Ending Balance
(Dollars in thousands)	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,
LOAN PORTFOLIO	2023		2023		2022		2022		2022
Construction and land development * †	$	2,817,125	$	2,749,290	$	2,860,360	$	2,550,552	$	2,527,062
Investor commercial real estate*		9,187,948		8,957,507		8,769,201		8,641,316		8,393,630
Commercial owner occupied real estate		5,585,951		5,522,514		5,460,193		5,426,216		5,421,725
Commercial and industrial		5,378,294		5,321,306		5,313,483		4,977,737		4,807,528
Consumer real estate *		7,275,495		6,860,831		6,475,210		5,977,120		5,505,531
Consumer/other		1,291,972		1,284,694		1,299,415		1,263,362		1,279,790
Total loans	$	31,536,785	$	30,696,142	$	30,177,862	$	28,836,303	$	27,935,266

* 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 $928.4 million, $893.7 million, $904.1 million, $881.3 million, and $795.7 million for the quarters ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022, and June 30, 2022, respectively.


	Ending Balance
(Dollars in thousands)	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,
DEPOSITS	2023		2023		2022		2022		2022
Noninterest-bearing checking	$	11,489,483	$	12,422,583	$	13,168,656	$	13,660,244	$	14,337,018
Interest-bearing checking		8,185,609		8,316,023		8,955,519		8,741,447		8,953,332
Savings		2,931,320		3,156,214		3,464,351		3,602,560		3,616,819
Money market (8)		9,710,032		8,388,275		8,342,111		8,369,826		8,823,025
Time deposits		4,425,434		4,118,497		2,419,986		2,535,712		2,704,425
Total Deposits (8)	$	36,741,878	$	36,401,592	$	36,350,623	$	36,909,789	$	38,434,619

Core Deposits (excludes Time Deposits) (8)	$	32,316,444	$	32,283,095	$	33,930,637	$	34,374,077	$	35,730,194

Asset Quality


	Ending Balance
	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,
(Dollars in thousands)	2023		2023		2022		2022		2022
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual	$	104,772	$	68,176	$	44,671	$	34,374	$	20,716
Accruing loans past due 90 days or more		3,620		2,667		2,358		2,358		1,371
Non-acquired OREO and other nonperforming assets		227		186		245		114		93
Total non-acquired nonperforming assets		108,619		71,029		47,274		36,846		22,180
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual		60,734		52,795		59,554		61,866		63,526
Accruing loans past due 90 days or more		571		983		1,992		1,430		4,418
Acquired OREO and other nonperforming assets		981		3,446		922		2,234		1,577
Total acquired nonperforming assets		62,286		57,224		62,468		65,530		69,521
Total nonperforming assets	$	170,905	$	128,253	$	109,742	$	102,376	$	91,701


	Three Months Ended
	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,
	2023		2023		2022		2022		2022
ASSET QUALITY RATIOS:
Allowance for credit losses as a percentage of loans		1.36%		1.21%		1.18%		1.12%		1.14%
Allowance for credit losses, including reserve for unfunded commitments, as a percentage of loans		1.56%		1.48%		1.40%		1.31%		1.26%
Allowance for credit losses as a percentage of nonperforming loans		251.86%		297.42%		328.29%		324.30%		355.11%
Net charge-offs (recoveries) as a percentage of average loans (annualized)		0.04%		0.01%		0.01%		(0.02)%		0.03%
Total nonperforming assets as a percentage of total assets		0.38%		0.29%		0.25%		0.23%		0.20%
Nonperforming loans as a percentage of period end loans		0.54%		0.41%		0.36%		0.35%		0.32%

Current Expected Credit Losses (“CECL”)

Below is a table showing the roll forward of the ACL and UFC for the second quarter of 2023:


	Allowance for Credit Losses ("ACL and UFC")
	NonPCD ACL		PCD ACL		Total ACL		UFC
Ending balance 3/31/2023	$	327,915	$	42,730	$	370,645	$	85,068
Charge offs		(7,140)		—		(7,140)		—
Acquired charge offs		(376)		(62)		(438)		—
Recoveries		1,610		—		1,610		—
Acquired recoveries		1,240		1,418		2,658		—
Provision (recovery) for credit losses		61,047		(990)		60,057		(21,669)
Ending balance 6/30/2023	$	384,296	$	43,096	$	427,392	$	63,399

Period end loans	$	30,266,802	$	1,269,983	$	31,536,785		N/A
Allowance for Credit Losses to Loans		1.27%		3.39%		1.36%		N/A
Unfunded commitments (off balance sheet) *							$	9,667,211
Reserve to unfunded commitments (off balance sheet)								0.66%

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

Conference Call

The Company will host a conference call to discuss its second quarter results at 9:00 a.m. Eastern Time on July 28, 2023. 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 July 28, 2023 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)	Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022
Net income (GAAP)	$	123,447		$	139,926		$	143,502		$	133,043		$	119,175
Provision (recovery) for credit losses		38,389			33,091			47,142			23,876			19,286
Tax provision		34,495			39,096			39,253			38,035			32,941
Merger, branch consolidation and severance related expense		1,808			9,412			1,542			13,679			5,390
Securities gains		—			(45)			—			(30)			—
Pre-provision net revenue (PPNR) (Non-GAAP)	$	198,139		$	221,480		$	231,439		$	208,603		$	176,792

Average asset balance (GAAP)	$	44,628,124		$	44,104,478		$	44,429,894		$	44,985,713		$	45,576,742
PPNR ROAA		1.78	%		2.04	%		2.07	%		1.84	%		1.56	%

Diluted weighted-average common shares outstanding		76,418			76,389			76,327			76,182			76,094
PPNR per weighted-average common shares outstanding	$	2.59		$	2.90		$	3.03		$	2.74		$	2.32


(Dollars in thousands)	Three Months Ended
CORE NET INTEREST INCOME (NON-GAAP)	Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022
Net interest income (GAAP) (8)	$	361,743		$	381,263		$	396,004		$	362,334		$	315,815
Less:
Total accretion on acquired loans		5,481			7,398			7,350			9,550			12,770
Total deferred fees on PPP loans		—			—			—			—			8
Core net interest income (Non-GAAP)	$	356,262		$	373,865		$	388,654		$	352,784		$	303,037

NET INTEREST MARGIN ("NIM"), TAX EQUIVALENT (NON-GAAP)
Net interest income (GAAP) (8)	$	361,743		$	381,263		$	396,004		$	362,334		$	315,815
Total average interest-earning assets (8)		40,127,836			39,409,340			39,655,736			40,451,174			40,899,365
NIM, non-tax equivalent (8)		3.62	%		3.92	%		3.96	%		3.55	%		3.10	%

Tax equivalent adjustment (included in NIM, tax equivalent)		698			1,020			2,397			2,345			2,249
Net interest income, tax equivalent (Non-GAAP) (8)	$	362,441		$	382,283		$	398,401		$	364,679		$	318,064
NIM, tax equivalent (Non-GAAP) (8)		3.62	%		3.93	%		3.99	%		3.58	%		3.12	%


	Three Months Ended															Six Months Ended
(Dollars in thousands, except per share data)	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Jun. 30,			Jun. 30,
RECONCILIATION OF GAAP TO NON-GAAP	2023			2023			2022			2022			2022			2023			2022
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)	$	123,447		$	139,926		$	143,502		$	133,043		$	119,175		$	263,373		$	219,504
Securities gains, net of tax		—			(35)			—			(24)			—			(35)			—
PCL - NonPCD loans and UFC, net of tax		—			—			—			—			—			—			13,492
Merger, branch consolidation and severance related expense, net of tax		1,414			7,356			1,211			10,638			4,223			8,770			12,314
Adjusted net income (non-GAAP)	$	124,861		$	147,247		$	144,713		$	143,657		$	123,398		$	272,108		$	245,310

Adjusted Net Income per Common Share - Basic (2)
Earnings per common share - Basic (GAAP)	$	1.62		$	1.84		$	1.90		$	1.76		$	1.58		$	3.47		$	2.99
Effect to adjust for securities gains		—			(0.00)			—			(0.00)			—			(0.00)			—
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—			—			—			—			—			—			0.18
Effect to adjust for merger, branch consolidation and severance related expense, net of tax		0.02			0.10			0.01			0.14			0.06			0.11			0.17
Adjusted net income per common share - Basic (non-GAAP)	$	1.64		$	1.94		$	1.91		$	1.90		$	1.64		$	3.58		$	3.34

Adjusted Net Income per Common Share - Diluted (2)
Earnings per common share - Diluted (GAAP)	$	1.62		$	1.83		$	1.88		$	1.75		$	1.57		$	3.45		$	2.96
Effect to adjust for securities gains		—			(0.00)			—			(0.00)			—			(0.00)			—
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—			—			—			—			—			—			0.18
Effect to adjust for merger, branch consolidation and severance related expense, net of tax		0.01			0.10			0.02			0.14			0.05			0.11			0.17
Adjusted net income per common share - Diluted (non-GAAP)	$	1.63		$	1.93		$	1.90		$	1.89		$	1.62		$	3.56		$	3.31

Adjusted Return on Average Assets (2)
Return on average assets (GAAP) (8)		1.11	%		1.29	%		1.28	%		1.17	%		1.05	%		1.20	%		1.00	%
Effect to adjust for securities gains		—	%		(0.00)	%		—	%		(0.00)	%		—	%		(0.00)	%		—	%
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		0.06	%
Effect to adjust for merger, branch consolidation and severance related expense, net of tax		0.01	%		0.06	%		0.01	%		0.10	%		0.04	%		0.04	%		0.06	%
Adjusted return on average assets (non-GAAP) (8)		1.12	%		1.35	%		1.29	%		1.27	%		1.09	%		1.24	%		1.12	%

Adjusted Return on Average Common Equity (2)
Return on average common equity (GAAP)		9.34	%		10.96	%		11.41	%		10.31	%		9.36	%		10.14	%		8.81	%
Effect to adjust for securities gains		—	%		(0.00)	%		—	%		(0.00)	%		—	%		(0.00)	%		—	%
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		0.54	%
Effect to adjust for merger, branch consolidation and severance related expense, net of tax		0.11	%		0.57	%		0.09	%		0.82	%		0.33	%		0.33	%		0.50	%
Adjusted return on average common equity (non-GAAP)		9.45	%		11.53	%		11.50	%		11.13	%		9.69	%		10.47	%		9.85	%

Return on Average Common Tangible Equity (3)
Return on average common equity (GAAP)		9.34	%		10.96	%		11.41	%		10.31	%		9.36	%		10.14	%		8.81	%
Effect to adjust for intangible assets		6.47	%		7.85	%		8.76	%		7.68	%		7.23	%		7.13	%		6.47	%
Return on average tangible equity (non-GAAP)		15.81	%		18.81	%		20.17	%		17.99	%		16.59	%		17.27	%		15.28	%

Adjusted Return on Average Common Tangible Equity (2) (3)
Return on average common equity (GAAP)		9.34	%		10.96	%		11.41	%		10.31	%		9.36	%		10.14	%		8.81	%
Effect to adjust for securities gains		—	%		(0.00)	%		—	%		(0.00)	%		—	%		(0.00)	%		—	%
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		0.54	%
Effect to adjust for merger, branch consolidation and severance related expense, net of tax		0.11	%		0.58	%		0.10	%		0.82	%		0.33	%		0.33	%		0.49	%
Effect to adjust for intangible assets		6.53	%		8.21	%		8.82	%		8.23	%		7.46	%		7.35	%		7.13	%
Adjusted return on average common tangible equity (non-GAAP)		15.98	%		19.75	%		20.33	%		19.36	%		17.15	%		17.82	%		16.97	%

Adjusted Efficiency Ratio (4)
Efficiency ratio		53.59	%		51.41	%		47.96	%		53.14	%		54.92	%		52.48	%		58.66	%
Effect to adjust for merger, branch consolidation and severance related expense, net of tax		(0.41)	%		(2.07)	%		(0.33)	%		(3.12)	%		(1.33)	%		(1.25)	%		(2.08)	%
Adjusted efficiency ratio		53.18	%		49.34	%		47.63	%		50.02	%		53.59	%		51.23	%		56.58	%

Tangible Book Value Per Common Share (3)
Book value per common share (GAAP)	$	69.61		$	69.19		$	67.04		$	65.03		$	66.64
Effect to adjust for intangible assets		(26.65)			(26.79)			(26.95)			(27.06)			(27.17)
Tangible book value per common share (non-GAAP)	$	42.96		$	42.40		$	40.09		$	37.97		$	39.47

Tangible Equity-to-Tangible Assets (3)
Equity-to-assets (GAAP) (8)		11.77	%		11.68	%		11.56	%		11.08	%		11.01	%
Effect to adjust for intangible assets		(4.16)	%		(4.18)	%		(4.31)	%		(4.30)	%		(4.18)	%
Tangible equity-to-tangible assets (non-GAAP) (8)		7.61	%		7.50	%		7.25	%		6.78	%		6.83	%

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 $5.5 million, $7.4 million, $7.3 million, $9.6 million, and $12.8 million during the quarters ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022, and June 30, 2022, 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 and severance related expense, and initial PCL on nonPCD loans and unfunded commitments from acquisitions. 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 and severance related expense of $1.8 million, $9.4 million, $1.5 million, $13.7 million, and $5.4 million for the quarters ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022, and June 30, 2022, respectively; (b) net securities gains of $45,000 and $30,000 for the quarters ended March 31, 2023 and September 30, 2022, 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 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 merger, branch consolidation and severance related expense 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 $7.0 million, $7.3 million, $8.0 million, $7.8 million, and $8.8 million for the quarters ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022, and June 30, 2022, 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)	June 30, 2023 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)

During the fourth quarter of 2022, the Company determined the variation margin payments for its interest rate swaps centrally cleared through London Clearing House ("LCH") and Chicago Mercantile Exchange ("CME") met the legal characteristics of daily settlements of the derivatives rather than collateral. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting and financial reporting purposes. Depending on the net position, the fair value of the single unit of account is reported in other assets or other liabilities on the consolidated balance sheets, as opposed to interest-earning deposits or interest-bearing deposits. In addition, the expense or income attributable to the variation margin payments for the centrally cleared swaps is reported in noninterest income, specifically within correspondent and capital markets income, as opposed to interest income or interest expense. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument. The table below discloses the net change in all the balance sheet and income statement line items, as well as performance metrics, impacted by the correction from collateralize-to-market to settle-to-market accounting treatment for prior periods. There was no impact to net income or equity as previously reported.


	Three Months Ended				Six Months Ended
(Dollars in thousands)	Sep. 30,		Jun. 30,		Jun. 30,
INCOME STATEMENT	2022		2022		2022
Interest income:
Effect to interest income on federal funds sold and interest-earning
deposits with banks	$	1,522	$	674	$	681
Interest expense:
Effect to interest expense on money market deposits		(2,603)		(862)		(898)
Net interest income:
Net effect to net interest income	$	4,125	$	1,536	$	1,579
Noninterest Income:
Effect to correspondent banking and capital market income	$	(4,125)	$	(1,536)	$	(1,579)

BALANCE SHEET
Assets:
Effect to federal funds sold and interest-earning deposits with banks	$	114,514	$	98,907
Effect to other assets		(870,746)		(540,139)
Net effect to total assets	$	(756,232)	$	(441,232)

Liabilities:
Effect to money market deposits	$	(756,232)	$	(441,232)
Net effect to total liabilities	$	(756,232)	$	(441,232)

AVERAGE BALANCES
Interest-earning assets:
Effect to federal funds sold and interest-earning deposits with banks	$	210,108	$	211,970
Noninterest-earning assets:
Effect to noninterest-earning assets		(569,329)		(483,017)
Net effect to total average assets	$	(359,221)	$	(271,047)
Interest-bearing liabilities:
Effect to transaction and money market accounts	$	(359,221)	$	(271,047)
Net effect to total average liabilities	$	(359,221)	$	(271,047)


	Three Months Ended						Six Months Ended
	Sep. 30,			Jun. 30,			Jun. 30,
YIELD ANALYSIS	2022			2022			2022
Interest-earning assets:
Effect to federal funds sold and interest-earning deposits with banks		0.05	%		0.03	%
Effect to total interest-earning assets		(0.01)	%		(0.01)	%
Interest-bearing liabilities:
Effect to transaction and money market accounts		(0.06)	%		(0.01)	%
Effect to total interest-bearing liabilities		(0.04)	%		(0.01)	%

Net effect to NIM		0.02	%		0.00	%
Net effect to NIM, TE (non-GAAP)		0.03	%		0.00	%

PERFORMANCE RATIOS
Effect to return on average assets (annualized)		0.01	%		0.01	%		0.00	%
Effect to adjusted return on average assets (annualized) (non-GAAP) (2)		0.01	%		0.01	%		0.01	%

Effect to equity-to-assets		0.2	%		0.1	%
Effect to tangible equity-to-tangible assets (non-GAAP) (3)		0.1	%		0.0	%
Effect to Tier 1 leverage		0.1	%		0.1	%
Effect to Tier 1 common equity		0.0	%		0.0	%
Effect to Tier 1 risk-based capital		0.0	%		0.0	%
Effect to Total risk-based capital		0.1	%		0.0	%

Cautionary Statement Regarding Forward Looking Statements

EX-99.2 3 ssb-20230727xex99d2.htm EX-99.2

Exhibit 99.2

Earnings Call 2Q 2023 July 28, 2023 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) interest rate risk primarily resulting from the interest rate environment, the number and pace of interest rate increases, 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) volatility in the financial services industry (including failures or rumors of failures of other depositor 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 (4) risks related to the merger and integration of SouthState and Atlantic Capital 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 Atlantic Capital’s operations into SouthState’s operations will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Atlantic Capital’s businesses into SouthState’s businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, and (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger; (5) risks relating to the continued impact of the Covid19 pandemic on the Company, including to efficiencies and the control environment due to the changing work environment; (6) 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; (7) 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; (8) potential deterioration in real estate values; (9) 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; (10) risks relating to the ability to retain our culture and attract and retain qualified people; (11) 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; (12) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (13) liquidity risk affecting the Bank’s ability to meet its obligations when they come due; (14) 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; (15) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (16) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (17) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (18) transaction risk arising from problems with service or product delivery; (19) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (20) 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, and the possibility of changes in accounting standards, policies, principles and practices; (21) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (22) 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; (23) 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; (24) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of recently issued proposed regulatory guidance and regulation relating to climate change; (25) greater than expected noninterest expenses; (26) excessive loan losses; (27) potential deposit attrition, higher than expected costs, customer loss and business disruption associated with the Atlantic Capital integration, and potential difficulties in maintaining relationships with key personnel; (28) reputational risk and possible higher than estimated reduced revenue from announced changes in the Bank’s consumer overdraft programs; (29) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (30) 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; (31) ownership dilution risk associated with potential acquisitions in which SouthState’s stock may be issued as consideration for an acquired company; (32) 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; (33) major catastrophes such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including infectious disease outbreaks, 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; (34) terrorist activities risk that results in loss of consumer confidence and economic disruptions; and (35) 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 June 30, 2023; market cap as of July 26, 2023 SouthState Corporation Overview of Franchise (1) (251) $37 Billion in deposits $32 Billion in loans $45 Billion in assets $5.9 Billion market cap Top 35 Forbes 100 Best Banks in America 2023 Ranked #2 by S&P Global 5 Greenwich Excellence & Best Brand Awards for Small Business Banking from Coalition Greenwich

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 POSITIONED FOR THE FUTURE IN THE BEST GROWTH MARKETS IN AMERICA 5 $289 $309 $677 $763 $792 $1,468 AL SC VA NC GA FL GDP by State ($ in billions) 5.0% 4.3% 3.7% 3.7% 2.6% 2.1% 1.9% FL SC GA NC VA U.S. AL Projected Population Growth 2023-2028 $3.2 $3.5 $4.0 $4.3 $4.3 $18.3 $25.0 UK India Germany SSB Footprint Japan China US GDP ($ in trillions) The combined GDP of SouthState’s 6 state branch footprint would represent the world’s fourth largest economy. Population increase (in millions) 3.3 0.6 1.2 1.1 0.7 25.8 0.3 1.0 0.2 0.4 0.4 0.2 7.2 0.1 Population increase (in millions) $10.5B $11.8B $1.8B $1.8B $7.2B $10.8B $0.7B $0.5B $6.4B $6.4B $2.8B $1.9B Loans Deposits For end note descriptions, see Earnings Presentation End Notes starting on slide 47.

Source: U.S. Census Bureau; Bureau of Labor Statistics 2020-2021 AGI data PANDEMIC ACCELERATES POPULATION AND INCOME MIGRATION TO THE SOUTH Net Domestic Migration in SouthState Footprint Florida 622,476 North Carolina 211,867 South Carolina 165,948 Georgia 128,089 Alabama 65,355 Virginia -29,775 TOTAL 1,163,960 6 Net Gain/Loss in State Adjusted Gross Income Due to Domestic Migration #1 Florida $39.2B #4 North Carolina $4.5B #6 South Carolina $4.2B #12 Georgia $1.3B #15 Alabama $0.7B #44 Virginia -$1.9B

SOUTHEAST’S BOOMING AUTOMOTIVE INDUSTRY 7 Source: Georgia Power Community & Economic Development, South Carolina Department of Commerce, Bloomberg June 2023 Company Product Capital Investment Jobs Created State Announced Scout Motors Electric Trucks & SUVs $2.0B 4,000 South Carolina 2023 Hyundai Motors Electric Vehicles, Batteries $5.5B 8,100 Georgia 2022 Hyundai & SK On EV Batteries $4.5B 3,500 Georgia 2022 Redwood Materials EV Batteries $3.5B 1,500 South Carolina 2022 Hyundai Mobis EV Power Electric Systems $0.9B 1,500 Georgia 2022 BMW/Envision AESC EV Batteries $0.8B 1,170 South Carolina 2022 Rivian Electric Trucks & SUVs $5.0B 7,500 Georgia 2021 Recent Auto-Related / EV Announcements with 1,000+ Jobs

INVESTMENT THESIS 8 • 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 47. 10 1Q23 2Q23 GAAP Net Income $ 139.9 $ 123.4 EPS (Diluted) $ 1.83 $ 1.62 Return on Average Assets 1.29 % 1.11 % Non-GAAP(1) Return on Average Tangible Common Equity 18.8 % 15.8 % Non-GAAP, Adjusted(1) Net Income $ 147.2 $ 124.9 EPS (Diluted) $ 1.93 $ 1.63 Return on Average Assets 1.35 % 1.12 % Return on Average Tangible Common Equity 19.8 % 16.0 %

QUARTERLY HIGHLIGHTS | 2Q 2023 (1)~(3) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. 11 • Reported Diluted Earnings per Share (“EPS”) of $1.62 and adjusted Diluted EPS (non-GAAP)(1) of $1.63 • Pre-Provision Net Revenue (“PPNR”)(non-GAAP)(2) of $198.1 million, or 1.78% PPNR ROAA (non-GAAP)(2) • PPNR per weighted average diluted share (non-GAAP)(2) of $2.59 • Loans increased $841 million, or 11% annualized • Deposits increased $340 million, or 4% annualized, despite a $209 million decline in brokered CDs; excluding brokered CDs, deposits increased $549 million, or 6% annualized, from prior quarter • Total deposit cost of 1.11%, up 0.48% from prior quarter, resulting in a 22% cycle-to-date beta • Net interest margin, non-tax equivalent and tax equivalent (non-GAAP)(3) of 3.62% • Efficiency ratio of 54%; adjusted efficiency ratio (non-GAAP)(1) of 53% • Net charge-offs of $3.3 million, or 0.04% annualized; Provision for Credit Losses (“PCL”), including provision for unfunded commitments, of $38.4 million; 8 basis points build in total allowance for credit losses (“ACL”) plus reserve for unfunded commitments to 1.56%

PPNR PER DILUTED SHARE (1) $2.32 $2.74 $3.03 $2.90 $2.59 $1.50 $2.00 $2.50 $3.00 $3.50 2Q22 3Q22 4Q22 1Q23 2Q23 (1) For end note descriptions, Earnings Presentation End Notes starting on slide 47. 12

$303.0 $352.8 $388.6 $373.9 $356.2 $12.8 $9.5 $7.4 $7.4 $5.5 $315.8 $362.3 $396.0 $381.3 $361.7 3.12% 3.58% 3.99% 3.93% 3.62% 2.4% 2.8% 3.2% 3.6% 4.0% 4.4% $100 $150 $200 $250 $300 $350 $400 2Q22 3Q22 4Q22 1Q23 2Q23 $ in millions Net Interest Income excld. Accretion Accretion Net Interest Income Net Interest Margin NET INTEREST MARGIN (1) Dollars in millions (1)~(3) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. 13 (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 $180 $82 $267 $153 $180 $(372) $(277) $(155) $(185) $169 $573 $396 $381 $1,451 $933 $1,347 $519 $845 ($500) $0 $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 $ in millions Loan Production Loan Portfolio Growth Dollars in millions (1)~(4) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. 14 (2) (4) (4) (4) (4) (4) (4) (3) (3) (1) (1) (1) (1)

Balance Sheet

LOAN AND DEPOSIT TRENDS $27.9 $28.8 $30.2 $30.7 $31.5 $26.0B $27.0B $28.0B $29.0B $30.0B $31.0B $32.0B $- $6 $12 $18 $24 $30 $36 $42 2Q22 3Q22 4Q22 1Q23 2Q23 $ 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 47. 16 $14.3 $13.7 $13.2 $12.4 $11.5 $9.0 $8.7 $9.0 $8.3 $8.2 $12.4 $12.0 $11.8 $11.5 $12.6 $2.7 $2.5 $2.4 $4.1 $4.4 $38.4B $36.9B $36.4B $36.4B $36.7B $- $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 2Q22 3Q22 4Q22 1Q23 2Q23 $ in billions Deposits Noninterest-bearing Checking Interest-bearing Checking MMA & Savings Time Deposits

Investor CRE (2) 29% Consumer RE 23% Owner-Occupied CRE 18% C&I 17% CDL (1) 9% Cons / Other 4% TOTAL LOAN PORTFOLIO 17 Data as of June 30, 2023 Loan portfolio balances, average balances or percentage exclude loans held for sale and PPP loans (1)~(3) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. Loan Type No. of Loans Balance Avg. Loan Balance Investor CRE 8,618 $ 9.2B $ 1,066,100 Consumer RE 42,711 7.3B 170,300 Owner-Occupied CRE 8,046 5.6B 694,300 C & I 19,343 5.4B 277,700 Constr., Dev. & Land 4,497 2.8B 626,400 Cons / Other(3) 46,843 1.1B 23,800 Total(3) 130,058 $ 31.4B $ 241,100 Loan Relationships Top 10 Represents ~ 2% of total loans Top 20 Represents ~ 4% of total loans Loans by Type Total Loans $31.5 Billion

36% 34% 30% Checking Accounts Composition Commercial Small Business Retail Noninterest-bearing Checking $11.5B Interest-bearing Checking $8.2B Savings $2.9B Money Market $9.7B Time Deposits $4.4B Data as of June 30, 2023 Dollars in billions except for average checking balances † & (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. 54% 44% 34% 42% 12% 14% 0% 20% 40% 60% 80% 100% SSB Peer Average (1) Deposit Mix vs. Peers Checking Accounts MM & Savings Time Deposits PREMIUM CORE † DEPOSIT FRANCHISE 18 Total Deposits $36.7 Billion Deposits by Type Checking Type Avg. Checking Balance Commercial $291,600 Small Business $45,700 Retail $10,000 Total Cost of Deposits 2Q23 SSB 111 bps Peer Average(1) 174 bps

REMAIN WELL - POSITIONED DURING CURRENT CYCLE – PREVIOUS AND CURRENT RISING INTEREST RATE CYCLE Historic deposit beta excludes legacy ACBI. 19 0.11% 0.75% 2.17% 3.64% 4.50% 4.98% 0.05% 0.05% 0.08% 0.21% 0.63% 1.11% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 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% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 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 22% deposit beta in current cycle to date

Credit

LOAN PORTFOLIO – OFFICE EXPOSURE 21 State • Office represents 4% of the loan portfolio • Average loan size only $1.4 million • 97% located in the SouthState footprint • Approximately 10% is located within the Central Business District(1) • 82% of the portfolio is less than 150K square feet(1) • 88% mature in 2025 or later • 59% weighted average Loan to Value(2) • 1.64x weighted average Debt Service Coverage(2) Granular and Diversified Office Portfolio FL 44% GA 21% SC 20% NC 4% VA 4% Other 3% AL 3% Greenville Atlanta Miami/Ft. Lauderdale Jacksonville Tampa Charleston MSA (1)&(2) For end note descriptions, see Earnings Presentation End Notes starting on slide 47.

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 47. 22 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 $2,120 $1.6 1.78 55% 2% 57% 16% 6% 10% 2% 6% 0.16% 0.14% 0.13% Office 1,356 1.4 1.64 59% 3% 44% 21% 4% 20% 4% 3% 0.01% 3.18% 2.01% Warehouse / Industrial 1,099 1.4 1.73 59% 6% 46% 17% 7% 14% 6% 3% 0.02% 0.13% 0.21% Hotel 975 4.4 1.90 59% 4% 18% 12% 12% 39% 10% 5% 0.01% 1.13% 3.07% Multifamily 870 1.7 1.50 56% 6% 28% 28% 11% 21% 2% 4% —% 0.73% 1.08% Medical 512 1.7 1.86 60% 0.4% 57% 10% 6% 14% 7% 5% 0.14% 0.09% 1.65% Other 454 1.3 1.47 60% 1% 34% 26% 13% 21% 2% 3% 0.01% 0.13% 4.19% Self Storage 398 3.2 1.66 56% 6% 42% 19% 2% 21% —% 9% —% —% 0.14% Nursing Home 207 3.9 1.92 59% 1% 24% 23% 9% 22% 16% 5% 6.79% 4.49% 24.49%

LOAN PORTFOLIO – COMMERCIAL REAL ESTATE MATURITIES BY YEAR (1) (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. 23 $0.4 $1.0 $1.0 $1.8 $1.7 $1.4 $7.6 3% 6% 7% 12% 11% 10% 51% 0% 10% 20% 30% 40% 50% $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 2023 2024 2025 2026 2027 2028 2029 & Beyond $ in billions 91% of CRE loans mature in 2025 or later

(1)&(2) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. 73% 14% 11% 2% Consumer, Residential Mtg and HELOC Segment Mortgage(1) HELOCs Other Consumer CD-Secured LOAN PORTFOLIO – CONSUMER, RESIDENTIAL MORTGAGE AND HELOC Credit Indicator 1Q23 2Q23 HELOC MORTGAGE HELOC MORTGAGE Wtd. Avg. Credit Score of Originations 772 768 776 770 Wtd. Avq. Credit Score of Portfolio 769 764 774 764 Wtd. Avg. LTV(2) 59% 73% 60% 73% Wtd. Avg. DTI of Originations 32% 34% 33% 34% Utilization Rate 38% N/A 38% N/A 24 Credit Indicator 1Q23 2Q23 NPL Ratio (Non-Accruals & 90+ DPD & Accruing) 0.35% 0.33% Net Charge-Offs Ratio 0.00% 0.00% 30+ DPD Ratio (Accruing & Non-Accruing) 0.36% 0.39% 90+ DPD Ratio (Accruing and Non-Accruing) 0.12% 0.11% • 39%(1) of HELOCs are first mortgage

0.33% 0.35% 0.36% 0.42% 0.54% —% 0.25% 0.50% 0.75% 1.00% 2Q22 3Q22 4Q22 1Q23 2Q23 Nonperforming Assets to Loans & OREO 1.76% 1.78% 1.61% 1.57% 1.86% 0.80% 0.71% 0.54% 0.55% 0.71% 0.96% 1.07% 1.07% 1.02% 1.15% —% 1.00% 2.00% 3.00% 4.00% 2Q22 3Q22 4Q22 1Q23 2Q23 Criticized & Classified Asset Trends Combined Special Mention / Assets Substandard / Assets ASSET QUALITY METRICS Dollars in millions 25 0.03% (0.02)% 0.01% 0.01% 0.04% (0.05)% 0.05% 0.15% 0.25% 2Q22 3Q22 4Q22 1Q23 2Q23 Net Charge-Offs (Recoveries) to Loans • $142 million in provision for credit losses vs. $4 million in net charge-offs trailing four quarters • Increased ACL plus reserve for unfunded commitments by 30 bps to 1.56% from 2Q22 to 2Q23

Dollars in millions (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. LOSS ABSORPTION CAPACITY TREND 26 $19.3 $23.9 $47.1 $33.1 $38.4 $2.3 $(1.3) $0.9 $1.0 $3.3 ($10) $0 $10 $20 $30 $40 $50 2Q22 3Q22 4Q22 1Q23 2Q23 $ in millions Provision for Credit Losses & Net Charge-Offs (Recoveries) PCL Net C/O (Recv) $320 $324 $356 $371 $427 $33 $53 $67 $85 $63 1.26% 1.31% 1.40% 1.48% 1.56% 1.00% 1.40% 1.80% 2.20% $150 $200 $250 $300 $350 $400 $450 $500 2Q22 3Q22 4Q22 1Q23 2Q23 $ in millions Total ACL(1) plus Reserve for Unfunded Commitments Total ACL Reserve for Unfunded Commitments % of Total Loans

Capital

CAPITAL RATIOS 1Q23 2Q23(2) Tangible Common Equity(1) 7.5 % 7.6 % Tier 1 Leverage 9.1 % 9.2 % Tier 1 Common Equity 11.1 % 11.3 % Tier 1 Risk-Based Capital 11.1 % 11.3 % Total Risk-Based Capital 13.3 % 13.5 % Bank CRE Concentration Ratio 243 % 242 % Bank CDL Concentration Ratio 61 % 60 % (1)&(2) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. 28

13.48% 11.68% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% As Reported With AOCI Impact Total Risk-based Capital Ratio 10.00% 8.00% 9.17% 7.80% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% As Reported With AOCI Impact Tier 1 Leverage Ratio 5.00% 4.00% 11.25% 9.44% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% As Reported With AOCI Impact CET 1 Risk-based Capital Ratio 6.50% 4.50% WELL CAPITALIZED INCLUDING AOCI IMPACT As Reported capital ratios are preliminary. (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. 29 7.61% 7.61% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% As Reported With AOCI Impact TCE Ratio(1) Minimum Capital Ratio Well Capitalized Minimum

Appendix

Dollars in millions, expect for average deposit size per account (1)~(3) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. STABLE FUNDING BASE AND STRONG LIQUIDITY POSITION 31 • 1.5 million accounts, with an average deposit size of approximately $25,000, which is the lowest in our peer group • Top 10 and 20 deposit relationships represent 3% and 4%, respectively, of total deposits(3) • $2.3 billion of collateralized public funds represents 6% of total deposits; no other deposit category makes up more than 3% of total deposits • Uninsured deposits are 34% of total deposits; uninsured and uncollateralized deposits represent 29% of total deposits(2) Primary Contingency Funding Sources at June 30, 2023 (in millions) Total Available Amount Used Net Availability Cash and Cash Equivalents $ 1,514 $ — $ 1,514 Federal Home Loan Bank of Atlanta 7,819 402 7,417 Federal Reserve Discount Window 2,406 — 2,406 Brokered Deposits(1) 5,511 1,187 4,324 Unpledged Securities, at Par 4,401 — 4,401 Total Primary Liquidity Sources $ 21,651 $ 1,589 $ 20,062 Uninsured and Uncollateralized Deposits(2) 10,732 Coverage Ratio Uninsured and Uncollateralized Deposits 187%

44% 28% 22% 4% Municipal Bond Rating 1% AAA AA+ AA AA-A+ Dollars in billions, unless otherwise noted; data as of June 30, 2023 Amounts may not total due to rounding. † , (1)~(4) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. 2.03% 2.06% 2.29% 2.37% 2.35% 1.0% 1.4% 1.7% 2.1% 2.4% 2Q22 3Q22 4Q22 1Q23 2Q23 Investment Securities Yield(2) HIGH QUALITY INVESTMENT PORTFOLIO 72% 15% 13% 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) $3.1B 5.2 $2.3B 5.9 Municipal $1.0B 9.2 — — Treasury, Agency & SBA $0.8B 3.0 $0.3B 5.7 Corporates $0.03B 3.0 — — Total $4.9B 5.5 $2.6B 5.9 32 Total Investment Portfolio† $7.5 Billion • 95% of municipal portfolio is AA or higher rated • ~$306 million in documented ESG investments and ~$120 million CRA eligible investments(4)

CURRENT & HISTORICAL 5 - QTR PERFORMANCE (1) 79% 83% 86% 84% 82% 21% 17% 14% 16% 18% $405M $438M $462M $453M $440M 3.60% 0.0% 0.7% 1.3% 2.0% 2.6% 3.3% 3.9% 0% 20% 40% 60% 80% 100% 120% 2Q22 3Q22 4Q22 1Q23 2Q23 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 47. $87 $73 $63 $71 $77 0.76% 0.64% 0.57% 0.66% 0.69% 0.5% 0.6% 0.7% 0.8% 0.9% 1.0% $- $20 $40 $60 $80 $100 $120 $140 2Q22 3Q22 4Q22 1Q23 2Q23 $ in millions Noninterest Income Noninterest Income Noninterest Income / Avg. Assets $318 $365 $398 $382 $362 3.12% 3.58% 3.99% 3.93% 3.62% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% $200 $300 $400 2Q22 3Q22 4Q22 1Q23 2Q23 $ in millions Net Interest Margin (“NIM”, TE) NIM, TE ($) NIM, TE (%) 55% 54% 53% 50% 48% 48% 51% 49% 54% 53% 0% 15% 30% 45% 60% 75% 90% 2Q22 3Q22 4Q22 1Q23 2Q23 Efficiency Ratio Efficiency Ratio Adjusted Efficiency Ratio 33 (2)

QTD Production ($mm) $1,443 $556 $696 Refinance 11% 5% 4% Purchase 89% 95% 96% 62% 38% 2Q23 MORTGAGE BANKING DIVISION (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. 34 Highlights Quarterly Mortgage Production Gain on Sale Margin • Mortgage banking income of $4.4 million in 2Q 2023 compared to $4.3 million in 1Q 2023 • Secondary pipeline of $99 million at 2Q 2023, as compared to $107 million at 1Q 2023 2.13% 2.16% 1.36% 2.33% 2.00% 2Q22 3Q22 4Q22 1Q23 2Q23 Mortgage Banking Income ($mm) 73% 27% 2Q22 Portfolio Secondary 72% 28% 1Q23 2Q22 1Q23 2Q23 Secondary Market Gain on Sale, net $ 6,419 $ 2,460 $ 2,667 Fair Value Change(1) (1,957) 306 192 Total Secondary Market Mortgage Income $ 4,462 $ 2,766 $ 2,859 MSR Servicing Fee Income $ 4,076 $ 4,119 $ 4,166 Fair Value Change / Decay (3,058) (2,553) (2,671) Total MSR-Related Income $ 1,018 $ 1,566 $ 1,495 Total Mortgage Banking Income $ 5,480 $ 4,332 $ 4,354

Cumulative Consumer R/E Loan Growth ($) $(12) $(98) $(264) $(486) $(625) $(712) $(727) $(653) $(535) $(18) $454 $952 $1,337 $1,752 ($300) ($150) $0 $150 $300 $450 $600 $(12) $(86) $(167) $(221) $(139) $(87) $(15) $73 $119 $517 $472 $498 $386 $415 3.63% 3.46% 3.25% 3.04% 3.08% 3.00% 3.04% 3.25% 4.25% 5.54% 6.21% 7.08% 6.38% 6.75% 3.07% 4.49% 4.11% 4.56% 4.33% 2.85% 3.13% 2.83% 2.87% 2.13% 2.16% 1.36% 2.33% 2.00% -% 2.0% 4.0% 6.0% 8.0% $(300) $(100) $100 $300 $500 $700 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 $ in millions Consumer R/E Loan Growth ($) 30-yr Fixed Mortgage Rate GOS Margin RESIDENTIAL MORTGAGE PORTFOLIO GAIN ON SALE (“GOS”) MARGIN AND INTEREST RATES Dollars in millions (1) & (2) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. 35 (1)(2) (2)

$(1.5) $(4.1) $(8.5) $(8.4) $(8.5) $27.6 $20.6 $16.8 $22.0 $27.7 ($10.0) ($5.0) $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $(10) $(5) $- $5 $10 $15 $20 $25 $30 $35 2Q22 3Q22 4Q22 1Q23 2Q23 $ 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 1,220 financial institutions across the country CORRESPONDENT BANKING DIVISION 36 1,224 Financial Institution Clients (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 47. Correspondent banking and capital market income, gross $ 27,604 $ 20,552 $ 16,760 $ 21,956 $ 27,734 Interest on centrally-cleared Variation Margin ("VM")(1) (1,536) (4,125) (8,451) (8,362) (8,547) Total Correspondent Banking and Capital Market Income $ 26,068 $ 16,427 $ 8,309 $ 13,594 $ 19,187

DIGITAL TRENDS 37 68% 65% 32% 35% 0% 20% 40% 60% 80% 100% 2Q22 2Q23 Branch Digital Digital Deposits* $64M $113M $0 $20 $40 $60 $80 $100 $120 2Q22 2Q23 Millions Zelle P2P Transactions Digital Sales – Deposit Accounts * Digital Sales – Loans ** 79% 78% 21% 22% 0% 20% 40% 60% 80% 100% 2Q22 2Q23 Branch Digital 85% 82% 15% 18% 0% 20% 40% 60% 80% 100% 2Q22 2Q23 Branch Digital 380,000 410,000 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 2Q22 2Q23 Mobile App Users 39,000 42,000 0 10,000 20,000 30,000 40,000 50,000 60,000 2Q22 2Q23 Secure Messages & Chat 8% Increase 77% Increase 7% Increase * 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 $146M Increased deposits per branch 3.6x from 2009 to 2Q23 85 434 268 251 2009 …..……………..………..……....…………………………….. 2Q 2023 38

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. 39 Return on Average Tangible Equity 1Q23 2Q23 Net income (GAAP) $ 139,926 $ 123,447 Plus: Amortization of intangibles 7,299 7,028 Effective tax rate, excluding DTA write-off 22 % 22 % Amortization of intangibles, net of tax 5,705 5,493 Net income plus after-tax amortization of intangibles (non-GAAP) $ 145,631 $ 128,940 Average shareholders' common equity $ 5,177,048 $ 5,301,697 Less: Average intangible assets 2,036,661 2,029,747 Average tangible common equity $ 3,140,387 $ 3,271,950 Return on Average Tangible Common Equity (Non-GAAP) 18.8% 15.8% PPNR Return on Average Assets 1Q23 2Q23 PPNR, Adjusted (Non-GAAP) $ 221,480 $ 198,139 Average assets 44,104,478 44,628,124 PPNR ROAA 2.04% 1.78%

NON - GAAP RECONCILIATIONS – ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE (“EPS”) Dollars in thousands, except for per share data 40 Adjusted Net Income 1Q23 2Q23 Net income (GAAP) $ 139,926 $ 123,447 Plus: Securities gains, net of tax (35) — Merger, branch consolidation and severance related expense, net of tax 7,356 1,414 Adjusted Net Income (Non-GAAP) $ 147,247 $ 124,861 Adjusted EPS 1Q23 2Q23 Diluted weighted-average common shares 76,389 76,418 Adjusted net income (non-GAAP) $ 147,247 $ 124,861 Adjusted EPS, Diluted (Non-GAAP) $ 1.93 $ 1.63

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. 41 Dollars in thousands, except for per share data Adjusted Return on Average Assets 1Q23 2Q23 Adjusted net income (non-GAAP) $ 147,247 $ 124,861 Total average assets 44,104,478 44,628,124 Adjusted Return on Average Assets (Non-GAAP) 1.35% 1.12% Adjusted Return on Average Tangible Common Equity 1Q23 2Q23 Adjusted net income (non-GAAP) $ 147,247 $ 124,861 Plus: Amortization of intangibles, net of tax 5,705 5,493 Adjusted net income plus after-tax amortization of intangibles (non-GAAP) $ 152,952 $ 130,354 Average tangible common equity $ 3,140,387 $ 3,271,950 Adjusted Return on Average Tangible Common Equity (Non-GAAP) 19.75% 15.98%

NON - GAAP RECONCILIATIONS – NET INTEREST MARGIN & CORE NET INTEREST INCOME (EXCLD. FMV & PPP ACCRETION) Dollars in thousands 42 Dollars in thousands, except for per share data Net Interest Margin - Tax Equivalent (Non-GAAP) 2Q22 3Q22 4Q22 1Q23 2Q23 Net interest income (GAAP) $ 315,815 $ 362,334 $ 396,004 $ 381,263 $ 361,743 Tax equivalent adjustments 2,249 2,345 2,397 1,020 698 Net interest income (tax equivalent) (Non-GAAP) $ 318,064 $ 364,679 $ 398,401 $ 382,283 $ 362,441 Average interest earning assets $ 40,899,365 $ 40,451,174 $ 39,655,736 $ 39,409,340 $40,127,836 Net Interest Margin - Tax Equivalent (Non-GAAP) 3.12% 3.58% 3.99% 3.93% 3.62% Core Net Interest Margin excluding FMV & PPP Accretion (Non-GAAP) 2Q22 3Q22 4Q22 1Q23 2Q23 Net interest income (GAAP) $ 315,815 $ 362,334 $ 396,004 $ 381,263 $ 361,743 Less: Total accretion on acquired loans 12,770 9,550 7,350 7,398 5,481 Deferred fees on PPP loans 8 — — — — Core Net Interest Margin excluding FMV & PPP Accretion (Non-GAAP) $ 303,037 $ 352,784 $ 388,654 $ 373,865 $ 356,262

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 43 2Q22 3Q22 4Q22 1Q23 2Q23 SSB SSB SSB SSB SSB Net interest income (GAAP) $ 315,815 $ 362,334 $ 396,004 $ 381,263 $ 361,743 Plus: Noninterest income 86,756 73,053 63,392 71,355 77,214 Less: Gain on sale of securities — 30 — 45 — Total revenue, adjusted (non-GAAP) $ 402,571 $ 435,357 $ 459,396 $ 452,573 $ 438,957 Less: Noninterest expense 231,169 240,433 229,499 240,505 242,626 PPNR (Non-GAAP) $ 171,402 $ 194,924 $ 229,897 $ 212,068 $ 196,331 Plus: Merger, branch consolidation and severance related expense 5,390 13,679 1,542 9,412 1,808 Total adjustments $ 5,390 $ 13,679 $ 1,542 $ 9,412 $ 1,808 PPNR, Adjusted (Non-GAAP) $ 176,792 $ 208,603 $ 231,439 $ 221,480 $ 198,139 Weighted average common shares outstanding, diluted 76,094 76,182 76,327 76,389 76,418 PPNR, Adjusted per Weighted Avg. Common Shares Outstanding, Diluted (Non-GAAP) $ 2.32 $ 2.74 $ 3.03 $ 2.90 $ 2.59 Correspondent & Capital Market Income 2Q22 3Q22 4Q22 1Q23 2Q23 SSB SSB SSB SSB SSB ARC revenues $ 13,389 $ 5,102 $ (1,083) $ 3,684 $ 11,126 FI revenues 10,151 9,201 6,238 6,916 5,055 Operational revenues 2,528 2,124 3,154 2,994 3,006 Total Correspondent & Capital Market Income $ 26,068 $ 16,427 $ 8,309 $ 13,594 $ 19,187 PPNR, Adjusted & PPNR, Adjusted per Weighted Avg. Common Shares Oustanding, Diluted

NON - GAAP RECONCILIATIONS – CURRENT & HISTORICAL: EFFICIENCY RATIOS (UNAUDITED) Dollars in thousands 44 2Q22 3Q22 4Q22 1Q23 2Q23 Noninterest expense (GAAP) $ 231,169 $ 240,433 $ 229,499 $ 240,505 $ 242,626 Less: Amortization of intangible assets 8,847 7,837 8,027 7,299 7,028 Adjusted noninterest expense (non-GAAP) $ 222,322 $ 232,596 $ 221,472 $ 233,206 $ 235,598 Net interest income (GAAP) $ 315,815 $ 362,334 $ 396,004 $ 381,263 $ 361,743 Tax Equivalent ("TE") adjustments 2,249 2,345 2,397 1,020 698 Net interest income, TE (non-GAAP) $ 318,064 $ 364,679 $ 398,401 $ 382,283 $ 362,441 Noninterest income (GAAP) $ 86,756 $ 73,053 $ 63,392 $ 71,355 $ 77,214 Less: Gain on sale of securities — 30 — 45 — Adjusted noninterest income (non-GAAP) $ 86,756 $ 73,023 $ 63,392 $ 71,310 $ 77,214 Efficiency Ratio (Non-GAAP) 55% 53% 48% 51% 54% Noninterest expense (GAAP) $ 231,169 $ 240,433 $ 229,499 $ 240,505 $ 242,626 Less: Merger, branch consolidation and severance related expense 5,390 13,679 1,542 9,412 1,808 Amortization of intangible assets 8,847 7,837 8,027 7,299 7,028 Total adjustments $ 14,237 $ 21,516 $ 9,569 $ 16,711 $ 8,836 Adjusted noninterest expense (non-GAAP) $ 216,932 $ 218,917 $ 219,930 $ 223,794 $ 233,790 Adjusted Efficiency Ratio (Non-GAAP) 54% 50% 48% 49% 53%

NON - GAAP RECONCILIATIONS – TANGIBLE COMMON EQUITY RATIO Dollars in thousands 45 Tangible Common Equity ("TCE") Ratio 1Q23 2Q23 Tangible common equity (non-GAAP) $ 3,216,295 $ 3,264,648 Total assets (GAAP) 44,923,827 44,940,332 Less: Intangible assets 2,032,709 2,025,362 Tangible asset (non-GAAP) $ 42,891,118 $ 42,914,970 TCE Ratio (Non-GAAP) 7.5% 7.6%

NON - GAAP RECONCILIATIONS – CAPITAL RATIOS WITH AOCI IMPACT Dollars in thousands Tier 1 Leverage, CET 1 Risk-based Capital and Total Risk-based Capital Ratios as of June 30, 2023 are preliminary. 46 June 30, 2023 Tier 1 capital $ 3,988 Average Assets for leverage purposes 43,496 Tier 1 Leverage Ratio 9.17% Tier 1 capital 3,988 Plus: AOCI impact, net of tax (662) Adjusted Tier 1 capital with AOCI impact 3,327 Average assets for leverage purposes 43,496 Plus: Unrealized losses (currently excluded from leverage assets) (832) Adjusted average assets for leverage purposes 42,664 Tier 1 Leverage Ratio with AOCI Impact (non-GAAP) 7.80% Tier 1 Leverage Ratio with AOCI Impact (non-GAAP) June 30, 2023 CET 1 $ 3,988 Risk-weighted assets 35,448 CET 1 Risk-based Capital Ratio 11.25% CET 1 3,988 Plus: AOCI impact, net of tax (662) Adjusted CET 1 with AOCI impact 3,327 Risk-weighted assets 35,448 Plus: Adjustments for risk-weighted assets (193) Adjusted risk-weighted assets 35,254 CET 1 Risk-based Capital Ratio with AOCI Impact (non-GAAP) 9.44% CET 1 Risk-based Capital Ratio with AOCI Impact (non-GAAP) June 30, 2023 Total Risk-based Capital $ 4,780 Risk-weighted Assets 35,448 Total Risk-based Capital Ratio 13.48% Total Risk-based Capital 4,780 Plus: AOCI impact, net of tax (662) Adjusted total risk-based capital with AOCI impact 4,118 Risk-weighted assets 35,448 Plus: Adjustments for risk-weighted assets (193) Adjusted risk-weighted assets 35,254 Total Risk-based Capital Ratio with AOCI Impact (non-GAAP) 11.68% Total Risk-based Capital Ratio with AOCI Impact (non-GAAP)

EARNINGS PRESENTATION END NOTES 47 Slide 5 End Notes • Loans and deposits as of June 30, 2023; excludes $2.0B of loans and $3.5B of deposits from national lines of business and brokered deposits. • Country GDP as of 2022; State GDP as of 1Q23 • Sources: S&P Global, International Monetary Fund, US Bureau of Economic Analysis Slide 10 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 merger, branch consolidation and severance related expenses and gain on sales of securities - See reconciliation of GAAP to Non-GAAP measures in Appendix. Slide 11 End Notes (1) Adjusted figures exclude the impact of merger, branch consolidation and severance related expense; Core net interest income excluding loan accretion and net deferred fees on PPP is also a non-GAAP financial measure; Adjusted efficiency ratio is calculated by taking the noninterest expense excluding merger, branch consolidation and severance related expense 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 merger, branch consolidation and severance related expense - 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 12 End Notes (1) Adjusted PPNR per weighted average diluted shares; this is a Non-GAAP financial measure that excludes the impact of merger, branch consolidation and severance related expense and gain on sale of securities - See reconciliation of GAAP to Non-GAAP measures in Appendix. Slide 13 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 PPP loans deferred fees and loan discount accretion. (3) Tax equivalent Slide 14 End Notes (1) 1Q22, 2Q22 and 3Q 2022 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 2Q 2019. (3) Excludes loans held for sale and PPP; loan production indicates committed balance total; loan portfolio growth indicates quarter-over-quarter loan ending balance growth, excluding loans held for sale and PPP. (4) 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. The combined historical information excludes ACBI.

EARNINGS PRESENTATION END NOTES 48 Slide 16 End Notes (1) Excludes loans held for sale and PPP loans. Slide 17 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 18 End Notes † Core deposits defined as non-time deposits (1) Source: S&P Global Market Intelligence; 2Q23 MRQs available as of July 26, 2023; Peers as disclosed in the most recent SSB proxy statement. Slide 21 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, 2022 stress test using commitment balances, totaling approximately $6 billion; excludes loans below $1.5 million, unless part of a larger relationship; Weighted average LTV as of June 30, 2023 Slide 22 End Notes (1) Includes loan types representing 2% or more of investor CRE portfolio; based on the total portfolio of $8.5 billion, excluding 1-4 family rental properties and agricultural loans. (2) Weighted average DSC information from the Company’s December 31, 2022 stress test using commitment balances, totaling approximately $6 billion; excludes loans below $1.5 million, unless part of a larger relationship; Weighted average LTV as of June 30, 2023 (3) Represents % of each loan type balance. Slide 23 End Notes (1) Including agricultural and 1-4 family rental properties loans Slide 24 End Notes (1) By net book balance (2) LTV calculated using most recent appraisal and based on loan amount Slide 26 End Notes (1) Unamortized discount on acquired loans was $59 million, $65 million, $72 million, $80 million, and $89 million for the quarters ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022, and June 30, 2022, respectively. Slide 28 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

EARNINGS PRESENTATION END NOTES 49 Slide 29 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. • AOCI represents accumulated other comprehensive income. • As permitted, SouthState elected to exclude AOCI related to both available for sale (“AFS) securities and benefit plans from Tier 1, Common Equity Tier 1 (“CET 1”) and Total Risk-based Capital. Tier 1, CET 1 and Total Risk-based Capital ratios with AOCI Impact are non-GAAP measures that include the effect of unrealized losses for AFS securities, tax effected at 24.91%, as of June 30, 2023 in Tier 1, CET 1 and Total Risk-based Capital, average assets for leverage purposes and risk-weighted assets. See non-GAAP reconciliations in the Appendix. Slide 31 End Notes (1) Internal policy limit: 15% of total deposits (2) Uninsured/uncollateralized amounts are estimates and are based on the same methodologies and assumptions used for the Bank’s regulatory reporting requirements by the FDIC for the Call Report. (3) Percentages using month-to-date average balance of top relationships over quarter-to-date average total deposits as of June 30, 2023 Slide 32 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 June 30, 2023. (4) Based on current par value Slide 33 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 merger, branch consolidation and severance related expense, 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 34 End Notes (1) Includes pipeline, LHFS and MBS forwards. Slide 35 End Notes (1) 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. The combined historical information excludes ACBI. (2) As a result of the conversion of legacy CenterState’s core system to the Company’s core system completed in 2Q 2021, several loans were reclassified to conform with the Company’s loan segmentation, most notably residential investment loans which were reclassed from consumer R/E to investor commercial real estate category. Consumer R/E loans as of 1Q20, therefore, were reported based on the pre-reclassification figures. The Company estimated re-classifications for the 2Q20 from 1Q20 and for the 1Q20 from 4Q19 growth percentages for the comparison purposes. Slide 36 End Notes (1) Interest on centrally-cleared variation margin (expense or income) is included in ARC revenue within Correspondent Banking and Capital Markets Income.