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): January 23, 2025

SOUTHSTATE CORPORATION

(Exact name of registrant as specified in its charter)

South Carolina

(State or Other Jurisdiction of

Incorporation)

001-12669

(Commission File Number)

57-0799315

(IRS Employer

Identification No.)

1101 First Street South, Suite 202

Winter Haven, FL

(Address of principal executive offices)

33880

(Zip Code)

(863) 293-4710

(Registrant’s telephone number, including area code)

Not Applicable

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

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

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

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

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

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

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $2.50 per share	SSB	The New York Stock Exchange

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

Emerging growth company ☐

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


Item 2.02			Results of Operations and Financial Condition.

On January 23, 2025, SouthState Corporation (“SouthState” or the “Company”) issued a press release announcing its financial results for the three- and twelve-month periods ended December 31, 2024, along with certain other financial information. Copies of the Company’s press release and presentation are attached as Exhibit 99.1 and 99.2, respectively, to this report and incorporated herein by reference.

SouthState will host a conference call on January 24, 2025 at 9 a.m. (ET) to discuss the Company’s fourth quarter 2024 results. Investors may call in (toll free) by dialing (888) 350-3899 within the U.S. and (646) 960-0343 for all other locations (passcode 4200408; host: Will Matthews, CFO). The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/. Participants may also pre-register for the conference by navigating to https://events.q4inc.com/attendee/800597892. Access detail will be provided via email upon completion of registration.


Item 7.01				Regulation FD Disclosure.

On January 23, 2025, the Company also made available the presentation (“Presentation”) prepared for use with the press release during the earnings conference call on January 24, 2025. Attached hereto and incorporated herein as Exhibit 99.2 is the text of that presentation.

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


Item 8.01		Other Events.

First Quarter 2025 Shareholder Dividend

The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.54 per share, payable on February 14, 2025 to shareholders of record as of February 7, 2025.


Item 9.01		Financial Statements and Exhibits.

	(d)	Exhibits:

	Exhibit No.	Description

	99.1	Press Release, dated January 23, 2025

	99.2	Presentation for SouthState Corporation Earnings Call

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

Cautionary Statement Regarding Forward Looking Statements

SouthState Corporation (“SouthState” or the “Company”) 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 volatility risk, including inflation, potentially resulting in higher rates, deterioration in the credit markets, greater than expected noninterest expenses, excessive loan losses, or on the other hand lower rates, which also may have other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (3) risks related to the merger and integration of SouthState and Independent Bank Group, Inc. (“Independent”) 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 Independent’s operations into SouthState’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Independent’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; (4) risks relating to the ability to retain our culture and attract and retain qualified people as we grow and are located in new markets, and being able to offer competitive salaries and benefits, including flexibility of working remotely or in the office; (5) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (6) credit risks associated with an obligor’s failure to meet the terms of any contract with SouthState Bank, N.A. (the “Bank”) or otherwise fail to perform as agreed under the terms of any loan-related document; (7) interest rate risk primarily resulting from our inability to effectively manage the risk, and their impact on the Bank’s earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the Bank’s loan and securities portfolios, and the market value of SouthState’s equity; (8) a decrease in our net interest income due to the interest rate environment; (9) liquidity risk affecting the Bank’s ability to meet its obligations when they come due; (10) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (11) potential deterioration in real estate values; (12) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (13) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (14) transaction risk arising from problems with service or product delivery; (15) 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; (16) 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; (17) volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; (18) 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; (19) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards, and contractual obligations regarding data privacy and cybersecurity; (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 or other guidance, and the possibility of changes in accounting standards, policies, principles and practices; (21) risks related to the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government officials or other personnel; (22) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (23) 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; (24) 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; (25) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of changes in federal and state laws, regulations and guidance relating to climate change; (26) excessive loan losses; (27) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank’s consumer programs and products; (28) 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; (29) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (30) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (31) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (32) 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; (33) ownership dilution risk associated with potential acquisitions in which SouthState’s stock may be issued as consideration for an acquired company; and (34) 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: January 23, 2025

EX-99.1 2 ssb-20250123xex99d1.htm EX-99.1

Exhibit 99.1


SouthState Corporation Reports Fourth Quarter 2024 Results Declares Quarterly Cash Dividend	FOR IMMEDIATE RELEASE
		Media Contact
		Jackie Smith, 803.231.3486

WINTER HAVEN, FL – January 23, 2025 – SouthState Corporation (“SouthState” or the “Company”) (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month and twelve-month periods ended December 31, 2024.

“SouthState finished strong in 2024. We produced steady growth in loans and deposits and had a nice uptick in net interest margin and fees. The result was net income of $144 million and a 9% increase in PPNR over the third quarter, driven by 6% revenue growth", commented John C. Corbett, SouthState’s Chief Executive Officer. "We were also pleased to receive prompt regulatory approval of the IBTX acquisition, which allowed us to close ahead of schedule on January 1. With Independent Financial, our momentum carries forward into 2025. We will continue working to build a high-quality bank with scale in the fastest growing markets in the country."

Highlights of the fourth quarter of 2024 include:

Returns

●

Reported Diluted Earnings per Share (“EPS”) of $1.87; Adjusted Diluted EPS (Non-GAAP) of $1.93

●

Net Income of $144.2 million; Adjusted Net Income (Non-GAAP) of $148.8 million

●

Return on Average Common Equity of 9.7%; Return on Average Tangible Common Equity (Non-GAAP) of 15.1% and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 15.6%*

●

Return on Average Assets (“ROAA”) of 1.23% and Adjusted ROAA (Non-GAAP) of 1.27%*

●

Book Value per Share of $77.18; Tangible Book Value (“TBV”) per Share (Non-GAAP) of $51.11

Performance

●

Net Interest Income of $370 million; Core Net Interest Income (excluding loan accretion) (Non-GAAP) of $367 million

●

Net Interest Margin (“NIM”), non-tax equivalent and tax equivalent (Non-GAAP) of 3.48%

●

Net charge-offs of $5.3 million, or 0.06% of average loans, annualized; $6.4 million of Provision for Credit Losses (“PCL”); total Allowance for Credit Losses (“ACL”) plus reserve for unfunded commitments of 1.51% of loans

●

Noninterest Income of $81 million; Noninterest Income represented 0.69% of average assets for the fourth quarter of 2024*

●

Efficiency Ratio of 56% and Adjusted Efficiency Ratio (Non-GAAP) of 54%

Balance Sheet

●

Loans increased $355 million, or 4% annualized, led by increases in commercial and industrial, and commercial owner occupied real estate; ending loan to deposit ratio of 89%

●

Deposits increased $423 million, or 4% annualized

●

Total loan yield of 5.76%, down 0.10% from prior quarter

●

Total deposit cost of 1.75%, down 0.15% from prior quarter

●

Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.8%, 15.0%, 10.0%, and 12.6%, respectively†

Mergers & Acquisitions

●

Completed previously announced merger of Independent Bank Group, Inc. (“Independent”) on January 1, 2025

Other Subsequent Events

●

SouthState Bank, N.A. (the “Bank”) entered into an agreement on January 8, 2025 with entities affiliated with Blue Owl Real Estate Capital, LLC to sell branch properties and enter into triple net lease agreements with such purchasers on those same properties effective upon the closing of the sale

●

The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.54 per share, payable on February 14, 2025 to shareholders of record as of February 7, 2025

∗ Annualized percentages

† Preliminary

Financial Performance


	Three Months Ended										Twelve Months Ended
(Dollars in thousands, except per share data)	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Dec. 31,		Dec. 31,
INCOME STATEMENT	2024		2024		2024		2024		2023		2024		2023
Interest Income
Loans, including fees (1)	$	489,709	$	494,082	$	478,360	$	463,688	$	459,880	$	1,925,838	$	1,716,405
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell		59,096		50,096		52,764		53,567		55,555		215,524		228,001
Total interest income		548,805		544,178		531,124		517,255		515,435		2,141,362		1,944,406
Interest Expense
Deposits		168,263		177,919		165,481		160,162		149,584		671,825		440,257
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings		10,763		14,779		15,384		13,157		11,620		54,083		51,541
Total interest expense		179,026		192,698		180,865		173,319		161,204		725,908		491,798
Net Interest Income		369,779		351,480		350,259		343,936		354,231		1,415,454		1,452,608
Provision (recovery) for credit losses		6,371		(6,971)		3,889		12,686		9,893		15,975		114,082
Net Interest Income after Provision (Recovery) for Credit Losses		363,408		358,451		346,370		331,250		344,338		1,399,479		1,338,526
Noninterest Income		80,545		74,934		75,225		71,558		65,489		302,262		286,906
Noninterest Expense
Operating expense		250,699		243,543		242,343		240,923		245,774		977,508		955,727
Merger, branch consolidation, severance related and other expense (8)		6,531		3,304		5,785		4,513		1,778		20,133		13,162
FDIC special assessment		(621)		—		619		3,854		25,691		3,852		25,691
Total noninterest expense		256,609		246,847		248,747		249,290		273,243		1,001,493		994,580
Income before Income Tax Provision		187,344		186,538		172,848		153,518		136,584		700,248		630,852
Income tax provision		43,166		43,359		40,478		38,462		29,793		165,465		136,544
Net Income	$	144,178	$	143,179	$	132,370	$	115,056	$	106,791	$	534,783	$	494,308

Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)	$	144,178	$	143,179	$	132,370	$	115,056	$	106,791	$	534,783	$	494,308
Securities losses (gains), net of tax		38		—		—		—		2		38		(33)
Merger, branch consolidation, severance related and other expense, net of tax (8)		5,026		2,536		4,430		3,382		1,391		15,374		10,291
FDIC special assessment, net of tax		(478)		—		474		2,888		20,087		2,884		20,087
Adjusted Net Income (non-GAAP)	$	148,764	$	145,715	$	137,274	$	121,326	$	128,271	$	553,079	$	524,653

Basic earnings per common share	$	1.89	$	1.88	$	1.74	$	1.51	$	1.40	$	7.01	$	6.50
Diluted earnings per common share	$	1.87	$	1.86	$	1.73	$	1.50	$	1.39	$	6.97	$	6.46
Adjusted net income per common share - Basic (non-GAAP) (2)	$	1.95	$	1.91	$	1.80	$	1.59	$	1.69	$	7.25	$	6.90
Adjusted net income per common share - Diluted (non-GAAP) (2)	$	1.93	$	1.90	$	1.79	$	1.58	$	1.67	$	7.21	$	6.86
Dividends per common share	$	0.54	$	0.54	$	0.52	$	0.52	$	0.52	$	2.12	$	2.04
Basic weighted-average common shares outstanding		76,360,935		76,299,069		76,251,401		76,301,411		76,100,187		76,303,351		76,050,730
Diluted weighted-average common shares outstanding		76,957,882		76,805,436		76,607,281		76,660,081		76,634,100		76,762,354		76,479,557
Effective tax rate		23.04%		23.24%		23.42%		25.05%		21.81%		23.63%		21.64%

Performance and Capital Ratios


	Three Months Ended															Twelve Months Ended
	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,		Dec. 31,
	2024			2024			2024			2024			2023			2024		2023
PERFORMANCE RATIOS
Return on average assets (annualized)		1.23	%		1.25	%		1.17	%		1.03	%		0.94	%	1.17	%	1.11	%
Adjusted return on average assets (annualized) (non-GAAP) (2)		1.27	%		1.27	%		1.22	%		1.08	%		1.13	%	1.21	%	1.17	%
Return on average common equity (annualized)		9.72	%		9.91	%		9.58	%		8.36	%		7.99	%	9.41	%	9.37	%
Adjusted return on average common equity (annualized) (non-GAAP) (2)		10.03	%		10.08	%		9.94	%		8.81	%		9.60	%	9.73	%	9.94	%
Return on average tangible common equity (annualized) (non-GAAP) (3)		15.09	%		15.63	%		15.49	%		13.63	%		13.53	%	14.98	%	15.87	%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)		15.56	%		15.89	%		16.05	%		14.35	%		16.12	%	15.47	%	16.80	%
Efficiency ratio (tax equivalent)		55.73	%		56.58	%		57.03	%		58.48	%		63.43	%	56.93	%	55.50	%
Adjusted efficiency ratio (non-GAAP) (4)		54.42	%		55.80	%		55.52	%		56.47	%		56.89	%	55.53	%	53.27	%
Dividend payout ratio (5)		28.58	%		28.76	%		29.93	%		34.42	%		37.01	%	30.22	%	31.34	%
Book value per common share	$	77.18		$	77.42		$	74.16		$	72.82		$	72.78
Tangible book value per common share (non-GAAP) (3)	$	51.11		$	51.26		$	47.90		$	46.48		$	46.32

CAPITAL RATIOS
Equity-to-assets		12.7	%		12.8	%		12.4	%		12.3	%		12.3	%
Tangible equity-to-tangible assets (non-GAAP) (3)		8.8	%		8.9	%		8.4	%		8.2	%		8.2	%
Tier 1 leverage (6)		10.0	%		10.0	%		9.7	%		9.6	%		9.4	%
Tier 1 common equity (6)		12.6	%		12.4	%		12.1	%		11.9	%		11.8	%
Tier 1 risk-based capital (6)		12.6	%		12.4	%		12.1	%		11.9	%		11.8	%
Total risk-based capital (6)		15.0	%		14.7	%		14.4	%		14.4	%		14.1	%

Balance Sheet


	Ending Balance
(Dollars in thousands, except per share and share data)	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,
BALANCE SHEET	2024		2024		2024		2024		2023
Assets
Cash and due from banks	$	525,506	$	563,887	$	507,425	$	478,271	$	510,922
Federal funds sold and interest-earning deposits with banks		866,561		648,792		609,741		731,186		487,955
Cash and cash equivalents		1,392,067		1,212,679		1,117,166		1,209,457		998,877

Trading securities, at fair value		102,932		87,103		92,161		66,188		31,321
Investment securities:
Securities held to maturity		2,254,670		2,301,307		2,348,528		2,446,589		2,487,440
Securities available for sale, at fair value		4,320,593		4,564,363		4,498,264		4,598,400		4,784,388
Other investments		223,613		211,458		201,516		187,285		192,043
Total investment securities		6,798,876		7,077,128		7,048,308		7,232,274		7,463,871
Loans held for sale		279,426		287,043		100,007		56,553		50,888
Loans:
Purchased credit deteriorated		862,155		913,342		957,255		1,031,283		1,108,813
Purchased non-credit deteriorated		3,635,782		3,959,028		4,253,323		4,534,583		4,796,913
Non-acquired		29,404,990		28,675,822		28,023,986		27,101,444		26,482,763
Less allowance for credit losses		(465,280)		(467,981)		(472,298)		(469,654)		(456,573)
Loans, net		33,437,647		33,080,211		32,762,266		32,197,656		31,931,916
Premises and equipment, net		502,559		507,452		517,382		512,635		519,197
Bank owned life insurance		1,013,209		1,007,275		1,001,998		997,562		991,454
Mortgage servicing rights		89,795		83,512		88,904		87,970		85,164
Core deposit and other intangibles		66,458		71,835		77,389		83,193		88,776
Goodwill		1,923,106		1,923,106		1,923,106		1,923,106		1,923,106
Other assets		775,129		745,303		765,283		778,244		817,454
Total assets	$	46,381,204	$	46,082,647	$	45,493,970	$	45,144,838	$	44,902,024

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing	$	10,192,117	$	10,376,531	$	10,374,464	$	10,546,410	$	10,649,274
Interest-bearing		27,868,749		27,261,664		26,723,938		26,632,024		26,399,635
Total deposits		38,060,866		37,638,195		37,098,402		37,178,434		37,048,909
Federal funds purchased and securities
sold under agreements to repurchase		514,912		538,322		542,403		554,691		489,185
Other borrowings		391,534		691,626		691,719		391,812		491,904
Reserve for unfunded commitments		45,327		41,515		50,248		53,229		56,303
Other liabilities		1,478,150		1,268,409		1,460,795		1,419,663		1,282,625
Total liabilities		40,490,789		40,178,067		39,843,567		39,597,829		39,368,926

Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares		190,805		190,674		190,489		190,443		190,055
Surplus		4,259,722		4,249,672		4,238,192		4,230,345		4,240,413
Retained earnings		2,046,809		1,943,874		1,841,933		1,749,215		1,685,166
Accumulated other comprehensive loss		(606,921)		(479,640)		(620,211)		(622,994)		(582,536)
Total shareholders' equity		5,890,415		5,904,580		5,650,403		5,547,009		5,533,098
Total liabilities and shareholders' equity	$	46,381,204	$	46,082,647	$	45,493,970	$	45,144,838	$	44,902,024

Common shares issued and outstanding		76,322,206		76,269,577		76,195,723		76,177,163		76,022,039

Net Interest Income and Margin


	Three Months Ended
	Dec. 31, 2024					Sep. 30, 2024					Dec. 31, 2023
(Dollars in thousands)	Average		Income/		Yield/	Average		Income/		Yield/	Average		Income/		Yield/
YIELD ANALYSIS	Balance		Expense		Rate	Balance		Expense		Rate	Balance		Expense		Rate
Interest-Earning Assets:
Federal funds sold and interest-earning deposits with banks	$	1,308,313	$	14,162	4.31%	$	559,942	$	6,462	4.59%	$	814,244	$	10,029	4.89%
Investment securities		7,144,438		44,934	2.50%		7,163,934		43,634	2.42%		7,382,800		45,526	2.45%
Loans held for sale		179,803		2,304	5.10%		112,429		2,694	9.53%		28,878		552	7.58%
Total loans held for investment		33,662,822		487,405	5.76%		33,387,675		491,388	5.86%		32,239,455		459,328	5.65%
Total interest-earning assets		42,295,376		548,805	5.16%		41,223,980		544,178	5.25%		40,465,377		515,435	5.05%
Noninterest-earning assets		4,214,390					4,373,250					4,572,255
Total Assets	$	46,509,766				$	45,597,230				$	45,037,632

Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts	$	20,823,079	$	121,239	2.32%	$	19,936,966	$	129,613	2.59%	$	18,957,647	$	107,994	2.26%
Savings deposits		2,427,760		1,741	0.29%		2,453,886		1,893	0.31%		2,680,065		1,888	0.28%
Certificates and other time deposits		4,517,047		45,283	3.99%		4,489,441		46,413	4.11%		4,294,555		39,702	3.67%
Federal funds purchased		292,626		3,479	4.73%		304,582		4,178	5.46%		256,672		3,453	5.34%
Repurchase agreements		261,373		1,382	2.10%		258,166		1,519	2.34%		265,839		1,458	2.18%
Other borrowings		394,853		5,902	5.95%		611,247		9,082	5.91%		438,701		6,709	6.07%
Total interest-bearing liabilities		28,716,738		179,026	2.48%		28,054,288		192,698	2.73%		26,893,479		161,204	2.38%
Noninterest-bearing deposits		10,561,382					10,412,512					11,059,306
Other noninterest-bearing liabilities		1,330,020					1,382,260					1,784,956
Shareholders' equity		5,901,626					5,748,170					5,299,891
Total Non-IBL and shareholders' equity		17,793,028					17,542,942					18,144,153
Total Liabilities and Shareholders' Equity	$	46,509,766				$	45,597,230				$	45,037,632
Net Interest Income and Margin (Non-Tax Equivalent)			$	369,779	3.48%			$	351,480	3.39%			$	354,231	3.47%
Net Interest Margin (Tax Equivalent) (non-GAAP)					3.48%					3.40%					3.48%
Total Deposit Cost (without Debt and Other Borrowings)					1.75%					1.90%					1.60%
Overall Cost of Funds (including Demand Deposits)					1.81%					1.99%					1.69%

Total Accretion on Acquired Loans (1)			$	2,887				$	2,858				$	3,870
Tax Equivalent ("TE") Adjustment			$	547				$	486				$	659

●

The remaining loan discount on acquired loans to be accreted into loan interest income totals $36.9 million as of December 31, 2024.

Noninterest Income and Expense


	Three Months Ended										Twelve Months Ended
	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Dec. 31,		Dec. 31,
(Dollars in thousands)	2024		2024		2024		2024		2023		2024		2023
Noninterest Income:
Fees on deposit accounts	$	35,121	$	33,986	$	33,842	$	33,145	$	33,225	$	136,094	$	129,015
Mortgage banking income		4,777		3,189		5,912		6,169		2,191		20,047		13,355
Trust and investment services income		12,414		11,578		11,091		10,391		10,131		45,474		39,447
Securities (losses) gains, net		(50)		—		—		—		(2)		(50)		43
Correspondent banking and capital markets income		20,905		17,381		16,267		14,591		16,081		69,144		90,579
Expense on centrally-cleared variation margin		(7,350)		(7,488)		(11,407)		(10,280)		(12,677)		(36,525)		(41,478)
Total correspondent banking and capital markets income		13,555		9,893		4,860		4,311		3,404		32,619		49,101
Bank owned life insurance income		7,944		8,276		7,372		6,892		6,567		30,484		26,690
Other		6,784		8,012		12,148		10,650		9,973		37,594		29,255
Total Noninterest Income	$	80,545	$	74,934	$	75,225	$	71,558	$	65,489	$	302,262	$	286,906

Noninterest Expense:
Salaries and employee benefits	$	154,116	$	150,865	$	151,435	$	150,453	$	145,850	$	606,869	$	583,398
Occupancy expense		22,831		22,242		22,453		22,577		22,715		90,103		88,695
Information services expense		23,416		23,280		23,144		22,353		22,000		92,193		84,472
OREO and loan related expense		1,416		1,358		1,307		606		948		4,687		1,716
Business development and staff related		7,450		5,797		6,220		5,799		7,492		25,266		26,116
Amortization of intangibles		5,326		5,327		5,744		5,998		6,615		22,395		27,558
Professional fees		5,366		4,017		3,906		3,115		7,025		16,404		18,547
Supplies and printing expense		2,729		2,762		2,526		2,540		2,761		10,558		10,578
FDIC assessment and other regulatory charges		7,365		7,482		7,771		8,534		8,325		31,152		33,070
Advertising and marketing		2,269		2,296		2,594		1,984		2,826		9,143		9,474
Other operating expenses		18,415		18,117		15,243		16,964		19,217		68,738		72,103
Merger, branch consolidation, severance related and other expense (8)		6,531		3,304		5,785		4,513		1,778		20,133		13,162
FDIC special assessment		(621)		—		619		3,854		25,691		3,852		25,691
Total Noninterest Expense	$	256,609	$	246,847	$	248,747	$	249,290	$	273,243	$	1,001,493	$	994,580

Loans and Deposits

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


	Ending Balance
(Dollars in thousands)	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,
LOAN PORTFOLIO (7)	2024		2024		2024		2024		2023
Construction and land development * †	$	2,184,327	$	2,458,151	$	2,592,307	$	2,437,343	$	2,923,514
Investor commercial real estate*		9,991,482		9,856,709		9,731,773		9,752,529		9,227,968
Commercial owner occupied real estate		5,716,376		5,544,716		5,522,978		5,511,855		5,497,671
Commercial and industrial		6,222,876		5,931,187		5,769,838		5,544,131		5,504,539
Consumer real estate *		8,714,969		8,649,714		8,440,724		8,223,066		7,993,450
Consumer/other		1,072,897		1,107,715		1,176,944		1,198,386		1,241,347
Total Loans	$	33,902,927	$	33,548,192	$	33,234,564	$	32,667,310	$	32,388,489

* 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 $386.2 million, $429.8 million, $544.2 million, $623.9 million, and $715.5 million for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.


	Ending Balance
(Dollars in thousands)	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,
DEPOSITS	2024		2024		2024		2024		2023
Noninterest-bearing checking	$	10,192,116	$	10,376,531	$	10,374,464	$	10,546,410	$	10,649,274
Interest-bearing checking		8,232,322		7,550,392		7,547,406		7,898,835		7,978,799
Savings		2,414,172		2,442,584		2,475,130		2,557,203		2,632,212
Money market		13,056,534		12,614,046		12,122,336		11,895,385		11,538,671
Time deposits		4,165,722		4,654,642		4,579,066		4,280,601		4,249,953
Total Deposits	$	38,060,866	$	37,638,195	$	37,098,402	$	37,178,434	$	37,048,909

Core Deposits (excludes Time Deposits)	$	33,895,144	$	32,983,553	$	32,519,336	$	32,897,833	$	32,798,956

Asset Quality


	Ending Balance
	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,
(Dollars in thousands)	2024		2024		2024		2024		2023
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual	$	141,982	$	111,240	$	110,774	$	106,189	$	110,467
Accruing loans past due 90 days or more		3,293		6,890		5,843		2,497		11,305
Non-acquired OREO and other nonperforming assets		1,182		1,217		2,876		1,589		711
Total non-acquired nonperforming assets		146,457		119,347		119,493		110,275		122,483
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual		65,314		70,731		78,287		63,451		59,755
Accruing loans past due 90 days or more		-		389		916		135		1,174
Acquired OREO and other nonperforming assets		1,583		493		598		655		712
Total acquired nonperforming assets		66,897		71,613		79,801		64,241		61,641
Total nonperforming assets	$	213,354	$	190,960	$	199,294	$	174,516	$	184,124


	Three Months Ended
	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,
	2024		2024		2024		2024		2023
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans		1.37%		1.39%		1.42%		1.44%		1.41%
Allowance for credit losses, including reserve for unfunded commitments, as a percentage of loans		1.51%		1.52%		1.57%		1.60%		1.58%
Allowance for credit losses as a percentage of nonperforming loans		220.94%		247.28%		241.19%		272.62%		249.90%
Net charge-offs as a percentage of average loans (annualized)		0.06%		0.07%		0.05%		0.03%		0.09%
Total nonperforming assets as a percentage of total assets		0.46%		0.41%		0.44%		0.39%		0.41%
Nonperforming loans as a percentage of period end loans		0.62%		0.56%		0.59%		0.53%		0.56%

Current Expected Credit Losses (“CECL”)

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


	Allowance for Credit Losses ("ACL and UFC")
(Dollars in thousands)	NonPCD ACL		PCD ACL		Total ACL		UFC
Ending balance 9/30/2024	$	444,622	$	23,359	$	467,981	$	41,515
Charge offs		(8,407)		—		(8,407)		—
Acquired charge offs		(173)		(1,357)		(1,530)		—
Recoveries		2,140		—		2,140		—
Acquired recoveries		1,759		778		2,537		—
Provision (recovery) for credit losses		5,018		(2,459)		2,559		3,812
Ending balance 12/31/2024	$	444,959	$	20,321	$	465,280	$	45,327

Period end loans	$	33,040,772	$	862,155	$	33,902,927		N/A
Allowance for Credit Losses to Loans		1.35%		2.36%		1.37%		N/A
Unfunded commitments (off balance sheet) *							$	7,780,323
Reserve to unfunded commitments (off balance sheet)								0.58%

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

Conference Call

The Company will host a conference call to discuss its fourth quarter results at 9:00 a.m. Eastern Time on January 24, 2025. 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 January 24, 2025 on the Investor Relations section of SouthStateBank.com.

SouthState is a financial services company headquartered in Winter Haven, Florida. The Bank, 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, Virginia, Texas and Colorado. 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)	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023
Net income (GAAP)	$	144,178	$	143,179	$	132,370	$	115,056	$	106,791
Provision (recovery) for credit losses		6,371		(6,971)		3,889		12,686		9,893
Tax provision		43,166		43,359		40,478		38,462		29,793
Merger, branch consolidation, severance related and other expense (8)		6,531		3,304		5,785		4,513		1,778
FDIC special assessment		(621)		—		619		3,854		25,691
Securities losses		50		—		—		—		2
Pre-provision net revenue (PPNR) (Non-GAAP)	$	199,675	$	182,871	$	183,141	$	174,571	$	173,948


(Dollars in thousands)	Three Months Ended
CORE NET INTEREST INCOME (NON-GAAP)	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
Net interest income (GAAP)	$	369,779		$	351,480		$	350,259		$	343,936		$	354,231
Less:
Total accretion on acquired loans		2,887			2,858			4,386			4,287			3,870
Core net interest income (Non-GAAP)	$	366,892		$	348,622		$	345,873		$	339,649		$	350,361

NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)
Net interest income (GAAP)	$	369,779		$	351,480		$	350,259		$	343,936		$	354,231
Total average interest-earning assets		42,295,376			41,223,980			41,011,662			40,657,176			40,465,377
NIM, non-tax equivalent		3.48	%		3.39	%		3.43	%		3.40	%		3.47	%

Tax equivalent adjustment (included in NIM, TE)		547			486			631			528			659
Net interest income, tax equivalent (Non-GAAP)	$	370,326		$	351,966		$	350,890		$	344,464		$	354,890
NIM, TE (Non-GAAP)		3.48	%		3.40	%		3.44	%		3.41	%		3.48	%


	Three Months Ended															Twelve Months Ended
(Dollars in thousands, except per share data)	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,			Dec. 31,
RECONCILIATION OF GAAP TO NON-GAAP	2024			2024			2024			2024			2023			2024			2023
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)	$	144,178		$	143,179		$	132,370		$	115,056		$	106,791		$	534,783		$	494,308
Securities losses (gains), net of tax		38			—			—			—			2			38			(33)
Merger, branch consolidation, severance related and other expense, net of tax (8)		5,026			2,536			4,430			3,382			1,391			15,374			10,291
FDIC special assessment, net of tax		(478)			—			474			2,888			20,087			2,884			20,087
Adjusted net income (non-GAAP)	$	148,764		$	145,715		$	137,274		$	121,326		$	128,271		$	553,079		$	524,653

Adjusted Net Income per Common Share - Basic (2)
Earnings per common share - Basic (GAAP)	$	1.89		$	1.88		$	1.74		$	1.51		$	1.40		$	7.01		$	6.50
Effect to adjust for securities losses (gains), net of tax		0.00			—			—			—			0.00			0.00			(0.00)
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.07			0.03			0.05			0.04			0.03			0.20			0.14
Effect to adjust for FDIC special assessment, net of tax		(0.01)			—			0.01			0.04			0.26			0.04			0.26
Adjusted net income per common share - Basic (non-GAAP)	$	1.95		$	1.91		$	1.80		$	1.59		$	1.69		$	7.25		$	6.90

Adjusted Net Income per Common Share - Diluted (2)
Earnings per common share - Diluted (GAAP)	$	1.87		$	1.86		$	1.73		$	1.50		$	1.39		$	6.97		$	6.46
Effect to adjust for securities losses (gains), net of tax		0.00			—			—			—			0.00			0.00			(0.00)
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.07			0.04			0.05			0.04			0.02			0.21			0.13
Effect to adjust for FDIC special assessment, net of tax		(0.01)			—			0.01			0.04			0.26			0.04			0.26
Adjusted net income per common share - Diluted (non-GAAP)	$	1.93		$	1.90		$	1.79		$	1.58		$	1.67		$	7.21		$	6.86

Adjusted Return on Average Assets (2)
Return on average assets (GAAP)		1.23	%		1.25	%		1.17	%		1.03	%		0.94	%		1.17	%		1.11	%
Effect to adjust for securities losses (gains), net of tax		0.00	%		—	%		—	%		—	%		0.00	%		0.00	%		(0.00)	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.04	%		0.02	%		0.05	%		0.02	%		0.01	%		0.03	%		0.02	%
Effect to adjust for FDIC special assessment, net of tax		(0.00)	%		—	%		0.00	%		0.03	%		0.18	%		0.01	%		0.04	%
Adjusted return on average assets (non-GAAP)		1.27	%		1.27	%		1.22	%		1.08	%		1.13	%		1.21	%		1.17	%

Adjusted Return on Average Common Equity (2)
Return on average common equity (GAAP)		9.72	%		9.91	%		9.58	%		8.36	%		7.99	%		9.41	%		9.37	%
Effect to adjust for securities losses (gains), net of tax		0.00	%		—	%		—	%		—	%		0.00	%		0.00	%		(0.00)	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.34	%		0.17	%		0.33	%		0.24	%		0.11	%		0.27	%		0.19	%
Effect to adjust for FDIC special assessment, net of tax		(0.03)	%		—	%		0.03	%		0.21	%		1.50	%		0.05	%		0.38	%
Adjusted return on average common equity (non-GAAP)		10.03	%		10.08	%		9.94	%		8.81	%		9.60	%		9.73	%		9.94	%

Return on Average Common Tangible Equity (3)
Return on average common equity (GAAP)		9.72	%		9.91	%		9.58	%		8.36	%		7.99	%		9.41	%		9.37	%
Effect to adjust for intangible assets		5.37	%		5.72	%		5.91	%		5.27	%		5.54	%		5.57	%		6.50	%
Return on average tangible equity (non-GAAP)		15.09	%		15.63	%		15.49	%		13.63	%		13.53	%		14.98	%		15.87	%

Adjusted Return on Average Common Tangible Equity (2) (3)
Return on average common equity (GAAP)		9.72	%		9.91	%		9.58	%		8.36	%		7.99	%		9.41	%		9.37	%
Effect to adjust for securities losses (gains), net of tax		0.00	%		—	%		—	%		—	%		0.00	%		0.00	%		(0.00)	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.34	%		0.18	%		0.32	%		0.25	%		0.10	%		0.27	%		0.20	%
Effect to adjust for FDIC special assessment, net of tax		(0.03)	%		—	%		0.03	%		0.21	%		1.50	%		0.05	%		0.38	%
Effect to adjust for intangible assets, net of tax		5.53	%		5.80	%		6.12	%		5.53	%		6.53	%		5.74	%		6.85	%
Adjusted return on average common tangible equity (non-GAAP)		15.56	%		15.89	%		16.05	%		14.35	%		16.12	%		15.47	%		16.80	%

Adjusted Efficiency Ratio (4)
Efficiency ratio		55.73	%		56.58	%		57.03	%		58.48	%		63.43	%		56.93	%		55.50	%
Effect to adjust for merger, branch consolidation, severance related and other expense (8)		(1.31)	%		(0.78)	%		(1.36)	%		(1.08)	%		(0.43)	%		(1.14)	%		(0.76)	%
Effect to adjust for FDIC special assessment		—	%		—	%		(0.15)	%		(0.93)	%		(6.11)	%		(0.26)	%		(1.47)	%
Adjusted efficiency ratio		54.42	%		55.80	%		55.52	%		56.47	%		56.89	%		55.53	%		53.27	%

Tangible Book Value Per Common Share (3)
Book value per common share (GAAP)	$	77.18		$	77.42		$	74.16		$	72.82		$	72.78
Effect to adjust for intangible assets		(26.07)			(26.16)			(26.26)			(26.34)			(26.46)
Tangible book value per common share (non-GAAP)	$	51.11		$	51.26		$	47.90		$	46.48		$	46.32

Tangible Equity-to-Tangible Assets (3)
Equity-to-assets (GAAP)		12.70	%		12.81	%		12.42	%		12.29	%		12.32	%
Effect to adjust for intangible assets		(3.91)	%		(3.94)	%		(4.03)	%		(4.08)	%		(4.11)	%
Tangible equity-to-tangible assets (non-GAAP)		8.79	%		8.87	%		8.39	%		8.21	%		8.21	%

Footnotes to tables:

(1)

Includes loan accretion (interest) income related to the discount on acquired loans of $2.9 million, $2.9 million, $4.4 million, $4.3 million, and $3.9 million during the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively, and $14.4 million and $20.8 million during the twelve months ended December 31, 2024 and 2023, respectively.

(2)

Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, merger, branch consolidation, severance related and other expense, and FDIC special assessments. Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger, branch consolidation, severance related and other expense of $6.5 million, $3.3 million, $5.8 million, $4.5 million, and $1.8 million for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively, and $20.1 million and $13.2 million for the twelve months ended December 31, 2024 and 2023, respectively; (b) pre-tax net securities losses of $(50,000) and $(2,000) for the quarters ended December 31, 2024 and December 31, 2023, respectively, and pre-tax net losses of $(50,000) and pre-tax net gains of $43,000 for the twelve months ended December 31, 2024 and December 31, 2023, respectively; and (c) pre-tax FDIC special assessment of $(621,000), $619,000, $3.9 million, and $25.7 million for the quarters ended December 31, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and $3.8 million and $25.7 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively.

(3)

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

(4)

Adjusted efficiency ratio is calculated by taking the noninterest expense excluding merger, branch consolidation, severance related and other expense, FDIC special assessment and amortization of intangible assets, divided by net interest income and noninterest income excluding securities gains (losses). The pre-tax amortization expenses of intangible assets were $5.3 million, $5.3 million, $5.7 million, $6.0 million, and $6.6 million for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively, and $22.4 million and $27.6 million for the twelve months ended December 31, 2024, and 2023, respectively.

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

(6)	December 31, 2024 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.

(7)	Loan data excludes loans held for sale.

(8)	Includes pre-tax cyber incident costs of $329,000, $56,000, $3.5 million and $4.4 million for the quarters ended, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively, and $8.3 million for the twelve months ended December 31, 2024.

Cautionary Statement Regarding 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 volatility risk, including inflation, potentially resulting in higher rates, deterioration in the credit markets, greater than expected noninterest expenses, excessive loan losses, or on the other hand lower rates, which also may have other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (3) risks related to the merger and integration of SouthState and Independent 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 Independent’s operations into SouthState’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Independent’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; (4) risks relating to the ability to retain our culture and attract and retain qualified people as we grow and are located in new markets, and being able to offer competitive salaries and benefits, including flexibility of working remotely or in the office; (5) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (6) 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; (7) interest rate risk primarily resulting from our inability to effectively manage the risk, and their impact on the Bank’s earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the Bank’s loan and securities portfolios, and the market value of SouthState’s equity; (8) a decrease in our net interest income due to the interest rate environment; (9) liquidity risk affecting the Bank’s ability to meet its obligations when they come due; (10) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (11) potential deterioration in real estate values; (12) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (13) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (14) transaction risk arising from problems with service or product delivery; (15) 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; (16) 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; (17) volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; (18) 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; (19) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards, and contractual obligations regarding data privacy and cybersecurity; (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 or other guidance, and the possibility of changes in accounting standards, policies, principles and practices; (21) risks related to the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government officials or other personnel; (22) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (23) 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; (24) 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; (25) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of changes in federal and state laws, regulations and guidance relating to climate change; (26) excessive loan losses; (27) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank’s consumer programs and products; (28) 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; (29) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (30) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (31) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (32) 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; (33) ownership dilution risk associated with potential acquisitions in which SouthState’s stock may be issued as consideration for an acquired company; and (34) 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.

EX-99.2 3 ssb-20250123xex99d2.htm EX-99.2

Exhibit 99.2

Earnings Call 4Q 2024 January 24, 2025

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 Corporation (“SouthState” or the “Company”) 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 volatility risk, including inflation, potentially resulting in higher rates, deterioration in the credit markets, greater than expected noninterest expenses, excessive loan losses, or on the other hand lower rates, which also may have other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (3) risks related to the merger and integration of SouthState and Independent Bank Group, Inc. (“Independent”) 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 Independent’s operations into SouthState’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Independent’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; (4) risks relating to the ability to retain our culture and attract and retain qualified people as we grow and are located in new markets, and being able to offer competitive salaries and benefits, including flexibility of working remotely or in the office; (5) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (6) credit risks associated with an obligor’s failure to meet the terms of any contract with SouthState Bank, N.A. (the “Bank”) or otherwise fail to perform as agreed under the terms of any loan-related document; (7) interest rate risk primarily resulting from our inability to effectively manage the risk, and their impact on the Bank’s earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the Bank’s loan and securities portfolios, and the market value of SouthState’s equity; (8) a decrease in our net interest income due to the interest rate environment; (9) liquidity risk affecting the Bank’s ability to meet its obligations when they come due; (10) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (11) potential deterioration in real estate values; (12) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (13) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (14) transaction risk arising from problems with service or product delivery; (15) 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; (16) 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; (17) volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; (18) 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; (19) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards, and contractual obligations regarding data privacy and cybersecurity; (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 or other guidance, and the possibility of changes in accounting standards, policies, principles and practices; (21) risks related to the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government officials or other personnel; (22) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (23) 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; (24) 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; (25) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of changes in federal and state laws, regulations and guidance relating to climate change; (26) excessive loan losses; (27) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank’s consumer programs and products; (28) 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; (29) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (30) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (31) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (32) 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; (33) ownership dilution risk associated with potential acquisitions in which SouthState’s stock may be issued as consideration for an acquired company; and (34) 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. CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Ranked #14 by S&P Global Greenwich Excellence & Best Brand Awards for Small Business Banking from Coalition Greenwich $65 B Assets $48 B Loans Enhanced Scale Through IBTX Partnership 343 Branch Locations 12 of 15 Fastest Growing U.S. MSAs(2) #5 Largest Regional Bank in the South(3) Dominant Southern Franchise $55 B Deposits $7.4 B Market Cap 17 SOUTHSTATE CORPORATION OVERVIEW (1) Enhanced Scale Through IBTX Partnership $64B Assets $47B Loans $53B Deposits $10B Market Cap 343 Branch Locations 12 of 15 Fastest Growing U.S. MSAs(3) #5 Largest Regional Bank in the South(4) (1) ~ (4) For end note descriptions, see Earnings Presentation End Notes starting on slide 35. PROJECTED POPULATION GROWTH(2) Fastest-growing 20% of MSAs highlighted in blue 3

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

POSITIONED FOR THE FUTURE IN THE BEST GROWTH MARKETS IN AMERICA 5 $324 $352 $557 $770 $845 $888 $1,718 $2,727 AL SC CO VA NC GA FL TX GDP by State ($ in billions) The combined GDP of SouthState’s 8 state branch footprint would represent the world’s third largest economy. For end note descriptions, see Earnings Presentation End Notes starting on slide 35. 6.0% 6.0% 5.6% 4.8% 4.1% 3.5% 3.5% 2.7% 2.4% FL SC TX NC GA CO AL VA U.S. Projected Population Growth (2025-2030) $2.0B $2.2B $1.0B $0.6B $3.2B $2.1B $10.9B $12.2B $7.5B $6.8B $11.3B $6.3B Loans Deposits $3.7B $4.0B $9.2B $9.8B $3.6 $3.9 $4.1 $4.7 $8.2 $18.3 $29.2 UK India Japan Germany SSB Footprint China US GDP ($ in trillions)

Source: U.S. Census Bureau (Net Domestic Migration) PANDEMIC ACCELERATES POPULATION MIGRATION TO THE SOUTH 6 Top 10 States Net Domestic Migration 1. Florida 872,722 2. Texas 747,730 3. North Carolina 392,010 4. South Carolina 314,953 5. Arizona 252,654 6. Tennessee 252,180 7. Georgia 205,811 8. Idaho 120,350 9. Alabama 119,132 10. Oklahoma 93,218

INVESTMENT THESIS 7 • High growth markets • Granular, low-cost core deposit base • 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 35. 9 3Q24 4Q24 GAAP Net Income $ 143.2 $ 144.2 EPS (Diluted) $ 1.86 $ 1.87 Return on Average Assets 1.25 % 1.23 % Non-GAAP(1) Return on Average Tangible Common Equity 15.6 % 15.1 % Non-GAAP, Adjusted(1) Net Income $ 145.7 $ 148.8 EPS (Diluted) $ 1.90 $ 1.93 Return on Average Assets 1.27 % 1.27 % Return on Average Tangible Common Equity 15.9 % 15.6 %

QUARTERLY HIGHLIGHTS | 4Q 2024 (1)~(3) For end note descriptions, see Earnings Presentation End Notes starting on slide 35. 10 • Reported Diluted Earnings per Share (“EPS”) of $1.87; adjusted Diluted EPS (non-GAAP)(1) of $1.93 • Pre-Provision Net Revenue (“PPNR”)(non-GAAP)(2) of $199.7 million • Loans increased $355 million, or 4% annualized • Deposits increased $423 million, or 4% annualized • Net interest margin, non-tax equivalent and tax equivalent (non-GAAP)(3) of 3.48%, up 0.09% and 0.08%, respectively, from prior quarter • Total loan yield of 5.76%, down 0.10% from prior quarter • Total deposit cost of 1.75%, down 0.15% from prior quarter • Net charge-offs of $5.3 million, or 0.06% of average loans, annualized; recorded Provision for Credit Losses (“PCL”), of $6.4 million; total allowance for credit losses (“ACL”) plus reserve for unfunded commitments of 1.51% of loans • Efficiency ratio of 56% and adjusted efficiency ratio (non-GAAP)(1) of 54% Subsequent Events • Completed previously announced merger of Independent on January 1, 2025 • The Bank entered into an agreement on January 8, 2025 with entities affiliated with Blue Owl Real Estate Capital, LLC to sell branch properties and enter into triple net lease agreements with such purchasers on those same properties effective upon the closing of the sale

$354.2 $343.9 $350.3 $351.5 $369.8 3.48% 3.41% 3.44% 3.40% 3.48% 3.00% 3.25% 3.50% 3.75% 4.00% $200 $250 $300 $350 $400 4Q23 1Q24 2Q24 3Q24 4Q24 $ in millions Net Interest Income Net Interest Margin, TE (1) NET INTEREST MARGIN (1) Dollars in millions; Amounts may not total due to rounding. (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 35. 11

LOAN PRODUCTION VS LOAN GROWTH $2,181 $2,369 $1,459 $1,233 $1,352 $2,049 $1,648 $1,932 $519 $841 $480 $372 $279 $568 $314 $355 $— $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 $ in millions Loan Production Loan Portfolio Growth Dollars in millions (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 35. 12 (1) (1)

Balance Sheet

4Q23 1Q24 2Q24 3Q24 4Q24 DDA / Total Deposits 29% 28% 28% 28% 27% LOAN AND DEPOSIT TRENDS $32.4 $32.7 $33.2 $33.5 $33.9 $- $0.2B $0.4B $0.6B $0.8B $1.0B $1.2B $— $6 $12 $18 $24 $30 $36 $42 4Q23 1Q24 2Q24 3Q24 4Q24 $ 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 35. 14 $10.6 $10.5 $10.4 $10.4 $10.2 $8.0 $7.9 $7.5 $7.6 $8.2 $14.2 $14.5 $14.6 $15.1 $15.5 $4.2 $4.3 $4.6 $4.7 $4.2 $37.0B $37.2B $37.1B $37.6B $38.1B $— $6 $12 $18 $24 $30 $36 $42 Deposits Noninterest-bearing Checking ("DDA") Interest-bearing Checking MMA & Savings Time Deposits Total Deposits

Investor CRE (2) 30% Consumer RE 26% Owner-Occupied CRE 17% C&I 18% CDL (1) 6% Cons / Other 3% TOTAL LOAN PORTFOLIO 15 Data as of December 31, 2024 Loan portfolio balances, average balances or percentage exclude loans held for sale; Amounts may not total due to rounding. (1)~(3) For end note descriptions, see Earnings Presentation End Notes starting on slide 35. Loan Type No. of Loans Balance Avg. Loan Balance Investor CRE 7,670 $ 10.0B $ 1,302,800 Consumer RE 46,005 8.7B 189,400 Owner-Occupied CRE 7,585 5.7B 753,700 C & I 19,049 6.2B 326,600 Constr., Dev. & Land 2,678 2.2B 815,600 Cons / Other(3) 50,525 1.0B 19,700 Total(3) 133,512 $ 33.8B $ 253,400 Loan Relationships Top 10 Represents ~ 3% of total loans Top 20 Represents ~ 4% of total loans Loans by Type Total Loans $33.9 Billion • SNC loans represent approximately 2% of total outstanding loans at December 31, 2024

45% 28% 27% Checking Accounts Composition Commercial Small Business Retail Noninterest-bearing Checking $10.2B Interest-bearing Checking $8.2B Savings $2.4B Money Market $13.1B Time Deposits $4.2B Data as of December 31, 2024 Dollars in billions except for average checking balances; Amounts may not total due to rounding. † & (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 35. 48% 43% 41% 39% 11% 18% 0% 20% 40% 60% 80% 100% SSB Peer Average (1) Deposit Mix vs. Peers Checking Accounts MM & Savings Time Deposits PREMIUM CORE † DEPOSIT FRANCHISE 16 Total Deposits $38.1 Billion Deposits by Type Checking Type Avg. Checking Balance Commercial $308,700 Small Business $39,000 Retail $9,100 Total Cost of Deposits 4Q24 SSB 175 bps Peer Average(1) 234 bps

Credit

0.57% 0.53% 0.60% 0.57% 0.63% —% 0.25% 0.50% 0.75% 1.00% 4Q23 1Q24 2Q24 3Q24 4Q24 Nonperforming Assets to Loans & OREO 0.58% 0.86% 0.91% 0.92% 1.15% 1.97% 2.20% 2.36% 2.36% 2.86% —% 1.00% 2.00% 3.00% 4.00% 4Q23 1Q24 2Q24 3Q24 4Q24 Criticized & Classified Asset Trends Special Mention / Assets Substandard / Assets ASSET QUALITY METRICS Dollars in millions 18 0.09% 0.03% 0.05% 0.07% 0.06% —% 0.25% 0.50% 0.75% 1.00% 4Q23 1Q24 2Q24 3Q24 4Q24 Net Charge-Offs to Loans • Current total reserve is over 8x last four years' cumulative net charge-offs

Dollars in millions (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 35. LOSS ABSORPTION CAPACITY TREND 19 $47.1 $33.1 $38.4 $32.7 $9.9 $12.7 $3.9 $(7.0) $6.4 $0.9 $1.0 $3.3 $13.2 $7.3 $2.7 $4.2 $6.1 $5.3 $(10) $- $10 $20 $30 $40 $50 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 $ in millions Provision for Credit Losses & Net Charge-Offs (Recoveries) Provision (Recovery) for Credit Losses Net Charge-Offs $356 $371 $427 $448 $457 $470 $472 $468 $465 $67 $85 $63 $62 $56 $53 $50 $42 $45 1.40% 1.48% 1.56% 1.59% 1.58% 1.60% 1.57% 1.52% 1.51% 1.00% 1.40% 1.80% 2.20% $150 $200 $250 $300 $350 $400 $450 $500 $550 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 $ in millions Total ACL(1) plus Reserve for Unfunded Commitments Total ACL Reserve for Unfunded Commitments % of Total Loans

(1) Yellow dot size represents outstanding loan exposure. 20 FRB KANSAS CITY EXPECTED OFFICE DEFAULT RATE STUDY – SSB GRANULAR OFFICE PORTFOLIO SHOWS MEANINGFULLY LOWER EXPECTED DEFAULT RATES Federal Reserve Bank of Kansas City: Expected Default Rates on Office Properties Increased With Property Size SouthState’s Office Portfolio by Property Size(1) • 50% of the portfolio is less than 50K square feet • 7% of the portfolio is greater than 200K square feet 0 5 10 15 20 25 0 50 100 150 200 250 300 350 400 450 500 K.C. FRB Default Probability % Office space, thousands of square feet < >

Capital

CAPITAL RATIOS 3Q24 4Q24(2) Tangible Common Equity(1) 8.9 % 8.8 % Tier 1 Leverage 10.0 % 10.0 % Tier 1 Common Equity 12.4 % 12.6 % Tier 1 Risk-Based Capital 12.4 % 12.6 % Total Risk-Based Capital 14.7 % 15.0 % Bank CRE Concentration Ratio 227 % 219 % Bank CDL Concentration Ratio 47 % 41 % (1)&(2) For end note descriptions, see Earnings Presentation End Notes starting on slide 35. 22

Appendix

38% 60% 2% Municipal Bond Rating AAA AA A Dollars in billions, unless otherwise noted; data as of December 31, 2024 Amounts may not total due to rounding. † , (1)~(4) For end note descriptions, see Earnings Presentation End Notes starting on slide 35. 2.45% 2.44% 2.48% 2.42% 2.50% 1.00% 1.30% 1.60% 1.90% 2.20% 2.50% 4Q23 1Q24 2Q24 3Q24 4Q24 Investment Securities Yield(2) HIGH QUALITY INVESTMENT PORTFOLIO 75% 10% 14% 0.4% Investment Portfolio† Composition Agency MBS(1) Treasury, Agency & SBA Municipal Corporates Type AFS HTM Balance Duration (yrs)(3,4) Balance Duration (yrs)(4) Agency MBS(1) $2.9B 5.6 $2.1B 6.1 Municipal 0.9B 10.1 — — Treasury, Agency & SBA 0.5B 4.6 0.2B 6.7 Corporates 0.03B 1.3 — — Total $4.3B 6.5 $2.3B 6.2 24 Total Investment Portfolio† $6.6 Billion • ~98% of municipal portfolio is AA or higher rated • ~$354 million in documented ESG investments and ~$183 million CRA eligible investments(4)

CURRENT & HISTORICAL 5 - QTR PERFORMANCE (1) 84% 83% 82% 82% 82% 16% 17% 18% 18% 18% $420M $416M $426M $427M $451M 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 0% 20% 40% 60% 80% 100% 4Q23 1Q24 2Q24 3Q24 4Q24 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 35. $65 $72 $75 $75 $81 0.58% 0.64% 0.67% 0.65% 0.69% 0.5% 0.6% 0.7% 0.8% 0.9% 1.0% $— $20 $40 $60 $80 $100 4Q23 1Q24 2Q24 3Q24 4Q24 $ in millions Noninterest Income Noninterest Income Noninterest Income / Avg. Assets $355 $344 $350 $352 $370 3.48% 3.41% 3.44% 3.40% 3.48% 2.0% 2.5% 3.0% 3.5% 4.0% $200 $300 $400 4Q23 1Q24 2Q24 3Q24 4Q24 $ in millions Net Interest Margin (“NIM”, TE) NIM, TE ($) NIM, TE (%) 63% 57% 58% 56% 57% 56% 57% 56% 56% 54% —% 15% 30% 45% 60% 75% 90% 4Q23 1Q24 2Q24 3Q24 4Q24 Efficiency Ratio Efficiency Ratio Adjusted Efficiency Ratio 25 (2)

$(12.7) $(10.3) $(11.4) $(7.5) $(7.4) $16.1 $14.6 $16.3 $17.4 $20.9 ($10.0) ($5.0) $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $(15) $(10) $(5) $— $5 $10 $15 $20 $25 $30 $35 4Q23 1Q24 2Q24 3Q24 4Q24 $ in millions Correspondent Revenue Breakout ARC Revenues, gross Interest on VM FI Revenues Operational Revenues Total Revenues, gross • Provides capital markets hedging (ARC), fixed income sales, international, clearing and other services to over 1,200 financial institutions across the country CORRESPONDENT BANKING DIVISION 26 1,283 Financial Institution Clients (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 35. Correspondent banking and capital markets income, gross $ 16,081 $ 14,591 $ 16,267 $ 17,381 $ 20,905 Interest on centrally-cleared Variation Margin ("VM")(1) (12,677) (10,280) (11,407) (7,488) (7,350) Total Correspondent Banking and Capital Markets Income $ 3,404 $ 4,311 $ 4,860 $ 9,893 $ 13,555

Dollars in millions; amounts may not total due to rounding As reported by legacy Independent LEGACY INDEPENDENT SELECTED FINANCIAL HIGHLIGHTS 27 4Q24 Federal Funds Sold and Interest-Earning Deposits with Banks $ 949 Total Investment Securities 1,632 Total Loans 13,586 Total Interest-Earning Assets $ 16,191 Total Assets $ 17,566 Noninterest-Bearing Deposits $ 3,241 Interest-Bearing Deposits excluding Brokered Deposits 10,461 Brokered Deposits 1,505 Total Deposits $ 15,208 Total Cost of Deposits 2.94 %

NON - GAAP RECONCILIATIONS – RETURN ON 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. 28 Return on Average Tangible Equity 3Q24 4Q24 Net income (GAAP) $ 143,179 $ 144,178 Plus: Amortization of intangibles 5,327 5,326 Effective tax rate 23 % 23 % Amortization of intangibles, net of tax 4,089 4,099 Net income plus after-tax amortization of intangibles (non-GAAP) $ 147,268 $ 148,277 Average shareholders' common equity $ 5,748,170 $ 5,901,626 Less: Average intangible assets 1,998,618 1,992,972 Average tangible common equity $ 3,749,552 $ 3,908,654 Return on Average Tangible Common Equity (Non-GAAP) 15.6% 15.1%

NON - GAAP RECONCILIATIONS – ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE (“EPS”) Dollars in thousands, except for per share data (1) Includes pre-tax cyber incident costs of $329,000 and $56,000 for the quarters ended December 31, 2024, and September 30, 2024, respectively. 29 Adjusted Net Income 3Q24 4Q24 Net income (GAAP) $ 143,179 $ 144,178 Plus: Securities losses, net of tax — 38 Merger, branch consolidation, severance related and other expense, net of tax (1) 2,536 5,026 FDIC special assessment, net of tax — (478) Adjusted Net Income (Non-GAAP) $ 145,715 $ 148,764 Adjusted EPS 3Q24 4Q24 Diluted weighted-average common shares 76,805 76,958 Adjusted net income (non-GAAP) $ 145,715 $ 148,764 Adjusted EPS, Diluted (Non-GAAP) $ 1.90 $ 1.93

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. 30 Dollars in thousands, except for per share data Adjusted Return on Average Assets 3Q24 4Q24 Adjusted net income (non-GAAP) $ 145,715 $ 148,764 Total average assets 45,597,230 46,509,766 Adjusted Return on Average Assets (Non-GAAP) 1.27% 1.27% Adjusted Return on Average Tangible Common Equity 3Q24 4Q24 Adjusted net income (non-GAAP) $ 145,715 $ 148,764 Plus: Amortization of intangibles, net of tax 4,089 4,099 Adjusted net income plus after-tax amortization of intangibles (non-GAAP) $ 149,804 $ 152,863 Average tangible common equity $ 3,749,552 $ 3,908,654 Adjusted Return on Average Tangible Common Equity (Non-GAAP) 15.89% 15.56%

NON - GAAP RECONCILIATIONS – NET INTEREST MARGIN & CORE NET INTEREST INCOME (EXCLD. FMV & PPP ACCRETION) Dollars in thousands 31 Dollars in thousands, except for per share data Net Interest Margin - Tax Equivalent (Non-GAAP) 4Q23 1Q24 2Q24 3Q24 4Q24 Net interest income (GAAP) $ 354,231 $ 343,936 $ 350,259 $ 351,480 $ 369,779 Tax equivalent adjustments 659 528 631 486 547 Net interest income (tax equivalent) (Non-GAAP) $ 354,890 $ 344,464 $ 350,890 $ 351,966 $ 370,326 Average interest earning assets $ 40,465,377 $ 40,657,176 $ 41,011,662 $ 41,223,980 $ 42,295,376 Net Interest Margin - Tax Equivalent (Non-GAAP) 3.48% 3.41% 3.44% 3.40% 3.48% Core Net Interest Margin excluding FMV Accretion (Non-GAAP) 4Q23 1Q24 2Q24 3Q24 4Q24 Net interest income (GAAP) $ 354,231 $ 343,936 $ 350,259 $ 351,480 $ 369,779 Less: Total accretion on acquired loans 3,870 4,287 4,386 2,858 2,887 Core Net Interest Margin excluding FMV Accretion (Non-GAAP) $ 350,361 $ 339,649 $ 345,873 $ 348,622 $ 366,892

NON - GAAP RECONCILIATIONS – PPNR, ADJUSTED & CORRESPONDENT & CAPITAL MARKETS INCOME (UNAUDITED) Dollars and weighted average commons share outstanding in thousands except per share data (1) Includes pre-tax cyber incident costs of $329,000, $56,000, $3.5 million, and $4.4 million for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024. respectively. 32 4Q23 1Q24 2Q24 3Q24 4Q24 Net interest income (GAAP) $ 354,231 $ 343,936 $ 350,259 $ 351,480 $ 369,779 Plus: Noninterest income 65,489 71,558 75,225 74,934 80,545 Less: Gains (losses) on sales of securities (2) — — — (50) Total revenue, adjusted (non-GAAP) $ 419,722 $ 415,494 $ 425,484 $ 426,414 $ 450,374 Less: Noninterest expense 273,243 249,290 248,747 246,847 256,609 PPNR (Non-GAAP) $ 146,479 $ 166,204 $ 176,737 $ 179,567 $ 193,765 Plus: Merger, branch consolidation, severance related and other expense (1) 1,778 4,513 5,785 3,304 6,531 FDIC Special Assessment 25,691 3,854 619 — (621) Total adjustments $ 27,469 $ 8,367 $ 6,404 $ 3,304 $ 5,910 PPNR, Adjusted (Non-GAAP) $ 173,948 $ 174,571 $ 183,141 $ 182,871 $ 199,675 Correspondent & Capital Markets Income 4Q23 1Q24 2Q24 3Q24 4Q24 ARC revenues $ (6,058) $ (4,531) $ (2,867) $ 1,471 $ 3,379 FI revenues 6,447 5,999 5,746 4,937 7,190 Operational revenues 3,015 2,843 1,981 3,485 2,986 Total Correspondent & Capital Markets Income $ 3,404 $ 4,311 $ 4,860 $ 9,893 $ 13,555 PPNR, Adjusted (Non-GAAP)

NON - GAAP RECONCILIATIONS – CURRENT & HISTORICAL: EFFICIENCY RATIOS (UNAUDITED) Dollars in thousands (1) Includes pre-tax cyber incident costs of $329,000, $56,000, $3.5 million, and $4.4 million for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024. respectively. 33 4Q23 1Q24 2Q24 3Q24 4Q24 Noninterest expense (GAAP) $ 273,243 $ 249,290 $ 248,747 $ 246,847 $ 256,609 Less: Amortization of intangible assets 6,615 5,998 5,744 5,327 5,326 Adjusted noninterest expense (non-GAAP) $ 266,628 $ 243,292 $ 243,003 $ 241,520 $ 251,283 Net interest income (GAAP) $ 354,231 $ 343,936 $ 350,259 $ 351,480 $ 369,779 Tax Equivalent ("TE") adjustments 659 528 631 486 547 Net interest income, TE (non-GAAP) $ 354,890 $ 344,464 $ 350,890 $ 351,966 $ 370,326 Noninterest income (GAAP) $ 65,489 $ 71,558 $ 75,225 $ 74,934 $ 80,545 Less: Losses on sales of securities (2) — — — (50) Adjusted noninterest income (non-GAAP) $ 65,491 $ 71,558 $ 75,225 $ 74,934 $ 80,595 Efficiency Ratio (Non-GAAP) 63% 58% 57% 57% 56% Noninterest expense (GAAP) $ 273,243 $ 249,290 $ 248,747 $ 246,847 $ 256,609 Less: Merger, branch consolidation, severance related and other expense (1) 1,778 4,513 5,785 3,304 6,531 FDIC special assessment 25,691 3,854 619 — (621) Amortization of intangible assets 6,615 5,998 5,744 5,327 5,326 Total adjustments $ 34,084 $ 14,365 $ 12,148 $ 8,631 $ 11,236 Adjusted noninterest expense (non-GAAP) $ 239,159 $ 234,925 $ 236,599 $ 238,216 $ 245,373 Adjusted Efficiency Ratio (Non-GAAP) 57% 56% 56% 56% 54% Efficiency Ratio (Non-GAAP) & Adjusted Efficiency Ratio (Non-GAAP)

NON - GAAP RECONCILIATIONS – TANGIBLE COMMON EQUITY RATIO Dollars in thousands 34 Tangible Common Equity ("TCE") Ratio 3Q24 4Q24 Tangible common equity (non-GAAP) $ 3,909,639 $ 3,900,851 Total assets (GAAP) 46,082,647 46,381,204 Less: Intangible assets 1,994,941 1,989,564 Tangible asset (non-GAAP) $ 44,087,706 $ 44,391,640 TCE Ratio (Non-GAAP) 8.9% 8.8%

EARNINGS PRESENTATION END NOTES 35 Slide 3 End Notes (1) Financial metrics as of December 31, 2024 (*); market cap as of January 22, 2025 (2) Projected population growth shown as the percent growth 2025 – projected 2030 (3) Includes MSAs with greater than 1 million in total population in 2025 (4) Excludes Bank of America, Capital One Financial, and Truist Financial * The combined business basis financial pro forma data is as of December 31, 2024, and is based on the reported GAAP results of the Company and Independent for the applicable periods without adjustments and the information included in this release has not been prepared in accordance with Article 11 of Regulation S-X, and therefore does not reflect any of the pro forma adjustments that would be required thereby. All combined business basis financial information should be reviewed in connection with the historical information of the Company and Independent, as applicable. Slide 5 End Notes • Loans and deposits as of December 31, 2024; excludes $3.2B of loans and $5.0B of deposits from national lines of business and brokered deposits. • Country GDP as of 2024; State GDP as of 3Q24 • Sources: S&P Global, International Monetary Fund, US Bureau of Economic Analysis Slide 9 End Notes (1) The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income; other adjusted figures presented are also Non-GAAP financial measures that exclude the impact of losses on sales of securities, FDIC special assessment, and merger, branch consolidation, severance related and other expenses - See reconciliation of GAAP to Non-GAAP measures in Appendix. Slide 10 End Notes (1) Adjusted figures exclude the impact of losses on sales of securities, FDIC special assessment, and merger, branch consolidation, severance related and other expenses; Core net interest income excluding loan accretion is also a non-GAAP financial measure; Adjusted efficiency ratio is calculated by taking the noninterest expense excluding FDIC special assessment and merger, branch consolidation and severance related expenses and amortization of intangible assets - See reconciliation of GAAP to Non-GAAP measures in Appendix. (2) Adjusted PPNR is a non-GAAP financial measures that exclude the impact of losses on sales of securities, FDIC special assessment, and merger, branch consolidation, severance related and other expenses - See reconciliation of GAAP to Non-GAAP measures in Appendix. (3) Tax equivalent NIM is a Non-GAAP financial measure - See reconciliation of GAAP to Non-GAAP measures in Appendix. Slide 11 End Notes (1) Tax equivalent NIM is a Non-GAAP financial measure - See reconciliation of GAAP to Non-GAAP measures in Appendix. Slide 12 End Notes (1) Excludes loans held for sale; loan production indicates committed balance total; loan portfolio growth indicates quarter-over-quarter loan ending balance growth, excluding loans held for sale. Slide 14 End Notes (1) Excludes loans held for sale. Slide 15 End Notes (1) CDL includes residential construction, commercial construction, and all land development loans. (2) Investor CRE includes nonowner-occupied CRE and other income producing property. (3) Excludes SELF loans acquired from ACBI.

EARNINGS PRESENTATION END NOTES 36 Slide 16 End Notes † Core deposits defined as non-time deposits (1) Source: S&P Global Market Intelligence; 4Q24 MRQs available as of January 22, 2025; Peers as disclosed in the most recent SSB proxy statement. Slide 19 End Notes (1) Unamortized discount on acquired loans was $37 million, $40 million, $43 million, $47 million, and $51 million for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively. Slide 22 End Notes (1) The tangible measures are non-GAAP measures and exclude the effect of period end intangible assets - See reconciliation of GAAP to Non-GAAP measures in Appendix. (2) Preliminary Slide 24 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 December 31, 2024. (4) Based on current book value Slide 25 End Notes (1) Total revenue and noninterest income are adjusted by gains or losses on sales of securities and tax equivalent adjustments; Tax equivalent NIM, efficiency ratio and adjusted efficiency ratio are Non-GAAP financial measures; Adjusted Efficiency Ratio excludes the impact of FDIC special assessment and merger, branch consolidation, severance related and other expenses, losses 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 26 End Notes (1) Interest on centrally-cleared variation margin (expense or income) is included in ARC revenue within Correspondent Banking and Capital Markets Income.