SouthState Bank Corporation Reports Third Quarter 2026 Results, Declares Quarterly Cash Dividend

WINTER HAVEN, Fla., Oct. 21, 2026 /PRNewswire/ -- SouthState Bank Corporation ("SouthState" or the "Company") (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month and nine-month periods ended September 30, 2026.

"The third quarter was marked by strong balance sheet growth and a stable net interest margin," said John C. Corbett, SouthState's chief executive officer. "Loans and deposits each grew at a 9% annualized rate, with growth broad-based across our geographies and business lines, and boosted by the bankers we've added over the past year. Asset quality remains favorable, and while capital markets activity softened as treasury yields rose, the core franchise continues to perform well."

Highlights of the third quarter of 2026 include:

Returns

Reported diluted Earnings per Share ("EPS") and Adjusted Diluted EPS (Non-GAAP) of $2.30
Net Income of $224 million
Return on Average Common Equity of 9.7%; Return on Average Tangible Common Equity (Non-GAAP) of 16.6%*
Return on Average Assets ("ROAA") of 1.29%*
Book Value per Share of $93.51
Tangible Book Value ("TBV") per Share (Non-GAAP) of $58.19, an increase of 7% year over year, after raising the dividend by 10%, and repurchasing nearly 5% of the Company's shares over the past year

Performance

Net Interest Income of $592 million, an increase of $16 million, or 3%, compared to the prior quarter
Noninterest Income of $94 million, compared to $97 million in the prior quarter; Noninterest Income represented 0.54%* of average assets, compared to 0.57%* in the prior quarter
Noninterest Expense of $375 million, an increase of $17 million compared to the prior quarter primarily due to an increase in salaries and employee benefits expense; compensation expense increases were due to July 1 merit increases, successful execution of the revenue producer hiring initiative, higher incentive accruals, and a reduction in deferred loan costs compared to the prior quarter
Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP), of 3.77% and 3.78%, respectively; loan accretion income of $27 million, a decrease of $6 million compared to the prior quarter and a decrease of $56 million year over year
Net charge-offs totaled $12 million, or 0.09%* of average loans
$20 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.29% of loans
Efficiency Ratio of 52%

Balance Sheet

Loans increased by $1.2 billion, or 9%*, compared to the prior quarter and increased by $4.4 billion, or 9%, year over year; deposits increased by $1.3 billion, or 9%*, and increased by $3.6 billion, or 7%, year over year; ending loan to deposit ratio of 90%
Total deposit cost of 1.80%, up 0.04% from the prior quarter
Repurchased a total of 250,000 shares during the quarter at a weighted average price of $104.45
Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.4%, 13.5%, 9.4%, and 11.1%, respectively†

Subsequent Events

The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.66 per share, payable on November 13, 2026 to shareholders of record as of November 6, 2026

∗ Annualized percentages

† Preliminary

Financial Performance

	Three Months Ended															Nine Months Ended
(Dollars in thousands, except per share data)	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,			Sep. 30,
INCOME STATEMENT	2026			2026			2026			2025			2025			2026			2025
Interest Income
Loans, including fees (1)	$	772,100		$	744,652		$	721,571		$	748,106		$	782,382		$	2,238,322		$	2,253,471
Investment and trading securities, federal funds sold
and securities purchased under agreements to resell		92,756			93,607			95,258			100,640			99,300			281,622			277,281
Total interest income		864,856			838,259			816,829			848,746			881,682			2,519,944			2,530,752
Interest Expense
Deposits		256,051			244,216			238,522			250,189			257,271			738,789			744,820
Federal funds purchased, securities sold under
agreements to repurchase, and other borrowings		17,287			18,094			16,702			17,442			24,714			52,083			63,740
Total interest expense		273,338			262,310			255,224			267,631			281,985			790,872			808,560
Net Interest Income		591,518			575,949			561,605			581,115			599,697			1,729,072			1,722,192
Provision for credit losses ("PCL")		20,345			15,919			10,808			6,605			5,085			47,072			113,152
Net Interest Income after PCL		571,173			560,030			550,797			574,510			594,612			1,682,000			1,609,040
Noninterest Income
Operating income		93,911			96,726			100,098			105,753			99,086			290,735			271,523
Securities losses, net		—			—			—			—			—			—			(228,811)
Gain on sale leaseback, net of transaction costs		—			—			—			—			—			—			229,279
Total noninterest income		93,911			96,726			100,098			105,753			99,086			290,735			271,991
Noninterest Expense
Operating expense		374,763			357,749			359,524			364,196			351,453			1,092,036			1,042,955
Merger, branch consolidation, severance related,
and other expense (8)		—			—			—			4,494			20,889			—			113,274
FDIC special assessment		—			—			—			(3,835)			—			—			—
Total noninterest expense		374,763			357,749			359,524			364,855			372,342			1,092,036			1,156,229
Income before Income Tax Provision		290,321			299,007			291,371			315,408			321,356			880,699			724,802
Income tax provision		66,523			68,985			65,551			67,686			74,715			201,059			173,857
Net Income	$	223,798		$	230,022		$	225,820		$	247,722		$	246,641		$	679,640		$	550,945

Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)	$	223,798		$	230,022		$	225,820		$	247,722		$	246,641		$	679,640		$	550,945
Securities losses, net of tax		—			—			—			—			—			—			178,639
Gain on sale leaseback, net of transaction costs
and tax		—			—			—			—			—			—			(179,004)
Initial provision for credit losses - Non-PCD loans
and UFC from Independent, net of tax		—			—			—			—			—			—			71,892
Merger, branch consolidation, severance related,
and other expense, net of tax (8)		—			—			—			3,529			16,032			—			87,719
Deferred tax asset remeasurement		—			—			—			—			—			—			5,581
FDIC special assessment, net of tax		—			—			—			(3,012)			—			—			—
Adjusted Net Income (non-GAAP)	$	223,798		$	230,022		$	225,820		$	248,239		$	262,673		$	679,640		$	715,772

Basic earnings per common share	$	2.31		$	2.36		$	2.29		$	2.48		$	2.44		$	6.96		$	5.43
Diluted earnings per common share	$	2.30		$	2.35		$	2.28		$	2.46		$	2.42		$	6.93		$	5.41
Adjusted net income per common share - Basic
(non-GAAP) (2)	$	2.31		$	2.36		$	2.29		$	2.48		$	2.60		$	6.96		$	7.06
Adjusted net income per common share - Diluted
(non-GAAP) (2)	$	2.30		$	2.35		$	2.28		$	2.47		$	2.58		$	6.93		$	7.03
Dividends per common share	$	0.66		$	0.60		$	0.60		$	0.60		$	0.60		$	1.86		$	1.68
Basic weighted-average common shares
outstanding		96,922,986			97,300,899			98,544,242			100,063,315			101,218,431			97,583,437			101,373,803
Diluted weighted-average common shares
outstanding		97,429,305			97,676,767			98,922,258			100,618,796			101,735,095			98,001,720			101,807,090
Effective tax rate		22.91	%		23.07	%		22.50	%		21.46	%		23.25	%		22.83	%		23.99	%

Performance and Capital Ratios

	Three Months Ended															Nine Months Ended
	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,			Sep. 30,
	2026			2026			2026			2025			2025			2026			2025
PERFORMANCE RATIOS
Return on average assets (annualized)		1.29	%		1.36	%		1.37	%		1.47	%		1.49	%		1.34	%		1.14	%
Adjusted return on average assets (annualized) (non-GAAP) (2)		1.29	%		1.36	%		1.37	%		1.48	%		1.59	%		1.34	%		1.48	%
Return on average common equity (annualized)		9.70	%		10.19	%		10.11	%		10.90	%		11.04	%		10.00	%		8.50	%
Adjusted return on average common equity (annualized) (non-GAAP) (2)		9.70	%		10.19	%		10.11	%		10.92	%		11.75	%		10.00	%		11.05	%
Return on average tangible common equity (annualized) (non-GAAP) (3)		16.60	%		17.62	%		17.59	%		19.10	%		19.62	%		17.26	%		15.80	%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)		16.60	%		17.62	%		17.59	%		19.14	%		20.81	%		17.26	%		20.10	%
Efficiency ratio (tax equivalent)		51.61	%		50.00	%		51.05	%		49.65	%		49.88	%		50.89	%		54.35	%
Adjusted efficiency ratio (non-GAAP) (4)		51.61	%		50.00	%		51.05	%		49.56	%		46.89	%		50.89	%		48.68	%
Dividend payout ratio (5)		28.60	%		25.31	%		26.12	%		24.23	%		24.59	%		26.66	%		30.89	%
Book value per common share	$	93.51		$	94.17		$	92.21		$	91.38		$	89.14
Tangible book value per common share (non-GAAP) (3)	$	58.19		$	58.72		$	56.90		$	56.27		$	54.48

CAPITAL RATIOS
Equity-to-assets		12.8	%		13.3	%		13.3	%		13.5	%		13.6	%
Tangible equity-to-tangible assets (non-GAAP) (3)		8.4	%		8.7	%		8.6	%		8.8	%		8.8	%
Tier 1 leverage (6)		9.4	%		9.4	%		9.4	%		9.3	%		9.4	%
Tier 1 common equity (6)		11.1	%		11.1	%		11.3	%		11.4	%		11.5	%
Tier 1 risk-based capital (6)		11.1	%		11.1	%		11.3	%		11.4	%		11.5	%
Total risk-based capital (6)		13.5	%		13.5	%		13.7	%		13.8	%		14.0	%

Balance Sheet

	Ending Balance
(Dollars in thousands, except per share and share data)	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
BALANCE SHEET	2026		2026		2026		2025		2025
Assets
Cash and due from banks	$	527,622	$	649,079	$	598,218	$	583,375	$	582,792
Federal funds sold and interest-earning deposits with banks		2,446,996		1,701,233		2,268,864		2,589,108		2,561,663
Cash and cash equivalents		2,974,618		2,350,312		2,867,082		3,172,483		3,144,455

Trading securities, at fair value		141,534		191,094		117,590		110,183		107,519
Investment securities:
Securities held to maturity		1,905,299		1,955,754		2,007,249		2,048,030		2,096,727
Securities available for sale, at fair value		6,393,309		6,598,177		6,530,348		6,313,756		6,042,800
Other investments		407,172		366,986		370,924		353,428		366,218
Total investment securities		8,705,780		8,920,917		8,908,521		8,715,214		8,505,745
Loans held for sale		296,835		405,441		327,935		345,343		346,673
Loans:
Purchased credit deteriorated		2,454,067		2,658,792		2,818,360		2,977,499		3,160,359
Purchased non-credit deteriorated		9,291,111		9,921,791		10,714,489		11,232,414		11,877,828
Non-acquired		40,307,915		38,266,289		35,963,934		34,388,614		32,629,724
Less allowance for credit losses		(588,918)		(586,664)		(585,882)		(585,197)		(590,133)
Loans, net		51,464,175		50,260,208		48,910,901		48,013,330		47,077,778
Premises and equipment, net		992,295		992,594		993,584		994,176		961,510
Bank owned life insurance		1,321,036		1,311,197		1,302,382		1,293,574		1,285,532
Mortgage servicing rights		101,990		91,442		90,018		84,032		84,491
Core deposit and other intangibles		322,589		343,424		364,686		386,326		409,890
Goodwill		3,094,059		3,094,059		3,094,059		3,094,059		3,094,059
Other assets		1,024,753		949,340		1,002,465		988,692		1,030,558
Total assets	$	70,439,664	$	68,910,028	$	67,979,223	$	67,197,412	$	66,048,210

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing	$	13,445,715	$	13,451,094	$	13,650,799	$	13,375,697	$	13,430,459
Interest-bearing		44,192,566		42,898,716		42,224,864		41,770,100		40,642,810
Total deposits		57,638,281		56,349,810		55,875,663		55,145,797		54,073,269
Federal funds purchased and securities
sold under agreements to repurchase		498,173		569,486		643,386		618,215		594,092
Other borrowings		996,855		996,749		696,642		696,536		696,429
Reserve for unfunded commitments		82,299		76,525		69,229		69,619		68,538
Other liabilities		2,176,723		1,785,990		1,663,387		1,608,137		1,604,756
Total liabilities		61,392,331		59,778,560		58,948,307		58,138,304		57,037,084

Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares		241,894		242,428		244,844		247,845		252,723
Surplus		6,233,566		6,247,484		6,332,285		6,480,471		6,647,952
Retained earnings		3,111,483		2,951,691		2,779,896		2,614,173		2,426,463
Accumulated other comprehensive loss		(539,610)		(310,135)		(326,109)		(283,381)		(316,012)
Total shareholders' equity		9,047,333		9,131,468		9,030,916		9,059,108		9,011,126
Total liabilities and shareholders' equity	$	70,439,664	$	68,910,028	$	67,979,223	$	67,197,412	$	66,048,210

Common shares issued and outstanding		96,757,601		96,971,142		97,937,653		99,138,204		101,089,231

Net Interest Income and Margin

	Three Months Ended
	Sep. 30, 2026							Jun. 30, 2026							Sep. 30, 2025
(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	$	1,226,660	$	9,861		3.19	%	$	1,386,864	$	12,236		3.54	%	$	2,212,239	$	23,271		4.17	%
Investment securities		9,265,691		82,895		3.55	%		9,213,359		81,371		3.54	%		8,624,670		76,029		3.50	%
Loans held for sale		249,878		4,274		6.79	%		286,422		4,602		6.44	%		289,884		5,067		6.93	%
Total loans held for investment		51,475,218		767,826		5.92	%		50,247,114		740,050		5.91	%		47,600,317		777,315		6.48	%
Total interest-earning assets		62,217,447		864,856		5.51	%		61,133,759		838,259		5.50	%		58,727,110		881,682		5.96	%
Noninterest-earning assets		6,577,077							6,694,407							6,762,434
Total Assets	$	68,794,524						$	67,828,166						$	65,489,544

Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts	$	32,634,509	$	189,191		2.30	%	$	32,098,340	$	180,220		2.25	%	$	29,623,457	$	187,627		2.51	%
Savings deposits		2,794,029		1,655		0.24	%		2,817,269		1,638		0.23	%		2,879,488		1,940		0.27	%
Certificates and other time deposits		7,493,938		65,205		3.45	%		7,184,745		62,358		3.48	%		7,310,133		67,704		3.67	%
Federal funds purchased		266,686		2,455		3.65	%		289,337		2,616		3.63	%		331,707		3,640		4.35	%
Repurchase agreements		260,312		1,319		2.01	%		293,341		1,477		2.02	%		281,395		1,527		2.15	%
Other borrowings		791,385		13,513		6.77	%		851,660		14,001		6.59	%		974,992		19,547		7.95	%
Total interest-bearing liabilities		44,240,859		273,338		2.45	%		43,534,692		262,310		2.42	%		41,401,172		281,985		2.70	%
Noninterest-bearing deposits		13,500,596							13,521,146							13,541,840
Other noninterest-bearing liabilities		1,898,722							1,719,228							1,679,124
Shareholders' equity		9,154,347							9,053,100							8,867,408
Total Non-IBL and shareholders' equity		24,553,665							24,293,474							24,088,372
Total Liabilities and Shareholders' Equity	$	68,794,524						$	67,828,166						$	65,489,544
Net Interest Income and Margin (Non-Tax Equivalent)			$	591,518		3.77	%			$	575,949		3.78	%			$	599,697		4.05	%
Net Interest Margin (Tax Equivalent) (non-GAAP)						3.78	%						3.78	%						4.06	%
Total Deposit Cost (without Debt and Other Borrowings)						1.80	%						1.76	%						1.91	%
Overall Cost of Funds (including Demand Deposits)						1.88	%						1.84	%						2.04	%

Total Accretion on Acquired Loans (1)			$	26,642						$	33,054						$	82,976
Tax Equivalent ("TE") Adjustment			$	769						$	751						$	718

• The remaining loan discount on acquired loans to be accreted into loan interest income totals $159.3 million as of September 30, 2026.

Noninterest Income and Expense

	Three Months Ended										Nine Months Ended
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Sep. 30,		Sep. 30,
(Dollars in thousands)	2026		2026		2026		2025		2025		2026		2025
Noninterest Income:
Fees on deposit accounts	$	42,811	$	41,568	$	38,699	$	41,950	$	42,572	$	123,078	$	116,374
Mortgage banking income		5,630		4,890		11,016		5,158		5,462		21,536		19,135
Trust and investment services income		15,838		15,164		14,471		14,684		14,157		45,473		43,508
Correspondent banking and capital markets income		20,124		24,839		24,427		30,638		25,522		69,390		61,398
Expense on centrally-cleared variation margin		(5,560)		(4,028)		(3,000)		(3,167)		(4,318)		(12,588)		(16,882)
Total correspondent banking and capital markets income		14,564		20,811		21,427		27,471		21,204		56,802		44,516
Bank owned life insurance income		9,929		9,624		9,494		9,633		10,597		29,047		29,949
Other		5,139		4,669		4,991		6,857		5,094		14,799		18,041
Securities losses, net		—		—		—		—		—		—		(228,811)
Gain on sale leaseback, net of transaction costs		—		—		—		—		—		—		229,279
Total Noninterest Income	$	93,911	$	96,726	$	100,098	$	105,753	$	99,086	$	290,735	$	271,991

Noninterest Expense:
Salaries and employee benefits	$	217,237	$	205,377	$	205,653	$	202,714	$	199,148	$	628,267	$	595,121
Occupancy expense		44,136		43,878		42,302		42,567		40,874		130,316		117,874
Information services expense		29,968		29,136		29,704		30,443		28,988		88,808		90,505
OREO and loan related expense		3,106		952		4,378		867		5,427		8,436		9,506
Business development and staff related		10,877		10,639		11,362		13,485		8,907		32,877		22,600
Amortization of intangibles		20,628		21,041		21,304		23,417		23,426		62,973		71,305
Professional fees		5,898		5,090		5,239		7,410		4,994		16,227		14,361
FDIC assessment and other regulatory charges		10,911		10,753		10,257		9,884		8,374		31,921		31,101
Advertising and marketing		4,178		3,836		3,325		4,710		2,980		11,339		8,280
Other operating expenses		27,824		27,047		26,000		28,699		28,335		80,872		82,302
Merger, branch consolidation, severance related and other expense (8)		—		—		—		4,494		20,889		—		113,274
FDIC special assessment		—		—		—		(3,835)		—		—		—
Total Noninterest Expense	$	374,763	$	357,749	$	359,524	$	364,855	$	372,342	$	1,092,036	$	1,156,229

Loans and Deposits

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

	Ending Balance
(Dollars in thousands)	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
LOAN PORTFOLIO (7)	2026		2026		2026		2025		2025
Construction and land development * †	$	2,917,132	$	2,982,968	$	2,592,908	$	2,548,360	$	2,678,971
Investor commercial real estate*		19,079,859		18,656,455		18,298,938		17,883,913		17,603,205
Commercial owner occupied real estate		7,951,811		7,852,391		7,671,535		7,576,991		7,529,075
Commercial and industrial		9,804,607		9,378,444		9,385,926		9,181,408		8,644,636
Consumer real estate *		11,343,405		11,034,102		10,573,897		10,450,223		10,202,026
Consumer/other		956,279		942,512		973,579		957,632		1,009,998
Total Loans	$	52,053,093	$	50,846,872	$	49,496,783	$	48,598,527	$	47,667,911

*	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 $370.5 million, $358.4 million, $360.4 million, $342.8 million, and $350.2 million, for the quarters ended September 30, 2026, June 30, 2026, March 31, 2036, December 31, 2025, and September 30, 2025, respectively.

	Ending Balance
(Dollars in thousands)	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
DEPOSITS	2026		2026		2026		2025		2025
Noninterest-bearing checking	$	13,445,715	$	13,451,094	$	13,650,799	$	13,375,697	$	13,430,459
Interest-bearing checking		14,323,722		14,710,312		14,119,614		13,838,558		12,906,408
Savings		2,775,607		2,796,845		2,841,408		2,820,621		2,853,410
Money market		18,741,198		17,531,137		18,014,140		17,751,688		17,251,469
Time deposits		8,352,039		7,860,422		7,249,702		7,359,233		7,631,523
Total Deposits	$	57,638,281	$	56,349,810	$	55,875,663	$	55,145,797	$	54,073,269

Asset Quality

	Ending Balance
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
(Dollars in thousands)	2026		2026		2026		2025		2025
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual	$	159,465	$	171,264	$	177,158	$	161,975	$	146,751
Accruing loans past due 90 days or more		3,642		2,961		6,915		2,997		4,352
Non-acquired OREO and other nonperforming assets		11,939		11,722		8,339		5,273		11,969
Total non-acquired nonperforming assets		175,046		185,947		192,412		170,245		163,072
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual		124,870		99,352		116,002		135,179		149,695
Accruing loans past due 90 days or more		6,987		835		1,986		1,944		891
Acquired OREO and other nonperforming assets		3,867		1,254		18,155		3,901		7,147
Total acquired nonperforming assets		135,724		101,441		136,143		141,024		157,733
Total nonperforming assets	$	310,770	$	287,388	$	328,555	$	311,269	$	320,805

	Three Months Ended
	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
	2026			2026			2026			2025			2025
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans		1.13	%		1.15	%		1.18	%		1.20	%		1.24	%
Allowance for credit losses, including reserve for unfunded commitments,
as a percentage of loans		1.29	%		1.30	%		1.32	%		1.35	%		1.38	%
Allowance for credit losses as a percentage of nonperforming loans		199.66	%		213.79	%		193.96	%		193.71	%		195.61	%
Net charge-offs as a percentage of average loans (annualized)		0.09	%		0.06	%		0.09	%		0.09	%		0.27	%
Total nonperforming assets as a percentage of total assets		0.44	%		0.42	%		0.48	%		0.46	%		0.49	%
Nonperforming loans as a percentage of period end loans		0.57	%		0.54	%		0.61	%		0.62	%		0.63	%

Current Expected Credit Losses ("CECL")

Below is a table showing the roll forward of the ACL and UFC for the third quarter of 2026:

Allowance for Credit Losses ("ACL") and Unfunded Commitments ("UFC")

(Dollars in thousands)

Non-PCD ACL

PCD ACL

Total ACL

UFC

Ending balance 6/30/2026

526,492

60,172

586,664

76,525

Charge offs

(10,354)

—

(10,354)

N/A

Acquired charge offs

(1,708)

(5,663)

(7,371)

N/A

Recoveries

2,459

—

2,459

N/A

Acquired recoveries

1,017

1,932

2,949

N/A

Provision for credit losses

11,942

2,629

14,571

5,774

Ending balance 9/30/2026

529,848

59,070

588,918

82,299

Period end loans

49,599,026

2,454,067

52,053,093

N/A

Allowance for Credit Losses to Loans

1.07

2.41

1.13

N/A

Unfunded commitments (off balance sheet) †

13,392,711

Reserve to unfunded commitments (off balance sheet)

0.61

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

Conference Call

The Company will host a conference call to discuss its third quarter results at 9:00 a.m. Eastern Time on October 22, 2026. Callers wishing to participate may call toll-free by dialing (833) 461-5787 within the US. The numbers for international participants are listed at https://help.events.q4inc.com/eahc/international-dial-in-numbers. The conference ID number is 728284222. Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com. A replay of the live webcast is expected to be available by the evening of October 22, 2026 on the Investor Relations section of SouthStateBank.com.

SouthState is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than 1.8 million customers throughout Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia and Tennessee. The bank also serves clients nationwide 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 in thousands)	Three Months Ended
PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP)	Sep. 30, 2026		Jun. 30, 2026		Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025
Net income (GAAP)	$	223,798	$	230,022	$	225,820	$	247,722	$	246,641
Provision for credit losses		20,345		15,919		10,808		6,605		5,085
Income tax provision		66,523		68,985		65,551		67,686		74,715
Merger, branch consolidation, severance related and other expense (8)		—		—		—		4,494		20,889
FDIC special assessment		—		—		—		(3,835)		—
Pre-provision net revenue (PPNR) (Non-GAAP)	$	310,666	$	314,926	$	302,179	$	322,672	$	347,330

(Dollars in thousands)	Three Months Ended
NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)	Sep. 30, 2026			Jun. 30, 2026			Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025
Net interest income (GAAP)	$	591,518		$	575,949		$	561,605		$	581,115		$	599,697
Total average interest-earning assets		62,217,447			61,133,759			60,201,176			59,872,113			58,727,110
NIM, non-tax equivalent		3.77	%		3.78	%		3.78	%		3.85	%		4.05	%

Tax equivalent adjustment (included in NIM, TE)		769			751			760			800			718
Net interest income, tax equivalent (Non-GAAP)	$	592,287		$	576,700		$	562,365		$	581,915		$	600,415
NIM, TE (Non-GAAP)		3.78	%		3.78	%		3.79	%		3.86	%		4.06	%

	Three Months Ended															Nine Months Ended
(Dollars in thousands, except per share data)	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,			Sep. 30,
RECONCILIATION OF GAAP TO NON-GAAP	2026			2026			2026			2025			2025			2026			2025
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)	$	223,798		$	230,022		$	225,820		$	247,722		$	246,641		$	679,640		$	550,945
Securities losses, net of tax		—			—			—			—			—			—			178,639
Gain on sale leaseback, net of transaction costs and tax		—			—			—			—			—			—			(179,004)
PCL - Non-PCD loans and UFC, net of tax		—			—			—			—			—			—			71,892
Merger, branch consolidation, severance related and other expense,
net of tax (8)		—			—			—			3,529			16,032			—			87,719
Deferred tax asset remeasurement		—			—			—			—			—			—			5,581
FDIC special assessment, net of tax		—			—			—			(3,012)			—			—			—
Adjusted net income (non-GAAP)	$	223,798		$	230,022		$	225,820		$	248,239		$	262,673		$	679,640		$	715,772

Adjusted Net Income per Common Share - Basic (non-GAAP) (2)
Earnings per common share - Basic (GAAP)	$	2.31		$	2.36		$	2.29		$	2.48		$	2.44		$	6.96		$	5.43
Effect to adjust for securities losses, net of tax		—			—			—			—			—			—			1.76
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—			—			—			—			—			—			(1.77)
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—			—			—			—			—			—			0.71
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)		—			—			—			0.03			0.16			—			0.87
Effect to adjust for deferred tax asset remeasurement		—			—			—			—			—			—			0.06
Effect to adjust for FDIC special assessment, net of tax		—			—			—			(0.03)			—			—			—
Adjusted net income per common share - Basic (non-GAAP)	$	2.31		$	2.36		$	2.29		$	2.48		$	2.60		$	6.96		$	7.06

Adjusted Net Income per Common Share - Diluted (non-GAAP) (2)
Earnings per common share - Diluted (GAAP)	$	2.30		$	2.35		$	2.28		$	2.46		$	2.42		$	6.93		$	5.41
Effect to adjust for securities losses, net of tax		—			—			—			—			—			—			1.75
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—			—			—			—			—			—			(1.76)
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—			—			—			—			—			—			0.71
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)		—			—			—			0.04			0.16			—			0.86
Effect to adjust for deferred tax remeasurement		—			—			—			—			—			—			0.05
Effect to adjust for FDIC special assessment, net of tax		—			—			—			(0.03)			—			—			—
Adjusted net income per common share - Diluted (non-GAAP)	$	2.30		$	2.35		$	2.28		$	2.47		$	2.58		$	6.93		$	7.03

Adjusted Return on Average Assets (non-GAAP) (2)
Return on average assets (GAAP)		1.29	%		1.36	%		1.37	%		1.47	%		1.49	%		1.34	%		1.14	%
Effect to adjust for securities losses, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		0.37	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		—	%		—	%		—	%		—	%		(0.37)	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		0.15	%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)		—	%		—	%		—	%		0.03	%		0.10	%		—	%		0.18	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		—	%		—	%		—	%		—	%		0.01	%
Effect to adjust for FDIC special assessment, net of tax		—	%		—	%		—	%		(0.02)	%		—	%		—	%		—	%
Adjusted return on average assets (non-GAAP)		1.29	%		1.36	%		1.37	%		1.48	%		1.59	%		1.34	%		1.48	%

Adjusted Return on Average Common Equity (non-GAAP) (2)
Return on average common equity (GAAP)		9.70	%		10.19	%		10.11	%		10.90	%		11.04	%		10.00	%		8.50	%
Effect to adjust for securities losses, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		2.76	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		—	%		—	%		—	%		—	%		(2.76)	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		1.11	%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)		—	%		—	%		—	%		0.15	%		0.71	%		—	%		1.35	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		—	%		—	%		—	%		—	%		0.09	%
Effect to adjust for FDIC special assessment, net of tax		—	%		—	%		—	%		(0.13)	%		—	%		—	%		—	%
Adjusted return on average common equity (non-GAAP)		9.70	%		10.19	%		10.11	%		10.92	%		11.75	%		10.00	%		11.05	%

Return on Average Common Tangible Equity (non-GAAP) (3)
Return on average common equity (GAAP)		9.70	%		10.19	%		10.11	%		10.90	%		11.04	%		10.00	%		8.50	%
Effect to adjust for intangible assets		6.90	%		7.43	%		7.48	%		8.20	%		8.58	%		7.26	%		7.30	%
Return on average tangible equity (non-GAAP)		16.60	%		17.62	%		17.59	%		19.10	%		19.62	%		17.26	%		15.80	%

Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)
Return on average common equity (GAAP)		9.70	%		10.19	%		10.11	%		10.90	%		11.04	%		10.00	%		8.50	%
Effect to adjust for securities losses, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		2.76	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		—	%		—	%		—	%		—	%		(2.76)	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		—	%		—	%		—	%		—	%		1.11	%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)		—	%		—	%		—	%		0.15	%		0.71	%		—	%		1.35	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		—	%		—	%		—	%		—	%		0.09	%
Effect to adjust for FDIC special assessment, net of tax		—	%		—	%		—	%		(0.13)	%		—	%		—	%		—	%
Effect to adjust for intangible assets, net of tax		6.90	%		7.43	%		7.48	%		8.22	%		9.06	%		7.26	%		9.05	%
Adjusted return on average common tangible equity (non-GAAP)		16.60	%		17.62	%		17.59	%		19.14	%		20.81	%		17.26	%		20.10	%
Adjusted Efficiency Ratio (non-GAAP) (4)
Efficiency ratio		51.61	%		50.00	%		51.05	%		49.65	%		49.88	%		50.89	%		54.35	%
Effect to adjust for securities losses		—	%		—	%		—	%		—	%		—	%		—	%		(5.01)	%
Effect to adjust for gain on sale leaseback, net of transaction costs		—	%		—	%		—	%		—	%		—	%		—	%		5.01	%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)		—	%		—	%		—	%		(0.65)	%		(2.99)	%		—	%		(5.67)	%
Effect to adjust for FDIC special assessment		—	%		—	%		—	%		0.56	%		—	%		—	%		—	%
Adjusted efficiency ratio (non-GAAP)		51.61	%		50.00	%		51.05	%		49.56	%		46.89	%		50.89	%		48.68	%

Tangible Book Value Per Common Share (non-GAAP) (3)
Book value per common share (GAAP)	$	93.51		$	94.17		$	92.21		$	91.38		$	89.14
Effect to adjust for intangible assets		(35.32)			(35.45)			(35.31)			(35.11)			(34.66)
Tangible book value per common share (non-GAAP)	$	58.19		$	58.72		$	56.90		$	56.27		$	54.48

Tangible Equity-to-Tangible Assets (non-GAAP) (3)
Equity-to-assets (GAAP)		12.84	%		13.25	%		13.28	%		13.48	%		13.64	%
Effect to adjust for intangible assets		(4.44)	%		(4.55)	%		(4.64)	%		(4.72)	%		(4.83)	%
Tangible equity-to-tangible assets (non-GAAP)		8.40	%		8.70	%		8.64	%		8.76	%		8.81	%

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

Footnotes to tables:

(1)	Includes loan accretion (interest) income related to the discount on acquired loans of $26.6 million, $33.1 million, $38.8 million, $50.3 million, and $83.0 million during the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively, and $98.5 million and $208.3 million during the nine months ended September 30, 2026 and 2025, 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, gain on sale leaseback, net of transaction costs, PCL on non-PCD loans and unfunded commitments, deferred tax asset remeasurement, merger, branch consolidation, severance related and other expense, and FDIC special assessments. Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger, branch consolidation, severance related and other expense of $4.5 million and $20.9 million for the quarters ended December 31, 2025 and September 30, 2025, respectively, and $113.3 million during the nine months ended September 30, 2025; (b) pre-tax net securities losses of $(228.8) million for the nine months ended September 30, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229.3 million for the nine months ended September 30, 2025; (d) pre-tax PCL on non-PCD loans and unfunded commitments of $92.1 million for the nine months ended September 30, 2025; (e) pre-tax FDIC special assessment of $(3.8) million for the quarter ended December 31, 2025; and (f) deferred tax asset remeasurement of $5.6 million for the nine months ended September 30, 2025.
(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 transaction costs on merger, branch consolidation, severance related and other expenses, FDIC special assessment, and amortization of intangible assets, divided by net interest income and noninterest income excluding gains (losses) on sales of securities, net, and gain on sale leaseback, net of transaction costs. The pre-tax amortization expenses of intangible assets were $20.6 million, $21.0 million, $21.3 million, $23.4 million, and $23.4 million for the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively, and $63.0 million and $71.3 million for the nine months ended September 30, 2026 and 2025, 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)	September 30, 2026 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 net reimbursement of $(3.5) million for the nine months ended September 30, 2025.

Cautionary Statement Regarding Forward Looking Statements

Statements included in this communication contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of management of SouthState Bank Corporation ("SouthState") and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward looking statements.

Factors that could cause SouthState's actual results to differ materially from those described in the forward looking statements are discussed in SouthState's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission and available on SouthState's website (https://southstatecorporation.q4ir.com/SEC-Filings/Documents/default.aspx), and on the Securities and Exchange Commission's website (www.sec.gov). SouthState undertakes no obligation to update any forward looking statements.

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SOURCE SouthState Bank Corporation