8-K - SSB - Equibles

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): October 24, 2022

SOUTHSTATE CORP ORATION

(Exact name of registrant as specified in its charter)

<br><br><br><br>	<br><br>	<br><br><br><br>
South Carolina<br><br>(State or Other Jurisdiction of<br><br>Incorporation)	001-12669<br><br>(Commission File Number)	57-0799315<br><br>(IRS Employer<br><br>Identification No.)

<br><br><br><br>		<br><br>
1101 First Street South , Suite 202<br><br>Winter Haven , FL<br><br>(Address of principal executive offices)		33880<br><br>(Zip Code)

( 863 ) 293-4710

(Registrant’s telephone number, including area code)

Not Applicable

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

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

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

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

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

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

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


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

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

Emerging growth company ☐

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


Item 2.02			Results of Operations and Financial Condition.

On October 24, 2022, SouthState Corporation (“SouthState” or the “Company”) issued a press release announcing its financial results for the three and nine-month periods ended September 30, 2022, 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 October 25, 2022 at 9 a.m. (ET) to discuss the Company’s third quarter 2022 results. Investors may call in (toll free) by dialing (844) 200-6205 within the U.S. and 929-526-1599 for all other locations (passcode 879329; host: Will Matthews, CFO).


Item 7.01				Regulation FD Disclosure.

On October 24, 2022, the Company also made available the presentation (“Presentation”) prepared for use with the press release during the earnings conference call on October 25, 2022. 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.

Fourth Quarter 2022 Shareholder Dividend

The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.50 per share, payable on November 18, 2022 to shareholders of record as of November 11, 2022.


Item 9.01		Financial Statements and Exhibits.

	(d)	Exhibits:

	Exhibit No.	Description

	Exhibit 99.1	Press Release, dated October 24, 2022

	Exhibit 99.2	Presentation for SouthState Corporation Earnings Call

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

Cautionary Statement Regarding Forward Looking Statements

Statements included in this communication, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on, among other things, management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and SouthState. Words and phrases such as “may,” “approximately,” “continue,” “should,” “expects,” “projects,” “anticipates,” “is likely,” “look ahead,” “look forward,” “believes,” “will,” “intends,” “estimates,” “strategy,” “plan,” “could,” “potential,” “possible” and variations of such words and similar expressions are intended to identify such forward-looking statements. 2

SouthState cautions readers that forward-looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic downturn risk, potentially resulting in the number and pace of higher interest rates, deterioration in the credit markets, inflation, greater than expected noninterest expenses, excessive loan losses and other negative consequences, which risks could be exacerbated by potential continued negative economic developments resulting from the Covid19 pandemic, or from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) interest rate risk primarily resulting from the interest rate environment, the number and pace of rising interest rates, and their impact on the Bank’s earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the bank’s loan and securities portfolios, and the market value of SouthState’s equity; (3) risks related to the merger and integration of SouthState and Atlantic Capital including, among others, (i) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (ii) the risk that the integration of Atlantic Capital’s operations into SouthState’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Atlantic Capital’s businesses into SouthState’s businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, and (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger; (4) risks relating to the continued impact of the Covid19 pandemic on the Company, including possible impact to the Company and its employees from contracting Covid19, and to efficiencies and the control environment due to the changing work environment and to our results of operations due to further interventions to mitigate the impact of the pandemic; (5) the impact of increasing digitization of the banking industry and movement of customers to on-line platforms, and the possible impact on the Bank’s results of operations, customer base, expenses, suppliers and operations; (6) controls and procedures risk, including the potential failure or circumvention of our controls and procedures or failure to comply with regulations related to controls and procedures; (7) potential deterioration in real estate values; (8) the impact of competition with other financial institutions, including deposit and loan pricing pressures (including those resulting from the CARES Act) and the resulting impact, including as a result of compression to net interest margin; (9) risks relating to the ability to retain our culture and attract and retain qualified people; (10) credit risks associated with an obligor’s failure to meet the terms of any contract with the Bank or otherwise fail to perform as agreed under the terms of any loan-related document; (11) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (12) liquidity risk affecting the Bank’s ability to meet its obligations when they come due; (13) risks associated with an anticipated increase in SouthState’s investment securities portfolio, including risks associated with acquiring and holding investment securities or potentially determining that the amount of investment securities SouthState desires to acquire are not available on terms acceptable to SouthState; (14) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (15) transaction risk arising from problems with service or product delivery; (16) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (17) regulatory change risk resulting from new laws, rules, regulations, accounting principles, proscribed practices or ethical standards, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and including the impact of the CARES Act, the Consumer Financial Protection Bureau regulations, and the possibility of changes in accounting standards, policies, principles and practices, including changes in accounting principles relating to loan loss recognition (CECL); (18) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (19) reputation risk that adversely affects earnings or capital arising from negative public opinion; (20) cybersecurity risk related to the dependence of SouthState on internal computer systems and the technology of outside service providers, as well as the potential impacts of internal or external security breaches, which may subject the company to potential business disruptions or financial losses resulting from deliberate attacks or unintentional events; (21) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of recently issued proposed regulatory guidance and regulation relating to climate change; (22) greater than expected noninterest expenses; (23) excessive loan losses; (24) potential deposit attrition, higher than expected costs, customer loss and business disruption associated with the Atlantic Capital integration, and potential difficulties in maintaining relationships with key personnel; (25) reputational risk and possible higher than estimated reduced revenue from announced changes in the Bank’s consumer overdraft programs; (26) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (27) 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; (28) ownership dilution risk associated with potential acquisitions in which SouthState’s stock may be issued as3

consideration for an acquired company; (29) 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; (30) major catastrophes such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including infectious disease outbreaks, such as the ongoing Covid19 pandemic, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (31) terrorist activities risk that results in loss of consumer confidence and economic disruptions; and (32) 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. 4

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: October 24, 2022

Exhibit 99.1

<br><br><br><br>
SouthState Corporation Reports Third Quarter 2022 Results<br><br>Declares Quarterly Cash Dividend	For Immediate Release
		Media Contact
		Jackie Smith, 803.231.3486

WINTER HAVEN, FL – October 24, 2022 – SouthState Corporation (NASDAQ: SSB) today released its unaudited results of operations and other financial information for the three-month and nine-month periods ended September 30, 2022.

“SouthState reported very strong performance in the third quarter,” said John C. Corbett, Chief Executive Officer. “We produced another record for pre-provision net revenue, robust net interest margin expansion, and another quarter of good expense control. We are also pleased to have net loan recoveries, though we remain vigilant in the face of an uncertain economy.”

Highlights of the third quarter of 2022 include:

Returns

●	Reported Earnings per Share (“EPS”) of $1.75; Adjusted Diluted EPS (Non-GAAP) of $1.89
●	Net Income of $133.0 million; Adjusted Net Income (Non-GAAP) of $143.7 million
---	---
●	Return on Average Common Equity of 10.3% and Reported Return on Average Tangible Common Equity (Non-GAAP) of 18.0%; Adjusted Return on Average Tangible Common Equity^^(Non-GAAP) of 19.4%*
---	---
●	Return on Average Assets (“ROAA”) of 1.16%; Adjusted ROAA (Non-GAAP) of 1.26%*
---	---
●	PPNR per weighted average diluted share (Non-GAAP) of $2.74, up 18% from the prior quarter’s $2.32 and up 47% from $1.87 in the year ago quarter
---	---
●	Book Value per Share of $65.03 decreased by $1.61 per share compared to the prior quarter primarily due to the $2.98 per share impact from the change in Accumulated Other Comprehensive Loss (“AOCI”)
---	---
●	Tangible Book Value (“TBV”) per Share (Non-GAAP) of $37.97, down $1.50 from the prior quarter, also due to the impact of AOCI
---	---

Performance

●	Net Interest Income of $358 million; Core Net Interest Income (excluding loan accretion and deferred fees on PPP) (Non-GAAP) increased $47 million from prior quarter
●	Net Interest Margin (“NIM”), non-tax equivalent and tax equivalent (Non-GAAP) of 3.53% and 3.55%, respectively, up 0.43% from prior quarter
---	---
●	Noninterest Income of $77 million declined $11 million compared to the prior quarter due to mortgage banking and correspondent banking and capital markets income; Noninterest Income represented 0.67% of average assets for the third quarter of 2022*
---	---
●	Noninterest Expense, excluding merger and branch consolidation related expense (Non-GAAP), increased $1 million compared to the prior quarter
---	---
●	Efficiency ratio improved to 53% from the prior quarter’s 55%; adjusted efficiency ratio (Non-GAAP) improved to 50% from the prior quarter’s 54%
---	---

Balance Sheet / Credit

●	Fed funds and interest-earning cash of $2.4 billion (5% of assets) and ending loan to deposit ratio of 77% provide balance sheet flexibility
●	Loans increased $901 million, or 13% annualized, led by consumer real estate, commercial and industrial, and commercial real estate loans
---	---
●	Average deposits declined $384 million, or 4% annualized; average noninterest-bearing deposits remained flat from the prior quarter; total deposit cost was 0.11%, up 5 basis points from prior quarter
---	---
●	Period-end deposits declined $1.2 billion primarily due to the timing of ACH payments for the payroll business. In a quarter ending on a Friday, such as Q3 2022, balances temporarily contract as payments are made from the accounts of payroll companies to their clients’ employees. The impact on the third quarter 2022 ending balances was a $457 million temporary decline in noninterest bearing deposits. The payroll deposit impact, along with the average balance decline above represents the majority of the $1 billion reduction in period end core deposits.
---	---
●	Net recoveries of $1.3 million, or (0.02)% annualized
---	---

Subsequent Events

●	The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.50 per share, payable on November 18, 2022 to shareholders of record as of November 11, 2022

∗ Annualized percentages

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	2022		2022		2022		2021		2021		2022		2021
Interest income
Loans, including fees (1)	$	312,856	$	272,000	$	233,617	$	238,310	$	246,065	$	818,473	$	752,209
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell		61,954		53,659		36,847		29,071		25,384		152,460		65,257
Total interest income		374,810		325,659		270,464		267,381		271,449		970,933		817,466
Interest expense
Deposits		10,137		5,776		4,628		5,121		7,267		20,541		28,061
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings		6,464		5,604		4,362		4,156		4,196		16,430		14,291
Total interest expense		16,601		11,380		8,990		9,277		11,463		36,971		42,352
Net interest income		358,209		314,279		261,474		258,104		259,986		933,962		775,114
Provision (recovery) for credit losses		23,876		19,286		(8,449)		(9,157)		(38,903)		34,713		(156,116)
Net interest income after provision (recovery) for credit losses		334,333		294,993		269,923		267,261		298,889		899,249		931,230
Noninterest income		77,178		88,292		86,090		91,894		87,010		251,560		262,315
Noninterest expense
Operating expense		226,754		225,779		218,324		217,392		214,672		670,857		652,080
Merger and branch consolidation related expense		13,679		5,390		10,276		6,645		17,618		29,345		60,598
Extinguishment of debt cost		—		—		—		—		—		—		11,706
Total noninterest expense		240,433		231,169		228,600		224,037		232,290		700,202		724,384
Income before provision for income taxes		171,078		152,116		127,413		135,118		153,609		450,607		469,161
Income taxes provision		38,035		32,941		27,084		28,272		30,821		98,060		100,464
Net income	$	133,043	$	119,175	$	100,329	$	106,846	$	122,788	$	352,547	$	368,697

Adjusted net income (non-GAAP) (2)
Net income (GAAP)	$	133,043	$	119,175	$	100,329	$	106,846	$	122,788	$	352,547	$	368,697
Securities gains, net of tax		(24)		—		—		(2)		(51)		(24)		(79)
Initial provision for credit losses - NonPCD loans and UFC from ACBI, net of tax		—		—		13,492		—		—		13,492		—
Merger and branch consolidation related expense, net of tax		10,638		4,223		8,092		5,255		14,083		22,953		47,485
Extinguishment of debt cost, net of tax		—		—		—		—		—		—		9,081
Adjusted net income (non-GAAP)	$	143,657	$	123,398	$	121,913	$	112,099	$	136,820	$	388,968	$	425,184

Basic earnings per common share	$	1.76	$	1.58	$	1.40	$	1.53	$	1.75	$	4.75	$	5.22
Diluted earnings per common share	$	1.75	$	1.57	$	1.39	$	1.52	$	1.74	$	4.71	$	5.19
Adjusted net income per common share - Basic (non-GAAP) (2)	$	1.90	$	1.64	$	1.71	$	1.61	$	1.95	$	5.24	$	6.02
Adjusted net income per common share - Diluted (non-GAAP) (2)	$	1.89	$	1.62	$	1.69	$	1.59	$	1.94	$	5.20	$	5.98
Dividends per common share	$	0.50	$	0.49	$	0.49	$	0.49	$	0.49	$	1.48	$	1.43
Basic weighted-average common shares outstanding		75,605,960		75,461,157		71,447,429		69,651,334		70,066,235		74,184,816		70,643,289
Diluted weighted-average common shares outstanding		76,182,131		76,094,198		72,110,746		70,289,971		70,575,726		74,791,139		71,108,204
Effective tax rate		22.23%		21.66%		21.26%		20.92%		20.06%		21.76%		21.41%

Performance and Capital Ratios


		Three Months Ended															Nine Months Ended
		Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,		Sep. 30,
		2022			2022			2022			2021			2021			2022		2021
PERFORMANCE RATIOS
Return on average assets (annualized)			1.16	%		1.04	%		0.95	%		1.02	%		1.20	%	1.05	%	1.25	%
Adjusted return on average assets (annualized) (non-GAAP) (2)			1.26	%		1.08	%		1.15	%		1.08	%		1.34	%	1.16	%	1.44	%
Return on average common equity (annualized)			10.31	%		9.36	%		8.24	%		8.84	%		10.21	%	9.32	%	10.41	%
Adjusted return on average common equity (annualized) (non-GAAP) (2)			11.13	%		9.69	%		10.01	%		9.28	%		11.37	%	10.28	%	12.01	%
Return on average tangible common equity (annualized) (non-GAAP) (3)			17.99	%		16.59	%		13.97	%		14.63	%		16.86	%	16.19	%	17.34	%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)			19.36	%		17.15	%		16.79	%		15.30	%		18.68	%	17.77	%	19.85	%
Efficiency ratio (tax equivalent)			53.14	%		54.92	%		62.99	%		61.27	%		64.22	%	56.63	%	66.99	%
Adjusted efficiency ratio (non-GAAP) (4)			50.02	%		53.59	%		60.05	%		59.39	%		59.16	%	54.17	%	60.05	%
Dividend payout ratio (5)			28.44	%		31.03	%		33.71	%		32.02	%		27.94	%	30.82	%	27.39	%
Book value per common share		$	65.03		$	66.64		$	68.30		$	69.27		$	68.55
Tangible book value per common share (non-GAAP) (3)		$	37.97		$	39.47		$	41.05		$	44.62		$	43.98

CAPITAL RATIOS
Equity-to-assets			10.9	%		10.9	%		11.2	%		11.4	%		11.7	%
Tangible equity-to-tangible assets (non-GAAP) (3)			6.7	%		6.8	%		7.0	%		7.7	%		7.8	%
Tier 1 leverage (6) *			8.3	%		8.0	%		8.5	%		8.1	%		8.1	%
Tier 1 common equity (6) *			11.0	%		11.1	%		11.4	%		11.8	%		11.9	%
Tier 1 risk-based capital (6) *			11.0	%		11.1	%		11.4	%		11.8	%		11.9	%
Total risk-based capital (6) *			12.9	%		13.0	%		13.3	%		13.6	%		13.8	%
*	The regulatory capital ratios presented above include the assumption of the transitional method relative to the CARES Act in relief of COVID-19 pandemic on the economy and financial institutions in the United States. The referenced relief allows a total five-year “phase in” of the CECL impact on capital and relief over the next two years for the impact on the allowance for credit losses resulting from COVID-19.
---	---

Balance Sheet


	Ending Balance
(Dollars in thousands, except per share and share data)	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
BALANCE SHEET	2022		2022		2022		2021		2021
Assets
Cash and due from banks	$	394,794	$	561,516	$	588,372	$	476,653	$	597,321
Federal Funds Sold and interest-earning deposits with banks		2,414,901		4,160,583		5,444,234		6,366,494		5,701,002
Cash and cash equivalents		2,809,695		4,722,099		6,032,606		6,843,147		6,298,323

Trading securities, at fair value		51,940		88,088		74,234		77,689		61,294
Investment securities:
Securities held to maturity		2,738,178		2,806,465		2,827,769		1,819,901		1,641,485
Securities available for sale, at fair value		5,369,610		5,666,008		5,924,206		5,193,478		4,631,554
Other investments		179,755		179,815		179,258		160,568		160,592
Total investment securities		8,287,543		8,652,288		8,931,233		7,173,947		6,433,631
Loans held for sale		34,477		73,880		130,376		191,723		242,813
Loans:
Purchased credit deteriorated		1,544,562		1,707,592		1,939,033		1,987,322		2,255,874
Purchased non-credit deteriorated		6,365,175		6,908,234		7,633,824		5,890,069		6,554,647
Non-acquired		20,926,566		19,319,440		16,983,570		16,050,775		14,978,428
Less allowance for credit losses		(324,398)		(319,708)		(300,396)		(301,807)		(314,144)
Loans, net		28,511,905		27,615,558		26,256,031		23,626,359		23,474,805
Other real estate owned ("OREO")		2,160		1,431		3,290		2,736		3,687
Premises and equipment, net		531,160		562,781		568,332		558,499		569,817
Bank owned life insurance		960,052		953,970		942,922		783,049		778,552
Mortgage servicing rights		90,459		87,463		83,339		65,620		60,922
Core deposit and other intangibles		125,390		132,694		140,364		128,067		136,584
Goodwill		1,922,525		1,922,525		1,924,024		1,581,085		1,581,085
Other assets		1,851,303		1,394,645		1,114,790		928,111		1,262,195
Total assets	$	45,178,609	$	46,207,422	$	46,201,541	$	41,960,032	$	40,903,708

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing	$	13,660,244	$	14,337,018	$	14,052,332	$	11,498,840	$	11,333,881
Interest-bearing		24,005,777		24,538,833		24,723,498		23,555,989		22,226,677
Total deposits		37,666,021		38,875,851		38,775,830		35,054,829		33,560,558
Federal funds purchased and securities
sold under agreements to repurchase		557,802		669,999		770,409		781,239		859,736
Other borrowings		392,368		392,460		405,553		327,066		326,807
Reserve for unfunded commitments		52,991		32,543		30,368		30,510		28,289
Other liabilities		1,588,241		1,196,144		1,044,973		963,448		1,335,377
Total liabilities		40,257,423		41,166,997		41,027,133		37,157,092		36,110,767

Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares		189,191		189,103		189,403		173,331		174,795
Surplus		4,207,040		4,195,976		4,214,897		3,653,098		3,693,622
Retained earnings		1,241,413		1,146,230		1,064,064		997,657		925,044
Accumulated other comprehensive (loss) income		(716,458)		(490,884)		(293,956)		(21,146)		(520)
Total shareholders' equity		4,921,186		5,040,425		5,174,408		4,802,940		4,792,941
Total liabilities and shareholders' equity	$	45,178,609	$	46,207,422	$	46,201,541	$	41,960,032	$	40,903,708

Common shares issued and outstanding		75,676,445		75,641,322		75,761,018		69,332,297		69,918,037

Net Interest Income and Margin


		Three Months Ended
		Sep. 30, 2022					Jun. 30, 2022					Sep. 30, 2021
(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		$	3,193,313	$	16,668	2.07%	$	4,597,551	$	8,635	0.75%	$	6,072,760	$	2,199	0.14%
Investment securities			8,705,657		45,286	2.06%		8,880,419		45,024	2.03%		6,084,812		23,185	1.51%
Loans held for sale			47,119		620	5.22%		76,567		791	4.14%		184,547		1,307	2.81%
Total loans, excluding PPP			28,267,741		312,172	4.38%		27,055,042		271,003	4.02%		22,937,207		226,083	3.91%
Total PPP loans			27,236		64	0.93%		77,816		206	1.06%		939,111		18,675	7.89%
Total loans held for investment			28,294,977		312,236	4.38%		27,132,858		271,209	4.01%		23,876,318		244,758	4.07%
Total interest-earning assets			40,241,066		374,810	3.70%		40,687,395		325,659	3.21%		36,218,437		271,449	2.97%
Noninterest-earning assets			5,103,869					5,160,394					4,375,329
Total Assets		$	45,344,935				$	45,847,789				$	40,593,766

Interest-Bearing Liabilities:
Transaction and money market accounts		$	17,862,637	$	7,956	0.18%	$	18,316,890	$	3,836	0.08%	$	15,908,784	$	3,110	0.08%
Savings deposits			3,621,493		488	0.05%		3,548,192		143	0.02%		3,126,055		241	0.03%
Certificates and other time deposits			2,627,280		1,693	0.26%		2,776,478		1,797	0.26%		3,256,488		3,916	0.48%
Federal funds purchased			240,814		1,312	2.16%		333,326		628	0.76%		479,960		101	0.08%
Repurchase agreements			376,985		194	0.20%		403,008		153	0.15%		380,850		158	0.16%
Other borrowings			392,427		4,958	5.01%		405,241		4,823	4.77%		334,256		3,937	4.67%
Total interest-bearing liabilities			25,121,636		16,601	0.26%		25,783,135		11,380	0.18%		23,486,393		11,463	0.19%
Noninterest-bearing liabilities ("Non-IBL")			15,101,739					14,955,329					12,333,922
Shareholders' equity			5,121,560					5,109,325					4,773,451
Total Non-IBL and shareholders' equity			20,223,299					20,064,654					17,107,373
Total Liabilities and Shareholders' Equity		$	45,344,935				$	45,847,789				$	40,593,766
Net Interest Income and Margin (Non-Tax Equivalent)				$	358,209	3.53%			$	314,279	3.10%			$	259,986	2.85%
Net Interest Margin (Tax Equivalent)						3.55%					3.12%					2.86%
Total Deposit Cost (without Debt and Other Borrowings)						0.11%					0.06%					0.09%
Overall Cost of Funds (including Demand Deposits)						0.17%					0.12%					0.13%

Total Accretion on Acquired Loans (1)				$	9,550				$	12,770				$	5,243
Total Deferred Fees on PPP Loans				$	—				$	8				$	16,369
Tax Equivalent Adjustment				$	2,345				$	2,249				$	1,477
(1)	The remaining loan discount on acquired loans to be accreted into loan interest income totals $79.5 million as of September 30, 2022.
---	---

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)	2022		2022		2022		2021		2021		2022		2021
Noninterest Income:
Fees on deposit accounts	$	31,188	$	33,658	$	28,902	$	30,293	$	26,130	$	93,748	$	75,348
Mortgage banking income		2,262		5,480		10,594		12,044		15,560		18,336		52,555
Trust and investment services income		9,603		9,831		9,718		9,520		9,150		29,152		27,461
Securities gains, net		30		—		—		2		64		30		100
Correspondent banking and capital market income		20,552		27,604		27,994		30,216		25,164		76,150		79,789
Bank owned life insurance income		6,082		6,246		5,260		4,932		5,132		17,588		13,478
Other		7,461		5,473		3,622		4,887		5,810		16,556		13,584
Total Noninterest Income	$	77,178	$	88,292	$	86,090	$	91,894	$	87,010	$	251,560	$	262,315

Noninterest Expense:
Salaries and employee benefits	$	139,554	$	137,037	$	137,673	$	137,321	$	136,969	$	414,264	$	414,709
Occupancy expense		22,490		22,759		21,840		22,915		23,135		67,089		69,310
Information services expense		20,714		19,947		19,193		18,489		18,061		59,854		55,928
OREO and loan related expense (income)		532		(3)		(238)		(740)		1,527		291		2,769
Business development and staff related		5,090		4,916		4,276		4,577		4,424		14,282		12,100
Amortization of intangibles		7,837		8,847		8,494		8,517		8,543		25,178		26,675
Professional fees		3,495		4,331		3,749		2,639		2,415		11,575		7,990
Supplies and printing expense		2,621		2,400		2,189		2,179		2,310		7,210		7,480
FDIC assessment and other regulatory charges		6,300		5,332		4,812		4,965		4,245		16,444		13,017
Advertising and marketing		2,170		2,286		1,763		2,375		2,185		6,219		5,584
Other operating expenses		15,951		17,927		14,573		14,155		10,858		48,451		36,518
Merger and branch consolidation related expense		13,679		5,390		10,276		6,645		17,618		29,345		60,598
Extinguishment of debt cost		—		—		—		—		—		—		11,706
Total Noninterest Expense	$	240,433	$	231,169	$	228,600	$	224,037	$	232,290	$	700,202	$	724,384

Loans and Deposits

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


	Ending Balance
(Dollars in thousands)	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
LOAN PORTFOLIO	2022		2022		2022		2021		2021
Construction and land development * †	$	2,550,552	$	2,527,062	$	2,316,313	$	2,029,216	$	2,032,731
Investor commercial real estate*		8,641,316		8,393,630		8,158,457		7,432,503		7,131,192
Commercial owner occupied real estate		5,426,216		5,421,725		5,346,583		4,970,116		4,988,490
Commercial and industrial, excluding PPP		4,962,616		4,760,355		4,447,279		3,516,485		3,458,520
Consumer real estate *		5,977,120		5,505,531		4,988,736		4,806,958		4,733,567
Consumer/other		1,263,362		1,279,790		1,179,697		928,240		943,243
Total loans, excluding PPP		28,821,182		27,888,093		26,437,065		23,683,518		23,287,743
PPP loans		15,121		47,173		119,362		244,648		501,206
Total Loans	$	28,836,303	$	27,935,266	$	26,556,427	$	23,928,166	$	23,788,949

* 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 $881.3 million, $795.7 million, $733.7 million, $686.5 million, and $665.0 million for the quarters ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, respectively.


	Ending Balance
(Dollars in thousands)	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
DEPOSITS	2022		2022		2022		2021		2021
Noninterest-bearing checking	$	13,660,244	$	14,337,018	$	14,052,332	$	11,498,840	$	11,333,881
Interest-bearing checking		8,741,447		8,953,332		9,275,208		9,018,987		7,920,236
Savings		3,602,560		3,616,819		3,479,743		3,350,547		3,201,543
Money market		9,126,058		9,264,257		9,140,005		8,376,380		8,110,162
Time deposits		2,535,712		2,704,425		2,828,542		2,810,075		2,994,736
Total Deposits	$	37,666,021	$	38,875,851	$	38,775,830	$	35,054,829	$	33,560,558

Core Deposits (excludes Time Deposits)	$	35,130,309	$	36,171,426	$	35,947,288	$	32,244,754	$	30,565,822

Asset Quality


	Ending Balance
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
(Dollars in thousands)	2022		2022		2022		2021		2021
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual	$	34,374	$	20,716	$	19,582	$	18,700	$	23,800
Accruing loans past due 90 days or more		2,358		1,371		22,818		4,612		1,729
Non-acquired OREO and other nonperforming assets		114		93		464		590		365
Total non-acquired nonperforming assets		36,846		22,180		42,864		23,902		25,894
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual		61,866		63,526		59,267		56,718		64,583
Accruing loans past due 90 days or more		1,430		4,418		12,768		251		89
Acquired OREO and other nonperforming assets		2,234		1,577		3,118		2,875		3,804
Total acquired nonperforming assets		65,530		69,521		75,153		59,844		68,476
Total nonperforming assets	$	102,376	$	91,701	$	118,017	$	83,746	$	94,370


	Three Months Ended
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
	2022		2022		2022		2021		2021
ASSET QUALITY RATIOS:
Allowance for credit losses as a percentage of loans		1.12%		1.14%		1.13%		1.26%		1.32%
Allowance for credit losses as a percentage of loans, excluding PPP loans		1.13%		1.15%		1.14%		1.27%		1.35%
Allowance for credit losses as a percentage of nonperforming loans		324.30%		355.11%		262.50%		375.94%		348.27%
Allowance for credit losses, including reserve for unfunded commitments, as a percentage of loans, excluding PPP loans		1.31%		1.26%		1.25%		1.40%		1.47%
Net (recoveries) charge-offs as a percentage of average loans (annualized)		(0.02)%		0.03%		0.04%		0.02%		0.00%
Total nonperforming assets as a percentage of total assets		0.23%		0.20%		0.26%		0.20%		0.23%
Nonperforming loans as a percentage of period end loans		0.35%		0.32%		0.43%		0.34%		0.38%

Current Expected Credit Losses (“CECL”)

Below is a table showing the roll forward of the ACL and UFC for the third quarter of 2022:


	Allowance for Credit Losses ("ACL and UFC")
	NonPCD ACL		PCD ACL		Total ACL		UFC
Ending balance 6/30/2022	$	257,428	$	62,280	$	319,708	$	32,543
Charge offs		(4,950)		—		(4,950)		—
Acquired charge offs		(292)		(1,884)		(2,176)		—
Recoveries		1,783		—		1,783		—
Acquired recoveries		2,597		4,008		6,605		—
Provision (recovery) for credit losses		14,353		(10,925)		3,428		20,448
Ending balance 9/30/2022	$	270,919	$	53,479	$	324,398	$	52,991

Period end loans (includes PPP Loans)	$	27,291,741	$	1,544,562	$	28,836,303		N/A
Reserve to Loans (includes PPP Loans)		0.99%		3.46%		1.12%		N/A
Period end loans (excludes PPP Loans)	$	27,276,620	$	1,544,562	$	28,821,182		N/A
Reserve to Loans (excludes PPP Loans)		0.99%		3.46%		1.13%		N/A
Unfunded commitments (off balance sheet) *							$	9,896,528
Reserve to unfunded commitments (off balance sheet)								0.54%

* 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 25, 2022. Callers wishing to participate may call toll-free by dialing 844-200-6205. The number for international participants is (929) 526-1599. The conference ID number is 879329. 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 October 25, 2022 on the Investor Relations section of SouthStateBank.com.

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

Non-GAAP Measures

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


(Dollars in thousands, except per share data)	Three Months Ended
PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP)	Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021
Net income (GAAP)	$	133,043		$	119,175		$	100,329		$	106,846		$	122,788
Provision (recovery) for credit losses		23,876			19,286			(8,449)			(9,157)			(38,903)
Tax provision		38,035			32,941			27,084			28,272			30,821
Merger and branch consolidation related expense		13,679			5,390			10,276			6,645			17,618
Securities gains		(30)			—			—			(2)			(64)
Pre-provision net revenue (PPNR) (Non-GAAP)	$	208,603		$	176,792		$	129,240		$	132,604		$	132,260

Average asset balance (GAAP)	$	45,344,935		$	45,847,789		$	42,946,332		$	41,359,708		$	40,593,766
PPNR ROAA		1.83	%		1.55	%		1.22	%		1.27	%		1.29	%

Diluted weighted-average common shares outstanding		76,182			76,094			72,111			70,290			70,576
PPNR per weighted-average common shares outstanding	$	2.74		$	2.32		$	1.79		$	1.89		$	1.87


(Dollars in thousands)	Three Months Ended
CORE NET INTEREST INCOME (NON-GAAP)	Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021
Net interest income (GAAP)	$	358,209		$	314,279		$	261,474		$	258,104		$	259,986
Less:
Total accretion on acquired loans		9,550			12,770			6,741			7,707			5,243
Total deferred fees on PPP loans		—			8			983			5,655			16,369
Core net interest income (Non-GAAP)	$	348,659		$	301,501		$	253,750		$	244,742		$	238,374

NET INTEREST MARGIN ("NIM"), TAX EQUIVALENT (NON-GAAP)
Net interest income (GAAP)	$	358,209		$	314,279		$	261,474		$	258,104		$	259,986
Total average interest-earning assets		40,241,066			40,687,395			38,527,023			37,031,640			36,218,437
NIM, non-tax equivalent		3.53	%		3.10	%		2.75	%		2.77	%		2.85	%

Tax equivalent adjustment (included in NIM, tax equivalent)		2,345			2,249			1,885			1,734			1,477
Net interest income, tax equivalent (Non-GAAP)	$	360,554		$	316,528		$	263,359		$	259,838		$	261,463
NIM, tax equivalent (Non-GAAP)		3.55	%		3.12	%		2.77	%		2.78	%		2.86	%


	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	2022			2022			2022			2021			2021			2022			2021
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)	$	133,043		$	119,175		$	100,329		$	106,846		$	122,788		$	352,547		$	368,697
Securities gains, net of tax		(24)			—			—			(2)			(51)			(24)			(79)
PCL - NonPCD loans and UFC, net of tax		—			—			13,492			—			—			13,492			—
Merger and branch consolidation related expense, net of tax		10,638			4,223			8,092			5,255			14,083			22,953			47,485
Extinguishment of debt cost, net of tax		—			—			—			—			—			—			9,081
Adjusted net income (non-GAAP)	$	143,657		$	123,398		$	121,913		$	112,099		$	136,820		$	388,968		$	425,184

Adjusted Net Income per Common Share - Basic (2)
Earnings per common share - Basic (GAAP)	$	1.76		$	1.58		$	1.40		$	1.53		$	1.75		$	4.75		$	5.22
Effect to adjust for securities gains		(0.00)			—			—			(0.00)			(0.00)			(0.00)			(0.00)
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—			—			0.19			—			—			0.18			—
Effect to adjust for merger and branch consolidation related expense, net of tax		0.14			0.06			0.12			0.08			0.20			0.31			0.67
Effect to adjust for extinguishment of debt cost		—			—			—			—			—			—			0.13
Adjusted net income per common share - Basic (non-GAAP)	$	1.90		$	1.64		$	1.71		$	1.61		$	1.95		$	5.24		$	6.02

Adjusted Net Income per Common Share - Diluted (2)
Earnings per common share - Diluted (GAAP)	$	1.75		$	1.57		$	1.39		$	1.52		$	1.74		$	4.71		$	5.19
Effect to adjust for securities gains		(0.00)			—			—			(0.00)			(0.00)			(0.00)			(0.00)
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—			—			0.19			—			—			0.18			—
Effect to adjust for merger and branch consolidation related expense, net of tax		0.14			0.05			0.11			0.07			0.20			0.31			0.66
Effect to adjust for extinguishment of debt cost		—			—			—			—			—			—			0.13
Adjusted net income per common share - Diluted (non-GAAP)	$	1.89		$	1.62		$	1.69		$	1.59		$	1.94		$	5.20		$	5.98

Adjusted Return on Average Assets (2)
Return on average assets (GAAP)		1.16	%		1.04	%		0.95	%		1.02	%		1.20	%		1.05	%		1.25	%
Effect to adjust for securities gains		(0.00)	%		—	%		—	%		(0.00)	%		(0.00)	%		(0.00)	%		(0.00)	%
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—	%		—	%		0.13	%		—	%		—	%		0.04	%		—	%
Effect to adjust for merger and branch consolidation related expense, net of tax		0.10	%		0.04	%		0.07	%		0.06	%		0.14	%		0.07	%		0.16	%
Effect to adjust for extinguishment of debt cost		—	%		—	%		—	%		—	%		—	%		—	%		0.03	%
Adjusted return on average assets (non-GAAP)		1.26	%		1.08	%		1.15	%		1.08	%		1.34	%		1.16	%		1.44	%

Adjusted Return on Average Common Equity (2)
Return on average common equity (GAAP)		10.31	%		9.36	%		8.24	%		8.84	%		10.21	%		9.32	%		10.41	%
Effect to adjust for securities gains		(0.00)	%		—	%		—	%		(0.00)	%		(0.00)	%		(0.00)	%		(0.00)	%
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—	%		—	%		1.11	%		—	%		—	%		0.36	%		—	%
Effect to adjust for merger and branch consolidation related expense, net of tax		0.82	%		0.33	%		0.66	%		0.44	%		1.16	%		0.60	%		1.34	%
Effect to adjust for extinguishment of debt cost		—	%		—	%		—	%		—	%		—	%		—	%		0.26	%
Adjusted return on average common equity (non-GAAP)		11.13	%		9.69	%		10.01	%		9.28	%		11.37	%		10.28	%		12.01	%

Return on Average Common Tangible Equity (3)
Return on average common equity (GAAP)		10.31	%		9.36	%		8.24	%		8.84	%		10.21	%		9.32	%		10.41	%
Effect to adjust for intangible assets		7.68	%		7.23	%		5.73	%		5.79	%		6.65	%		6.87	%		6.93	%
Return on average tangible equity (non-GAAP)		17.99	%		16.59	%		13.97	%		14.63	%		16.86	%		16.19	%		17.34	%

Adjusted Return on Average Common Tangible Equity (2) (3)
Return on average common equity (GAAP)		10.31	%		9.36	%		8.24	%		8.84	%		10.21	%		9.32	%		10.41	%
Effect to adjust for securities gains		(0.00)	%		—	%		—	%		(0.00)	%		(0.00)	%		(0.00)	%		(0.00)	%
Effect to adjust for PCL - NonPCD loans and UFC, net of tax		—	%		—	%		1.11	%		—	%		—	%		0.36	%		—	%
Effect to adjust for merger and branch consolidation related expense, net of tax		0.82	%		0.33	%		0.66	%		0.43	%		1.17	%		0.60	%		1.34	%
Effect to adjust for extinguishment of debt cost		—	%		—	%		—	%		—	%		—	%		—	%		0.26	%
Effect to adjust for intangible assets		8.23	%		7.46	%		6.78	%		6.03	%		7.30	%		7.49	%		7.84	%
Adjusted return on average common tangible equity (non-GAAP)		19.36	%		17.15	%		16.79	%		15.30	%		18.68	%		17.77	%		19.85	%

Adjusted Efficiency Ratio (4)
Efficiency ratio		53.14	%		54.92	%		62.99	%		61.27	%		64.22	%		56.63	%		66.99	%
Effect to adjust for merger and branch consolidation related expense		(3.12)	%		(1.33)	%		(2.94)	%		(1.89)	%		(5.06)	%		(2.46)	%		(6.94)	%
Adjusted efficiency ratio		50.02	%		53.59	%		60.05	%		59.39	%		59.16	%		54.17	%		60.05	%

Tangible Book Value Per Common Share (3)
Book value per common share (GAAP)	$	65.03		$	66.64		$	68.30		$	69.27		$	68.55
Effect to adjust for intangible assets		(27.06)			(27.17)			(27.25)			(24.65)			(24.57)
Tangible book value per common share (non-GAAP)	$	37.97		$	39.47		$	41.05		$	44.62		$	43.98

Tangible Equity-to-Tangible Assets (3)
Equity-to-assets (GAAP)		10.89	%		10.91	%		11.20	%		11.45	%		11.72	%
Effect to adjust for intangible assets		(4.23)	%		(4.15)	%		(4.15)	%		(3.76)	%		(3.87)	%
Tangible equity-to-tangible assets (non-GAAP)		6.66	%		6.76	%		7.05	%		7.69	%		7.85	%

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

Footnotes to tables:

(1)	Includes loan accretion (interest) income related to the discount on acquired loans of $9.6 million, $12.8 million, $6.7 million, $7.7 million, and $5.2 million, respectively, during the five quarters above.
(2)	Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, merger and branch consolidation related expense, initial PCL on nonPCD loans and unfunded commitments from acquisitions and extinguishment of debt cost. Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company's results or financial condition as reported under GAAP. Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger and branch consolidation related expense of $13.7 million, $5.4 million, $10.3 million, $6.6 million, and $17.6 million for the quarters ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, respectively; and (b) net securities gains of $30,000, $2,000, and $64,000 for the quarters ended September 30, 2022, December 31, 2021 and September 30, 2021, respectively; and (c) initial PCL on nonPCD loans and unfunded commitments acquired from ACBI of $17.1 million for the quarter ended March 31, 2022.
---	---
(3)	The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company's results or financial condition as reported under GAAP. The sections titled "Reconciliation of Non-GAAP to GAAP" provide tables that reconcile non-GAAP measures to GAAP.
---	---
(4)	Adjusted efficiency ratio is calculated by taking the noninterest expense excluding merger and branch consolidation related expense and amortization of intangible assets, divided by net interest income and noninterest income excluding securities gains (losses). The pre-tax amortization expenses of intangible assets were $7.8 million, $8.8 million, $8.5 million, $8.5 million, and $8.5 million, for the quarters ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, 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, 2022 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.
---	---
(7)	Loan data excludes mortgage loans held for sale.
---	---

Cautionary Statement Regarding Forward Looking Statements

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.

Exhibit 99.2

Earnings Call 3Q 2022 October 25, 2022<br>Exhibit 99.2
DISCLAIMER2Statementsincludedinthiscommunication,whicharenothistoricalinnatureareintendedtobe,andareherebyidentifiedas,forward-lookingstatementsforpurposesofthesafeharborprovidedbySection27AoftheSecuritiesActof1933andSection21EoftheSecuritiesExchangeActof1934.Forward-lookingstatementsarebasedon,amongotherthings,management’sbeliefs,assumptions,currentexpectations,estimatesandprojectionsaboutthefinancialservicesindustry,theeconomyandSouthState.Wordsandphrasessuchas“may,”“approximately,”“continue,”“should,”“expects,”“projects,”“anticipates,”“islikely,”“lookahead,”“lookforward,”“believes,”“will,”“intends,”“estimates,”“strategy,”“plan,”“could,”“potential,”“possible”andvariationsofsuchwordsandsimilarexpressionsareintendedtoidentifysuchforward-lookingstatements.<br>SouthStatecautionsreadersthatforward-lookingstatementsaresubjecttocertainrisks,uncertaintiesandassumptionsthataredifficulttopredictwithregardto,amongotherthings,timing,extent,likelihoodanddegreeofoccurrence,whichcouldcauseactualresultstodiffermateriallyfromanticipatedresults.Suchrisks,uncertaintiesandassumptions,include,amongothers,thefollowing:(1)economicdownturnrisk,potentiallyresultinginthenumberandpaceofhigherinterestrates,deteriorationinthecreditmarkets,inflation,greaterthanexpectednoninterestexpenses,excessiveloanlossesandothernegativeconsequences,whichriskscouldbeexacerbatedbypotentialcontinuednegativeeconomicdevelopmentsresultingfromtheCovid19pandemic,orfromfederalspendingcutsand/oroneormorefederalbudget-relatedimpassesoractions;(2)interestrateriskprimarilyresultingfromtheinterestrateenvironment,thenumberandpaceofrisinginterestrates,andtheirimpactontheBank’searnings,includingfromthecorrespondentandmortgagedivisions,housingdemand,themarketvalueofthebank’sloanandsecuritiesportfolios,andthemarketvalueofSouthState’sequity;(3)risksrelatedtothemergerandintegrationofSouthStateandAtlanticCapitalincluding,amongothers,(i)theriskthatthecostsavingsandanyrevenuesynergiesfromthemergermaynotbefullyrealizedormaytakelongerthananticipatedtoberealized,(ii)theriskthattheintegrationofAtlanticCapital’soperationsintoSouthState’soperationswillbemateriallydelayedorwillbemorecostlyordifficultthanexpectedorthatthepartiesareotherwiseunabletosuccessfullyintegrateAtlanticCapital’sbusinessesintoSouthState’sbusinesses,(iii)theamountofthecosts,fees,expensesandchargesrelatedtothemerger,and(iv)reputationalriskandthereactionofeachcompany'scustomers,suppliers,employeesorotherbusinesspartnerstothemerger;(4)risksrelatingtothecontinuedimpactoftheCovid19pandemicontheCompany,includingpossibleimpacttotheCompanyanditsemployeesfromcontractingCovid19,andtoefficienciesandthecontrolenvironmentduetothechangingworkenvironmentandtoourresultsofoperationsduetofurtherinterventionstomitigatetheimpactofthepandemic;(5)theimpactofincreasingdigitizationofthebankingindustryandmovementofcustomerstoon-lineplatforms,andthepossibleimpactontheBank’sresultsofoperations,customerbase,expenses,<br>suppliersandoperations;(6)controlsandproceduresrisk,includingthepotentialfailureorcircumventionofourcontrolsandproceduresorfailuretocomplywithregulationsrelatedtocontrolsandprocedures;(7)potentialdeteriorationinrealestatevalues;(8)theimpactofcompetitionwithotherfinancialinstitutions,includingdepositandloanpricingpressures(includingthoseresultingfromtheCARESAct)andtheresultingimpact,includingasaresultofcompressiontonetinterestmargin;(9)risksrelatingtotheabilitytoretainourcultureandattractandretainqualifiedpeople;(10)creditrisksassociatedwithanobligor’sfailuretomeetthetermsofanycontractwiththeBankorotherwisefailtoperformasagreedunderthetermsofanyloan-relateddocument;(11)risksrelatedtotheabilityoftheCompanytopursueitsstrategicplanswhichdependuponcertaingrowthgoalsinourlinesofbusiness;(12)liquidityriskaffectingtheBank’sabilitytomeetitsobligationswhentheycomedue;(13)risksassociatedwithananticipatedincreaseinSouthState’sinvestmentsecuritiesportfolio,includingrisksassociatedwithacquiringandholdinginvestmentsecuritiesorpotentiallydeterminingthattheamountofinvestmentsecuritiesSouthStatedesirestoacquirearenotavailableontermsacceptabletoSouthState;(14)priceriskfocusingonchangesinmarketfactorsthatmayaffectthevalueoftradedinstrumentsin“mark-to-market”portfolios;(15)transactionriskarisingfromproblemswithserviceorproductdelivery;(16)complianceriskinvolvingrisktoearningsorcapitalresultingfromviolationsofornonconformancewithlaws,rules,regulations,prescribedpractices,orethicalstandards;(17)regulatorychangeriskresultingfromnewlaws,rules,regulations,accountingprinciples,proscribedpracticesorethicalstandards,including,withoutlimitation,thepossibilitythatregulatoryagenciesmayrequirehigherlevelsofcapitalabovethecurrentregulatory-mandatedminimumsandincludingtheimpactoftheCARESAct,theConsumerFinancialProtectionBureauregulations,andthepossibilityofchangesinaccountingstandards,policies,principlesandpractices,includingchangesinaccountingprinciplesrelatingtoloanlossrecognition(CECL);(18)strategicriskresultingfromadversebusinessdecisionsorimproperimplementationofbusinessdecisions;(19)reputationriskthatadversely<br>affectsearningsorcapitalarisingfromnegativepublicopinion;(20)cybersecurityriskrelatedtothedependenceofSouthStateoninternalcomputersystemsandthetechnologyofoutsideserviceproviders,aswellasthepotentialimpactsofinternalorexternalsecuritybreaches,whichmaysubjectthecompanytopotentialbusinessdisruptionsorfinanciallossesresultingfromdeliberateattacksorunintentionalevents;(21)reputationalandoperationalrisksassociatedwithenvironment,socialandgovernance(ESG)matters,includingtheimpactofrecentlyissuedproposedregulatoryguidanceandregulationrelatingtoclimatechange;(22)greaterthanexpectednoninterestexpenses;(23)excessiveloanlosses;(24)potentialdepositattrition,higherthanexpectedcosts,customerlossandbusinessdisruptionassociatedwiththeAtlanticCapitalintegration,andpotentialdifficultiesinmaintainingrelationshipswithkeypersonnel;(25)reputationalriskandpossiblehigherthanestimatedreducedrevenuefromannouncedchangesintheBank’sconsumeroverdraftprograms;(26)therisksoffluctuationsinmarketpricesforSouthStatecommonstockthatmayormaynotreflecteconomicconditionorperformanceofSouthState;(27)thepaymentofdividendsonSouthStatecommonstock,whichissubjecttolegalandregulatorylimitationsaswellasthediscretionoftheboardofdirectorsofSouthState,SouthState’sperformanceandotherfactors;(28)ownershipdilutionriskassociatedwithpotentialacquisitionsinwhichSouthState’sstockmaybeissuedasconsiderationforanacquiredcompany;(29)operational,technological,cultural,regulatory,legal,creditandotherrisksassociatedwiththeexploration,consummationandintegrationofpotentialfutureacquisitions,whetherinvolvingstockorcashconsideration;(30)majorcatastrophessuchashurricanes,tornados,earthquakes,floodsorothernaturalorhumandisasters,includinginfectiousdiseaseoutbreaks,suchastheongoingCovid19pandemic,andtherelateddisruptiontolocal,regionalandglobaleconomicactivityandfinancialmarkets,andtheimpactthatanyoftheforegoingmayhaveonSouthStateanditscustomersandotherconstituencies;(31)terroristactivitiesriskthatresultsinlossofconsumerconfidenceandeconomicdisruptions;and(32)otherfactorsthatmayaffectfutureresultsofSouthState,asdisclosedinSouthState’sAnnualReportonForm10-K,QuarterlyReportsonForm10-Q,andCurrentReportsonForm8-K,filed<br>bySouthStatewiththeU.S.SecuritiesandExchangeCommission(“SEC”)andavailableontheSEC’swebsiteathttp://www.sec.gov,anyofwhichcouldcauseactualresultstodiffermateriallyfromfutureresultsexpressed,impliedorotherwiseanticipatedbysuchforward-lookingstatements.<br>Allforward-lookingstatementsspeakonlyasofthedatetheyaremadeandarebasedoninformationavailableatthattime.SouthStatedoesnotundertakeanyobligationtoupdateorotherwisereviseanyforward-lookingstatements,whetherasaresultofnewinformation,futureevents,orotherwise,exceptasrequiredbyfederalsecuritieslaws.Asforward-lookingstatementsinvolvesignificantrisksanduncertainties,cautionshouldbeexercisedagainstplacingunduerelianceonsuchstatements.
---
$38Billion in deposits<br>$29Billion in loans<br>$45Billion in assets<br>$6.5Billion market cap(1)FinancialmetricsasofSeptember30,2022;marketcapasofOctober21,2022SouthState CorporationOverview of Franchise (1)3<br>(252)<br>#1 in Florida#3 in South CarolinaTop 30Forbes 100 Best<br>Banks in<br>America<br>2022<br>Ranked #30by S&P Global<br>“Best Places to Work” designation in South Carolina<br>16 Greenwich Excellence and Best Brand awards from Coalition Greenwich
---
Local MarketLeadershipOur 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-TermHorizonWe think and act like owners and measure success over entire economic cycles. We<br>prioritize soundness before short-term profitability and growth.RemarkableExperiencesWe will make our customers’ lives better by anticipating their needs and<br>responding with a sense of urgency. Each of us has the freedom, authority and<br>responsibility to do the right thing for our customers.Meaningful and LastingRelationshipsWe communicate with candor and transparency. The relationship is more valuable<br>than the transaction.Greater PurposeWe enable our team members to pursue their ultimate purpose in life—their personal faith, their family, their service to community.The WHATThe HOW<br>Guiding PrinciplesCore Values<br>Leadership<br>The WHY<br>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<br>$9.8B$12.2B$1.6B$1.8B$6.5B$11.2B$0.6B$0.5B$5.9B$6.7B<br>$2.5B$2.1B<br>LoansDeposits<br>$275$293$643$723$748$1,371ALSCVANCGAFLGDP by State($ in billions)<br>4.6%4.4%4.2%3.5%3.2%3.1%2.8%FLGAALVAU.S.SCNCProjected Population Growth 2022-2027<br>$3.2$3.2$4.1$4.2$4.9$17.7$23.0IndiaUKSSB FootprintGermanyJapanChinaUSGDP ($ in trillions)<br>The combined GDP of<br>SouthState’s 6 state branch<br>footprint would represent the<br>world’s fifth largest economy.<br>Population increase (in millions)3.2 0.6 1.2 1.1 0.7 25.5 0.31.0 0.5 0.2 0.3 10.7 0.20.3Population<br>increase (in millions)<br>Loans and deposits as of 9/30/22; excludes $1.9B of loans and $3.1B of deposits from internal accounts and national lines of businessCountry GDP as of 2021; State GDP as of 2Q22Sources: S&P Global, World Bank, US Bureau of Economic Analysis<br>16.9%12.6%12.2%11.1%8.9%8.3%5.8%FLSCGANCVAU.S.ALActual Population Growth 2010-2022
---
PANDEMIC ACCELERATES POPULATION MIGRATION TO THE SOUTH6U.S. Net Domestic Migration During Covid, July 2020 to July 2021<br>Source: U.S. Census Bureau6
---
INVESTMENT THESIS7<br>•High growth markets•Low-cost core deposit base•Diversified revenue streams •Strong credit quality and disciplined underwriting •Energetic and experienced management team with entrepreneurial ownership culture •True alternative to the largest banks with capital markets platform and upgraded<br>technology solutions
---
Quarterly Results
---
HIGHLIGHTS	LINKED QUARTER<br>Dollars in millions, except per share data(1)For end note descriptions, see Earnings Presentation End Notes starting on slide 409<br>2Q223Q22GAAPNet Income$<br>119.2<br>$<br>133.0<br>EPS (Diluted)$<br>1.57<br>$<br>1.75<br>Return on AverageAssets<br>1.04<br>%<br>1.16<br>%Non-GAAP(1)Return on AverageTangible Common Equity<br>16.59<br>%<br>17.99<br>%Non-GAAP,Adjusted(1)Net Income$<br>123.4<br>$<br>143.7<br>EPS (Diluted)$<br>1.62<br>$<br>1.89<br>Return on AverageAssets<br>1.08<br>%<br>1.26<br>%Return on AverageTangible Common Equity<br>17.15<br>%<br>19.36<br>%
---
QUARTERLY HIGHLIGHTS	3Q 2022<br>(1),(2) & (4) For end note descriptions, see Earnings Presentation End Notes starting on slide 40(3)ExcludingACBIacquisitiondatebalances10•Reported Earnings per Share (“EPS”) of $1.75; Adjusted Diluted EPS (non-GAAP) of $1.89•Pre-Provision Net Revenue (“PPNR”)(non-GAAP)(2)of $208.6 million, or 1.83% PPNR ROAA(2)•PPNR per diluted share (non-GAAP)(2)of $2.74, up 18% from the prior quarter’s $2.32 and up 47% from $1.87 in the year ago quarter•Loans increased $901 million, or 13% annualized from prior quarter; increased 14%(3)over the last year•Average deposits declined $384 million, or 4% annualized; average noninterest-bearing deposits remained flat from the prior quarter; total deposit cost was 0.11%, up 5 basis points from prior quarter•Core net interest income(non-GAAP)(4) increased $47 million from prior quarter•8.1% revenue growth with 0.4% expense growth generated 7.7% operating leverage in the quarter •Adjusted efficiency ratio (non-GAAP)(1)improved to 50% from the prior quarter’s 54%•Net recoveries of $1.3 million, or (0.02)% annualized; provision for credit losses of $23.9 million
---
PPNR PER DILUTED SHARE(1)<br>$1.87 $1.89 $1.79 $2.32 $2.74 $1.50 $2.00<br> $2.50<br> $3.003Q214Q211Q222Q223Q22<br>(1)For end note descriptions, Earnings Presentation End Notes starting on slide 4011
---
NET INTEREST MARGIN(1)<br>$238.4 $244.7 $253.8 $301.5 $348.7 $21.6 $13.4 $7.7 $12.8 $9.5<br>$260.0<br>$258.1<br>$261.5<br>$314.3<br>$358.2<br>2.86%<br>2.78%<br>2.77%<br>3.12%<br>3.55%2.4%2.8%3.1%<br>3.5%3.8%<br> $100<br> $150<br> $200<br> $250<br> $300<br> $3503Q214Q211Q222Q223Q22$ in millions<br>Net Interest Income excld. Accretion<br>AccretionNet Interest Income<br>Net Interest Margin<br>43 bps quarterly improvement in Net Interest Margin<br>Dollarsinmillions(1)For end note descriptions, see Earnings Presentation End Notes starting on slide 40(2)Accretion includes PPP loans deferred fees and loan discount accretion(3)Tax equivalent12<br>(2)(2)(3)
---
LOAN PRODUCTION VS LOAN GROWTH<br>$1,256 $1,791 $1,933 $2,079 $1,699 $1,470 $1,535 $1,879 $1,834 $2,355 $2,636 $3,129 $2,582 $3,863 $3,372 $180 $82 $267 $153 $180 $(372)$(277)$(155)$(185)$169 $573 $396 $381 $1,451 $933 -$500$0$500$1,000$1,500$2,000$2,500<br>$3,000$3,500$4,0001Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q22$ in millions<br>Loan Production<br>Loan Portfolio Growth<br>Dollarsinmillions(1)1Q22&2Q22loanproductionexcludesproductionbylegacyACBI;1Q22loanportfoliogrowthexcludesacquisitiondateloanbalancesacquiredfromACBI(2)1Q19loanproductionexcludesproductionfromNationalBankofCommerce(“NBC”);NationalCommerceCorporation,theholdingcompanyofNBC,wasacquiredbyCenterStatein2Q2019(3)ExcludesloansheldforsaleandPPP;loanproductionindicatescommittedbalancetotal;loanportfoliogrowthindicatesquarter-over-quarterloanendingbalancegrowth,excludingloansheldforsaleandPPP(4)Forendnotedescriptions,seeEarningsPresentationEndNotesstartingonslide4013(1)(1)(1)(2)(4)(4)(4)(4)(4)(4)(3)(3)(1)
---
QTD Production ($mm)$1,332$1,443$1,062<br>Refinance30%11%8%<br>Purchase70%89%92%<br>78%22%3Q22MORTGAGE BANKING DIVISION<br>(1)Includes pipeline, LHFS and MBS forwards14<br>Highlights<br>Quarterly Mortgage Production<br>Gain on Sale Margin•Mortgage banking income of $2.3 million in 3Q 2022 compared to $5.5 million in 2Q 2022•Secondary pipeline of $76 million at 3Q 2022, as compared to $126million at 2Q 2022<br>3.13%2.83%2.87%2.13%2.16%3Q214Q211Q222Q223Q22<br>Mortgage Banking Income ($mm)<br>46%54%3Q21<br>Portfolio<br>Secondary<br>73%27%2Q22<br>3Q212Q223Q22<br>Secondary Market<br>Gain on Sale, net $ 12,484 $ 6,419 $ 3,501<br>Fair Value Change(1) 1,640 (1,957) (1,968)<br> Total Secondary Market Mortgage Income $ 14,124 $ 4,462 $ 1,533<br>MSR<br>Servicing Fee Income $ 3,781 $ 4,076 $ 4,170<br>Fair Value Change / Decay (2,344) (3,058) (3,441)<br> Total MSR-Related Income $ 1,437 $ 1,018 $ 729<br>Total Mortgage Banking Income $ 15,561 $ 5,480 $ 2,262
---
Cumulative ConsumerR/E Loan Growth ($)$(12)$(98)$(264)$(486)$(625)$(712)$(727)$(653)$(535)$(18)$454($300)($150)$0$150$300$450$600<br>$(12)$(86)$(167)$(221)$(139)$(87)$(15)$73 $119 $517 $472 3.63%3.46%3.25%3.04%3.08%3.00%3.04%3.25%4.25%5.54%6.21%3.07%4.49%4.11%4.56%4.33%2.85%3.13%2.83%2.87%2.13%2.16% 0.5% 3.5% 6.5% $(300) $(100) $100 $300 $500<br> $7001Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q22$ in millions<br>Consumer R/E Loan Growth ($)<br>30-yr Fixed Mortgage Rate<br>GOS Margin<br>RESIDENTIAL MORTGAGE PORTFOLIO GAIN ON SALE (“GOS”) MARGIN AND INTEREST RATES<br>Dollarsinmillions(1)&(2)Forendnotedescriptions,seeEarningsPresentationEndNotesstartingonslide4015(1)(2)(2)
---
•Provides capital markets hedging (ARC), fixed income sales, international, clearing and other services to over 1,000 financial institutions across the country CORRESPONDENT BANKING DIVISION16<br>$25.2<br>$30.2<br>$28.0<br>$27.6<br>$20.6 $0.0$5.0$10.0$15.0$20.0$25.0$30.0$35.0 $- $5 $10 $15<br> $20<br> $25<br> $30<br> $353Q214Q211Q222Q223Q22$ in millionsCorrespondent Revenue Breakout<br>ARC Revenues<br>FI Revenues<br>Operational RevenuesTotal Revenue<br>1,182 Financial Institution Clients
---
Interest Rate Sensitivity
---
35%35%30%Checking Accounts CompositionCommercialSmall BusinessRetail<br>Noninterest-bearing Checking$13.7BInterest-bearing Checking$8.7BSavings$3.6BMoney Market$9.1BTime Deposits$2.6B<br>Data as of September 30, 2022Dollars in billions except for average checking balances† Core deposits defined as non-time deposits(1) Source: S&P Global Market Intelligence; 3Q22 MRQs available as of October 21, 2022; Peers as disclosed in the most recent SSB proxy statement<br>59%44%34%49%7%7%0%20%40%60%<br>80%100%SSBPeer Average (1)Deposit Mix vs. Peers<br>Checking Accounts<br>MM & Savings<br>Time DepositsPREMIUM CORE†DEPOSIT FRANCHISE18Total Deposits$37.7 BillionDeposits by Type•Total cost of deposits for 3Q22: 11 bps<br>Checking TypeAvg. Checking BalanceCommercial$249,700Small Business$54,600Retail$11,800
---
INTEREST RATE RISK PROFILE<br>0.7%1.3%2.5%4.9%0%1%2%3%<br>4%5%6%Up 25 bpsUp 50 bpsUp 100 bpsUp 200 bpsPercentage Change in Net Interest IncomeInstantaneous Shock/Static Balance Sheet(1)19<br>50%50%30%41%20%9%0%10%20%30%<br>40%50%60% Variable Equals 1 Month or Less Variable Equals 12 Months or LessLoan Repricing Frequency (excluding PPP)<br>Fixed<br>Variable<br>Adjustable<br>(1)Denotes percentage change in net interest income from the base case scenario that reflects the consensus forecast published mid-October 2022. The consensus forecast projects yield curve inversion. Instantaneous interest rate shocks are applied to the consensus forecast. Deposit betas have been accelerated to reflect sensitivities from September 30, 2022. During Q3 2022, quarterly total deposit costs increased five basis points.19
---
REMAIN WELL-POSITIONED DURING CURRENT CYCLE –PREVIOUS AND CURRENT RISING INTEREST RATE CYCLE<br>HistoricdepositbetaexcludeslegacyACBI20<br>0.11%0.75%2.17%0.05%0.06%0.11%0.0%0.5%<br>1.0%<br>1.5%2.0%2.5%3.0%1Q222Q223Q22<br>0.16%0.37%0.37%0.40%0.45%0.70%0.95%1.16%1.20%1.45%1.74%1.92%2.22%2.40%2.40%0.12%0.12%0.11%0.11%0.12%0.13%0.15%0.17%0.19%0.25%0.34%0.44%0.52%0.56%0.64%0.0%0.5%<br>1.0%<br>1.5%<br>2.0%<br>2.5%<br>3.0%4Q151Q16<br>2Q163Q164Q161Q172Q17<br>3Q17<br>4Q171Q182Q183Q184Q18<br>1Q192Q19<br>24% deposit beta in previous cycleAverage Fed Funds RateCost of Deposits<br>3% deposit beta in current cycle
---
Balance Sheet
---
LOAN AND DEPOSIT TRENDS<br>$23.3 $23.7 $26.4 $27.9 $28.8 $0.5 $0.2 $0.1<br>$23.8B<br>$23.9B<br>$26.6B<br>$27.9B<br>$28.8B $- $5.0B $10.0B $15.0B $20.0B $25.0B $30.0B<br> $35.0B<br> $-<br> $8<br> $16<br> $24<br> $323Q214Q211Q222Q223Q22$ in billionsLoans(1)<br>Total Loans<br>PPP<br>DollarsinbillionsAmountsmaynottotalduetorounding(1)Excludesloansheldforsale22<br>$11.4 $11.5 $14.1 $14.3 $13.7 $7.9 $9.0 $9.3 $9.0 $8.7 $11.3 $11.8 $12.6 $12.9 $12.7 $3.0 $2.8 $2.8 $2.7 $2.6<br>$33.6B<br>$35.1B<br>$38.8B<br>$38.9B<br>$37.7B $- $50,000,000.0B $100,000,000.0B $150,000,000.0B $200,000,000.0B $250,000,000.0B $300,000,000.0B $350,000,000.0B $- $6 $12 $18 $24<br> $30 $36 $423Q214Q211Q222Q223Q22$ in billionsDeposits<br>Noninterest-bearing Checking<br>Interest-bearing Checking<br>MMA & Savings<br>Time Deposits
---
Investor CRE (2)30%Owner-Occupied CRE19%C&I17%Consumer RE21%Cons / Other4%CDL (1)9%TOTAL LOAN PORTFOLIO23<br>Data as of September 30, 2022Loan portfolio balances, average balances or percentage exclude loans held for sale and PPP loans(1) CDL includes residential construction, commercial construction, and all land development loans (2) Investor CRE includes nonowner-occupied CRE and other income producing property(3) Excludes SELF loans acquired from ACBI<br>Loan TypeNo. of LoansBalanceAvg. Loan BalanceConstr., Dev. & Land5,629$2.5B$453,000Investor CRE8,9498.6B965,600Owner-Occupied CRE8,1945.4B662,300C & I18,6685.0B265,200Consumer RE40,3266.0B148,300Cons / Other(3)46,7671.1B22,500Total(3)128,533$28.6B$222,500<br>Loan RelationshipsTop 10Represents ~ 1% of total loansTop 20Represents ~3% of total loansLoans by TypeTotal Loans$28.8 Billion
---
ASSET QUALITY METRICS<br>0.00%0.02%0.04%0.03%(0.02)% (0.05)% 0.05% 0.15%<br> 0.25%3Q214Q211Q222Q223Q22Net (Recoveries) Charge-Offsto Loans<br>Dollarsinmillions(1)ExcludesloansheldforsaleandPPPloans<br>2.65%2.11%2.03%1.76%1.78%1.48%1.02%0.97%0.80%0.71%1.17%1.09%1.06%0.96%1.07%0%1%2%3%<br>4%3Q214Q211Q222Q223Q22Criticized & Classified Asset Trends<br>Combined<br>Special Mention / Assets<br>Substandard / Assets<br>0.40%0.35%0.44%0.33%0.35%<br>0.0%<br>0.3%<br>0.5%<br>0.8%<br>1.0%3Q214Q211Q222Q223Q22Nonperforming Assets to Loans & OREO24
---
CAPITAL RATIOS<br>2Q223Q22(2)<br>Tangible Common Equity<br>(1)<br>6.8<br>%<br>6.7<br>%<br>Tier 1 Leverage<br>8.0<br>%<br>8.3<br>%<br>Tier 1 Common Equity<br>11.1<br>%<br>11.0<br>%<br>Tier 1 Risk-<br>Based Capital<br>11.1<br>%<br>11.0<br>%<br>Total Risk-<br>Based Capital<br>13.0<br>%<br>12.9<br>%<br>Bank<br>CRE Concentration Ratio<br>248<br>%<br>248<br>%<br>Bank CDL Concentration Ratio<br>61<br>%<br>60<br>%<br>(1)Forendnotedescriptions,seeEarningsPresentationEndNotesstartingonslide40(2)Preliminary25
---
Appendix
---
BRANCH OPTIMIZATION<br>85 BranchesAverage Size $40M<br>422 Branches Acquired Plus12 DeNovo Branches<br>267 Branches Consolidated or Sold<br>252 BranchesAverage Size $149M<br>~<br>273%<br>growth in deposits per branch<br>854342672522009 …..……………..………..……....…………………………….. 3Q 202227<br>283 Branches 2Q22<br>31 Branches Consolidated<br>252 Branches 3Q223rdQuarter 2022 Activity
---
TECHNOLOGY	DIGITAL282020-2022 Foundation System Conversion CompleteTech Stack with Best-in-Class SystemsTalent retained and in place for next phaseFuture•Strategic Talent Adds•Efficiency, Capacity, Automation•Data Analytics•Money Movement•Digital First<br>Mobile Deposits, ATM & RDC<br>Target:Digital Only Sales<br>3Q2022<br>Best in Class<br>Deposit Accounts23%~ 50%Consumer Loans16%~ 50%SBA 7A19% Mortgage Loans 6% Digital Deposits 33% ~ 80%
---
$39.13 $41.16 $44.62 $37.97$1.88 $3.80 $5.28 $0.45 $2.54 $4.03<br>$39.13<br>$43.49<br>$50.96<br>$47.28 $(12.00) $8.00 $28.00 $48.00 $68.002019202020213Q22<br>Tangible Book Value per Share ("TBVPS")<br>Cumulative Dividends since FYE 2019<br>Cumulative Repurchases per Share since FYE 2019Cumulative Change in AOCI per Share since FYE 2019<br>$0.64 $(0.34)$(9.50) $(12.00) $8.00 $28.00 $48.00 $68.00TANGIBLE BOOK VALUE PER SHARE(1) PLUS CAPITAL RETURN PER SHARE<br>(1)For end note descriptions, see Earnings Presentation End Notes starting on slide 4029
---
CURRENT & HISTORICAL 5-QTR PERFORMANCE(1)<br>75%74%76%78%82%25%26%24%22%18%<br>$347M<br>$350M<br>$348M<br>$403M<br>$435M<br>3.09%0.0%0.6%1.2%<br>1.8%2.4%<br>3.0%3.6%<br>0%<br>20%<br>40%<br>60%<br>80%<br>100%<br>120%3Q214Q211Q222Q223Q22Revenue Composition<br>Noninterest Income / RevenueTotal Revenue ($MM)<br>Avg. 10-year UST<br>Total Revenue<br>Dollarsinmillions(1)Forendnotedescriptions,seeEarningsPresentationEndNotesstartingonslide40(2)Annualized<br>$87 $92 $86 $88 $77 0.85%0.88%0.81%0.77%0.67%0.5%0.6%<br>0.7%0.8%0.9%<br>1.0%<br> $-<br> $20<br> $40<br> $60<br> $80<br> $100<br> $120<br> $1403Q214Q211Q222Q223Q22$ in millionsNoninterest Income<br>Noninterest Income<br>Noninterest Income / Avg. Assets<br>2.86%2.78%2.77%3.12%3.55%2.0%2.5%<br>3.0%3.5%4.0%<br> $200<br> $285<br> $3703Q214Q211Q222Q223Q22$ in millionsNet Interest Margin (“NIM”)<br>NIM ($)<br>NIM (%)<br>64%61%63%55%53%59%59%60%54%50%<br>0%<br>15%<br>30%<br>45%<br>60%<br>75%<br>90%3Q214Q211Q222Q223Q22Efficiency Ratio<br>Efficiency Ratio<br>Adjusted Efficiency Ratio30(2)
---
LOSS ABSORPTION CAPACITY	3Q 2022<br>3Q22% of Total Loans(1)Allowance for Credit Losses (“ACL”)<br>Non-PCD ACL$270.9PCD ACL53.5Total ACL$324.41.13%Reserve for Unfunded Commitments<br>Reserve for unfunded commitments53.00.18%Total ACL plus Reserve for Unfunded Commitments$377.41.31%Unrecognized Discount –Acquired Loans (2)79.50.27%Loss Absorption Capacity$456.91.58%Total Loans Held for Investment (1)$28,821<br>Dollars in millions(1)Excludes PPP loans and loan held for sale(2)Includes mark on loans from ACBI and prior SSB acquisitionsTotals shown above may not foot due to rounding31
---
41%30%23%5%1%0.2%Municipal Bond Rating<br>AAA<br>AA+<br>AA<br>AA-<br>A+<br>A<br>Dollars in billions, unless otherwise noted; data as of September 30, 2022Amounts may not total due to rounding† Investment portfolio excludes non-marketable equity<br>(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 September 30, 2022(4)Based on current par value<br>1.51%1.53%1.75%2.03%2.06%<br>1.0%<br>1.6%<br>2.2%<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>3Q22<br>Investment Securities Yield(2)HIGH QUALITY INVESTMENT PORTFOLIO<br>72%12%9%7%Investment Portfolio†Composition<br>Agency MBS(1)<br>Municipal<br>Treasury & agency<br>Other<br>TypeAFS<br>HTM<br>BalanceDuration (yrs)(3)BalanceDuration (yrs)Agency MBS(1) $3.4B5.3$2.4B5.9Municipal$1.0B9.0--Treasury & agency$0.5B2.4$0.2B5.2Other $0.5B3.5$0.1B6.1Total$5.4B5.6$2.7B5.832Total InvestmentPortfolio†$8.1 Billion•94% of municipal portfolio is AA or higher rated•~$300 million in documented ESG investments and ~$125 million CRA eligible investments(4)
---
NON-GAAP RECONCILIATIONS –RETURN ON AVG. TANGIBLE COMMON EQUITY & PPNR RETURN ON AVG. ASSETS<br>DollarsinthousandsThetangiblemeasuresarenon-GAAPmeasuresandexcludetheeffectofperiodendoraveragebalanceofintangibleassets;thetangiblereturnsonequityandcommonequitymeasuresalsoaddbacktheafter-taxamortizationofintangiblestoGAAPbasisnetincome.33<br>Return on Average Tangible Equity2Q223Q22Net income (GAAP)119,175$ 133,043$ Plus:Amortization of intangibles8,847 7,837 Effective tax rate, excluding DTA write-off22% 22% Amortization of intangibles, net of tax6,931 6,095<br>Net income plus after-tax amortization of intangibles (non-GAAP)126,106$ 139,138$<br>Average shareholders common equity5,109,325$ 5,121,560$ Less:Average intangible assets2,060,5372,052,463Average tangible common equity3,048,788$ 3,069,097$ Return on Average Tangible Common Equity (Non-GAAP)16.6%18.0%PPNR Return on Average Assets 2Q223Q22PPNR, Adjusted (Non-GAAP)176,792$ 208,603$ Average assets 45,847,789 45,344,935 PPNR ROAA1.55%1.83%
---
NON-GAAP RECONCILIATIONS –ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE (“EPS”)<br>Dollarsinthousands,exceptforpersharedata34<br>Adjusted Net Income2Q223Q22Net income (GAAP)119,175$ 133,043$ Plus:Securities gains, net of tax- (24) Merger and branch consolidation related expense, net of tax4,223 10,638 Adjusted Net Income (Non-GAAP)123,398$ 143,657$ Adjusted EPS 2Q223Q22Diluted weighted-average common shares76,094 76,182 Adjusted net income (non-GAAP)123,398$ 143,657$ Adjusted EPS, Diluted (Non-GAAP)1.62$ 1.89$
---
NON-GAAP RECONCILIATIONS –ADJUSTED RETURN ON AVG. ASSETS & AVG. TANGIBLE COMMON EQUITY<br>DollarsinthousandsThetangiblemeasuresarenon-GAAPmeasuresandexcludetheeffectofperiodendoraveragebalanceofintangibleassets;thetangiblereturnsonequityandcommonequitymeasuresalsoaddbacktheafter-taxamortizationofintangiblestoGAAPbasisnetincome.35Dollars in thousands, except for per share data<br>Adjusted Return on Average Assets2Q223Q22Adjusted net income (non-GAAP)123,398$ 143,657$ Total average assets45,847,789 45,344,935 Adjusted Return on Average Assets (Non-GAAP)1.08%1.26%Adjusted Return on Average Tangible Common Equity2Q223Q22Adjusted net income (non-GAAP)123,398$ 143,657$ Plus:Amortization of intangibles, net of tax6,931 6,095 Adjusted net income plus after-tax amortization of intangibles (non-GAAP)130,329$ 149,752$ Average tangible common equity3,048,788$ 3,069,097$ Adjusted Return on Average Tangible Common Equity (Non-GAAP)17.15%19.36%
---
NON-GAAP RECONCILIATIONS –NET INTEREST MARGIN & CORE NET INTEREST INCOME (EXCLD. FMV & PPP ACCRETION)<br>Dollarsinthousands36Dollars in thousands, except for per share data<br>Net Interest Margin - Tax Equivalent (Non-GAAP)3Q214Q211Q222Q223Q22Net interest income (GAAP)259,986$ 258,104$ 261,474$ 314,279$ 358,209$ Tax equivalent adjustments1,477 1,734 1,885 2,249 2,345 Net interest income (tax equivalent) (Non-GAAP)261,463$ 259,838$ 263,359$ 316,528$ 360,554$ Average interest earning assets36,218,437$ 37,031,640$ 38,527,023$ 40,687,395$ 40,241,066$ Net Interest Margin - Tax Equivalent (Non-GAAP)2.86%2.78%2.77%3.12%3.55%Core Net Interest Margin excluding FMV & PPP Accretion (Non-GAAP)3Q214Q211Q222Q223Q22Net interest income (GAAP)259,986$ 258,104$ 261,474$ 314,279$ 358,209$ Less: Total accretion on acquired loans5,243 7,707 6,741 12,770 9,550 Deferred fees on PPP loans16,369 5,655 983 8 - Core Net Interest Margin excluding FMV & PPP Accretion (Non-GAAP)238,374$ 244,742$ 253,750$ 301,501$ 348,659$
---
NON-GAAP RECONCILIATIONS –PPNR, ADJUSTED, PPNR/WEIGHTED AVG. CS & CORRESPONDENT & CAPITAL MARKETS INCOME (UNAUDITED)<br>Dollarsandweightedaveragecommonsshareoutstandinginthousandsexceptpersharedata37<br>3Q214Q211Q222Q223Q22<br>Net interest income (GAAP)259,986$ 258,104$ 261,474$ 314,279$ 358,209$<br>Plus:<br>Noninterest income 87,010 91,894 86,090 88,292 77,178<br>Less:<br>Gain on sale of securities64 2 - - 30<br>Total revenue, adjusted (non-GAAP)346,932$ 349,996$ 347,564$ 402,571$ 435,357$<br>Less:<br>Noninterest expense232,290 224,037 228,600 231,169 240,433<br>PPNR (Non-GAAP)114,642$ 125,959$ 118,964$ 171,402$ 194,924$<br>Plus:<br>Merger and branch consolidation related expense17,618 6,645 10,276 5,390 13,679<br>Total adjustments17,618$ 6,645$ 10,276$ 5,390$ 13,679$<br>PPNR, Adjusted (Non-GAAP)132,260$ 132,604$ 129,240$ 176,792$ 208,603$<br>Weighted average common shares outstanding, diluted 70,576 70,290 72,111 76,094 76,182<br>PPNR, Adjusted per Weighted Avg. Common Shares Outstanding, Diluted (Non-GAAP)1.87$ 1.89$ 1.79$ 2.32$ 2.74$<br>3Q214Q211Q222Q223Q22<br>ARC revenues9,853$ 16,686$ 15,150$ 14,925$ 9,228$<br>FI revenues13,139 11,317 10,697 10,151 9,201<br>Operational revenues2,172 2,213 2,147 2,528 2,123<br>Total Correspondent & Capital Market Income25,164$ 30,216$ 27,994$ 27,604$ 20,552$<br>PPNR, Adjusted & PPNR, Adjusted per Weighted Avg. Common Shares Oustanding, Diluted (Non-GAAP)<br>Correspondent & Capital Market Income
---
NON-GAAP RECONCILIATIONS –CURRENT & HISTORICAL: EFFICIENCY RATIOS (UNAUDITED)<br>Dollarsinthousands38<br>3Q214Q211Q222Q223Q22<br>Noninterest expense (GAAP)232,290$ 224,037$ 228,600$ 231,169$ 240,433$<br>Less: Amortization of intangible assets8,543 8,517 8,494 8,847 7,837<br>Adjusted noninterest expense (non-GAAP)223,747$ 215,520$ 220,106$ 222,322$ 232,596$<br>Net interest income (GAAP)259,986$ 258,104$ 261,474$ 314,279$ 358,209$<br>Tax Equivalent ("TE") adjustments1,477 1,734 1,885 2,249 2,345<br>Net interest income, TE (non-GAAP)261,463$ 259,838$ 263,359$ 316,528$ 360,554$<br>Noninterest income (GAAP)87,010$ 91,894$ 86,090$ 88,292$ 77,178$<br>Less: Gain on sale of securities64 2 - - 30<br>Adjusted noninterest income (non-GAAP)86,946$ 91,892$ 86,090$ 88,292$ 77,148$<br>Efficiency Ratio (Non-GAAP)64%61%63%55%53%<br>Noninterest expense (GAAP)232,290$ 224,037$ 228,600$ 231,169$ 240,433$<br>Less:<br>Merger and branch consolidation related expense17,618 6,645 10,276 5,390 13,679<br>Amortization of intangible assets8,543 8,517 8,494 8,847 7,837<br>Total adjustments26,161$ 15,162$ 18,770$ 14,237$ 21,516$<br>Adjusted noninterest expense (non-GAAP)206,129$ 208,875$ 209,830$ 216,932$ 218,917$<br>Adjusted Efficiency Ratio (Non-GAAP)59%59%60%54%50%
---
NON-GAAP RECONCILIATIONS –TANGIBLE BOOK VALUE / SHARE & TANGIBLE COMMON EQUITY RATIO<br>Dollarsinthousands,exceptforpersharedata39<br>Tangible Book Value per Common Share2019202020213Q22Shareholders' common equity2,373,013$ 4,647,880$ 4,802,940$ 4,921,186$ Less: Intangible assets1,052,716 1,726,534 1,709,152 2,047,915 Tangible shareholders' common equity1,320,297$ 2,921,346$ 3,093,788$ 2,873,271$ Common shares issued and outstanding33,744,385 70,973,477 69,332,297 75,676,445 Tangible Book Value per Common Share (Non-GAAP)39.13$ 41.16$ 44.62$ 37.97$ Tangible Common Equity ("TCE") Ratio2Q223Q22Tangible common equity (non-GAAP)2,985,206$ 2,873,271$ Total assets (GAAP)46,207,422 45,178,609 Less:Intangible assets2,055,219 2,047,915 Tangible asset (non-GAAP)44,152,203$ 43,130,694$ TCE Ratio (Non-GAAP)6.8%6.7%
---
40EARNINGS PRESENTATION END NOTESSlide 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 financialmeasures that exclude the impact of branch consolidation and merger-related expenses and gain on sales of securities -See reconciliation of GAAP to Non-GAAP measures in Appendix.Slide 10 End Notes(1)Adjusted figures above exclude the impact of merger and branch consolidation related expense andgain on sale of securities; Core net interest income excluding loan accretion and net deferred fees on PPP is also a non-GAAP financial measure; Adjusted efficiency ratio is calculated by taking the noninterest expense excluding merger and branch consolidation related expense, gain on sales of securities, and amortization of intangible assets -See reconciliation of GAAP to Non-GAAP measures in Appendix.(2)Adjusted PPNR, PPNR ROAA and PPNR per weighted average diluted share are Non-GAAP financial measures that exclude the impact of merger and branch consolidation related expenseand gain on sales of securities-See reconciliation of GAAP to Non-GAAP measures in Appendix.(4) Excluding loan accretion and net deferred fees on PPP loansSlide11EndNotes(1)AdjustedPPNRperweightedaveragedilutedshares;thisisaNon-GAAPfinancialmeasurethatexcludestheimpactofmergerandbranchconsolidationrelatedexpenseandgainonsaleofsecurities-SeereconciliationofGAAPtoNon-GAAPmeasuresinAppendix.Slide12EndNotes(1)TaxequivalentNIMisaNon-GAAPfinancialmeasure-SeereconciliationofGAAPtoNon-GAAPmeasuresinAppendix.Slide13EndNotes(4)The combined historical information referred to in this presentation as the “Combined Business Basis” presented is based on the reported GAAP results of the Company and CenterState for the applicable periods without adjustments and the information included in this release has not been prepared in accordance with Article 11 of Regulation S-X, and therefore does not reflect any of the pro forma adjustments that would be required thereby.All Combined Business Basis financial information should be reviewed in connection the historical information of the Company and CenterState, as applicable. The combined historical information excludes ACBI.Slide15EndNotes(1)Thecombinedhistoricalinformationreferredtointhispresentationasthe“CombinedBusinessBasis”presentedisbasedonthereportedGAAPresultsoftheCompanyandCenterStatefortheapplicableperiodswithoutadjustmentsandtheinformationincludedinthisreleasehasnotbeenpreparedinaccordancewithArticle11ofRegulationS-X,andthereforedoesnotreflectanyoftheproformaadjustmentsthatwouldberequiredthereby.AllCombinedBusinessBasisfinancialinformationshouldbereviewedinconnectionthehistoricalinformationoftheCompanyandCenterState,asapplicable.ThecombinedhistoricalinformationexcludesACBI.(2)AsaresultoftheconversionoflegacyCenterState’scoresystemtotheCompany’scoresystemcompletedin2Q2021,severalloanswerereclassifiedtoconformwiththeCompany’sloansegmentation,mostnotablyresidentialinvestmentloanswhichwerereclassedfromconsumerR/Etoinvestorcommercialrealestatecategory.ConsumerR/Eloansasof1Q20,therefore,werereportedbasedonthepre-reclassificationfigures.TheCompanyestimatedre-classificationsforthe2Q20from1Q20andforthe1Q20from4Q19growthpercentagesforthecomparisonpurposes.Slide25EndNotes(1)Thetangiblemeasuresarenon-GAAPmeasuresandexcludetheeffectofperiodendbalanceofintangibleassets-SeereconciliationofGAAPtoNon-GAAPmeasuresinAppendix.
---
41EARNINGS PRESENTATION END NOTESSlide29EndNotes(1)Thetangiblemeasureisanon-GAAPmeasureandexcludestheeffectofperiodendbalancesofintangibleassets-SeereconciliationofGAAPtoNon-GAAPmeasuresinAppendix.Slide30EndNotes(1)Total revenue and noninterest income are adjusted by gains or losses on sales of securities; Tax equivalent NIM, efficiency ratio and adjusted efficiency ratio are Non-GAAP financial measures; Adjusted Efficiency Ratio excludes the impact of merger and branch consolidation related expense, gain on sales of securities, and amortization expense on intangible assets, as applicable –See Current & Historical Efficiency Ratio and Net Interest Margin reconciliation in Appendix.
---