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 22, 2025

SOUTHSTATE BANK CORP ORATION

(Exact name of registrant as specified in its charter)

<br><br><br><br>	<br><br>	<br><br><br><br>
Florida<br><br>(State or Other Jurisdiction of<br><br>Incorporation)	001-12669<br><br>(Commission File Number)	39-3424417<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	The New York Stock Exchange

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

Emerging growth company ☐

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


Item 2.02			Results of Operations and Financial Condition.

On October 22, 2025, SouthState Bank Corporation (“SouthState” or the “Company”) issued a press release announcing its financial results for the three- and nine-month periods ended September 30, 2025, 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 23, 2025 at 9 a.m. (ET) to discuss the Company’s third quarter 2025 results. Investors may call in (toll free) by dialing (888) 350-3899 within the U.S. and (646) 960-0343 for all other locations (passcode 4200408; host: Will Matthews, CFO). The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/. Participants may also pre-register for the conference by navigating to https://events.q4inc.com/attendee/241144230. Access detail will be provided via email upon completion of registration.


Item 7.01				Regulation FD Disclosure.

On October 22, 2025, the Company also made available the presentation (“Presentation”) prepared for use with the press release during the earnings conference call on October 23, 2025. Attached hereto and incorporated herein as Exhibit 99.2 is the text of that presentation.

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


Item 8.01		Other Events.

Fourth Quarter 2025 Shareholder Dividend

The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.60 per share, payable on November 14, 2025 to shareholders of record as of November 7, 2025.


Item 9.01		Financial Statements and Exhibits.

	(d)	Exhibits:

	Exhibit No.	Description

	99.1	Press Release, dated October 22, 2025

	99.2	Presentation for SouthState Bank Corporation Earnings Call

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

Cautionary Statement Regarding Forward Looking Statements

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

SouthState Bank Corporation (“SouthState” or the “Company”) cautions readers that forward looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic volatility risk, including as a result of monetary, fiscal, and trade law policies, such as tariffs, and inflation, potentially resulting in higher rates, deterioration in the credit markets, greater than expected noninterest expenses, excessive loan losses, or on the other hand lower rates, which also may have other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (3) risks related to the merger and integration of SouthState and Independent Bank Group, Inc. (“Independent” or “IBTX”) including, among others, (i) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (ii) the risk that the integration of Independent’s operations into SouthState’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Independent’s businesses into SouthState’s businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, and (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger; (4) risks relating to the ability to retain our culture and attract and retain qualified people as we grow and are located in new markets, and being able to offer competitive salaries and benefits, including flexibility of working remotely or in the office; (5) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (6) credit risks associated with an obligor’s failure to meet the terms of any contract with SouthState Bank, N.A. (the “Bank”) or otherwise fail to perform as agreed under the terms of any loan-related document; (7) interest rate risk primarily resulting from our inability to effectively manage the risk, and their impact on the Bank’s earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the Bank’s loan and securities portfolios, and the market value of SouthState’s equity; (8) inflationary risks negatively impacting our business and profitability, earnings and budgetary projections, or demand for our products and services; (9) a decrease in our net interest income due to the interest rate environment; (10) liquidity risk affecting the Bank’s ability to meet its obligations when they come due; (11) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (12) potential deterioration in real estate values; (13) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (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) 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; (17) 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; (18) volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; (19) the impact of competition with other financial institutions, including deposit and loan pricing pressures and the resulting impact, including as a result of compression to net interest margin; (20) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards, and contractual obligations regarding data privacy and cybersecurity; (21) regulatory change risk resulting from new laws, rules, regulations, accounting principles, proscribed practices or ethical standards, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and including the impact of special FDIC assessments, the Consumer Financial Protection Bureau regulations or other guidance, and the possibility of changes in accounting standards, policies, principles and practices; (22) risks related to the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government officials or other personnel; (23) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (24) reputation risk that adversely affects earnings or capital arising from negative public opinion including the effects of social media on market perceptions of us and banks generally; (25) 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; (26) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of changes in federal and state laws, regulations and guidance relating to climate change; (27) excessive loan losses; (28) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank’s consumer programs and products; (29) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, 3

consummation and integration of potential future acquisitions, whether involving stock or cash consideration; (30) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (31) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (32) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (33) 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; (34) ownership dilution risk associated with potential acquisitions in which SouthState’s stock may be issued as consideration for an acquired company; and (35) other factors that may affect future results of SouthState, as disclosed in SouthState’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by SouthState with the U.S. Securities and Exchange Commission (“SEC”) and available on the SEC’s website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. SouthState does not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	SOUTHSTATE BANK CORPORATION
	(Registrant)

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

Dated: October 22, 2025

Exhibit 99.1

<br><br><br><br>
SouthState Bank Corporation Reports Third Quarter 2025 Results<br><br>Declares Quarterly Cash Dividend	For Immediate Release
		Media Contact
		Jackie Smith, 803.231.3486

WINTER HAVEN, FL – October 22, 2025 – 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, 2025.

“SouthState delivered a strong third quarter. Growth in top line revenue and bottom-line income led to a 30% year-over-year increase in earnings per share,” said John C. Corbett, SouthState’s Chief Executive Officer. “The successful integration of Independent Financial, fee income growth in capital markets, and steady balance sheet growth resulted in a return on tangible equity of 20%.”

Highlights of the third quarter of 2025 include:

Returns

●	Reported Diluted Earnings per Share (“EPS”) of $2.42; Adjusted Diluted EPS (Non-GAAP) of $2.58
●	Net Income of $246.6 million; Adjusted Net Income (Non-GAAP) of $262.7 million
---	---
●	Return on Average Common Equity of 11.0%; Return on Average Tangible Common Equity (Non-GAAP) of 19.6% and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 20.8%*
---	---
●	Return on Average Assets (“ROAA”) of 1.49% and Adjusted ROAA (Non-GAAP) of 1.59%*
---	---
●	Book Value per Share of $89.14; Tangible Book Value (“TBV”) per Share (Non-GAAP) of $54.48
---	---

Performance

●	Revenue, non-tax equivalent, of $699 million, an increase of $34 million, or 5%, compared to the prior quarter
●	Net Interest Income of $600 million, an increase of $22 million, or 4%, compared to the prior quarter
---	---
●	Noninterest Income of $99.1 million, up $12 million compared to the prior quarter, primarily due to an increase in correspondent banking and capital markets income; Noninterest Income represented 0.60% of average assets for the third quarter of 2025*
---	---
●	Net Interest Margin (“NIM”), non-tax equivalent and tax equivalent (Non-GAAP), of 4.05% and 4.06%, respectively
---	---
●	Net charge-offs totaled $32.2 million, or 0.27%, primarily attributable to one credit that was charged off during the quarter, bringing the year-to-date net charge-offs to 12 bps ^ǂ^
---	---
●	$5.1 million of Provision for Credit Losses (“PCL”); total Allowance for Credit Losses (“ACL”) plus reserve for unfunded commitments of 1.38% of loans
---	---
●	Efficiency Ratio of 50% and Adjusted Efficiency Ratio (Non-GAAP) of 47%
---	---

Balance Sheet

●	Loans increased by $401 million, or 3%, and deposits increased by $376 million, or 3%; average loans increased by $571 million, or 5%, and average deposits increased by $625 million, or 5%; ending loan to deposit ratio of 88%
●	Total loan yield of 6.48%, up 0.15% from prior quarter
---	---
●	Total deposit cost of 1.91%, up 0.07% from prior quarter
---	---
●	Redeemed a total of $405 million of subordinated debentures during the quarter
---	---
●	Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.8%, 14.0%, 9.4%, and 11.5%, respectively†
---	---

Subsequent Events

●	The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.60 per share, payable on November 14, 2025 to shareholders of record as of November 7, 2025

∗ Annualized percentages

† Preliminary

^ǂ^ Excluding acquisition date charge-offs during the quarters ended June 30, 2025 and March 31, 2025

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	2025		2025		2025		2024		2024		2025		2024
Interest Income
Loans, including fees (1)	$	782,382	$	746,448	$	724,640	$	489,709	$	494,082	$	2,253,471	$	1,436,130
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell		99,300		94,056		83,926		59,096		50,096		277,281		156,427
Total interest income		881,682		840,504		808,566		548,805		544,178		2,530,752		1,592,557
Interest Expense
Deposits		257,271		241,593		245,957		168,263		177,919		744,820		503,562
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings		24,714		20,963		18,062		10,763		14,779		63,740		43,320
Total interest expense		281,985		262,556		264,019		179,026		192,698		808,560		546,882
Net Interest Income		599,697		577,948		544,547		369,779		351,480		1,722,192		1,045,675
Provision (recovery) for credit losses		5,085		7,505		100,562		6,371		(6,971)		113,152		9,604
Net Interest Income after Provision (Recovery) for Credit Losses		594,612		570,443		443,985		363,408		358,451		1,609,040		1,036,071
Noninterest Income
Operating income		99,086		86,817		85,620		80,595		74,934		271,523		221,717
Securities losses, net		—		—		(228,811)		(50)		—		(228,811)		—
Gain on sale leaseback, net of transaction costs		—		—		229,279		—		—		229,279		—
Total noninterest income		99,086		86,817		86,088		80,545		74,934		271,991		221,717
Noninterest Expense
Operating expense		351,453		350,682		340,820		250,699		243,543		1,042,955		726,809
Merger, branch consolidation, severance related, and other expense (8)		20,889		24,379		68,006		6,531		3,304		113,274		13,602
FDIC special assessment		—		—		—		(621)		—		—		4,473
Total noninterest expense		372,342		375,061		408,826		256,609		246,847		1,156,229		744,884
Income before Income Tax Provision		321,356		282,199		121,247		187,344		186,538		724,802		512,904
Income tax provision		74,715		66,975		32,167		43,166		43,359		173,857		122,299
Net Income	$	246,641	$	215,224	$	89,080	$	144,178	$	143,179	$	550,945	$	390,605

Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)	$	246,641	$	215,224	$	89,080	$	144,178	$	143,179	$	550,945	$	390,605
Securities losses, net of tax		—		—		178,639		38		—		178,639		—
Gain on sale leaseback, net of transaction costs and tax		—		—		(179,004)		—		—		(179,004)		—
Initial provision for credit losses - Non-PCD loans and UFC from Independent, net of tax		—		—		71,892		—		—		71,892		—
Merger, branch consolidation, severance related, and other expense, net of tax (8)		16,032		18,593		53,094		5,026		2,536		87,719		10,348
Deferred tax asset remeasurement		—		—		5,581		—		—		5,581		—
FDIC special assessment, net of tax		—		—		—		(478)		—		—		3,362
Adjusted Net Income (non-GAAP)	$	262,673	$	233,817	$	219,282	$	148,764	$	145,715	$	715,772	$	404,315

Basic earnings per common share	$	2.44	$	2.12	$	0.88	$	1.89	$	1.88	$	5.43	$	5.12
Diluted earnings per common share	$	2.42	$	2.11	$	0.87	$	1.87	$	1.86	$	5.41	$	5.09
Adjusted net income per common share - Basic (non-GAAP) (2)	$	2.60	$	2.30	$	2.16	$	1.95	$	1.91	$	7.06	$	5.30
Adjusted net income per common share - Diluted (non-GAAP) (2)	$	2.58	$	2.30	$	2.15	$	1.93	$	1.90	$	7.03	$	5.27
Dividends per common share	$	0.60	$	0.54	$	0.54	$	0.54	$	0.54	$	1.68	$	1.58
Basic weighted-average common shares outstanding		101,218,431		101,495,456		101,409,624		76,360,935		76,299,069		101,373,803		76,284,016
Diluted weighted-average common shares outstanding		101,735,095		101,845,360		101,828,600		76,957,882		76,805,436		101,807,090		76,690,900
Effective tax rate		23.25%		23.73%		26.53%		23.04%		23.24%		23.99%		23.84%
Adjusted effective tax rate		23.25%		23.73%		21.93%		23.04%		23.24%		23.22%		23.84%

Performance and Capital Ratios


	Three Months Ended															Nine Months Ended
	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,		Sep. 30,
	2025			2025			2025			2024			2024			2025		2024
PERFORMANCE RATIOS
Return on average assets (annualized)		1.49	%		1.34	%		0.56	%		1.23	%		1.25	%	1.14	%	1.15	%
Adjusted return on average assets (annualized) (non-GAAP) (2)		1.59	%		1.45	%		1.38	%		1.27	%		1.27	%	1.48	%	1.19	%
Return on average common equity (annualized)		11.04	%		9.93	%		4.29	%		9.72	%		9.91	%	8.50	%	9.29	%
Adjusted return on average common equity (annualized) (non-GAAP) (2)		11.75	%		10.79	%		10.56	%		10.03	%		10.08	%	11.05	%	9.62	%
Return on average tangible common equity (annualized) (non-GAAP) (3)		19.62	%		18.17	%		8.99	%		15.09	%		15.63	%	15.80	%	14.94	%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)		20.81	%		19.61	%		19.85	%		15.56	%		15.89	%	20.10	%	15.44	%
Efficiency ratio (tax equivalent)		49.88	%		52.75	%		60.97	%		55.73	%		56.58	%	54.35	%	57.35	%
Adjusted efficiency ratio (non-GAAP) (4)		46.89	%		49.09	%		50.24	%		54.42	%		55.80	%	48.68	%	55.93	%
Dividend payout ratio (5)		24.59	%		25.47	%		61.45	%		28.58	%		28.76	%	30.89	%	30.82	%
Book value per common share	$	89.14		$	86.71		$	84.99		$	77.18		$	77.42
Tangible book value per common share (non-GAAP) (3)	$	54.48		$	51.96		$	50.07		$	51.11		$	51.26

CAPITAL RATIOS
Equity-to-assets		13.6	%		13.4	%		13.2	%		12.7	%		12.8	%
Tangible equity-to-tangible assets (non-GAAP) (3)		8.8	%		8.5	%		8.2	%		8.8	%		8.9	%
Tier 1 leverage (6)		9.4	%		9.2	%		8.9	%		10.0	%		10.0	%
Tier 1 common equity (6)		11.5	%		11.2	%		11.0	%		12.6	%		12.4	%
Tier 1 risk-based capital (6)		11.5	%		11.2	%		11.0	%		12.6	%		12.4	%
Total risk-based capital (6)		14.0	%		14.5	%		13.7	%		15.0	%		14.7	%

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	2025		2025		2025		2024		2024
Assets
Cash and due from banks	$	582,792	$	755,798	$	688,153	$	525,506	$	563,887
Federal funds sold and interest-earning deposits with banks		2,561,663		2,708,308		2,611,537		866,561		648,792
Cash and cash equivalents		3,144,455		3,464,106		3,299,690		1,392,067		1,212,679

Trading securities, at fair value		107,519		95,306		107,401		102,932		87,103
Investment securities:
Securities held to maturity		2,096,727		2,145,991		2,195,980		2,254,670		2,301,307
Securities available for sale, at fair value		6,042,800		5,927,867		5,853,369		4,320,593		4,564,363
Other investments		366,218		357,487		345,695		223,613		211,458
Total investment securities		8,505,745		8,431,345		8,395,044		6,798,876		7,077,128
Loans held for sale		346,673		318,985		357,918		279,426		287,043
Loans:
Purchased credit deteriorated		3,160,359		3,409,186		3,634,490		862,155		913,342
Purchased non-credit deteriorated		11,877,828		12,492,553		13,084,853		3,635,782		3,959,028
Non-acquired		32,629,724		31,365,508		30,047,389		29,404,990		28,675,822
Less allowance for credit losses		(590,133)		(621,046)		(623,690)		(465,280)		(467,981)
Loans, net		47,077,778		46,646,201		46,143,042		33,437,647		33,080,211
Premises and equipment, net		961,510		964,878		946,334		502,559		507,452
Bank owned life insurance		1,285,532		1,280,632		1,273,472		1,013,209		1,007,275
Mortgage servicing rights		84,491		85,836		87,742		89,795		83,512
Core deposit and other intangibles		409,890		433,458		455,443		66,458		71,835
Goodwill		3,094,059		3,094,059		3,088,059		1,923,106		1,923,106
Other assets		1,030,558		1,078,516		981,309		775,129		745,303
Total assets	$	66,048,210	$	65,893,322	$	65,135,454	$	46,381,204	$	46,082,647

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing	$	13,430,459	$	13,719,030	$	13,757,255	$	10,192,117	$	10,376,531
Interest-bearing		40,642,810		39,977,931		39,580,360		27,868,749		27,261,664
Total deposits		54,073,269		53,696,961		53,337,615		38,060,866		37,638,195
Federal funds purchased and securities
sold under agreements to repurchase		594,092		630,558		679,337		514,912		538,322
Other borrowings		696,429		1,099,705		752,798		391,534		691,626
Reserve for unfunded commitments		68,538		64,693		62,253		45,327		41,515
Other liabilities		1,604,756		1,600,271		1,679,090		1,478,150		1,268,409
Total liabilities		57,037,084		57,092,188		56,511,093		40,490,789		40,178,067

Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares		252,723		253,745		253,698		190,805		190,674
Surplus		6,647,952		6,679,028		6,667,277		4,259,722		4,249,672
Retained earnings		2,426,463		2,240,470		2,080,053		2,046,809		1,943,874
Accumulated other comprehensive loss		(316,012)		(372,109)		(376,667)		(606,921)		(479,640)
Total shareholders' equity		9,011,126		8,801,134		8,624,361		5,890,415		5,904,580
Total liabilities and shareholders' equity	$	66,048,210	$	65,893,322	$	65,135,454	$	46,381,204	$	46,082,647

Common shares issued and outstanding		101,089,231		101,498,000		101,479,065		76,322,206		76,269,577

Net Interest Income and Margin


		Three Months Ended
		Sep. 30, 2025					Jun. 30, 2025					Sep. 30, 2024
(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		$	2,212,239	$	23,271	4.17%	$	1,884,133	$	19,839	4.22%	$	559,942	$	6,462	4.59%
Investment securities			8,624,670		76,029	3.50%		8,513,439		74,217	3.50%		7,163,934		43,634	2.42%
Loans held for sale			289,884		5,067	6.93%		283,017		4,829	6.84%		112,429		2,694	9.53%
Total loans held for investment			47,600,317		777,315	6.48%		47,029,412		741,619	6.33%		33,387,675		491,388	5.86%
Total interest-earning assets			58,727,110		881,682	5.96%		57,710,001		840,504	5.84%		41,223,980		544,178	5.25%
Noninterest-earning assets			6,762,434					6,840,880					4,373,250
Total Assets		$	65,489,544				$	64,550,881				$	45,597,230

Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts		$	29,623,457	$	187,627	2.51%	$	28,986,998	$	173,481	2.40%	$	19,936,966	$	129,613	2.59%
Savings deposits			2,879,488		1,940	0.27%		2,921,780		2,012	0.28%		2,453,886		1,893	0.31%
Certificates and other time deposits			7,310,133		67,704	3.67%		7,177,451		66,100	3.69%		4,489,441		46,413	4.11%
Federal funds purchased			331,707		3,640	4.35%		360,588		3,943	4.39%		304,582		4,178	5.46%
Repurchase agreements			281,395		1,527	2.15%		287,341		1,462	2.04%		258,166		1,519	2.34%
Other borrowings			974,992		19,547	7.95%		821,545		15,558	7.60%		611,247		9,082	5.91%
Total interest-bearing liabilities			41,401,172		281,985	2.70%		40,555,703		262,556	2.60%		28,054,288		192,698	2.73%
Noninterest-bearing deposits			13,541,840					13,643,265					10,412,512
Other noninterest-bearing liabilities			1,679,124					1,659,331					1,382,260
Shareholders' equity			8,867,408					8,692,582					5,748,170
Total Non-IBL and shareholders' equity			24,088,372					23,995,178					17,542,942
Total Liabilities and Shareholders' Equity		$	65,489,544				$	64,550,881				$	45,597,230
Net Interest Income and Margin (Non-Tax Equivalent)				$	599,697	4.05%			$	577,948	4.02%			$	351,480	3.39%
Net Interest Margin (Tax Equivalent) (non-GAAP)						4.06%					4.02%					3.40%
Total Deposit Cost (without Debt and Other Borrowings)						1.91%					1.84%					1.90%
Overall Cost of Funds (including Demand Deposits)						2.04%					1.94%					1.99%

Total Accretion on Acquired Loans (1)				$	82,976				$	63,507				$	2,858
Tax Equivalent ("TE") Adjustment				$	718				$	672				$	486
●	The remaining loan discount on acquired loans to be accreted into loan interest income totals $309.8 million as of September 30, 2025.
---	---

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)	2025		2025		2025		2024		2024		2025		2024
Noninterest Income:
Fees on deposit accounts	$	42,572	$	37,869	$	35,933	$	35,121	$	33,986	$	116,374	$	100,973
Mortgage banking income		5,462		5,936		7,737		4,777		3,189		19,135		15,270
Trust and investment services income		14,157		14,419		14,932		12,414		11,578		43,508		33,060
Correspondent banking and capital markets income		25,522		19,161		16,715		20,905		17,381		61,398		48,239
Expense on centrally-cleared variation margin		(4,318)		(5,394)		(7,170)		(7,350)		(7,488)		(16,882)		(29,175)
Total correspondent banking and capital markets income		21,204		13,767		9,545		13,555		9,893		44,516		19,064
Bank owned life insurance income		10,597		9,153		10,199		7,944		8,276		29,949		22,540
Other		5,094		5,673		7,275		6,784		8,012		18,041		30,810
Securities losses, net		—		—		(228,811)		(50)		—		(228,811)		—
Gain on sale leaseback, net of transaction costs		—		—		229,279		—		—		229,279		—
Total Noninterest Income	$	99,086	$	86,817	$	86,088	$	80,545	$	74,934	$	271,991	$	221,717

Noninterest Expense:
Salaries and employee benefits	$	199,148	$	200,162	$	195,811	$	154,116	$	150,865	$	595,121	$	452,753
Occupancy expense		40,874		41,507		35,493		22,831		22,242		117,874		67,272
Information services expense		28,988		30,155		31,362		23,416		23,280		90,505		68,777
OREO and loan related expense		5,427		2,295		1,784		1,416		1,358		9,506		3,271
Business development and staff related		8,907		7,182		6,510		6,777		5,542		22,600		17,006
Amortization of intangibles		23,426		24,048		23,831		5,326		5,327		71,305		17,069
Professional fees		4,994		4,658		4,709		5,366		4,017		14,361		11,038
Supplies and printing expense		3,278		3,970		3,128		2,729		2,762		10,376		7,828
FDIC assessment and other regulatory charges		8,374		11,469		11,258		7,365		7,482		31,101		23,787
Advertising and marketing		2,980		3,010		2,290		2,269		2,296		8,280		6,874
Other operating expenses		25,057		22,226		24,644		19,088		18,372		71,926		51,134
Merger, branch consolidation, severance related and other expense (8)		20,889		24,379		68,006		6,531		3,304		113,274		13,602
FDIC special assessment		—		—		—		(621)		—		—		4,473
Total Noninterest Expense	$	372,342	$	375,061	$	408,826	$	256,609	$	246,847	$	1,156,229	$	744,884

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)		2025			2025			2025			2024			2024
Construction and land development * †		$	2,678,971		$	3,323,923		$	3,497,909		$	2,184,327		$	2,458,151
Investor commercial real estate*			17,603,205			16,953,410			16,822,119			9,991,482			9,856,709
Commercial owner occupied real estate			7,529,075			7,497,906			7,417,116			5,716,376			5,544,716
Commercial and industrial			8,644,636			8,445,878			8,106,484			6,222,876			5,931,187
Consumer real estate *			10,202,026			10,038,369			9,838,952			8,714,969			8,649,714
Consumer/other			1,009,998			1,007,761			1,084,152			1,072,897			1,107,715
Total Loans		$	47,667,911		$	47,267,247		$	46,766,732		$	33,902,927		$	33,548,192
*	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 $350.2 million, $371.1 million, $343.5 million, $386.2 million, and $429.8 million for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively.
---	---

---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Ending Balance
(Dollars in thousands)		Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
DEPOSITS		2025			2025			2025			2024			2024
Noninterest-bearing checking		$	13,430,459		$	13,719,030		$	13,757,255		$	10,192,116		$	10,376,531
Interest-bearing checking			12,906,408			12,607,205			12,034,973			8,232,322			7,550,392
Savings			2,853,410			2,889,670			2,939,407			2,414,172			2,442,584
Money market			17,251,469			16,772,597			17,447,738			13,056,534			12,614,046
Time deposits			7,631,523			7,708,459			7,158,242			4,165,722			4,654,642
Total Deposits		$	54,073,269		$	53,696,961		$	53,337,615		$	38,060,866		$	37,638,195

Core Deposits (excludes Time Deposits)		$	46,441,746		$	45,988,502		$	46,179,373		$	33,895,144		$	32,983,553

Asset Quality


	Ending Balance
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
(Dollars in thousands)	2025		2025		2025		2024		2024
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual	$	146,751	$	141,910	$	151,673	$	141,982	$	111,240
Accruing loans past due 90 days or more		4,352		3,687		3,273		3,293		6,890
Non-acquired OREO and other nonperforming assets		11,969		17,288		2,290		1,182		1,217
Total non-acquired nonperforming assets		163,072		162,885		157,236		146,457		119,347
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual		149,695		151,466		116,691		65,314		70,731
Accruing loans past due 90 days or more		891		707		537		—		389
Acquired OREO and other nonperforming assets		7,147		8,783		5,976		1,583		493
Total acquired nonperforming assets		157,733		160,956		123,204		66,897		71,613
Total nonperforming assets	$	320,805	$	323,841	$	280,440	$	213,354	$	190,960


	Three Months Ended
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,
	2025		2025		2025		2024		2024
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans		1.24%		1.31%		1.33%		1.37%		1.39%
Allowance for credit losses, including reserve for unfunded commitments,
as a percentage of loans		1.38%		1.45%		1.47%		1.51%		1.52%
Allowance for credit losses as a percentage of nonperforming loans		195.61%		208.57%		229.15%		220.94%		247.28%
Net charge-offs as a percentage of average loans (annualized)		0.27%		0.21%		0.38%		0.06%		0.07%
Net charge-offs, excluding acquisition date charge-offs, as a percentage
of average loans (annualized) *		0.27%		0.06%		0.04%		0.06%		0.07%
Total nonperforming assets as a percentage of total assets		0.49%		0.49%		0.43%		0.46%		0.41%
Nonperforming loans as a percentage of period end loans		0.63%		0.63%		0.58%		0.62%		0.56%

* Excluding acquisition date charge-offs recorded in connection with the Independent merger.

Current Expected Credit Losses (“CECL”)

Below is a table showing the roll forward of the ACL and UFC for the third quarter of 2025:


	Allowance for Credit Losses ("ACL") and Unfunded Commitments ("UFC")
(Dollars in thousands)	Non-PCD ACL		PCD ACL		Total ACL		UFC
Ending balance 6/30/2025	$	535,014	$	86,032	$	621,046	$	64,693
Charge offs		(36,554)		—		(36,554)		—
Acquired charge offs		(344)		(664)		(1,008)		—
Recoveries		2,292		—		2,292		—
Acquired recoveries		921		2,195		3,116		—
Provision for credit losses		10,249		(9,008)		1,241		3,845
Ending balance 9/30/2025	$	511,578	$	78,555	$	590,133	$	68,538

Period end loans	$	44,507,552	$	3,160,359	$	47,667,911		N/A
Allowance for Credit Losses to Loans		1.15%		2.49%		1.24%		N/A
Unfunded commitments (off balance sheet) †							$	11,201,286
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 23, 2025. Callers wishing to participate may call toll-free by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations. The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/. The conference ID number is 4200408. Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com. An audio replay of the live webcast is expected to be available by the evening of October 23, 2025 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 1.5 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, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024
Net income (GAAP)	$	246,641	$	215,224	$	89,080	$	144,178	$	143,179
Provision (recovery) for credit losses		5,085		7,505		100,562		6,371		(6,971)
Income tax provision		74,715		66,975		26,586		43,166		43,359
Income tax provision - deferred tax asset remeasurement		—		—		5,581		—		—
Securities losses, net		—		—		228,811		50		—
Gain on sale leaseback, net of transaction costs		—		—		(229,279)		—		—
Merger, branch consolidation, severance related and other expense (8)		20,889		24,379		68,006		6,531		3,304
FDIC special assessment		—		—		—		(621)		—
Pre-provision net revenue (PPNR) (Non-GAAP)	$	347,330	$	314,083	$	289,347	$	199,675	$	182,871


(Dollars in thousands)	Three Months Ended
NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)	Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024
Net interest income (GAAP)	$	599,697		$	577,948		$	544,547		$	369,779		$	351,480
Total average interest-earning assets		58,727,110			57,710,001			57,497,453			42,295,376			41,223,980
NIM, non-tax equivalent		4.05	%		4.02	%		3.84	%		3.48	%		3.39	%

Tax equivalent adjustment (included in NIM, TE)		718			672			784			547			486
Net interest income, tax equivalent (Non-GAAP)	$	600,415		$	578,620		$	545,331		$	370,326		$	351,966
NIM, TE (Non-GAAP)		4.06	%		4.02	%		3.85	%		3.48	%		3.40	%


	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	2025			2025			2025			2024			2024			2025			2024
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)	$	246,641		$	215,224		$	89,080		$	144,178		$	143,179		$	550,945		$	390,605
Securities losses, net of tax		—			—			178,639			38			—			178,639			—
Gain on sale leaseback, net of transaction costs and tax		—			—			(179,004)			—			—			(179,004)			—
PCL - Non-PCD loans and UFC, net of tax		—			—			71,892			—			—			71,892			—
Merger, branch consolidation, severance related and other expense, net of tax (8)		16,032			18,593			53,094			5,026			2,536			87,719			10,348
Deferred tax asset remeasurement		—			—			5,581			—			—			5,581			—
FDIC special assessment, net of tax		—			—			—			(478)			—			—			3,362
Adjusted net income (non-GAAP)	$	262,673		$	233,817		$	219,282		$	148,764		$	145,715		$	715,772		$	404,315

Adjusted Net Income per Common Share - Basic (non-GAAP) (2)
Earnings per common share - Basic (GAAP)	$	2.44		$	2.12		$	0.88		$	1.89		$	1.88		$	5.43		$	5.12
Effect to adjust for securities losses, net of tax		—			—			1.76			0.00			—			1.76			—
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—			—			(1.77)			—			—			(1.77)			—
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—			—			0.71			—			—			0.71			—
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.16			0.18			0.52			0.07			0.03			0.87			0.14
Effect to adjust for deferred tax asset remeasurement		—			—			0.06			—			—			0.06			—
Effect to adjust for FDIC special assessment, net of tax		—			—			—			(0.01)			—			—			0.04
Adjusted net income per common share - Basic (non-GAAP)	$	2.60		$	2.30		$	2.16		$	1.95		$	1.91		$	7.06		$	5.30

Adjusted Net Income per Common Share - Diluted (non-GAAP) (2)
Earnings per common share - Diluted (GAAP)	$	2.42		$	2.11		$	0.87		$	1.87		$	1.86		$	5.41		$	5.09
Effect to adjust for securities losses, net of tax		—			—			1.76			0.00			—			1.75			—
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—			—			(1.76)			—			—			(1.76)			—
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—			—			0.71			—			—			0.71			—
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.16			0.19			0.52			0.07			0.04			0.87			0.14
Effect to adjust for deferred tax remeasurement		—			—			0.05			—			—			0.05			—
Effect to adjust for FDIC special assessment, net of tax		—			—			—			(0.01)			—			—			0.04
Adjusted net income per common share - Diluted (non-GAAP)	$	2.58		$	2.30		$	2.15		$	1.93		$	1.90		$	7.03		$	5.27

Adjusted Return on Average Assets (non-GAAP) (2)
Return on average assets (GAAP)		1.49	%		1.34	%		0.56	%		1.23	%		1.25	%		1.14	%		1.15	%
Effect to adjust for securities losses, net of tax		—	%		—	%		1.13	%		0.00	%		—	%		0.37	%		—	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		(1.13)	%		—	%		—	%		(0.37)	%		—	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		0.45	%		—	%		—	%		0.15	%		—	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.10	%		0.11	%		0.33	%		0.04	%		0.02	%		0.18	%		0.03	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		0.04	%		—	%		—	%		0.01	%		—	%
Effect to adjust for FDIC special assessment, net of tax		—	%		—	%		—	%		(0.00)	%		—	%		—	%		0.01	%
Adjusted return on average assets (non-GAAP)		1.59	%		1.45	%		1.38	%		1.27	%		1.27	%		1.48	%		1.19	%

Adjusted Return on Average Common Equity (non-GAAP) (2)
Return on average common equity (GAAP)		11.04	%		9.93	%		4.29	%		9.72	%		9.91	%		8.50	%		9.29	%
Effect to adjust for securities losses, net of tax		—	%		—	%		8.61	%		0.00	%		—	%		2.76	%		—	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		(8.63)	%		—	%		—	%		(2.76)	%		—	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		3.46	%		—	%		—	%		1.11	%		—	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.71	%		0.86	%		2.56	%		0.34	%		0.17	%		1.35	%		0.25	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		0.27	%		—	%		—	%		0.09	%		—	%
Effect to adjust for FDIC special assessment, net of tax		—	%		—	%		—	%		(0.03)	%		—	%		—	%		0.08	%
Adjusted return on average common equity (non-GAAP)		11.75	%		10.79	%		10.56	%		10.03	%		10.08	%		11.05	%		9.62	%

Return on Average Common Tangible Equity (non-GAAP) (3)
Return on average common equity (GAAP)		11.04	%		9.93	%		4.29	%		9.72	%		9.91	%		8.50	%		9.29	%
Effect to adjust for intangible assets		8.58	%		8.24	%		4.70	%		5.37	%		5.72	%		7.30	%		5.65	%
Return on average tangible equity (non-GAAP)		19.62	%		18.17	%		8.99	%		15.09	%		15.63	%		15.80	%		14.94	%

Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)
Return on average common equity (GAAP)		11.04	%		9.93	%		4.29	%		9.72	%		9.91	%		8.50	%		9.29	%
Effect to adjust for securities losses, net of tax		—	%		—	%		8.61	%		0.00	%		—	%		2.76	%		—	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		(8.63)	%		—	%		—	%		(2.76)	%		—	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		3.46	%		—	%		—	%		1.11	%		—	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.71	%		0.86	%		2.56	%		0.34	%		0.18	%		1.35	%		0.25	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		0.27	%		—	%		—	%		0.09	%		—	%
Effect to adjust for FDIC special assessment, net of tax		—	%		—	%		—	%		(0.03)	%		—	%		—	%		0.08	%
Effect to adjust for intangible assets, net of tax		9.06	%		8.82	%		9.29	%		5.53	%		5.80	%		9.05	%		5.82	%
Adjusted return on average common tangible equity (non-GAAP)		20.81	%		19.61	%		19.85	%		15.56	%		15.89	%		20.10	%		15.44	%


	Three Months Ended															Nine Months Ended
	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,			Sep. 30,
RECONCILIATION OF GAAP TO NON-GAAP	2025			2025			2025			2024			2024			2025			2024
Adjusted Efficiency Ratio (non-GAAP) (4)
Efficiency ratio		49.88	%		52.75	%		60.97	%		55.73	%		56.58	%		54.35	%		57.35	%
Effect to adjust for securities losses		—	%		—	%		(13.35)	%		—	%		—	%		(5.01)	%		—
Effect to adjust for gain on sale leaseback, net of transaction costs		—	%		—	%		13.39	%		—	%		—	%		5.01	%		—
Effect to adjust for merger, branch consolidation, severance related and other expense (8)		(2.99)	%		(3.66)	%		(10.77)	%		(1.45)	%		(0.78)	%		(5.67)	%		(1.07)	%
Effect to adjust for FDIC special assessment		—	%		—	%		—	%		0.14	%		—	%		—	%		(0.35)	%
Adjusted efficiency ratio		46.89	%		49.09	%		50.24	%		54.42	%		55.80	%		48.68	%		55.93	%

Tangible Book Value Per Common Share (non-GAAP) (3)
Book value per common share (GAAP)	$	89.14		$	86.71		$	84.99		$	77.18		$	77.42
Effect to adjust for intangible assets		(34.66)			(34.75)			(34.92)			(26.07)			(26.16)
Tangible book value per common share (non-GAAP)	$	54.48		$	51.96		$	50.07		$	51.11		$	51.26

Tangible Equity-to-Tangible Assets (non-GAAP) (3)
Equity-to-assets (GAAP)		13.64	%		13.36	%		13.24	%		12.70	%		12.81	%
Effect to adjust for intangible assets		(4.83)	%		(4.90)	%		(4.99)	%		(3.91)	%		(3.94)	%
Tangible equity-to-tangible assets (non-GAAP)		8.81	%		8.46	%		8.25	%		8.79	%		8.87	%

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 $83.0 million, $63.5 million, $61.8 million, $2.9 million, and $2.9 million during the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively, and $208.3 million and $11.5 million during the nine months ended September 30, 2025 and 2024, 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 $20.9 million, $24.4 million, $68.0 million, $6.5 million, and $3.3 million for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively, and $113.3 million and $13.6 million for the nine months ended September 30, 2025 and 2024, respectively; (b) pre-tax net securities losses of $(228,811) and $(50,000) for the quarters ended March 31, 2025 and December 31, 2024, respectively, and $(228,811) for the nine months ended September 30, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229,279 for the quarter ended March 31, 2025 and for the nine months ended September 30, 2025; (d) pre-tax FDIC special assessment of $(621,000) for the quarter ended December 31, 2024 and $4.5 million for the nine months ended September 30, 2024; and (e) deferred tax asset remeasurement of $5.6 million for the quarter ended March 31, 2025 and for the nine months ended September 30, 2025.
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(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.
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(4)	Adjusted efficiency ratio is calculated by taking the noninterest expense excluding transaction costs on sale leaseback, merger, branch consolidation, severance related and other expenses 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 $23.4 million, $24.0 million, $23.8 million, $5.3 million, and $5.3 million for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively and $71.3 million and $17.1 million for the nine months ended September 30, 2025 and 2024, respectively.
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(5)	The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.
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(6)	September 30, 2025 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.
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(7)	Loan data excludes loans held for sale.
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(8)	Includes pre-tax cyber incident (net reimbursement)/costs of $3,000, $(3.6) million, $111,000, $329,000, and $56,000 for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively, and $(3.5) million, and $8.0 million for the nine months ended September 30, 2025 and 2024, respectively.
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Cautionary Statement Regarding Forward Looking Statements

SouthState cautions readers that forward looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic volatility risk, including as a result of monetary, fiscal, and trade law policies, such as tariffs, and inflation, potentially resulting in higher rates, deterioration in the credit markets, greater than expected noninterest expenses, excessive loan losses, or on the other hand lower rates, which also may have other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2) risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (3) risks related to the merger and integration of SouthState and Independent including, among others, (i) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (ii) the risk that the integration of Independent’s operations into SouthState’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Independent’s businesses into SouthState’s businesses, (iii) the amount of the costs, fees, expenses and charges related to the merger, and (iv) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the merger; (4) risks relating to the ability to retain our culture and attract and retain qualified people as we grow and are located in new markets, and being able to offer competitive salaries and benefits, including flexibility of working remotely or in the office; (5) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (6) credit risks associated with an obligor’s failure to meet the terms of any contract with the Bank or otherwise fail to perform as agreed under the terms of any loan-related document; (7) interest rate risk primarily resulting from our inability to effectively manage the risk, and their impact on the Bank’s earnings, including from the correspondent and mortgage divisions, housing demand, the market value of the Bank’s loan and securities portfolios, and the market value of SouthState’s equity; (8) inflationary risks negatively impacting our business and profitability, earnings and budgetary projections, or demand for our products and services; (9) a decrease in our net interest income due to the interest rate environment; (10) liquidity risk affecting the Bank’s ability to meet its obligations when they come due; (11) unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (12) potential deterioration in real estate values; (13) the loss of value of our investment portfolio could negatively impact market perceptions of us and could lead to deposit withdrawals; (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) 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; (17) 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; (18) volatility in the financial services industry (including failures or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; (19) the impact of competition with other financial institutions, including deposit and loan pricing pressures and the resulting impact, including as a result of compression to net interest margin; (20) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards, and contractual obligations regarding data privacy and cybersecurity; (21) regulatory change risk resulting from new laws, rules, regulations, accounting principles, proscribed practices or ethical standards, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and including the impact of special FDIC assessments, the Consumer Financial Protection Bureau regulations or other guidance, and the possibility of changes in accounting standards, policies, principles and practices; (22) risks related to the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government officials or other personnel; (23) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (24) reputation risk that adversely affects earnings or capital arising from negative public opinion including the effects of social media on market perceptions of us and banks generally; (25) 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; (26) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of changes in federal and state laws, regulations and guidance relating to climate change; (27) excessive loan losses; (28) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank’s consumer programs and products; (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) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (31) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (32) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect economic condition or performance of SouthState; (33) 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; (34) ownership dilution risk associated with potential acquisitions in which SouthState’s stock may be issued as consideration for an acquired company; and (35) other factors that may affect future results of SouthState, as disclosed in SouthState’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed by SouthState with the U.S. Securities and Exchange Commission (“SEC”) and available on the SEC’s website at http://www.sec.gov, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements.

Exhibit 99.2

Earnings Call 3Q 2025<br>October 23, 2025
Statements included in this communication, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and<br>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<br>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,”<br>“potential,” “possible” and variations of such words and similar expressions are intended to identify such forward-looking statements.<br>SouthState Bank Corporation (“SouthState” or the “Company”) cautions readers that forward looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing,<br>extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: (1) economic volatility risk, including as a<br>result of monetary, fiscal, and trade law policies, such as tariffs, and inflation, potentially resulting in higher rates, deterioration in the credit markets, greater than expected noninterest expenses, excessive loan losses, or on the other hand lower<br>rates, which also may have other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (2)<br>risks related to the ability of the Company to pursue its strategic plans which depend upon certain growth goals in our lines of business; (3) risks related to the merger and integration of SouthState and Independent Bank Group, Inc.<br>(“Independent” or “IBTX”) 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<br>Independent’s operations into SouthState’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate Independent’s businesses into SouthState’s<br>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<br>to the ability to retain our culture and attract and retain qualified people as we grow and are located in new markets, and being able to offer competitive salaries and benefits, including flexibility of working remotely or in the office; (5) deposit<br>attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (6) credit risks associated with an obligor’s failure to meet the terms of any contract with SouthState Bank, N.A. (the “Bank”) or<br>otherwise fail to perform as agreed under the terms of any loan-related document; (7) interest rate risk primarily resulting from our inability to effectively manage the risk, and their impact on the Bank’s earnings, including from the<br>correspondent and mortgage divisions, housing demand, the market value of the Bank’s loan and securities portfolios, and the market value of SouthState’s equity; (8) inflationary risks negatively impacting our business and profitability, earnings<br>and budgetary projections, or demand for our products and services; (9) a decrease in our net interest income due to the interest rate environment; (10) liquidity risk affecting the Bank’s ability to meet its obligations when they come due; (11)<br>unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; (12) potential deterioration in real estate values; (13) the loss of value of our investment portfolio could negatively impact market perceptions of us<br>and could lead to deposit withdrawals; (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<br>delivery; (16) 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; (17)<br>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; (18) volatility in the financial services industry (including failures<br>or rumors of failures of other depository institutions), along with actions taken by governmental agencies to address such turmoil, could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or<br>raise capital; (19) the impact of competition with other financial institutions, including deposit and loan pricing pressures and the resulting impact, including as a result of compression to net interest margin; (20) compliance risk involving risk to<br>earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards, and contractual obligations regarding data privacy and cybersecurity; (21) regulatory change risk resulting<br>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<br>minimums and including the impact of special FDIC assessments, the Consumer Financial Protection Bureau regulations or other guidance, and the possibility of changes in accounting standards, policies, principles and practices; (22) risks related<br>to the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government officials or other personnel; (23) strategic risk resulting from adverse business decisions or improper<br>implementation of business decisions; (24) reputation risk that adversely affects earnings or capital arising from negative public opinion including the effects of social media on market perceptions of us and banks generally; (25) cybersecurity risk<br>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<br>business disruptions or financial losses resulting from deliberate attacks or unintentional events; (26) reputational and operational risks associated with environment, social and governance (ESG) matters, including the impact of changes in federal<br>and state laws, regulations and guidance relating to climate change; (27) excessive loan losses; (28) reputational risk and possible higher than estimated reduced revenue from previously announced or proposed regulatory changes in the Bank’s<br>consumer programs and products; (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<br>consideration; (30) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such<br>events, and the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on SouthState and its customers and other constituencies; (31) geopolitical risk from<br>terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (32) the risks of fluctuations in market prices for SouthState common stock that may or may not reflect<br>economic condition or performance of SouthState; (33) 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<br>performance and other factors; (34) ownership dilution risk associated with potential acquisitions in which SouthState’s stock may be issued as consideration for an acquired company; and (35) other factors that may affect future results of<br>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<br>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.<br>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<br>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<br>statements.<br>CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
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Ranked<br>#14<br>by S&P<br>Global<br>Greenwich Excellence & Best<br>Brand Awards for Small Business<br>Banking from Coalition Greenwich<br>$65 B<br>Assets<br>$48 B<br>Loans<br>Enhanced Scale Through IBTX Partnership<br>343<br>Branch<br>Locations<br>12 of 15<br>Fastest Growing<br>U.S. MSAs(2)<br>#5<br>Largest Regional Bank<br>in the South(3)<br>Dominant Southern Franchise<br>$55 B<br>Deposits<br>$7.4 B<br>Market Cap<br>17<br>SOUTHSTATE BANK CORPORATION OVERVIEW (1)<br>$66B<br>Assets<br>$48B<br>Loans<br>$54B<br>Deposits<br>$10B<br>Market Cap<br>343<br>Branch Locations<br>12 of 15<br>Fastest Growing U.S.<br>MSAs(3)<br>#5<br>Largest Regional Bank in<br>the South(4)<br>(1) ~ (4) For end note descriptions, see Earnings Presentation End Notes starting on slide 34.<br>PROJECTED POPULATION GROWTH(2)<br>Fastest-growing 20% of<br>MSAs highlighted in blue<br>3
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SOUTHSTATE’S COMPETITIVE ADVANTAGE<br>GEOGRAPHY<br>• Regulatory sweet spot: $60 – $80 Billion<br>• True alternative to the largest banks – for bankers and for clients<br>• Large enough to invest in technology and capital markets<br>• Local market leadership with income statement control and responsibility<br>• Creating alignment and accountability across all areas of the bank<br>• “Shoot where the ducks are flying”<br>• Fastest growing markets in America<br>SCALE<br>BUSINESS MODEL<br>4
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5
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POSITIONED FOR THE FUTURE IN THE BEST GROWTH MARKETS IN AMERICA<br>6<br>4%<br>4%<br>2%<br>1%<br>7%<br>4%<br>23%<br>22%<br>16%<br>15% 21%<br>12%<br>% Loans<br>7% % Deposits<br>7%<br>18%<br>16%<br>For end note descriptions, see Earnings Presentation End Notes starting on slide 34.<br>Rank MSA % Growth<br>1 Austin-Round Rock-San Marcos, TX 19.5%<br>2 Dallas-Fort Worth-Arlington, TX 12.6%<br>3 Orlando-Kissimmee-Sanford, FL 11.8%<br>4 San Antonio-New Braunfels, TX 11.6%<br>5 Charlotte-Concord-Gastonia, NC-SC 11.3%<br>6 Tampa-St. Petersburg-Clearwater, FL 10.3%<br>7 Phoenix-Mesa-Chandler, AZ 9.5%<br>8 Atlanta-Sandy Springs-Roswell, GA 8.2%<br>9 Houston-Pasadena-The Woodlands, TX 8.1%<br>10 Miami-Fort Lauderdale-West Palm Beach, FL 7.5%<br>11 Riverside-San Bernardino-Ontario, CA 7.1%<br>12 Denver-Aurora-Centennial, CO 7.0%<br>13 Philadelphia-Camden-Wilm., PA-NJ-DE-MD 5.5%<br>14 New York-Newark-Jersey City, NY-NJ 4.1%<br>15 Chicago-Naperville-Elgin, IL-IN-WI 3.1%<br>16 San Diego-Chula Vista-Carlsbad, CA 3.0%<br>17 Baltimore-Columbia-Towson, MD 3.0%<br>18 Seattle-Tacoma-Bellevue, WA 2.6%<br>19 Detroit-Warren-Dearborn, MI 2.0%<br>20 Washington-Arlington-Alexandria, DC-VA-MD-WV 1.9%<br>21 Minneapolis-St. Paul-Bloomington, MN-WI 1.9%<br>22 St. Louis, MO-IL 1.1%<br>23 Boston-Cambridge-Newton, MA-NH 0.8%<br>24 Los Angeles-Long Beach-Anaheim, CA -0.5%<br>25 San Francisco-Oakland-Fremont, CA -3.5%<br>Employment Growth in Top 25 Largest MSAs<br>% Change from February 2020 to August 2025
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2.0%<br>2.2%<br>2.6%<br>2.7%<br>3.7%<br>5.1%<br>6.1%<br>6.5%<br>7.5%<br>VA<br>AL<br>U.S.<br>CO<br>GA<br>NC<br>SC<br>TX<br>FL<br>Projected Population Growth<br>(2026-2031)<br>Sources: U.S. Census Bureau (Net Domestic Migration) and S&P Global (Projected Population Growth)<br>PANDEMIC ACCELERATES POPULATION MIGRATION TO THE SOUTH<br>7
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Quarterly Results
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PPNR PER DILUTED SHARE (1)<br>(1) For end note descriptions, Earnings Presentation End Notes starting on slide 34.<br>9<br>$2.38<br>$2.59<br>$2.84<br>$3.08<br>$3.41<br> $2.00<br> $2.40<br> $2.80<br> $3.20<br> $3.60<br>3Q24 4Q24 1Q25 2Q25 3Q25
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HIGHLIGHTS	LINKED QUARTER<br>Dollars in millions, except per share data<br>(1) For end note descriptions, see Earnings Presentation End Notes starting on slide 34.<br>10<br>2Q25 3Q25<br>GAAP<br>Net Income $ 215.2 $ 246.6<br>EPS (Diluted) $ 2.11 $ 2.42<br>Return on Average Assets 1.34 % 1.49 %<br>Non-GAAP(1)<br>Return on Average Tangible Common Equity 18.2 % 19.6 %<br>Non-GAAP, Adjusted(1)<br>Net Income $ 233.8 $ 262.7<br>EPS (Diluted) $ 2.30 $ 2.58<br>Return on Average Assets 1.45 % 1.59 %<br>Return on Average Tangible Common Equity 19.6 % 20.8 %
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QUARTERLY HIGHLIGHTS	3Q 2025<br>* : Annualized percentages<br>(1) ~ (4) For end note descriptions, see Earnings Presentation End Notes starting on slide 34.<br>11<br>• Reported Diluted Earnings per Share (“EPS”) of $2.42; adjusted Diluted EPS (non-GAAP)(1) of $2.58<br>• Revenue, non-tax equivalent, of $699 million, up $34 million, or 5%, compared to the prior quarter<br>• Pre-Provision Net Revenue (“PPNR”)(non-GAAP)(2) of $347.3 million<br>• Year-over-year PPNR/share growth (non-GAAP)(2) of 43%<br>• Net interest margin, non-tax equivalent and tax equivalent (non-GAAP)(3) of 4.05% and 4.06%, respectively, up 0.03% and 0.04%,<br>respectively, from prior quarter<br>• Noninterest Income of $99.1 million, up $12 million compared to the prior quarter, primarily due to an increase in correspondent<br>banking and capital markets income<br>• Net charge-offs of 27 bps, primarily attributable to one credit that was charged off during the quarter, bringing the year-to-date net<br>charge-offs to 12 bps (4)<br>• Loans increased by $401 million, or 3%, and deposits increased by $376 million, or 3%; average loans increased by $571 million, or<br>5%, and average deposits increased by $625 million, or 5%<br>• Total loan yield of 6.48%, up 0.15% from prior quarter; total deposit cost of 1.91%, up 0.07% from prior quarter<br>• Efficiency ratio of 50% and adjusted efficiency ratio (non-GAAP)(1) of 47%
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$351.5 $369.8<br>$544.5 $577.9 3.40% $599.7<br>3.48%<br>3.85%<br>4.02%<br>4.06%<br>3.00%<br>3.25%<br>3.50%<br>3.75%<br>4.00%<br>4.25%<br> $200<br> $300<br> $400<br> $500<br> $600<br> $700<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>Net Interest Income Net Interest Margin, TE (1)<br>NET INTEREST MARGIN (TE) (1)<br>Dollars in millions<br>(1) For end note descriptions, see Earnings Presentation End Notes starting on slide 34.<br>12
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LOAN PRODUCTION VS LOAN GROWTH<br>$1,459<br>$1,233 $1,352<br>$2,049<br>$1,648<br>$1,932<br>$2,124<br>$3,335 $3,375<br>$480 $372 $279<br>$568<br>$314 $355<br>$(263)<br>$501 $401<br> $(500)<br>$—<br> $500<br> $1,000<br> $1,500<br> $2,000<br> $2,500<br> $3,000<br> $3,500<br>3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25<br>Loan Production Loan Portfolio Growth<br>Dollars in millions<br>(1) & (2) For end note descriptions, see Earnings Presentation End Notes starting on slide 34.<br>13<br>(1)<br>(2)<br>(1)
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Balance Sheet
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3Q24 4Q24 1Q25 2Q25 3Q25<br>DDA / Total Deposits 28% 27% 26% 26% 25%<br>LOAN AND DEPOSIT TRENDS<br>$33.5 $33.9<br>$46.8 $47.3 $47.7<br> $-<br> $0.2B<br> $0.4B<br> $0.6B<br> $0.8B<br> $1.0B<br> $1.2B<br>$—<br> $6<br> $12<br> $18<br> $24<br> $30<br> $36<br> $42<br> $48<br> $54<br> $60<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>Loans (1)<br>Dollars in billions<br>Amounts may not total due to rounding.<br>(1) For end note descriptions, see Earnings Presentation End Notes starting on slide 34. 15<br>$10.4 $10.2 $13.8 $13.7 $13.4<br>$7.6 $8.2<br>$12.0 $12.6 $12.9<br>$15.1 $15.5<br>$20.4 $19.7 $20.1 $4.7 $4.2<br>$7.2 $7.7 $7.6<br>$37.6B $38.1B<br>$53.3B $53.7B $54.1B<br>$—<br> $6<br> $12<br> $18<br> $24<br> $30<br> $36<br> $42<br> $48<br> $54<br> $60<br>Deposits<br>Noninterest-bearing Checking ("DDA") Interest-bearing Checking<br>MMA & Savings Time Deposits
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Investor CRE (2)<br>37%<br>Consumer<br>RE<br>21%<br>Owner-Occupied<br>CRE<br>16%<br>C&I<br>18%<br>CDL (1)<br>6%<br>Cons / Other<br>2%<br>TOTAL LOAN PORTFOLIO<br>16<br>Data as of September 30, 2025<br>Loan portfolio balances, average balances or percentage exclude loans held for sale; Amounts may<br>not total due to rounding.<br>(1)~(3) For end note descriptions, see Earnings Presentation End Notes starting on slide 34.<br>Loan Type<br>No. of<br>Loans Balance<br>Avg. Loan<br>Balance<br>Investor CRE 11,541 $ 17.6B $ 1,525,400<br>Consumer RE 50,081 10.2B 203,700<br>Owner-Occupied CRE 8,973 7.5B 839,100<br>C & I 22,218 8.6B 389,300<br>Constr., Dev. & Land 3,746 2.7B 715,200<br>Cons / Other 48,014 1.0B 20,900<br>Total 144,573 $ 47.7B $ 329,700<br>Loan Relationships<br>Top 10 Represents ~ 2% of total loans<br>Top 20 Represents ~ 3% of total loans<br>Loans by Type<br>Total Loans<br>$47.7 Billion
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PREMIUM CORE † DEPOSIT FRANCHISE<br>Noninterest-bearing<br>Checking<br>$13.4B<br>Interest-bearing<br>Checking<br>$12.9B<br>Savings<br>$2.9B<br>Money<br>Market<br>$17.2B<br>Time<br>Deposits<br>$7.6B<br>17<br>Data as of September 30, 2025<br>Dollars in billions except for average checking balances; Amounts may not total due to rounding.<br>† & (1) For end note descriptions, see Earnings Presentation End Notes starting on slide 34.<br>Total Deposits<br>$54.1 Billion<br>Deposits by Type<br>1.91%<br>2.09%<br>1.00%<br>1.25%<br>1.50%<br>1.75%<br>2.00%<br>2.25%<br>2.50%<br>SSB Peer Average<br>Total Cost of Deposits 3Q25<br>(1)
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Credit
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0.57%<br>0.63% 0.60%<br>0.68% 0.67%<br>—%<br> 0.25%<br> 0.50%<br> 0.75%<br> 1.00%<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>Nonperforming Assets to Loans & OREO<br>0.92%<br>1.15%<br>1.41% 1.44% 1.54%<br>2.36%<br>2.86% 2.84% 2.99% 3.10%<br>—%<br> 1.00%<br> 2.00%<br> 3.00%<br> 4.00%<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>Criticized & Classified Asset Trends<br>Special Mention / Assets Substandard / Assets<br>ASSET QUALITY METRICS & LOAN LOSS RESERVE<br>Dollars in millions<br>(1) Excluding acquisition date charge-offs of $17.3 million and $39.4 million recorded during the quarters ended June 30, 2025 and March 31, 2025, respectively, in connection with the Independent merger, to<br>conform with the Company’s charge-off policies and practices.<br>(2) Unamortized discount on acquired loans was $310 million, $393 million, $457 million, $37 million, $40 million, $43 million, $47 million, and $51 million for the quarters ended September 30, 2025,<br>June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.<br>19<br>0.07% 0.06% 0.04% 0.06%<br>0.27%<br>—%<br> 0.25%<br> 0.50%<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>Net Charge-Offs to Loans<br>$457 $470 $472 $468 $465 $624 $621 $590<br>$56 $53 $50 $42 $45<br>$62 $65 $69<br>1.58% 1.60% 1.57% 1.52% 1.51% 1.47% 1.45%<br>1.38%<br> 1.00%<br> 1.40%<br> 1.80%<br> 2.20%<br> $150<br> $300<br> $450<br> $600<br> $750<br>4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25<br>$ in millions<br>Total ACL(2) plus Reserve for Unfunded Commitments<br>Total ACL Reserve for Unfunded Commitments % of Total Loans<br>(1) (1)
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0.05% 0.05%<br>0.07%<br>0.10% 0.10% 0.11% 0.11%<br>0.12% 0.12%<br>0.14%<br>0.16%<br>0.17% 0.17%<br>0.21% 0.21%<br>0.23% 0.24% 0.24% 0.25%<br>0.29%<br>0.39%<br>Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16 Peer 17 Peer 18 Peer 19<br>Source: S&P Global Market Intelligence<br>(1) Peers as disclosed in the most recent SSB proxy statement.<br>HISTORY OF RESILIENT CREDIT<br>20<br>Net Charge-offs (“NCO”) / Average Loans (1) : 2015 – 2Q 2025 YTD Average<br>SSB Peer<br>Average (1)
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Capital
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CAPITAL RATIOS<br>2Q25 3Q25(2)<br>Tangible Common Equity(1) 8.5 % 8.8 %<br>Tier 1 Leverage 9.2 % 9.4 %<br>Tier 1 Common Equity 11.2 % 11.5 %<br>Tier 1 Risk-Based Capital 11.2 % 11.5 %<br>Total Risk-Based Capital 14.5 % 14.0 %<br>Bank CRE Concentration Ratio 277 % 272 %<br>Bank CDL Concentration Ratio 49 % 38 %<br>(1)&(2) For end note descriptions, see Earnings Presentation End Notes starting on slide 34.<br>22
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Appendix
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CURRENT & HISTORICAL 5 - QTR PERFORMANCE (1)<br>82% 82% 86% 87% 86%<br>18% 18% 14% 13% 14%<br>$427M $451M $631M $665M $700M<br>4.26%<br>2.5%<br>3.0%<br>3.5%<br>4.0%<br>4.5%<br>5.0%<br>0%<br>20%<br>40%<br>60%<br>80%<br>100%<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>Revenue Composition<br>NIM, TE / Revenue, TE Noninterest Income / Revenue ,TE Avg. 10-year UST<br>Total<br>Revenue<br>(TE)<br>Dollars in millions<br>(1)&(2) For end note descriptions, see Earnings Presentation End Notes starting on slide 34.<br>$75 $81 $86 $87 $99<br>0.65% 0.69%<br>0.54% 0.54%<br>0.60%<br>0.2%<br>0.4%<br>0.6%<br>0.8%<br>1.0%<br>$—<br> $20<br> $40<br> $60<br> $80<br> $100<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>$ in millions<br>Noninterest Income<br>Noninterest Income Noninterest Income / Avg. Assets<br>$352 $370<br>$545 $579 3.40% $600<br>3.48%<br>3.85%<br>4.02% 4.06%<br>3.0%<br>3.2%<br>3.4%<br>3.5%<br>3.7%<br>3.9%<br>4.1%<br> $200<br> $270<br> $340<br> $410<br> $480<br> $550<br> $620<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>$ in millions<br>Net Interest Margin (“NIM”, TE)<br>NIM, TE ($) NIM, TE (%)<br>57% 56% 61% 56% 54% 50% 53% 49% 50% 47%<br>—%<br> 15%<br> 30%<br> 45%<br> 60%<br> 75%<br> 90%<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>Efficiency Ratio<br>Efficiency Ratio Adjusted Efficiency Ratio<br>24<br>(2)
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$(7.5) $(7.4) $(7.2) $(5.4) $(4.3)<br>$17.4<br>$20.9<br>$16.7<br>$19.2<br>$25.5<br>($10.0)<br>($5.0)<br>$0.0<br>$5.0<br>$10.0<br>$15.0<br>$20.0<br>$25.0<br>$30.0<br>$35.0<br> $(15)<br> $(10)<br> $(5)<br>$—<br> $5<br> $10<br> $15<br> $20<br> $25<br> $30<br> $35<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>$ in millions<br>Correspondent Revenue Breakout<br>ARC Revenues, gross Interest on VM FI Revenues Operational Revenues Total Revenues, gross<br>• Provides capital markets hedging (ARC), fixed income sales, international, clearing and<br>other services to over 1,300 financial institutions across the country<br>CORRESPONDENT BANKING DIVISION<br>25<br>1,314 Financial Institution Clients<br>(1) For end note descriptions, see Earnings Presentation End Notes starting on slide 34.<br>Correspondent banking and capital<br>markets income, gross $ 17,381 $ 20,905 $ 16,715 $ 19,161 $ 25,522<br>Interest on centrally-cleared Variation<br>Margin ("VM")(1) (7,488) (7,350) (7,170) (5,394) (4,318)<br> Total Correspondent Banking and<br>Capital Markets Income $ 9,893 $ 13,555 $ 9,545 $ 13,767 $ 21,204
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Dollars in billions, unless otherwise noted; data as of September 30, 2025<br>Amounts may not total due to rounding.<br>† , (1)~(4) For end note descriptions, see Earnings Presentation End Notes starting on slide 34.<br>2.42% 2.50%<br>2.99%<br>3.50% 3.50%<br>1.0%<br>1.4%<br>1.8%<br>2.2%<br>2.6%<br>3.0%<br>3.4%<br>3.8%<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>Investment Securities Yield(2)<br>HIGH QUALITY INVESTMENT PORTFOLIO<br>78%<br>9%<br>12%<br>0.3%<br>Investment Portfolio† Composition<br>Agency MBS(1)<br>Treasury, Agency & SBA<br>Municipal<br>Corporates<br>Type<br>AFS HTM<br>Balance Duration<br>(yrs)(3,4) Balance Duration<br>(yrs)(4)<br>Agency MBS(1) $4.5B 3.6 $1.9B 6.0<br>Municipal 1.0B 8.1 — —<br>Treasury, Agency & SBA 0.6B 2.2 0.2B 5.8<br>Corporates 0.03B 0.5 — —<br>Total $6.0B 4.2 $2.1B 6.0<br>26<br>Total Investment<br>Portfolio†<br>$8.1 Billion
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NON - GAAP RECONCILIATIONS – RETURN ON AVG. TANGIBLE<br>COMMON EQUITY<br>Dollars in thousands<br>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<br>amortization of intangibles to GAAP basis net income. 27<br>Return on Average Tangible Equity<br>2Q25 3Q25<br>Net income (GAAP) $ 215,224 $ 246,641<br>Plus:<br>Amortization of intangibles 24,048 23,426<br>Effective tax rate 24 % 23 %<br>Amortization of intangibles, net of tax 18,341 17,979<br>Net income plus after-tax amortization of intangibles (non-GAAP) $ 233,565 $ 264,620<br>Average shareholders' common equity $ 8,692,582 $ 8,867,408<br>Less:<br>Average intangible assets 3,535,410 3,516,575<br>Average tangible common equity $ 5,157,172 $ 5,350,833<br> Return on Average Tangible Common Equity (Non-GAAP) 18.2% 19.6%
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NON - GAAP RECONCILIATIONS – ADJUSTED NET INCOME & ADJUSTED<br>EARNINGS PER SHARE (“EPS”)<br>Dollars in thousands, except for per share data<br>(1) Includes pre-tax cyber incident (reimbursement) costs of $3,000, $(3.6) million and $111,000 for the quarters ended September 30, 2025 and June 30, 2025, respectively.<br>28<br>Adjusted Net Income<br>2Q25 3Q25<br>Net income (GAAP) $ 215,224 $ 246,641<br>Plus:<br>Merger, branch consolidation, severance related and other expense, net of tax (1) 18,593 16,032<br>Adjusted Net Income (Non-GAAP) $ 233,817 $ 262,673<br>Adjusted EPS<br>2Q25 3Q25<br>Diluted weighted-average common shares 101,845 101,735<br>Adjusted net income (non-GAAP) $ 233,817 $ 262,673<br>Adjusted EPS, Diluted (Non-GAAP) $ 2.30 $ 2.58
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NON - GAAP RECONCILIATIONS – ADJUSTED RETURN ON AVG. ASSETS<br>& AVG. TANGIBLE COMMON EQUITY<br>Dollars in thousands<br>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<br>amortization of intangibles to GAAP basis net income. 29<br>Dollars in thousands, except for per share data<br>Adjusted Return on Average Assets<br>2Q25 3Q25<br>Adjusted net income (non-GAAP) $ 233,817 $ 262,673<br>Total average assets 64,550,881 65,489,544<br>Adjusted Return on Average Assets (Non-GAAP) 1.45% 1.59%<br>Adjusted Return on Average Tangible Common Equity<br>2Q25 3Q25<br>Adjusted net income (non-GAAP) $ 233,817 $ 262,673<br>Plus:<br>Amortization of intangibles, net of tax 18,341 17,979<br>Adjusted net income plus after-tax amortization of intangibles (non-GAAP) $ 252,158 $ 280,652<br>Average tangible common equity $ 5,157,172 $ 5,350,833<br>Adjusted Return on Average Tangible Common Equity (Non-GAAP) 19.61% 20.81%
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NON - GAAP RECONCILIATIONS – NET INTEREST MARGIN<br>Dollars in thousands<br>30<br>Dollars in thousands, except for per share data<br>Net Interest Margin - Tax Equivalent (Non-GAAP)<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>Net interest income (GAAP) $ 351,480 $ 369,779 $ 544,547 $ 577,948 $ 599,697<br>Tax equivalent adjustments 486 547 784 672 718<br>Net interest income (tax equivalent) (Non-GAAP) $ 351,966 $ 370,326 $ 545,331 $ 578,620 $ 600,415<br>Average interest earning assets $ 41,223,980 $ 42,295,376 $ 57,497,453 $ 57,710,001 $58,727,110<br>Net Interest Margin - Tax Equivalent (Non-GAAP) 3.40% 3.48% 3.85% 4.02% 4.06%
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NON - GAAP RECONCILIATIONS – PPNR, PPNR/WEIGHTED AVG. CS,<br>ADJUSTED & CORRESPONDENT & CAPITAL MARKETS INCOME (UNAUDITED)<br>Dollars and weighted average commons share outstanding in thousands except per share data<br>(1) Includes pre-tax cyber incident (reimbursement) costs of $3,000, $(3.6) million, $111,000, $329,000, $56,000, and $3.5 million for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025,<br>December 31, 2024, and September 30, 2024, respectively. 31<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>Net interest income (GAAP) $ 351,480 $ 369,779 $ 544,547 $ 577,948 $ 599,697<br>Plus:<br>Noninterest income 74,934 80,545 86,088 86,817 99,086<br>Less:<br>Losses on sales of securities, net — (50) (228,811) — —<br>Gain on sale leaseback, net of transaction costs — — 229,279 — —<br>Total revenue, adjusted (non-GAAP) $ 426,414 $ 450,374 $ 630,167 $ 664,765 $ 698,783<br>Less:<br>Noninterest expense 246,847 256,609 408,826 375,061 372,342<br>PPNR (Non-GAAP) $ 179,567 $ 193,765 $ 221,341 $ 289,704 $ 326,441<br>Plus:<br>Merger, branch consolidation, severance related and other expense (1) 3,304 6,531 68,006 24,379 20,889<br>FDIC Special Assessment — (621) — — —<br>Total adjustments $ 3,304 $ 5,910 $ 68,006 $ 24,379 $ 20,889<br>PPNR, Adjusted (Non-GAAP) $ 182,871 $ 199,675 $ 289,347 $ 314,083 $ 347,330<br>Weighted average common shares outstanding, diluted 76,805 76,958 101,829 101,845 101,735<br>PPNR, Adjusted per Weighted Avg. Common Shares Outstanding, Diluted (Non-GAAP) $ 2.38 $ 2.59 $ 2.84 $ 3.08 $ 3.41<br>Correspondent & Capital Markets Income<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>ARC revenues $ 1,471 $ 3,379 $ 414 $ 5,083 $ 8,926<br>FI revenues 4,937 7,190 6,398 6,192 8,045<br>Operational revenues 3,485 2,986 2,733 2,492 4,233<br>Total Correspondent & Capital Markets Income $ 9,893 $ 13,555 $ 9,545 $ 13,767 $ 21,204<br>PPNR, Adjusted (Non-GAAP)
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NON - GAAP RECONCILIATIONS – CURRENT & HISTORICAL: EFFICIENCY<br>RATIOS (UNAUDITED)<br>Dollars in thousands<br>(1) Includes pre-tax cyber incident (reimbursement) costs of $3,000, $(3.6) million, $111,000, $329,000, $56,000, and $3.5 million for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025,<br>December 31, 2024, and September 30, 2024, respectively. 32<br>3Q24 4Q24 1Q25 2Q25 3Q25<br>Noninterest expense (GAAP) $ 246,847 $ 256,609 $ 408,826 $ 375,061 $ 372,342<br>Less: Amortization of intangible assets 5,327 5,326 23,831 24,048 23,426<br>Adjusted noninterest expense (non-GAAP) $ 241,520 $ 251,283 $ 384,995 $ 351,013 $ 348,916<br>Net interest income (GAAP) $ 351,480 $ 369,779 $ 544,547 $ 577,948 $ 599,697<br>Tax Equivalent ("TE") adjustments 486 547 784 672 718<br>Net interest income, TE (non-GAAP) $ 351,966 $ 370,326 $ 545,331 $ 578,620 $ 600,415<br>Noninterest income (GAAP) $ 74,934 $ 80,545 $ 86,088 $ 86,817 $ 99,086<br>Efficiency Ratio (Non-GAAP) 57% 56% 61% 53% 50%<br>Noninterest income (GAAP) $ 74,934 $ 80,545 $ 86,088 $ 86,817 $ 99,086<br>Less:<br>Losses on sales of securities, net — (50) (228,811) — —<br>Gain on sale leaseback, net of transaction costs — — 229,279 — —<br>Adjusted noninterest income (non-GAAP) $ 74,934 $ 80,595 $ 85,620 $ 86,817 $ 99,086<br>Noninterest expense (GAAP) $ 246,847 $ 256,609 $ 408,826 $ 375,061 $ 372,342<br>Less:<br>Merger, branch consolidation, severance related and other expense (1) 3,304 6,531 68,006 24,379 20,889<br>FDIC special assessment — (621) — — —<br>Amortization of intangible assets 5,327 5,326 23,831 24,048 23,426<br>Total adjustments $ 8,631 $ 11,236 $ 91,837 $ 48,427 $ 44,315<br>Adjusted noninterest expense (non-GAAP) $ 238,216 $ 245,373 $ 316,989 $ 326,634 $ 328,027<br>Adjusted Efficiency Ratio (Non-GAAP) 56% 54% 50% 49% 47%<br>Efficiency Ratio (Non-GAAP) & Adjusted Efficiency Ratio (Non-GAAP)
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NON - GAAP RECONCILIATIONS – TANGIBLE COMMON EQUITY RATIO<br>Dollars in thousands<br>33<br>Tangible Common Equity ("TCE") Ratio<br>2Q25 3Q25<br>Tangible common equity (non-GAAP) $ 5,273,617 $ 5,507,177<br>Total assets (GAAP) 65,893,322 66,048,210<br>Less:<br>Intangible assets 3,527,517 3,503,949<br>Tangible asset (non-GAAP) $ 62,365,805 $ 62,544,261<br>TCE Ratio (Non-GAAP) 8.5% 8.8%
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EARNINGS PRESENTATION END NOTES<br>34<br>Slide 3 End Notes<br>(1) Financial metrics as of September 30, 2025; market cap as of October 21, 2025<br>(2) Projected population growth shown as the percent growth 2025 – projected 2030<br>(3) Includes MSAs with greater than 1 million in total population in 2025<br>(4) Excludes Bank of America, Capital One Financial, and Truist Financial<br>Slide 6 End Notes<br>• Percentage of loans and deposits in each state as of September 30, 2025; excludes loans and deposits from national lines of business and brokered deposits<br>• Source: Bureau of Labor Statistics: Current Employment Statistics (CES) Survey; not seasonally adjusted data.<br>Slide 9 End Notes<br>(1) Adjusted PPNR per weighted average diluted shares; this is a Non-GAAP financial measure that excludes the impact of FDIC special assessment, losses on sales of securities, gain on sale leaseback, net of<br>transaction costs, and merger, branch consolidation, severance related and other restructuring expenses - See reconciliation of GAAP to Non-GAAP measures in Appendix.<br>Slide 10 End Notes<br>(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<br>the after-tax amortization of intangibles to GAAP basis net income; other adjusted figures presented are also Non-GAAP financial measures that exclude the impact of losses on sales of securities, gain<br>on sale leaseback net of transaction costs, PCL on non-PCD loans and unfunded commitments, deferred tax asset remeasurement, and merger, branch consolidation, severance related and other<br>restructuring expenses - See reconciliation of GAAP to Non-GAAP measures in Appendix.<br>Slide 11 End Notes<br>(1) Adjusted diluted EPS excludes the impact of merger, branch consolidation, severance related and other restructuring expenses; Adjusted efficiency ratio is calculated by taking the noninterest expense<br>excluding merger, branch consolidation and severance related expenses and amortization of intangible assets - See reconciliation of GAAP to Non-GAAP measures in Appendix.<br>(2) Adjusted PPNR and adjusted PPNR per weighted average diluted share are non-GAAP financial measures that exclude the impact of merger, branch consolidation, severance related and other<br>restructuring expenses - See reconciliation of GAAP to Non-GAAP measures in Appendix.<br>(3) Tax equivalent NIM is a Non-GAAP financial measure - See reconciliation of GAAP to Non-GAAP measures in Appendix.<br>(4) Excluding acquisition date charge-offs recorded in connection with the Independent merger.<br>Slide 12 End Notes<br>(1) Tax equivalent NIM is a Non-GAAP financial measure - See reconciliation of GAAP to Non-GAAP measures in Appendix.<br>Slide 13 End Notes<br>(1) Preliminary; excludes loans held for sale; loan production indicates committed balance total; loan portfolio growth indicates quarter-over-quarter loan ending balance growth, excluding loans held for<br>sale.<br>(2) Excludes the effects of the acquisition date loan balance of $13.1 billion acquired from Independent.
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EARNINGS PRESENTATION END NOTES<br>35<br>Slide 15 End Notes<br>(1) Excludes loans held for sale.<br>Slide 16 End Notes<br>(1) CDL includes residential construction, commercial construction, and all land development loans.<br>(2) Investor CRE includes nonowner-occupied CRE and other income producing property.<br>Slide 17 End Notes<br>† Core deposits defined as non-time deposits<br>(1) Source: S&P Global Market Intelligence; 3Q25 MRQs available as of October 21, 2025; Peers as disclosed in the most recent SSB proxy statement.<br>Slide 22 End Notes<br>(1) The tangible measures are non-GAAP measures and exclude the effect of period end intangible assets - See reconciliation of GAAP to Non-GAAP measures in Appendix.<br>(2) Preliminary<br>Slide 24 End Notes<br>(1) Total revenue and noninterest income are adjusted by gains or losses on sales of securities and gains on sale leaseback. The total revenue also includes tax equivalent adjustments; Tax equivalent NIM,<br>efficiency ratio and adjusted efficiency ratio are Non-GAAP financial measures; Adjusted Efficiency Ratio excludes losses on sales of securities, gain on sale leaseback net of transaction costs, merger,<br>branch consolidation, FDIC special assessment, severance related and other restructuring expenses, and amortization of intangible assets , as applicable – See Current & Historical Efficiency Ratios and<br>Net Interest Margin reconciliation in Appendix.<br>(2) Annualized<br>Slide 25 End Notes<br>(1) Interest on centrally-cleared variation margin (expense or income) is included in ARC revenue within Correspondent Banking and Capital Markets Income.<br>Slide 26 End Notes<br>† Investment portfolio excludes non-marketable equity.<br>(1) MBS issued by U.S. government agencies or sponsored enterprises (commercial and residential collateral)<br>(2) Investment securities yield include non-marketable equity and trading securities.<br>(3) Excludes principal receivable balance as of September 30, 2025.<br>(4) Based on current book value
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