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): January 22, 2026 ( January 21, 2026 )

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 January 22, 2026, SouthState Bank Corporation (“SouthState” or the “Company”) issued a press release announcing its financial results for the three- and twelve-month periods ended December 31, 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 January 23, 2026 at 9 a.m. (ET) to discuss the Company’s fourth 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/305486364. Access detail will be provided via email upon completion of registration.


Item 7.01				Regulation FD Disclosure.

On January 22, 2026, the Company also made available the presentation (“Presentation”) prepared for use with the press release during the earnings conference call on January 23, 2026. 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.

Approval of a New Stock Repurchase Plan

On January 21, 2026, the Board of Directors of the Company approved the Company to repurchase of up to 5,560,000 shares of the Company’s common stock (the “2026 Repurchase Plan”). This 2026 Repurchase Plan authorization replaces the Company’s pre-existing authorization previously approved in January 2025, under which 560,000 shares remained available for repurchase, and which was cancelled in connection with the Board’s approval of the 2026 Repurchase Plan.

The 2026 Repurchase Plan will remain in effect until December 31, 2027, unless either shortened or extended by the Company’s Board of Directors. The 2026 Repurchase Plan does not obligate the Company to repurchase any specified number of shares of its common stock.

The 2026 Repurchase Plan will be made from time to time by the Company as conditions allow. The shares may be purchased in the open market or negotiated transactions, block trades, accelerated share repurchase transactions or pursuant to one or more trading plans established pursuant to Rule 10b5-1. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange and Commission and other applicable legal requirements.

The number, price, and timing of the repurchases, if any, will be at the Company’s sole discretion and will depend on a number of factors, including market and economic conditions, liquidity needs and other factors and there is no assurance that the Company will purchase any shares under the 2026 Repurchase Plan.

First Quarter 2026 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 February 13, 2026 to shareholders of record as of February 6, 2026.


Item 9.01		Financial Statements and Exhibits.

	(d)	Exhibits:

	Exhibit No.	Description

	99.1	Press Release, dated January 22, 2026

	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 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 4

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: January 22, 2026

Exhibit 99.1

<br><br><br><br>
SouthState Bank Corporation Reports Fourth Quarter 2025 Results<br><br>Declares Quarterly Cash Dividend and Authorizes New Stock Repurchase Plan	For Immediate Release
		Media Contact
		Jackie Smith, 803.231.3486

WINTER HAVEN, FL – January 22, 2026 – 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 twelve-month periods ended December 31, 2025.

“The SouthState team finished the year with good momentum,” said John C. Corbett, SouthState’s Chief Executive Officer. “During the fourth quarter of 2025, loan and deposit growth accelerated to 8% annualized and earnings per share increased over 30% from the prior year. With peer-leading returns, we elected to repurchase 2 million shares of SouthState stock during the quarter and the board authorized a new share repurchase plan of 5.56 million shares. Headed into 2026, our pipelines are full and SouthState is poised to continue on our growth trajectory.”

Highlights of the fourth quarter of 2025 include:

Returns

●	Reported Diluted Earnings per Share (“EPS”) of $2.46, an increase of 32% year over year; Adjusted Diluted EPS (Non-GAAP) of $2.47, an increase of 28% year over year
●	Net Income of $247.7 million; Adjusted Net Income (Non-GAAP) of $248.2 million
---	---
●	Return on Average Common Equity of 10.9%; Return on Average Tangible Common Equity (Non-GAAP) and Adjusted Return on Average Tangible Common Equity (Non-GAAP) of 19.1%*
---	---
●	Return on Average Assets (“ROAA”) of 1.47% and Adjusted ROAA (Non-GAAP) of 1.48%*
---	---
●	Book Value per Share of $91.38
---	---
●	Tangible Book Value (“TBV”) per Share (Non-GAAP) of $56.27, an increase of 10% year over year, after closing the Independent Financial acquisition, raising the Company dividend by 11%, and repurchasing 2.4% of the Company’s shares
---	---

Performance

●	Net Interest Income of $581 million, a decrease of $19 million, or 3%, compared to the prior quarter
●	Noninterest Income of $105.8 million, up $7 million compared to the prior quarter, primarily due to an increase in correspondent banking and capital markets income; Noninterest Income represented 0.63% of average assets for the fourth quarter of 2025*
---	---
●	Net Interest Margin (“NIM”), non-tax equivalent and tax equivalent (Non-GAAP), of 3.85% and 3.86%, respectively
---	---
●	Net charge-offs totaled $10.5 million, or 0.09%* of average loans, and the year-to-date net charge-offs of 0.11%† of average loans
---	---
●	$6.6 million of Provision for Credit Losses (“PCL”); total Allowance for Credit Losses (“ACL”) plus reserve for unfunded commitments of 1.35% of loans
---	---
●	Efficiency Ratio and Adjusted Efficiency Ratio (Non-GAAP) of 50%
---	---

Balance Sheet

●	Loans increased by $931 million, or 8%, and deposits increased by $1.1 billion, or 8%; ending loan to deposit ratio of 88%
●	Total loan yield of 6.13%, down 0.35% from prior quarter
---	---
●	Total deposit cost of 1.82%, down 0.09% from prior quarter
---	---
●	Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.8%, 13.8%, 9.3%, and 11.4%, respectively^ǂ^
---	---

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 February 13, 2026 to shareholders of record as of February 6, 2026
●	The Board of Directors approved a new stock repurchase plan authorizing the Company to repurchase up to 5,560,000 of the Company’s common shares; this authorization replaces the pre-existing authorization, which had 560,000 shares remaining
---	---

and was cancelled as part of the Board approval of the 2026 repurchase plan

∗ Annualized percentages

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

^ǂ^ Preliminary

Financial Performance


	Three Months Ended										Twelve Months Ended
(Dollars in thousands, except per share data)	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Dec. 31,		Dec. 31,
INCOME STATEMENT	2025		2025		2025		2025		2024		2025		2024
Interest Income
Loans, including fees (1)	$	748,106	$	782,382	$	746,448	$	724,640	$	489,709	$	3,001,576	$	1,925,838
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell		100,640		99,300		94,056		83,926		59,096		377,922		215,524
Total interest income		848,746		881,682		840,504		808,566		548,805		3,379,498		2,141,362
Interest Expense
Deposits		250,189		257,271		241,593		245,957		168,263		995,009		671,825
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings		17,442		24,714		20,963		18,062		10,763		81,182		54,083
Total interest expense		267,631		281,985		262,556		264,019		179,026		1,076,191		725,908
Net Interest Income		581,115		599,697		577,948		544,547		369,779		2,303,307		1,415,454
Provision for credit losses		6,605		5,085		7,505		100,562		6,371		119,757		15,975
Net Interest Income after Provision for Credit Losses		574,510		594,612		570,443		443,985		363,408		2,183,550		1,399,479
Noninterest Income
Operating income		105,753		99,086		86,817		85,620		80,595		377,276		302,312
Securities losses, net		—		—		—		(228,811)		(50)		(228,811)		(50)
Gain on sale leaseback, net of transaction costs		—		—		—		229,279		—		229,279		—
Total noninterest income		105,753		99,086		86,817		86,088		80,545		377,744		302,262
Noninterest Expense
Operating expense		364,196		351,453		350,682		340,820		250,699		1,407,151		977,508
Merger, branch consolidation, severance related, and other expense (8)		4,494		20,889		24,379		68,006		6,531		117,768		20,133
FDIC special assessment		(3,835)		—		—		—		(621)		(3,835)		3,852
Total noninterest expense		364,855		372,342		375,061		408,826		256,609		1,521,084		1,001,493
Income before Income Tax Provision		315,408		321,356		282,199		121,247		187,344		1,040,210		700,248
Income tax provision		67,686		74,715		66,975		32,167		43,166		241,543		165,465
Net Income	$	247,722	$	246,641	$	215,224	$	89,080	$	144,178	$	798,667	$	534,783

Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)	$	247,722	$	246,641	$	215,224	$	89,080	$	144,178	$	798,667	$	534,783
Securities losses, net of tax		—		—		—		178,639		38		178,639		38
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)		3,529		16,032		18,593		53,094		5,026		91,248		15,374
Deferred tax asset remeasurement		—		—		—		5,581		—		5,581		—
FDIC special assessment, net of tax		(3,012)		—		—		—		(478)		(3,012)		2,884
Adjusted Net Income (non-GAAP)	$	248,239	$	262,673	$	233,817	$	219,282	$	148,764	$	964,011	$	553,079

Basic earnings per common share	$	2.48	$	2.44	$	2.12	$	0.88	$	1.89	$	7.90	$	7.01
Diluted earnings per common share	$	2.46	$	2.42	$	2.11	$	0.87	$	1.87	$	7.87	$	6.97
Adjusted net income per common share - Basic (non-GAAP) (2)	$	2.48	$	2.60	$	2.30	$	2.16	$	1.95	$	9.54	$	7.25
Adjusted net income per common share - Diluted (non-GAAP) (2)	$	2.47	$	2.58	$	2.30	$	2.15	$	1.93	$	9.50	$	7.21
Dividends per common share	$	0.60	$	0.60	$	0.54	$	0.54	$	0.54	$	2.28	$	2.12
Basic weighted-average common shares outstanding		100,063,315		101,218,431		101,495,456		101,409,624		76,360,935		101,043,488		76,303,351
Diluted weighted-average common shares outstanding		100,618,796		101,735,095		101,845,360		101,828,600		76,957,882		101,499,247		76,762,354
Effective tax rate		21.46%		23.25%		23.73%		26.53%		23.04%		23.22%		23.63%
Adjusted effective tax rate		21.46%		23.25%		23.73%		21.93%		23.04%		22.68%		23.63%

Performance and Capital Ratios


	Three Months Ended															Twelve Months Ended
	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,		Dec. 31,
	2025			2025			2025			2025			2024			2025		2024
PERFORMANCE RATIOS
Return on average assets (annualized)		1.47	%		1.49	%		1.34	%		0.56	%		1.23	%	1.22	%	1.17	%
Adjusted return on average assets (annualized) (non-GAAP) (2)		1.48	%		1.59	%		1.45	%		1.38	%		1.27	%	1.48	%	1.21	%
Return on average common equity (annualized)		10.90	%		11.04	%		9.93	%		4.29	%		9.72	%	9.13	%	9.41	%
Adjusted return on average common equity (annualized) (non-GAAP) (2)		10.92	%		11.75	%		10.79	%		10.56	%		10.03	%	11.02	%	9.73	%
Return on average tangible common equity (annualized) (non-GAAP) (3)		19.10	%		19.62	%		18.17	%		8.99	%		15.09	%	16.68	%	14.98	%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)		19.14	%		20.81	%		19.61	%		19.85	%		15.56	%	19.85	%	15.47	%
Efficiency ratio (tax equivalent)		49.65	%		49.88	%		52.75	%		60.97	%		55.73	%	53.14	%	56.93	%
Adjusted efficiency ratio (non-GAAP) (4)		49.56	%		46.89	%		49.09	%		50.24	%		54.42	%	48.91	%	55.53	%
Dividend payout ratio (5)		24.23	%		24.59	%		25.47	%		61.45	%		28.58	%	28.82	%	30.22	%
Book value per common share	$	91.38		$	89.14		$	86.71		$	84.99		$	77.18
Tangible book value per common share (non-GAAP) (3)	$	56.27		$	54.48		$	51.96		$	50.07		$	51.11

CAPITAL RATIOS
Equity-to-assets		13.5	%		13.6	%		13.4	%		13.2	%		12.7	%
Tangible equity-to-tangible assets (non-GAAP) (3)		8.8	%		8.8	%		8.5	%		8.2	%		8.8	%
Tier 1 leverage (6)		9.3	%		9.4	%		9.2	%		8.9	%		10.0	%
Tier 1 common equity (6)		11.4	%		11.5	%		11.2	%		11.0	%		12.6	%
Tier 1 risk-based capital (6)		11.4	%		11.5	%		11.2	%		11.0	%		12.6	%
Total risk-based capital (6)		13.8	%		14.0	%		14.5	%		13.7	%		15.0	%

Balance Sheet


	Ending Balance
(Dollars in thousands, except per share and share data)	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,
BALANCE SHEET	2025		2025		2025		2025		2024
Assets
Cash and due from banks	$	583,375	$	582,792	$	755,798	$	688,153	$	525,506
Federal funds sold and interest-earning deposits with banks		2,589,108		2,561,663		2,708,308		2,611,537		866,561
Cash and cash equivalents		3,172,483		3,144,455		3,464,106		3,299,690		1,392,067

Trading securities, at fair value		110,183		107,519		95,306		107,401		102,932
Investment securities:
Securities held to maturity		2,048,030		2,096,727		2,145,991		2,195,980		2,254,670
Securities available for sale, at fair value		6,313,756		6,042,800		5,927,867		5,853,369		4,320,593
Other investments		353,428		366,218		357,487		345,695		223,613
Total investment securities		8,715,214		8,505,745		8,431,345		8,395,044		6,798,876
Loans held for sale		345,343		346,673		318,985		357,918		279,426
Loans:
Purchased credit deteriorated		2,977,499		3,160,359		3,409,186		3,634,490		862,155
Purchased non-credit deteriorated		11,232,414		11,877,828		12,492,553		13,084,853		3,635,782
Non-acquired		34,388,614		32,629,724		31,365,508		30,047,389		29,404,990
Less allowance for credit losses		(585,197)		(590,133)		(621,046)		(623,690)		(465,280)
Loans, net		48,013,330		47,077,778		46,646,201		46,143,042		33,437,647
Premises and equipment, net		994,176		961,510		964,878		946,334		502,559
Bank owned life insurance		1,293,574		1,285,532		1,280,632		1,273,472		1,013,209
Mortgage servicing rights		84,032		84,491		85,836		87,742		89,795
Core deposit and other intangibles		386,326		409,890		433,458		455,443		66,458
Goodwill		3,094,059		3,094,059		3,094,059		3,088,059		1,923,106
Other assets		988,692		1,030,558		1,078,516		981,309		775,129
Total assets	$	67,197,412	$	66,048,210	$	65,893,322	$	65,135,454	$	46,381,204

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing	$	13,375,697	$	13,430,459	$	13,719,030	$	13,757,255	$	10,192,117
Interest-bearing		41,770,100		40,642,810		39,977,931		39,580,360		27,868,749
Total deposits		55,145,797		54,073,269		53,696,961		53,337,615		38,060,866
Federal funds purchased and securities
sold under agreements to repurchase		618,215		594,092		630,558		679,337		514,912
Other borrowings		696,536		696,429		1,099,705		752,798		391,534
Reserve for unfunded commitments		69,619		68,538		64,693		62,253		45,327
Other liabilities		1,608,137		1,604,756		1,600,271		1,679,090		1,478,150
Total liabilities		58,138,304		57,037,084		57,092,188		56,511,093		40,490,789

Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares		247,845		252,723		253,745		253,698		190,805
Surplus		6,480,471		6,647,952		6,679,028		6,667,277		4,259,722
Retained earnings		2,614,173		2,426,463		2,240,470		2,080,053		2,046,809
Accumulated other comprehensive loss		(283,381)		(316,012)		(372,109)		(376,667)		(606,921)
Total shareholders' equity		9,059,108		9,011,126		8,801,134		8,624,361		5,890,415
Total liabilities and shareholders' equity	$	67,197,412	$	66,048,210	$	65,893,322	$	65,135,454	$	46,381,204

Common shares issued and outstanding		99,138,204		101,089,231		101,498,000		101,479,065		76,322,206

Net Interest Income and Margin


		Three Months Ended
		Dec. 31, 2025					Sep. 30, 2025					Dec. 31, 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		$	2,703,627	$	25,580	3.75%	$	2,212,239	$	23,271	4.17%	$	1,308,313	$	14,162	4.31%
Investment securities			8,760,360		75,060	3.40%		8,624,670		76,029	3.50%		7,144,438		44,934	2.50%
Loans held for sale			298,600		5,201	6.91%		289,884		5,067	6.93%		179,803		2,304	5.10%
Total loans held for investment			48,109,526		742,905	6.13%		47,600,317		777,315	6.48%		33,662,822		487,405	5.76%
Total interest-earning assets			59,872,113		848,746	5.62%		58,727,110		881,682	5.96%		42,295,376		548,805	5.16%
Noninterest-earning assets			6,767,257					6,762,434					4,214,390
Total Assets		$	66,639,370				$	65,489,544				$	46,509,766

Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts		$	30,598,366	$	178,129	2.31%	$	29,623,457	$	187,627	2.51%	$	20,823,079	$	121,239	2.32%
Savings deposits			2,834,358		1,827	0.26%		2,879,488		1,940	0.27%		2,427,760		1,741	0.29%
Certificates and other time deposits			7,560,350		70,233	3.69%		7,310,133		67,704	3.67%		4,517,047		45,283	3.99%
Federal funds purchased			334,401		3,297	3.91%		331,707		3,640	4.35%		292,626		3,479	4.73%
Repurchase agreements			294,259		1,462	1.97%		281,395		1,527	2.15%		261,373		1,382	2.10%
Other borrowings			696,485		12,683	7.22%		974,992		19,547	7.95%		394,853		5,902	5.95%
Total interest-bearing liabilities			42,318,219		267,631	2.51%		41,401,172		281,985	2.70%		28,716,738		179,026	2.48%
Noninterest-bearing deposits			13,644,784					13,541,840					10,561,382
Other noninterest-bearing liabilities			1,656,851					1,679,124					1,330,020
Shareholders' equity			9,019,516					8,867,408					5,901,626
Total Non-IBL and shareholders' equity			24,321,151					24,088,372					17,793,028
Total Liabilities and Shareholders' Equity		$	66,639,370				$	65,489,544				$	46,509,766
Net Interest Income and Margin (Non-Tax Equivalent)				$	581,115	3.85%			$	599,697	4.05%			$	369,779	3.48%
Net Interest Margin (Tax Equivalent) (non-GAAP)						3.86%					4.06%					3.48%
Total Deposit Cost (without Debt and Other Borrowings)						1.82%					1.91%					1.75%
Overall Cost of Funds (including Demand Deposits)						1.90%					2.04%					1.81%

Total Accretion on Acquired Loans (1)				$	50,327				$	82,976				$	2,887
Tax Equivalent ("TE") Adjustment				$	800				$	718				$	547
●	The remaining loan discount on acquired loans to be accreted into loan interest income totals $259.5 million as of December 31, 2025.
---	---

Noninterest Income and Expense


	Three Months Ended										Twelve Months Ended
	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Dec. 31,		Dec. 31,
(Dollars in thousands)	2025		2025		2025		2025		2024		2025		2024
Noninterest Income:
Fees on deposit accounts	$	41,950	$	42,572	$	37,869	$	35,933	$	35,121	$	158,324	$	136,094
Mortgage banking income		5,158		5,462		5,936		7,737		4,777		24,293		20,047
Trust and investment services income		14,684		14,157		14,419		14,932		12,414		58,192		45,474
Correspondent banking and capital markets income		30,638		25,522		19,161		16,715		20,905		92,036		69,144
Expense on centrally-cleared variation margin		(3,167)		(4,318)		(5,394)		(7,170)		(7,350)		(20,049)		(36,525)
Total correspondent banking and capital markets income		27,471		21,204		13,767		9,545		13,555		71,987		32,619
Bank owned life insurance income		9,633		10,597		9,153		10,199		7,944		39,582		30,484
Other		6,857		5,094		5,673		7,275		6,784		24,898		37,594
Securities losses, net		—		—		—		(228,811)		(50)		(228,811)		(50)
Gain on sale leaseback, net of transaction costs		—		—		—		229,279		—		229,279		—
Total Noninterest Income	$	105,753	$	99,086	$	86,817	$	86,088	$	80,545	$	377,744	$	302,262

Noninterest Expense:
Salaries and employee benefits	$	202,714	$	199,148	$	200,162	$	195,811	$	154,116	$	797,835	$	606,869
Occupancy expense		42,567		40,874		41,507		35,493		22,831		160,441		90,103
Information services expense		30,443		28,988		30,155		31,362		23,416		120,948		92,193
OREO and loan related expense		867		5,427		2,295		1,784		1,416		10,373		4,687
Business development and staff related		13,485		8,907		7,182		6,510		6,777		36,085		23,783
Amortization of intangibles		23,417		23,426		24,048		23,831		5,326		94,722		22,395
Professional fees		7,410		4,994		4,658		4,709		5,366		21,771		16,404
Supplies and printing expense		3,594		3,278		3,970		3,128		2,729		13,969		10,558
FDIC assessment and other regulatory charges		9,884		8,374		11,469		11,258		7,365		40,985		31,152
Advertising and marketing		4,710		2,980		3,010		2,290		2,269		12,990		9,143
Other operating expenses		25,105		25,057		22,226		24,644		19,088		97,032		70,221
Merger, branch consolidation, severance related and other expense (8)		4,494		20,889		24,379		68,006		6,531		117,768		20,133
FDIC special assessment		(3,835)		—		—		—		(621)		(3,835)		3,852
Total Noninterest Expense	$	364,855	$	372,342	$	375,061	$	408,826	$	256,609	$	1,521,084	$	1,001,493

Loans and Deposits

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


		Ending Balance
(Dollars in thousands)		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
LOAN PORTFOLIO (7)		2025			2025			2025			2025			2024
Construction and land development * †		$	2,548,360		$	2,678,971		$	3,323,923		$	3,497,909		$	2,184,327
Investor commercial real estate*			17,883,913			17,603,205			16,953,410			16,822,119			9,991,482
Commercial owner occupied real estate			7,576,991			7,529,075			7,497,906			7,417,116			5,716,376
Commercial and industrial			9,181,408			8,644,636			8,445,878			8,106,484			6,222,876
Consumer real estate *			10,450,223			10,202,026			10,038,369			9,838,952			8,714,969
Consumer/other			957,632			1,009,998			1,007,761			1,084,152			1,072,897
Total Loans		$	48,598,527		$	47,667,911		$	47,267,247		$	46,766,732		$	33,902,927
*	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 $342.8 million, $350.2 million, $371.1 million, $343.5 million, and $386.2 million for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively.
---	---

---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Ending Balance
(Dollars in thousands)		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
DEPOSITS		2025			2025			2025			2025			2024
Noninterest-bearing checking		$	13,375,697		$	13,430,459		$	13,719,030		$	13,757,255		$	10,192,116
Interest-bearing checking			13,838,558			12,906,408			12,607,205			12,034,973			8,232,322
Savings			2,820,621			2,853,410			2,889,670			2,939,407			2,414,172
Money market			17,751,688			17,251,469			16,772,597			17,447,738			13,056,534
Time deposits			7,359,233			7,631,523			7,708,459			7,158,242			4,165,722
Total Deposits		$	55,145,797		$	54,073,269		$	53,696,961		$	53,337,615		$	38,060,866

Core Deposits (excludes Time Deposits)		$	47,786,564		$	46,441,746		$	45,988,502		$	46,179,373		$	33,895,144

Asset Quality


	Ending Balance
	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,
(Dollars in thousands)	2025		2025		2025		2025		2024
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual	$	161,975	$	146,751	$	141,910	$	151,673	$	141,982
Accruing loans past due 90 days or more		2,997		4,352		3,687		3,273		3,293
Non-acquired OREO and other nonperforming assets		5,273		11,969		17,288		2,290		1,182
Total non-acquired nonperforming assets		170,245		163,072		162,885		157,236		146,457
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual		135,179		149,695		151,466		116,691		65,314
Accruing loans past due 90 days or more		1,944		891		707		537		—
Acquired OREO and other nonperforming assets		3,901		7,147		8,783		5,976		1,583
Total acquired nonperforming assets		141,024		157,733		160,956		123,204		66,897
Total nonperforming assets	$	311,269	$	320,805	$	323,841	$	280,440	$	213,354


	Three Months Ended
	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,
	2025		2025		2025		2025		2024
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans		1.20%		1.24%		1.31%		1.33%		1.37%
Allowance for credit losses, including reserve for unfunded commitments,
as a percentage of loans		1.35%		1.38%		1.45%		1.47%		1.51%
Allowance for credit losses as a percentage of nonperforming loans		193.71%		195.61%		208.57%		229.15%		220.94%
Net charge-offs as a percentage of average loans (annualized)		0.09%		0.27%		0.21%		0.38%		0.06%
Net charge-offs, excluding acquisition date charge-offs, as a percentage
of average loans (annualized) *		0.09%		0.27%		0.06%		0.04%		0.06%
Total nonperforming assets as a percentage of total assets		0.46%		0.49%		0.49%		0.43%		0.46%
Nonperforming loans as a percentage of period end loans		0.62%		0.63%		0.63%		0.58%		0.62%

* 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 fourth 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 9/30/2025	$	511,578	$	78,555	$	590,133	$	68,538
Charge offs		(9,329)		—		(9,329)		—
Acquired charge offs		(1,506)		(3,515)		(5,021)		—
Recoveries		2,289		—		2,289		—
Acquired recoveries		212		1,389		1,601		—
Provision for credit losses		12,797		(7,273)		5,524		1,081
Ending balance 12/31/2025	$	516,041	$	69,156	$	585,197	$	69,619

Period end loans	$	45,621,028	$	2,977,499	$	48,598,527		N/A
Allowance for Credit Losses to Loans		1.13%		2.32%		1.20%		N/A
Unfunded commitments (off balance sheet) †							$	11,486,892
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 fourth quarter results at 9:00 a.m. Eastern Time on January 23, 2026. Callers wishing to participate may call toll-free by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations. The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/. The conference ID number is 4200408. Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com. An audio replay of the live webcast is expected to be available by the evening of January 23, 2026 on the Investor Relations section of SouthStateBank.com.

SouthState is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the company’s nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than 1.5 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)	Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024
Net income (GAAP)	$	247,722	$	246,641	$	215,224	$	89,080	$	144,178
Provision (recovery) for credit losses		6,605		5,085		7,505		100,562		6,371
Income tax provision		67,686		74,715		66,975		26,586		43,166
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)		4,494		20,889		24,379		68,006		6,531
FDIC special assessment		(3,835)		—		—		—		(621)
Pre-provision net revenue (PPNR) (Non-GAAP)	$	322,672	$	347,330	$	314,083	$	289,347	$	199,675


(Dollars in thousands)	Three Months Ended
NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)	Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024
Net interest income (GAAP)	$	581,115		$	599,697		$	577,948		$	544,547		$	369,779
Total average interest-earning assets		59,872,113			58,727,110			57,710,001			57,497,453			42,295,376
NIM, non-tax equivalent		3.85	%		4.05	%		4.02	%		3.84	%		3.48	%

Tax equivalent adjustment (included in NIM, TE)		800			718			672			784			547
Net interest income, tax equivalent (Non-GAAP)	$	581,915		$	600,415		$	578,620		$	545,331		$	370,326
NIM, TE (Non-GAAP)		3.86	%		4.06	%		4.02	%		3.85	%		3.48	%


	Three Months Ended															Twelve Months Ended
(Dollars in thousands, except per share data)	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,			Dec. 31,
RECONCILIATION OF GAAP TO NON-GAAP	2025			2025			2025			2025			2024			2025			2024
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)	$	247,722		$	246,641		$	215,224		$	89,080		$	144,178		$	798,667		$	534,783
Securities losses, net of tax		—			—			—			178,639			38			178,639			38
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)		3,529			16,032			18,593			53,094			5,026			91,248			15,374
Deferred tax asset remeasurement		—			—			—			5,581			—			5,581			—
FDIC special assessment, net of tax		(3,012)			—			—			—			(478)			(3,012)			2,884
Adjusted net income (non-GAAP)	$	248,239		$	262,673		$	233,817		$	219,282		$	148,764		$	964,011		$	553,079

Adjusted Net Income per Common Share - Basic (non-GAAP) (2)
Earnings per common share - Basic (GAAP)	$	2.48		$	2.44		$	2.12		$	0.88		$	1.89		$	7.90		$	7.01
Effect to adjust for securities losses, net of tax		—			—			—			1.76			0.00			1.77			0.00
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)		0.03			0.16			0.18			0.52			0.07			0.90			0.20
Effect to adjust for deferred tax asset remeasurement		—			—			—			0.06			—			0.06			—
Effect to adjust for FDIC special assessment, net of tax		(0.03)			—			—			—			(0.01)			(0.03)			0.04
Adjusted net income per common share - Basic (non-GAAP)	$	2.48		$	2.60		$	2.30		$	2.16		$	1.95		$	9.54		$	7.25

Adjusted Net Income per Common Share - Diluted (non-GAAP) (2)
Earnings per common share - Diluted (GAAP)	$	2.46		$	2.42		$	2.11		$	0.87		$	1.87		$	7.87		$	6.97
Effect to adjust for securities losses, net of tax		—			—			—			1.76			0.00			1.76			0.00
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—			—			—			(1.76)			—			(1.78)			—
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)		0.04			0.16			0.19			0.52			0.07			0.91			0.21
Effect to adjust for deferred tax remeasurement		—			—			—			0.05			—			0.06			—
Effect to adjust for FDIC special assessment, net of tax		(0.03)			—			—			—			(0.01)			(0.03)			0.04
Adjusted net income per common share - Diluted (non-GAAP)	$	2.47		$	2.58		$	2.30		$	2.15		$	1.93		$	9.50		$	7.21

Adjusted Return on Average Assets (non-GAAP) (2)
Return on average assets (GAAP)		1.47	%		1.49	%		1.34	%		0.56	%		1.23	%		1.22	%		1.17	%
Effect to adjust for securities losses, net of tax		—	%		—	%		—	%		1.13	%		0.00	%		0.27	%		0.00	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		—	%		(1.13)	%		—	%		(0.27)	%		—	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		—	%		0.45	%		—	%		0.11	%		—	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.03	%		0.10	%		0.11	%		0.33	%		0.04	%		0.14	%		0.03	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		—	%		0.04	%		—	%		0.01	%		—	%
Effect to adjust for FDIC special assessment, net of tax		(0.02)	%		—	%		—	%		—	%		(0.00)	%		0.00	%		0.01	%
Adjusted return on average assets (non-GAAP)		1.48	%		1.59	%		1.45	%		1.38	%		1.27	%		1.48	%		1.21	%

Adjusted Return on Average Common Equity (non-GAAP) (2)
Return on average common equity (GAAP)		10.90	%		11.04	%		9.93	%		4.29	%		9.72	%		9.13	%		9.41	%
Effect to adjust for securities losses, net of tax		—	%		—	%		—	%		8.61	%		0.00	%		2.04	%		0.00	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		—	%		(8.63)	%		—	%		(2.05)	%		—	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		—	%		3.46	%		—	%		0.82	%		—	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.15	%		0.71	%		0.86	%		2.56	%		0.34	%		1.05	%		0.27	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		—	%		0.27	%		—	%		0.06	%		—	%
Effect to adjust for FDIC special assessment, net of tax		(0.13)	%		—	%		—	%		—	%		(0.03)	%		(0.03)	%		0.05	%
Adjusted return on average common equity (non-GAAP)		10.92	%		11.75	%		10.79	%		10.56	%		10.03	%		11.02	%		9.73	%

Return on Average Common Tangible Equity (non-GAAP) (3)
Return on average common equity (GAAP)		10.90	%		11.04	%		9.93	%		4.29	%		9.72	%		9.13	%		9.41	%
Effect to adjust for intangible assets		8.20	%		8.58	%		8.24	%		4.70	%		5.37	%		7.55	%		5.57	%
Return on average tangible equity (non-GAAP)		19.10	%		19.62	%		18.17	%		8.99	%		15.09	%		16.68	%		14.98	%

Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)
Return on average common equity (GAAP)		10.90	%		11.04	%		9.93	%		4.29	%		9.72	%		9.13	%		9.41	%
Effect to adjust for securities losses, net of tax		—	%		—	%		—	%		8.61	%		0.00	%		2.04	%		0.00	%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax		—	%		—	%		—	%		(8.63)	%		—	%		(2.05)	%		—	%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax		—	%		—	%		—	%		3.46	%		—	%		0.82	%		—	%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)		0.15	%		0.71	%		0.86	%		2.56	%		0.34	%		1.05	%		0.27	%
Effect to adjust for deferred tax remeasurement		—	%		—	%		—	%		0.27	%		—	%		0.06	%		—	%
Effect to adjust for FDIC special assessment, net of tax		(0.13)	%		—	%		—	%		—	%		(0.03)	%		(0.03)	%		0.05	%
Effect to adjust for intangible assets, net of tax		8.22	%		9.06	%		8.82	%		9.29	%		5.53	%		8.83	%		5.74	%
Adjusted return on average common tangible equity (non-GAAP)		19.14	%		20.81	%		19.61	%		19.85	%		15.56	%		19.85	%		15.47	%


	Three Months Ended															Twelve Months Ended
	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,			Dec. 31,
RECONCILIATION OF GAAP TO NON-GAAP	2025			2025			2025			2025			2024			2025			2024
Adjusted Efficiency Ratio (non-GAAP) (4)
Efficiency ratio		49.65	%		49.88	%		52.75	%		60.97	%		55.73	%		53.14	%		56.93	%
Effect to adjust for securities losses		—	%		—	%		—	%		(13.35)	%		0.00	%		(3.84)	%		(0.00)	%
Effect to adjust for gain on sale leaseback, net of transaction costs		—	%		—	%		—	%		13.39	%		—	%		3.85	%		—	%
Effect to adjust for merger, branch consolidation, severance related and other expense (8)		(0.65)	%		(2.99)	%		(3.66)	%		(10.77)	%		(1.45)	%		(4.39)	%		(1.14)	%
Effect to adjust for FDIC special assessment		0.56	%		—	%		—	%		—	%		0.14	%		0.15	%		(0.26)	%
Adjusted efficiency ratio		49.56	%		46.89	%		49.09	%		50.24	%		54.42	%		48.91	%		55.53	%

Tangible Book Value Per Common Share (non-GAAP) (3)
Book value per common share (GAAP)	$	91.38		$	89.14		$	86.71		$	84.99		$	77.18
Effect to adjust for intangible assets		(35.11)			(34.66)			(34.75)			(34.92)			(26.07)
Tangible book value per common share (non-GAAP)	$	56.27		$	54.48		$	51.96		$	50.07		$	51.11

Tangible Equity-to-Tangible Assets (non-GAAP) (3)
Equity-to-assets (GAAP)		13.48	%		13.64	%		13.36	%		13.24	%		12.70	%
Effect to adjust for intangible assets		(4.72)	%		(4.83)	%		(4.90)	%		(4.99)	%		(3.91)	%
Tangible equity-to-tangible assets (non-GAAP)		8.76	%		8.81	%		8.46	%		8.25	%		8.79	%

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 $50.3 million, $83.0 million, $63.5 million, $61.8 million, and $2.9 million, during the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and $258.6 million and $14.4 million during the twelve months ended December 31, 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 $4.5 million, $20.9 million, $24.4 million, $68.0 million, and $6.5 million for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and $117.8 million and $20.1 million for the twelve months ended December 31, 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 for the twelve months ended December 31, 2025 and 2024, respectively; (c) pre-tax gain on sale leaseback, net of transaction costs of $229,279 for the quarter ended March 31, 2025 and for the twelve months ended December 31, 2025; (d) pre-tax FDIC special assessment of $(3.8) million and $(621,000) for the quarters ended December 31, 2025 and December 31, 2024, respectively, and $(3.8) million and $3.9 million for the twelve months ended December 31, 2025 and 2024, respectively; and (e) deferred tax asset remeasurement of $5.6 million for the quarter ended March 31, 2025 and for the twelve months ended December 31, 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, FDIC special assessment, and amortization of intangible assets, divided by net interest income and noninterest income excluding gains (losses) on sales of securities, net and gain on sale leaseback, net of transaction costs. The pre-tax amortization expenses of intangible assets were $23.4 million, $23.4 million, $24.0 million, $23.8 million, and $5.3 million for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively and $94.7 million and $22.4 million for the twelve months ended December 31, 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)	December 31, 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, and $329,000 for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively, and $(3.5) million, and $8.3 million for the twelve months ended December 31, 2025 and 2024, respectively.
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Cautionary Statement Regarding Forward Looking Statements

Exhibit 99.2

Earnings Call 4Q 2025<br>January 23, 2026
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>$67B<br>Assets<br>$49B<br>Loans<br>$55B<br>Deposits<br>$10B<br>Market Cap<br>342<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 35.<br>PROJECTED POPULATION GROWTH(2)<br>3<br>Fastest-growing 20% of<br>Fort Collins MSAs highlighted in blue<br>Denver<br>Dallas<br>Austin<br>Houston<br>Birmingham<br>Richmond<br>Charleston<br>Atlanta<br>Augusta<br>Savannah<br>Jacksonville<br>Tampa<br>Miami<br>Orlando<br>Winter Haven<br>Charlotte<br>Greenville
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SOUTHSTATE’S COMPETITIVE ADVANTAGE<br>GEOGRAPHY<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>24%<br>23%<br>16%<br>15% 21%<br>12%<br>% Loans<br>7% % Deposits<br>6%<br>18%<br>16%<br>For end note descriptions, see Earnings Presentation End Notes starting on slide 35.<br>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)
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Sources: U.S. Census Bureau<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 35.<br>9<br>$2.59<br>$2.84<br>$3.08<br>$3.41<br>$3.21<br> $2.00<br> $2.40<br> $2.80<br> $3.20<br> $3.60<br>4Q24 1Q25 2Q25 3Q25 4Q25
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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 35.<br>10<br>3Q25 4Q25<br>GAAP<br>Net Income $ 246.6 $ 247.7<br>EPS (Diluted) $ 2.42 $ 2.46<br>Return on Average Assets 1.49 % 1.47 %<br>Non-GAAP(1)<br>Return on Average Tangible Common Equity 19.6 % 19.1 %<br>Non-GAAP, Adjusted(1)<br>Net Income $ 262.7 $ 248.2<br>EPS (Diluted) $ 2.58 $ 2.47<br>Return on Average Assets 1.59 % 1.48 %<br>Return on Average Tangible Common Equity 20.8 % 19.1 %
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QUARTERLY HIGHLIGHTS	4Q 2025<br>* : Annualized percentages<br>(1) ~ (5) For end note descriptions, see Earnings Presentation End Notes starting on slide 35.<br>11<br>• Reported Diluted Earnings per Share (“EPS”) of $2.46, an increase of 32% year over year; adjusted Diluted EPS (non-GAAP)(1) of $2.47, an<br>increase of 28% year over year<br>• Pre-Provision Net Revenue (“PPNR”)(non-GAAP)(2) of $322.7 million<br>• 4Q25 vs. 4Q24 PPNR/share growth (non-GAAP)(2) of 24%<br>• Tangible Book Value (“TBV”) per Share (Non-GAAP)(3) of $56.27, an increase of 10% year over year, after closing the Independent Financial<br>(“Independent”) acquisition, raised our dividend 11%, and repurchasing 2.4% of the Company’s shares<br>• Net interest margin, non-tax equivalent and tax equivalent (non-GAAP)(4) of 3.85% and 3.86%, respectively, down 0.20% from prior quarter<br>• Noninterest Income of $105.8 million, up $7 million compared to the prior quarter, primarily due to an increase in correspondent banking<br>and capital markets income<br>• Net charge-offs of 9 bps<br>• Loans increased by $931 million, or 8%, and deposits increased by $1.1 billion, or 8%*<br>• Total loan yield of 6.13%, down 0.35% from prior quarter; total deposit cost of 1.82%, down 0.09% from prior quarter<br>• Efficiency ratio and adjusted efficiency ratio (non-GAAP)(1) of 50%<br>• The Board of Directors approved a new stock repurchase program authorizing the Company to repurchase up to 5,560,000 of the Company’s<br>common shares replacing the pre-existing authorization, which had 560,000 shares remaining and was cancelled as part of the Board<br>approval of the 2026 repurchase plan
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FULL YEAR HIGHLIGHTS	2025<br>(1) ~ (4) For end note descriptions, see Earnings Presentation End Notes starting on slide 35.<br>12<br>• Earnings<br>o Reported Diluted EPS of $7.87, an increase of 13% compared to the prior year<br>o Adjusted Diluted EPS (Non-GAAP)(1) of $9.50, an increase of 32% compared to the prior year<br>o PPNR/share (non-GAAP)(2) of $12.55, up 30% from 2024<br>• Returns on Capital<br>o Return on Average Common Equity of 9.13%; Return on Average Tangible Common Equity (Non-GAAP)(3) of 16.7%<br>o Adjusted Return on Average Tangible Common Equity (Non-GAAP)(3) of 19.9%<br>o Return on Average Assets (“ROAA”) of 1.22% and Adjusted ROAA (Non-GAAP)(3) of 1.48%<br>• Capital<br>o Closed Independent acquisition<br>o Executed sale-leaseback transaction and offsetting securities portfolio restructuring<br>o Increased dividend 11%<br>o Repurchased 2.4% of the Company’s shares<br>o Grew Book Value per Share 18% and Tangible Book Value per Share (Non-GAAP)(4) 10%
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$369.8<br>$544.5 $577.9 $599.7 $581.1<br>3.48%<br>3.85%<br>4.02%<br>4.06%<br>3.86%<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>4Q24 1Q25 2Q25 3Q25 4Q25<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 35.<br>13
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LOAN PRODUCTION VS LOAN GROWTH<br>$1,233 $1,352<br>$2,049<br>$1,648<br>$1,932 $2,124<br>$3,335 $3,375<br>$3,915<br>$372 $279 $568 $314 $355<br>$(263)<br>$501 $401<br>$931<br> $(500)<br>$—<br> $500<br> $1,000<br> $1,500<br> $2,000<br> $2,500<br> $3,000<br> $3,500<br> $4,000<br>4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25<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 35.<br>14<br>(1)<br>(2)<br>(1)
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Balance Sheet
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4Q24 1Q25 2Q25 3Q25 4Q25<br>DDA / Total Deposits 27% 26% 26% 25% 24%<br>LOAN AND DEPOSIT TRENDS<br>$33.9<br>$46.8 $47.3 $47.7 $48.6<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>4Q24 1Q25 2Q25 3Q25 4Q25<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 35. 16<br>$10.2 $13.8 $13.7 $13.4 $13.4<br>$8.2<br>$12.0 $12.6 $12.9 $13.8<br>$15.5<br>$20.4 $19.7 $20.1 $20.6 $4.2<br>$7.2 $7.7 $7.6 $7.4<br>$38.1B<br>$53.3B $53.7B $54.1B $55.1B<br>$—<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>19%<br>CDL (1)<br>5%<br>Cons / Other<br>2%<br>TOTAL LOAN PORTFOLIO<br>17<br>Data as of December 31, 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 35.<br>Loan Type<br>No. of<br>Loans Balance<br>Avg. Loan<br>Balance<br>Investor CRE 11,416 $ 17.9B $ 1,566,700<br>Consumer RE 50,444 10.5B 207,200<br>Owner-Occupied CRE 8,886 7.6B 852,700<br>C & I 22,333 9.2B 411,300<br>Constr., Dev. & Land 3,530 2.5B 721,900<br>Cons / Other 46,827 1.0B 20,300<br>Total 143,436 $ 48.6B $ 338,800<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>$48.6 Billion
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PREMIUM CORE † DEPOSIT FRANCHISE<br>Noninterest-bearing<br>Checking<br>$13.4B<br>Interest-bearing<br>Checking<br>$13.8B<br>Savings<br>$2.8B<br>Money<br>Market<br>$17.8B<br>Time<br>Deposits<br>$7.4B<br>18<br>Data as of December 31, 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 35.<br>Total Deposits<br>$55.1 Billion<br>Deposits by Type<br>1.82%<br>2.03%<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 4Q25<br>(1)
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Credit
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0.63% 0.60%<br>0.68% 0.67% 0.64%<br>—%<br> 0.25%<br> 0.50%<br> 0.75%<br> 1.00%<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Nonperforming Assets to Loans & OREO<br>1.15% 1.41% 1.44% 1.54%<br>1.25%<br>2.86% 2.84% 2.99% 3.10%<br>3.68%<br>—%<br> 1.00%<br> 2.00%<br> 3.00%<br> 4.00%<br> 5.00%<br>4Q24 1Q25 2Q25 3Q25 4Q25<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 $259 million, $310 million, $393 million, $457 million, $37 million, $40 million, $43 million, and $47 million, for the quarters ended December 31, 2025,<br>September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.<br>20<br>0.06% 0.04% 0.06%<br>0.27%<br>0.09%<br>—%<br> 0.25%<br> 0.50%<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Net Charge-Offs to Loans<br>$470 $472 $468 $465 $624 $621 $590 $585<br>$53 $50 $42 $45<br>$62 $65 $69 $70<br>1.60% 1.57% 1.52% 1.51%<br>1.47% 1.45% 1.38% 1.35%<br> 1.00%<br> 1.40%<br> 1.80%<br> 2.20%<br> $150<br> $300<br> $450<br> $600<br> $750<br>1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25<br>$ 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%<br>0.11% 0.12% 0.12% 0.12%<br>0.14%<br>0.16%<br>0.17% 0.17%<br>0.21% 0.21%<br>0.23% 0.23% 0.24%<br>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>21<br>Net Charge-offs (“NCO”) / Average Loans (1) : 2015 – 3Q 2025 YTD Average<br>SSB Peer<br>Average (1)
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Capital
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CAPITAL RATIOS<br>3Q25 4Q25(2)<br>Tangible Common Equity(1) 8.8 % 8.8 %<br>Tier 1 Leverage 9.4 % 9.3 %<br>Tier 1 Common Equity 11.5 % 11.4 %<br>Tier 1 Risk-Based Capital 11.5 % 11.4 %<br>Total Risk-Based Capital 14.0 % 13.8 %<br>Bank CRE Concentration Ratio 272 % 272 %<br>Bank CDL Concentration Ratio 38 % 35 %<br>(1)&(2) For end note descriptions, see Earnings Presentation End Notes starting on slide 35.<br>23
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Appendix
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CURRENT & HISTORICAL 5 - QTR PERFORMANCE (1)<br>82% 86% 87% 86% 85%<br>18% 14% 13% 14% 15%<br>$451M $631M $665M $700M $688M<br>4.10%<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>4Q24 1Q25 2Q25 3Q25 4Q25<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 35.<br>$81 $86 $87 $99 $106<br>0.69%<br>0.54% 0.54%<br>0.60% 0.63%<br>0.2%<br>0.4%<br>0.6%<br>0.8%<br>1.0%<br>$—<br> $22<br> $44<br> $66<br> $88<br> $110<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>$ in millions<br>Noninterest Income<br>Noninterest Income Noninterest Income / Avg. Assets<br>$370<br>$545 $579 $600 $582<br>3.48%<br>3.85%<br>4.02% 4.06%<br>3.86%<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> $620<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>$ in millions<br>Net Interest Margin (“NIM”, TE)<br>NIM, TE ($) NIM, TE (%)<br>56% 61% 54% 50% 53% 49% 50% 47% 50% 50%<br>—%<br> 15%<br> 30%<br> 45%<br> 60%<br> 75%<br> 90%<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Efficiency Ratio<br>Efficiency Ratio Adjusted Efficiency Ratio<br>25<br>(2)
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Correspondent banking and capital<br>markets income, gross $ 20,905 $ 16,715 $ 19,161 $ 25,522 $ 30,638<br>Interest on centrally-cleared<br>Variation Margin ("VM")(1) (7,350) (7,170) (5,394) (4,318) (3,167)<br> Total Correspondent Banking and<br>Capital Markets Income $ 13,555 $ 9,545 $ 13,767 $ 21,204 $ 27,471<br>$(7.4) $(7.2) $(5.4) $(4.3) $(3.2)<br>$20.9<br>$16.7<br>$19.2<br>$25.5<br>$30.6<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> $35<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>$ 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>26<br>1,319 Financial Institution Clients<br>(1) For end note descriptions, see Earnings Presentation End Notes starting on slide 35.
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Dollars in billions, unless otherwise noted; data as of December 31, 2025<br>Amounts may not total due to rounding.<br>† , (1)~(4) For end note descriptions, see Earnings Presentation End Notes starting on slide 35.<br>2.50%<br>2.99%<br>3.50% 3.50%<br>3.40%<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>4Q24 1Q25 2Q25 3Q25 4Q25<br>Investment Securities Yield(2)<br>HIGH QUALITY INVESTMENT PORTFOLIO<br>79%<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) $4.7B 3.6 $1.9B 6.0<br>Municipal 1.0B 7.8 — —<br>Treasury, Agency & SBA 0.6B 2.2 0.2B 5.7<br>Corporates 0.02B 0.5 — —<br>Total $6.3B 4.2 $2.0B 6.0<br>27<br>Total Investment<br>Portfolio†<br>$8.4 Billion
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NON - GAAP RECONCILIATIONS – ADJUSTED NET INCOME & ADJUSTED<br>EARNINGS PER SHARE (“EPS”) (UNAUDITED)<br>Dollars in thousands, except for per share data<br>(1) Includes pre-tax cyber incident (reimbursement) costs of $3,000 for the quarter ended September 30, 2025, and $(3.5) million and $8.3 million for the years ended December 31, 2025 and 2024, respectively.<br>28<br>Adjusted Net Income<br>3Q25 4Q25 2024 2025<br>Net income (GAAP) $ 246,641 $ 247,722 $ 534,783 $ 798,667<br>Plus:<br>Securities losses, net of tax — — 38 178,639<br>Gain on sale leaseback, net of transaction costs and tax — — — (179,004)<br>PCL - NonPCD loans and UFC, net of tax — — — 71,892<br>FDIC special assessment, net of tax — (3,012) 2,884 (3,012)<br>Deferred tax asset remeasurement — — — 5,581<br>Merger, branch consolidation, severance related and other expense, net of tax (1) 16,032 3,529 15,374 91,248<br>Adjusted Net Income (Non-GAAP) $ 262,673 $ 248,239 $ 553,079 $ 964,011<br>Adjusted EPS<br>3Q25 4Q25 2024 2025<br>Diluted weighted-average common shares 101,735 100,619 76,762 101,499<br>Adjusted net income (non-GAAP) $ 262,673 $ 248,239 $ 553,079 $ 964,011<br>Adjusted EPS, Diluted (Non-GAAP) $ 2.58 $ 2.47 $ 7.21 $ 9.50
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NON - GAAP RECONCILIATIONS – RETURN ON AVG. TANGIBLE<br>COMMON EQUITY (UNAUDITED)<br>Dollars in thousands<br>* Quarter-to-date return on average tangible common equity is annualized.<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>Return on Average Tangible Equity <br>3Q25 4Q25 2024 2025<br>Net income (GAAP) $ 246,641 $ 247,722 $ 534,783 $ 798,667<br>Plus:<br>Amortization of intangibles 23,426 23,417 22,395 94,722<br>Effective tax rate 23 % 21 % 24 % 23 %<br>Amortization of intangibles, net of tax 17,979 18,392 17,103 73,235<br>Net income plus after-tax amortization of intangibles (non-GAAP) $ 264,620 $ 266,114 $ 551,886 $ 871,902<br>Average shareholders' common equity $ 8,867,408 $ 9,019,516 $ 5,685,968 $ 8,751,375<br>Less:<br>Average intangible assets 3,516,575 3,491,305 2,001,262 3,525,209<br>Average tangible common equity $ 5,350,833 $ 5,528,211 $ 3,684,706 $ 5,226,166<br> Return on Average Tangible Common Equity (Non-GAAP) 19.6% 19.1% 15.0% 16.7%
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NON - GAAP RECONCILIATIONS – ADJUSTED RETURN ON AVG. ASSETS<br>& AVG. TANGIBLE COMMON EQUITY (UNAUDITED)<br>Dollars in thousands<br>* Quarter-to-date adjusted return on average assets and average tangible common equity are annualized.<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. 30<br>Dollars in thousands, except for per share data<br>Adjusted Return on Average Assets <br>3Q25 4Q25 2024 2025<br>Adjusted net income (non-GAAP) $ 262,673 $ 248,239 $ 553,079 $ 964,011<br>Total average assets 65,489,544 66,639,370 45,637,021 65,248,083<br>Adjusted Return on Average Assets (Non-GAAP) 1.59% 1.48% 1.21% 1.48%<br>Adjusted Return on Average Tangible Common Equity <br>3Q25 4Q25 2024 2025<br>Adjusted net income (non-GAAP) $ 262,673 $ 248,239 $ 553,079 $ 964,011<br>Plus:<br>Amortization of intangibles, net of tax 17,979 18,392 17,103 73,235<br>Adjusted net income plus after-tax amortization of intangibles (non-GAAP) $ 280,652 $ 266,631 $ 570,182 $ 1,037,246<br>Average tangible common equity $ 5,350,833 $ 5,528,211 $ 3,684,706 $ 5,226,166<br>Adjusted Return on Average Tangible Common Equity (Non-GAAP) 20.81% 19.14% 15.47% 19.85%
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NON - GAAP RECONCILIATIONS – NET INTEREST MARGIN (UNAUDITED)<br>Dollars in thousands<br>31<br>Dollars in thousands, except for per share data<br>Net Interest Margin - Tax Equivalent (Non-GAAP)<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Net interest income (GAAP) $ 369,779 $ 544,547 $ 577,948 $ 599,697 $ 581,115<br>Tax equivalent adjustments 547 784 672 718 800<br>Net interest income (tax equivalent) (Non-GAAP) $ 370,326 $ 545,331 $ 578,620 $ 600,415 $ 581,915<br>Average interest earning assets $ 42,295,376 $ 57,497,453 $ 57,710,001 $ 58,727,110 $59,872,113<br>Net Interest Margin - Tax Equivalent (Non-GAAP) 3.48% 3.85% 4.02% 4.06% 3.86%
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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, and $329,000 for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024,<br>respectively, and $(3.5) million and $8.3 million for the years ended December 31, 2025 and 2024, respectively. 32<br>4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025<br>Net interest income (GAAP) $ 369,779 $ 544,547 $ 577,948 $ 599,697 $ 581,115 $ 1,415,454 $ 2,303,307<br>Plus:<br>Noninterest income 80,545 86,088 86,817 99,086 105,753 302,262 377,744<br>Less:<br>Losses on sales of securities, net (50) (228,811) — — — (50) (228,811)<br>Gain on sale leaseback, net of transaction costs — 229,279 — — — — 229,279<br>Total revenue, adjusted (non-GAAP) $ 450,374 $ 630,167 $ 664,765 $ 698,783 $ 686,868 $ 1,717,766 $ 2,680,583<br>Less:<br>Noninterest expense 256,609 408,826 375,061 372,342 364,855 1,001,493 1,521,084<br>PPNR (Non-GAAP) $ 193,765 $ 221,341 $ 289,704 $ 326,441 $ 322,013 $ 716,273 $ 1,159,499<br>Plus:<br>Merger, branch consolidation, severance related and other expense (1) 6,531 68,006 24,379 20,889 4,494 20,133 117,768<br>FDIC Special Assessment (621) — — — (3,835) 3,852 (3,835)<br>Total adjustments $ 5,910 $ 68,006 $ 24,379 $ 20,889 $ 659 $ 23,985 $ 113,933<br>PPNR, Adjusted (Non-GAAP) $ 199,675 $ 289,347 $ 314,083 $ 347,330 $ 322,672 $ 740,258 $ 1,273,432<br>Weighted average common shares outstanding, diluted 76,958 101,829 101,845 101,735 100,619 76,762 101,499<br>PPNR, Adjusted per Weighted Avg. Common Shares Outstanding, Diluted (Non-GAAP) $ 2.59 $ 2.84 $ 3.08 $ 3.41 $ 3.21 $ 9.64 $ 12.55<br>Correspondent & Capital Markets Income<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>ARC revenues $ 3,379 $ 414 $ 5,083 $ 8,926 $ 14,345<br>FI revenues 7,190 6,398 6,192 8,045 8,918<br>Operational revenues 2,986 2,733 2,492 4,233 4,208<br>Total Correspondent & Capital Markets Income $ 13,555 $ 9,545 $ 13,767 $ 21,204 $ 27,471<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, and $329,000 for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024,<br>respectively. 33<br>4Q24 1Q25 2Q25 3Q25 4Q25<br>Noninterest expense (GAAP) $ 256,609 $ 408,826 $ 375,061 $ 372,342 $ 364,855<br>Less: Amortization of intangible assets 5,326 23,831 24,048 23,426 23,417<br>Adjusted noninterest expense (non-GAAP) $ 251,283 $ 384,995 $ 351,013 $ 348,916 $ 341,438<br>Net interest income (GAAP) $ 369,779 $ 544,547 $ 577,948 $ 599,697 $ 581,115<br>Tax Equivalent ("TE") adjustments 547 784 672 718 800<br>Net interest income, TE (non-GAAP) $ 370,326 $ 545,331 $ 578,620 $ 600,415 $ 581,915<br>Noninterest income (GAAP) $ 80,545 $ 86,088 $ 86,817 $ 99,086 $ 105,753<br>Efficiency Ratio (Non-GAAP) 56% 61% 53% 50% 50%<br>Noninterest income (GAAP) $ 80,545 $ 86,088 $ 86,817 $ 99,086 $ 105,753<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) $ 80,595 $ 85,620 $ 86,817 $ 99,086 $ 105,753<br>Noninterest expense (GAAP) $ 256,609 $ 408,826 $ 375,061 $ 372,342 $ 364,855<br>Less:<br>Merger, branch consolidation, severance related and other expense (1) 6,531 68,006 24,379 20,889 4,494<br>FDIC special assessment (621) — — — (3,835)<br>Amortization of intangible assets 5,326 23,831 24,048 23,426 23,417<br>Total adjustments $ 11,236 $ 91,837 $ 48,427 $ 44,315 $ 24,076<br>Adjusted noninterest expense (non-GAAP) $ 245,373 $ 316,989 $ 326,634 $ 328,027 $ 340,779<br>Adjusted Efficiency Ratio (Non-GAAP) 54% 50% 49% 47% 50%<br>Efficiency Ratio (Non-GAAP) & Adjusted Efficiency Ratio (Non-GAAP)
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NON - GAAP RECONCILIATIONS – TANGIBLE BOOK VALUE PER SHARE &<br>TANGIBLE COMMON EQUITY RATIO (UNAUDITED)<br>Dollars in thousands<br>34<br>Tangible Book Value per Common Share<br>3Q25 4Q25<br>Shareholders' common equity (excludes preferred stock) $ 5,890,415 $ 9,059,108<br>Less: Intangible assets 1,989,564 3,480,385<br>Tangible shareholders' common equity (excludes preferred stock) $ 3,900,851 $ 5,578,723<br>Common shares issued and outstanding 76,322,206 99,138,204<br>Tangible Book Value per Common Share (Non-GAAP) $ 51.11 $ 56.27<br>Tangible Common Equity ("TCE") Ratio<br>3Q25 4Q25<br>Tangible common equity (non-GAAP) $ 5,507,177 $ 5,578,723<br>Total assets (GAAP) 66,048,210 67,197,412<br>Less:<br>Intangible assets 3,503,949 3,480,385<br>Tangible asset (non-GAAP) $ 62,544,261 $ 63,717,027<br>TCE Ratio (Non-GAAP) 8.8% 8.8%
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EARNINGS PRESENTATION END NOTES<br>35<br>Slide 3 End Notes<br>(1) Financial metrics as of December 31, 2025; market cap as of January 21, 2026<br>(2) Projected population growth shown as the percent growth 2026 – projected 2031<br>(3) Includes MSAs with greater than 1 million in total population in 2026<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 December 31, 2025; excludes loans and deposits from national lines of business and brokered deposits<br>• Source: S&P Global (Projected Population Growth)<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 losses on sales of securities, gain on sale leaseback, net of transaction costs, FDIC<br>special assessment, 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 FDIC special assessment and<br>merger, branch consolidation, severance related and other restructuring expenses, net of tax - See reconciliation of GAAP to Non-GAAP measures in Appendix.<br>Slide 11 End Notes<br>(1) Adjusted diluted EPS excludes the impact of FDIC special assessment and merger, branch consolidation, severance related and other restructuring expenses, net of tax; Adjusted efficiency ratio is<br>calculated by taking the noninterest expense excluding FDIC special assessment, merger, branch consolidation and severance related expenses and amortization of intangible assets - See reconciliation<br>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 FDIC special assessment and merger, branch consolidation, severance<br>related and other restructuring expenses - See reconciliation of GAAP to Non-GAAP measures in Appendix.<br>(3) 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>(4) Tax equivalent NIM is a Non-GAAP financial measure - See reconciliation of GAAP to Non-GAAP measures in Appendix.<br>(5) Excluding acquisition date charge-offs recorded in connection with the Independent merger.<br>Slide 12 End Notes<br>(1) Adjusted diluted EPS excludes the impact of losses on sales of securities, gain on sale leaseback, net of transaction costs, PCL on non-PCD loans and unfunded commitments, FDIC special assessment,<br>deferred tax asset remeasurement, and merger, branch consolidation, severance related and other restructuring expenses, net of tax - See reconciliation of GAAP to Non-GAAP measures in Appendix.<br>(2) Adjusted PPNR per weighted average diluted share are non-GAAP financial measures that exclude the impact of losses on sales of securities, gain on sale leaseback, net of transaction costs, FDIC special<br>assessment and merger, branch consolidation, severance related and other restructuring expenses - See reconciliation of GAAP to Non-GAAP measures in Appendix.<br>(3) Adjusted return excludes the impact of losses on sales of securities, gain on sale leaseback, net of transaction costs, PCL on non-PCD loans and unfunded commitments, FDIC special assessment,<br>deferred tax asset remeasurement, and merger, branch consolidation, severance related and other restructuring expenses, net of tax; The tangible measures are non-GAAP measures and exclude the<br>effect of period end intangible assets. - See reconciliation of GAAP to Non-GAAP measures in Appendix.<br>(4) 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.
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EARNINGS PRESENTATION END NOTES<br>36<br>Slide 13 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 14 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.<br>Slide 16 End Notes<br>(1) Excludes loans held for sale.<br>Slide 17 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 18 End Notes<br>† Core deposits defined as non-time deposits<br>(1) Source: S&P Global Market Intelligence; 4Q25 MRQs available as of January 21, 2026; Peers as disclosed in the most recent SSB proxy statement.<br>Slide 23 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 25 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, severance related and other restructuring expenses, FDIC special assessment, 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 26 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 27 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 December 31, 2025.<br>(4) Based on current book value
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