SouthState Bank Corporation Reports Second Quarter 2026 Results, Declares an Increase in the Quarterly Cash Dividend

SouthState Bank Corporation Reports Second Quarter 2026 Results, Declares an Increase in the Quarterly Cash Dividend July 23, 2026 , /PRNewswire/ -- SouthState Bank Corporation ("SouthState" or the "Company") (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month and six-month periods ended June 30, 2026. "We continue to make progress on our priorities of balance sheet growth, opportunistic hiring, active share repurchases and building our artificial intelligence capabilities," said John C. Corbett, SouthState's Chief Executive Officer. "The second quarter featured solid loan growth, a stable net interest margin, unchanged deposit costs, and improved efficiency. Asset quality trends also improved, with a decline in non-accruals and charge-offs of just 6 basis points. Over the past year, we've retired nearly 5% of our share count, raised our dividend by 11% and grown tangible book value by 13%. We remain focused on delivering for our shareholders." Highlights of the second quarter of 2026 include: Returns Reported diluted Earnings per Share ("EPS") and Adjusted Diluted EPS (Non-GAAP) of $2.35, up 11% year over year on a reported basis and 2% year over year on an adjusted basisNet Income of $230 millionReturn on Average Common Equity of 10.2%; Return on Average Tangible Common Equity (Non-GAAP) of 17.6%*Return on Average Assets ("ROAA") of 1.36%*Book Value per Share of $94.17Tangible Book Value ("TBV") per Share (Non-GAAP) of $58.72, an increase of 13% year over year, after raising the dividend by 11%, and repurchasing nearly 5% of the Company's shares over the past year Performance Net Interest Income of $576 million, an increase of $14 million, or 3%, compared to the prior quarterNoninterest Income of $97 million, a decrease of $3 million compared to the prior quarter primarily due to mortgage banking income; Noninterest Income represented 0.57% of average assets for the second quarter of 2026*Noninterest Expense of $358 million, a decrease of $2 million compared to the prior quarter primarily due to OREO and loan related expenseNet Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP), of 3.78%Net charge-offs totaled $8 million, or 0.06%* of average loans$16 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.30% of loansEfficiency Ratio improved to 50% from the prior quarter Balance Sheet Loans increased by $1.4 billion, or 11%*, compared to the prior quarter and increased by $3.6 billion, or 8%, year over year; deposits increased by $474 million, or 3%*, and increased by $2.7 billion, or 5%, year over year; ending loan to deposit ratio of 90%Total deposit cost of 1.76%, unchanged from the prior quarterStrong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.7%, 13.5%, 9.4%, and 11.1%, respectively† Subsequent Events The Board of Directors of the Company increased its quarterly cash dividend on its common stock from $0.60 per share to $0.66 per share; the dividend is payable on August 14, 2026 to shareholders of record as of August 7, 2026 ∗ Annualized percentages † Preliminary Financial Performance Three Months Ended Six Months Ended (Dollars in thousands, except per share data) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Jun. 30, Jun. 30, INCOME STATEMENT 2026 2026 2025 2025 2025 2026 2025 Interest Income Loans, including fees (1) $ 744,652 $ 721,571 $ 748,106 $ 782,382 $ 746,448 $ 1,466,222 $ 1,471,088 Investment securities, trading securities, federal funds sold and securities purchased under agreements to resell 93,607 95,258 100,640 99,300 94,056 188,866 177,982 Total interest income 838,259 816,829 848,746 881,682 840,504 1,655,088 1,649,070 Interest Expense Deposits 244,216 238,522 250,189 257,271 241,593 482,738 487,550 Federal funds purchased, securities sold under agreements to repurchase, and other borrowings 18,094 16,702 17,442 24,714 20,963 34,796 39,025 Total interest expense 262,310 255,224 267,631 281,985 262,556 517,534 526,575 Net Interest Income 575,949 561,605 581,115 599,697 577,948 1,137,554 1,122,495 Provision for credit losses 15,919 10,808 6,605 5,085 7,505 26,727 108,067 Net Interest Income after Provision for Credit Losses 560,030 550,797 574,510 594,612 570,443 1,110,827 1,014,428 Noninterest Income Operating income 96,726 100,098 105,753 99,086 86,817 196,824 172,437 Securities losses, net — — — — — — (228,811) Gain on sale leaseback, net of transaction costs — — — — — — 229,279 Total noninterest income 96,726 100,098 105,753 99,086 86,817 196,824 172,905 Noninterest Expense Operating expense 357,749 359,524 364,196 351,453 350,682 717,273 691,502 Merger, branch consolidation, severance related, and other expense (8) — — 4,494 20,889 24,379 — 92,385 FDIC special assessment — — (3,835) — — — — Total noninterest expense 357,749 359,524 364,855 372,342 375,061 717,273 783,887 Income before Income Tax Provision 299,007 291,371 315,408 321,356 282,199 590,378 403,446 Income tax provision 68,985 65,551 67,686 74,715 66,975 134,536 99,142 Net Income $ 230,022 $ 225,820 $ 247,722 $ 246,641 $ 215,224 $ 455,842 $ 304,304 Adjusted Net Income (non-GAAP) (2) Net Income (GAAP) $ 230,022 $ 225,820 $ 247,722 $ 246,641 $ 215,224 $ 455,842 $ 304,304 Securities losses, net of tax — — — — — — 178,639 Gain on sale leaseback, net of transaction costs and tax — — — — — — (179,004) Initial provision for credit losses - Non-PCD loans and UFC from Independent, net of tax — — — — — — 71,892 Merger, branch consolidation, severance related, and other expense, net of tax (8) — — 3,529 16,032 18,593 — 71,687 Deferred tax asset remeasurement — — — — — — 5,581 FDIC special assessment, net of tax — — (3,012) — — — — Adjusted Net Income (non-GAAP) $ 230,022 $ 225,820 $ 248,239 $ 262,673 $ 233,817 $ 455,842 $ 453,099 Basic earnings per common share $ 2.36 $ 2.29 $ 2.48 $ 2.44 $ 2.12 $ 4.66 $ 3.00 Diluted earnings per common share $ 2.35 $ 2.28 $ 2.46 $ 2.42 $ 2.11 $ 4.64 $ 2.99 Adjusted net income per common share - Basic (non-GAAP) (2) $ 2.36 $ 2.29 $ 2.48 $ 2.60 $ 2.30 $ 4.66 $ 4.47 Adjusted net income per common share - Diluted (non-GAAP) (2) $ 2.35 $ 2.28 $ 2.47 $ 2.58 $ 2.30 $ 4.64 $ 4.45 Dividends per common share $ 0.60 $ 0.60 $ 0.60 $ 0.60 $ 0.54 $ 1.20 $ 1.08 Basic weighted-average common shares outstanding 97,300,899 98,544,242 100,063,315 101,218,431 101,495,456 97,919,136 101,452,777 Diluted weighted-average common shares outstanding 97,676,767 98,922,258 100,618,796 101,735,095 101,845,360 98,292,252 101,835,756 Effective tax rate 23.07 % 22.50 % 21.46 % 23.25 % 23.73 % 22.79 % 24.57 % Adjusted effective tax rate 23.07 % 22.50 % 21.46 % 23.25 % 23.73 % 22.79 % 23.19 % Performance and Capital Ratios Three Months Ended Six Months Ended Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Jun. 30, Jun. 30, 2026 2026 2025 2025 2025 2026 2025 PERFORMANCE RATIOS Return on average assets (annualized) 1.36 % 1.37 % 1.47 % 1.49 % 1.34 % 1.36 % 0.95 % Adjusted return on average assets (annualized) (non-GAAP) (2) 1.36 % 1.37 % 1.48 % 1.59 % 1.45 % 1.36 % 1.42 % Return on average common equity (annualized) 10.19 % 10.11 % 10.90 % 11.04 % 9.93 % 10.15 % 7.17 % Adjusted return on average common equity (annualized) (non-GAAP) (2) 10.19 % 10.11 % 10.92 % 11.75 % 10.79 % 10.15 % 10.68 % Return on average tangible common equity (annualized) (non-GAAP) (3) 17.62 % 17.59 % 19.10 % 19.62 % 18.17 % 17.60 % 13.73 % Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3) 17.62 % 17.59 % 19.14 % 20.81 % 19.61 % 17.60 % 19.72 % Efficiency ratio (tax equivalent) 50.00 % 51.05 % 49.65 % 49.88 % 52.75 % 50.52 % 56.75 % Adjusted efficiency ratio (non-GAAP) (4) 50.00 % 51.05 % 49.56 % 46.89 % 49.09 % 50.52 % 49.65 % Dividend payout ratio (5) 25.31 % 26.12 % 24.23 % 24.59 % 25.47 % 25.71 % 36.00 % Book value per common share $ 94.17 $ 92.21 $ 91.38 $ 89.14 $ 86.71 Tangible book value per common share (non-GAAP) (3) $ 58.72 $ 56.90 $ 56.27 $ 54.48 $ 51.96 CAPITAL RATIOS Equity-to-assets 13.3 % 13.3 % 13.5 % 13.6 % 13.4 % Tangible equity-to-tangible assets (non-GAAP) (3) 8.7 % 8.6 % 8.8 % 8.8 % 8.5 % Tier 1 leverage (6) 9.4 % 9.4 % 9.3 % 9.4 % 9.2 % Tier 1 common equity (6) 11.1 % 11.3 % 11.4 % 11.5 % 11.2 % Tier 1 risk-based capital (6) 11.1 % 11.3 % 11.4 % 11.5 % 11.2 % Total risk-based capital (6) 13.5 % 13.7 % 13.8 % 14.0 % 14.5 % Balance Sheet Ending Balance (Dollars in thousands, except per share and share data) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, BALANCE SHEET 2026 2026 2025 2025 2025 Assets Cash and due from banks $ 649,079 $ 598,218 $ 583,375 $ 582,792 $ 755,798 Federal funds sold and interest-earning deposits with banks 1,701,233 2,268,864 2,589,108 2,561,663 2,708,308 Cash and cash equivalents 2,350,312 2,867,082 3,172,483 3,144,455 3,464,106 Trading securities, at fair value 191,094 117,590 110,183 107,519 95,306 Investment securities: Securities held to maturity 1,955,754 2,007,249 2,048,030 2,096,727 2,145,991 Securities available for sale, at fair value 6,598,177 6,530,348 6,313,756 6,042,800 5,927,867 Other investments 366,986 370,924 353,428 366,218 357,487 Total investment securities 8,920,917 8,908,521 8,715,214 8,505,745 8,431,345 Loans held for sale 405,441 327,935 345,343 346,673 318,985 Loans: Purchased credit deteriorated 2,658,792 2,818,360 2,977,499 3,160,359 3,409,186 Purchased non-credit deteriorated 9,921,791 10,714,489 11,232,414 11,877,828 12,492,553 Non-acquired 38,266,289 35,963,934 34,388,614 32,629,724 31,365,508 Less allowance for credit losses (586,664) (585,882) (585,197) (590,133) (621,046) Loans, net 50,260,208 48,910,901 48,013,330 47,077,778 46,646,201 Premises and equipment, net 992,594 993,584 994,176 961,510 964,878 Bank owned life insurance 1,311,197 1,302,382 1,293,574 1,285,532 1,280,632 Mortgage servicing rights 91,442 90,018 84,032 84,491 85,836 Core deposit and other intangibles 343,424 364,686 386,326 409,890 433,458 Goodwill 3,094,059 3,094,059 3,094,059 3,094,059 3,094,059 Other assets 949,340 1,002,465 988,692 1,030,558 1,078,516 Total assets $ 68,910,028 $ 67,979,223 $ 67,197,412 $ 66,048,210 $ 65,893,322 Liabilities and Shareholders' Equity Deposits: Noninterest-bearing $ 13,451,094 $ 13,650,799 $ 13,375,697 $ 13,430,459 $ 13,719,030 Interest-bearing 42,898,716 42,224,864 41,770,100 40,642,810 39,977,931 Total deposits 56,349,810 55,875,663 55,145,797 54,073,269 53,696,961 Federal funds purchased and securities sold under agreements to repurchase 569,486 643,386 618,215 594,092 630,558 Other borrowings 996,749 696,642 696,536 696,429 1,099,705 Reserve for unfunded commitments 76,525 69,229 69,619 68,538 64,693 Other liabilities 1,785,990 1,663,387 1,608,137 1,604,756 1,600,271 Total liabilities 59,778,560 58,948,307 58,138,304 57,037,084 57,092,188 Shareholders' equity: Common stock - $2.50 par value; authorized 160,000,000 shares 242,428 244,844 247,845 252,723 253,745 Surplus 6,247,484 6,332,285 6,480,471 6,647,952 6,679,028 Retained earnings 2,951,691 2,779,896 2,614,173 2,426,463 2,240,470 Accumulated other comprehensive loss (310,135) (326,109) (283,381) (316,012) (372,109) Total shareholders' equity 9,131,468 9,030,916 9,059,108 9,011,126 8,801,134 Total liabilities and shareholders' equity $ 68,910,028 $ 67,979,223 $ 67,197,412 $ 66,048,210 $ 65,893,322 Common shares issued and outstanding 96,971,142 97,937,653 99,138,204 101,089,231 101,498,000 Net Interest Income and Margin Three Months Ended Jun. 30, 2026 Mar. 31, 2026 Jun. 30, 2025 (Dollars in thousands) Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ YIELD ANALYSIS Balance Expense Rate Balance Expense Rate Balance Expense Rate Interest-Earning Assets: Federal funds sold and interest-earning deposits with banks $ 1,386,864 $ 12,236 3.54 % $ 1,881,020 $ 15,792 3.40 % $ 1,884,133 $ 19,839 4.22 % Investment securities 9,213,359 81,371 3.54 % 9,221,416 79,466 3.49 % 8,513,439 74,217 3.50 % Loans held for sale 286,422 4,602 6.44 % 223,084 3,732 6.78 % 283,017 4,829 6.84 % Total loans held for investment 50,247,114 740,050 5.91 % 48,875,656 717,839 5.96 % 47,029,412 741,619 6.33 % Total interest-earning assets 61,133,759 838,259 5.50 % 60,201,176 816,829 5.50 % 57,710,001 840,504 5.84 % Noninterest-earning assets 6,694,407 6,726,355 6,840,880 Total Assets $ 67,828,166 $ 66,927,531 $ 64,550,881 Interest-Bearing Liabilities ("IBL"): Transaction and money market accounts $ 32,098,340 $ 180,220 2.25 % $ 31,499,841 $ 172,453 2.22 % $ 28,986,998 $ 173,481 2.40 % Savings deposits 2,817,269 1,638 0.23 % 2,822,510 1,642 0.24 % 2,921,780 2,012 0.28 % Certificates and other time deposits 7,184,745 62,358 3.48 % 7,215,388 64,427 3.62 % 7,177,451 66,100 3.69 % Federal funds purchased 289,337 2,616 3.63 % 295,207 2,635 3.62 % 360,588 3,943 4.39 % Repurchase agreements 293,341 1,477 2.02 % 319,873 1,561 1.98 % 287,341 1,462 2.04 % Other borrowings 851,660 14,001 6.59 % 696,597 12,506 7.28 % 821,545 15,558 7.60 % Total interest-bearing liabilities 43,534,692 262,310 2.42 % 42,849,416 255,224 2.42 % 40,555,703 262,556 2.60 % Noninterest-bearing deposits 13,521,146 13,359,214 13,643,265 Other noninterest-bearing liabilities 1,719,228 1,661,672 1,659,331 Shareholders' equity 9,053,100 9,057,229 8,692,582 Total Non-IBL and shareholders' equity 24,293,474 24,078,115 23,995,178 Total Liabilities and Shareholders' Equity $ 67,828,166 $ 66,927,531 $ 64,550,881 Net Interest Income and Margin (Non-Tax Equivalent) $ 575,949 3.78 % $ 561,605 3.78 % $ 577,948 4.02 % Net Interest Margin (Tax Equivalent) (non-GAAP) 3.78 % 3.79 % 4.02 % Total Deposit Cost (without Debt and Other Borrowings) 1.76 % 1.76 % 1.84 % Overall Cost of Funds (including Demand Deposits) 1.84 % 1.84 % 1.94 % Total Accretion on Acquired Loans (1) $ 33,054 $ 38,786 $ 63,507 Tax Equivalent ("TE") Adjustment $ 751 $ 760 $ 672 • The remaining loan discount on acquired loans to be accreted into loan interest income totals $185.9 million as of June 30, 2026. Noninterest Income and Expense Three Months Ended Six Months Ended Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Jun. 30, Jun. 30, (Dollars in thousands) 2026 2026 2025 2025 2025 2026 2025 Noninterest Income: Fees on deposit accounts $ 41,568 $ 38,699 $ 41,950 $ 42,572 $ 37,869 $ 80,267 $ 73,802 Mortgage banking income 4,890 11,016 5,158 5,462 5,936 15,906 13,673 Trust and investment services income 15,164 14,471 14,684 14,157 14,419 29,635 29,351 Correspondent banking and capital markets income 24,839 24,427 30,638 25,522 19,161 49,266 35,876 Expense on centrally-cleared variation margin (4,028) (3,000) (3,167) (4,318) (5,394) (7,028) (12,564) Total correspondent banking and capital markets income 20,811 21,427 27,471 21,204 13,767 42,238 23,312 Bank owned life insurance income 9,624 9,494 9,633 10,597 9,153 19,118 19,352 Other 4,669 4,991 6,857 5,094 5,673 9,660 12,947 Securities losses, net — — — — — — (228,811) Gain on sale leaseback, net of transaction costs — — — — — — 229,279 Total Noninterest Income $ 96,726 $ 100,098 $ 105,753 $ 99,086 $ 86,817 $ 196,824 $ 172,905 Noninterest Expense: Salaries and employee benefits $ 205,377 $ 205,653 $ 202,714 $ 199,148 $ 200,162 $ 411,030 $ 395,973 Occupancy expense 43,878 42,302 42,567 40,874 41,507 86,180 77,000 Information services expense 29,136 29,704 30,443 28,988 30,155 58,840 61,517 OREO and loan related expense 952 4,378 867 5,427 2,295 5,330 4,079 Business development and staff related 10,639 11,362 13,485 8,907 7,182 22,001 13,692 Amortization of intangibles 21,041 21,304 23,417 23,426 24,048 42,345 47,879 Professional fees 5,090 5,239 7,410 4,994 4,658 10,329 9,367 Supplies and printing expense 3,885 3,254 3,594 3,278 3,970 7,139 7,098 FDIC assessment and other regulatory charges 10,753 10,257 9,884 8,374 11,469 21,010 22,727 Advertising and marketing 3,836 3,325 4,710 2,980 3,010 7,161 5,300 Other operating expenses 23,162 22,746 25,105 25,057 22,226 45,908 46,870 Merger, branch consolidation, severance related and other expense (8) — — 4,494 20,889 24,379 — 92,385 FDIC special assessment — — (3,835) — — — — Total Noninterest Expense $ 357,749 $ 359,524 $ 364,855 $ 372,342 $ 375,061 $ 717,273 $ 783,887 Loans and Deposits The following table presents a summary of the loan portfolio by type: Ending Balance (Dollars in thousands) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, LOAN PORTFOLIO (7) 2026 2026 2025 2025 2025 Construction and land development * † $ 2,982,968 $ 2,592,908 $ 2,548,360 $ 2,678,971 $ 3,323,923 Investor commercial real estate* 18,656,455 18,298,938 17,883,913 17,603,205 16,953,410 Commercial owner occupied real estate 7,852,391 7,671,535 7,576,991 7,529,075 7,497,906 Commercial and industrial 9,378,444 9,385,926 9,181,408 8,644,636 8,445,878 Consumer real estate * 11,034,102 10,573,897 10,450,223 10,202,026 10,038,369 Consumer/other 942,512 973,579 957,632 1,009,998 1,007,761 Total Loans $ 50,846,872 $ 49,496,783 $ 48,598,527 $ 47,667,911 $ 47,267,247 *  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 $358.4 million, $360.4 million, $342.8 million, $350.2 million, and $371.1 million for the quarters ended June 30, 2026, March 31, 2036, December 31, 2025, September 30, 2025, and June 30, 2025, respectively. Ending Balance (Dollars in thousands) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, DEPOSITS 2026 2026 2025 2025 2025 Noninterest-bearing checking $ 13,451,094 $ 13,650,799 $ 13,375,697 $ 13,430,459 $ 13,719,030 Interest-bearing checking 14,710,312 14,119,614 13,838,558 12,906,408 12,607,205 Savings 2,796,845 2,841,408 2,820,621 2,853,410 2,889,670 Money market 17,531,137 18,014,140 17,751,688 17,251,469 16,772,597 Time deposits 7,860,422 7,249,702 7,359,233 7,631,523 7,708,459 Total Deposits $ 56,349,810 $ 55,875,663 $ 55,145,797 $ 54,073,269 $ 53,696,961 Asset Quality Ending Balance Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, (Dollars in thousands) 2026 2026 2025 2025 2025 NONPERFORMING ASSETS: Non-acquired Non-acquired nonaccrual loans and restructured loans on nonaccrual $ 171,264 $ 177,158 $ 161,975 $ 146,751 $ 141,910 Accruing loans past due 90 days or more 2,961 6,915 2,997 4,352 3,687 Non-acquired OREO and other nonperforming assets 11,722 8,339 5,273 11,969 17,288 Total non-acquired nonperforming assets 185,947 192,412 170,245 163,072 162,885 Acquired Acquired nonaccrual loans and restructured loans on nonaccrual 99,352 116,002 135,179 149,695 151,466 Accruing loans past due 90 days or more 835 1,986 1,944 891 707 Acquired OREO and other nonperforming assets 1,254 18,155 3,901 7,147 8,783 Total acquired nonperforming assets 101,441 136,143 141,024 157,733 160,956 Total nonperforming assets $ 287,388 $ 328,555 $ 311,269 $ 320,805 $ 323,841 Three Months Ended Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2026 2026 2025 2025 2025 ASSET QUALITY RATIOS (7): Allowance for credit losses as a percentage of loans 1.15 % 1.18 % 1.20 % 1.24 % 1.31 % Allowance for credit losses, including reserve for unfunded commitments, as a percentage of loans 1.30 % 1.32 % 1.35 % 1.38 % 1.45 % Allowance for credit losses as a percentage of nonperforming loans 213.79 % 193.96 % 193.71 % 195.61 % 208.57 % Net charge-offs as a percentage of average loans (annualized) 0.06 % 0.09 % 0.09 % 0.27 % 0.21 % Net charge-offs, excluding acquisition date charge-offs, as a percentage of average loans (annualized) * 0.06 % 0.09 % 0.09 % 0.27 % 0.06 % Total nonperforming assets as a percentage of total assets 0.42 % 0.48 % 0.46 % 0.49 % 0.49 % Nonperforming loans as a percentage of period end loans 0.54 % 0.61 % 0.62 % 0.63 % 0.63 % * 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 second quarter of 2026: Allowance for Credit Losses ("ACL") and Unfunded Commitments ("UFC") (Dollars in thousands) Non-PCD ACL PCD ACL Total ACL UFC Ending balance 3/31/2026 $ 520,619 $ 65,263 $ 585,882 $ 69,229 Charge offs (10,335) — (10,335) — Acquired charge offs (246) (1,161) (1,407) — Recoveries 2,150 — 2,150 — Acquired recoveries 320 1,431 1,751 — Provision for credit losses 13,984 (5,361) 8,623 7,296 Ending balance 6/30/2026 $ 526,492 $ 60,172 $ 586,664 $ 76,525 Period end loans $ 48,188,080 $ 2,658,792 $ 50,846,872 N/A Allowance for Credit Losses to Loans 1.09 % 2.26 % 1.15 % N/A Unfunded commitments (off balance sheet) † $ 12,824,707 Reserve to unfunded commitments (off balance sheet) 0.60 % † Unfunded commitments exclude unconditionally cancelable commitments and letters of credit. Conference Call The Company will host a conference call to discuss its second quarter results at 9:00 a.m. Eastern Time on July 24, 2026. Callers wishing to participate may call toll-free by dialing (833) 461-5787 within the US. The numbers for international participants are listed at https://help.events.q4inc.com/eahc/international-dial-in-numbers. The conference ID number is 404525610. Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com. A replay of the live webcast is expected to be available by the evening of July 24, 2026 on the Investor Relations section of SouthStateBank.com. SouthState is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than 1.8 million customers throughout Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia and Tennessee. The bank also serves clients nationwide through its correspondent banking division. Additional information is available at SouthStateBank.com. Non-GAAP Measures Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures. Although other companies may use calculation methods that differ from those used by SouthState for non-GAAP measures, management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. (Dollars in thousands) Three Months Ended PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP) Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Net income (GAAP) $ 230,022 $ 225,820 $ 247,722 $ 246,641 $ 215,224 Provision for credit losses 15,919 10,808 6,605 5,085 7,505 Income tax provision 68,985 65,551 67,686 74,715 66,975 Merger, branch consolidation, severance related and other expense (8) — — 4,494 20,889 24,379 FDIC special assessment — — (3,835) — — Pre-provision net revenue (PPNR) (Non-GAAP) $ 314,926 $ 302,179 $ 322,672 $ 347,330 $ 314,083 (Dollars in thousands) Three Months Ended NET INTEREST MARGIN ("NIM"), TE (NON-GAAP) Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Net interest income (GAAP) $ 575,949 $ 561,605 $ 581,115 $ 599,697 $ 577,948 Total average interest-earning assets 61,133,759 60,201,176 59,872,113 58,727,110 57,710,001 NIM, non-tax equivalent 3.78 % 3.78 % 3.85 % 4.05 % 4.02 % Tax equivalent adjustment (included in NIM, TE) 751 760 800 718 672 Net interest income, tax equivalent (Non-GAAP) $ 576,700 $ 562,365 $ 581,915 $ 600,415 $ 578,620 NIM, TE (Non-GAAP) 3.78 % 3.79 % 3.86 % 4.06 % 4.02 % Three Months Ended Six Months Ended (Dollars in thousands, except per share data) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Jun. 30, Jun. 30, RECONCILIATION OF GAAP TO NON-GAAP 2026 2026 2025 2025 2025 2026 2025 Adjusted Net Income (non-GAAP) (2) Net income (GAAP) $ 230,022 $ 225,820 $ 247,722 $ 246,641 $ 215,224 $ 455,842 $ 304,304 Securities losses, net of tax — — — — — — 178,639 Gain on sale leaseback, net of transaction costs and tax — — — — — — (179,004) PCL - Non-PCD loans and UFC, net of tax — — — — — — 71,892 Merger, branch consolidation, severance related and other expense, net of tax (8) — — 3,529 16,032 18,593 — 71,687 Deferred tax asset remeasurement — — — — — — 5,581 FDIC special assessment, net of tax — — (3,012) — — — — Adjusted net income (non-GAAP) $ 230,022 $ 225,820 $ 248,239 $ 262,673 $ 233,817 $ 455,842 $ 453,099 Adjusted Net Income per Common Share - Basic (non-GAAP) (2) Earnings per common share - Basic (GAAP) $ 2.36 $ 2.29 $ 2.48 $ 2.44 $ 2.12 $ 4.66 $ 3.00 Effect to adjust for securities losses, net of tax — — — — — — 1.76 Effect to adjust for gain on sale leaseback, net of transaction costs and tax — — — — — — (1.76) Effect to adjust for PCL - Non-PCD loans and UFC, net of tax — — — — — — 0.71 Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) — — 0.03 0.16 0.18 — 0.70 Effect to adjust for deferred tax asset remeasurement — — — — — — 0.06 Effect to adjust for FDIC special assessment, net of tax — — (0.03) — — — — Adjusted net income per common share - Basic (non-GAAP) $ 2.36 $ 2.29 $ 2.48 $ 2.60 $ 2.30 $ 4.66 $ 4.47 Adjusted Net Income per Common Share - Diluted (non-GAAP) (2) Earnings per common share - Diluted (GAAP) $ 2.35 $ 2.28 $ 2.46 $ 2.42 $ 2.11 $ 4.64 $ 2.99 Effect to adjust for securities losses, net of tax — — — — — — 1.76 Effect to adjust for gain on sale leaseback, net of transaction costs and tax — — — — — — (1.76) Effect to adjust for PCL - Non-PCD loans and UFC, net of tax — — — — — — 0.71 Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) — — 0.04 0.16 0.19 — 0.70 Effect to adjust for deferred tax remeasurement — — — — — — 0.05 Effect to adjust for FDIC special assessment, net of tax — — (0.03) — — — — Adjusted net income per common share - Diluted (non-GAAP) $ 2.35 $ 2.28 $ 2.47 $ 2.58 $ 2.30 $ 4.64 $ 4.45 Adjusted Return on Average Assets (non-GAAP) (2) Return on average assets (GAAP) 1.36 % 1.37 % 1.47 % 1.49 % 1.34 % 1.36 % 0.95 % Effect to adjust for securities losses, net of tax — % — % — % — % — % — % 0.56 % Effect to adjust for gain on sale leaseback, net of transaction costs and tax — % — % — % — % — % — % (0.56) % Effect to adjust for PCL - Non-PCD loans and UFC, net of tax — % — % — % — % — % — % 0.23 % Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) — % — % 0.03 % 0.10 % 0.11 % — % 0.22 % Effect to adjust for deferred tax remeasurement — % — % — % — % — % — % 0.02 % Effect to adjust for FDIC special assessment, net of tax — % — % (0.02) % — % — % — % — % Adjusted return on average assets (non-GAAP) 1.36 % 1.37 % 1.48 % 1.59 % 1.45 % 1.36 % 1.42 % Adjusted Return on Average Common Equity (non-GAAP) (2) Return on average common equity (GAAP) 10.19 % 10.11 % 10.90 % 11.04 % 9.93 % 10.15 % 7.17 % Effect to adjust for securities losses, net of tax — % — % — % — % — % — % 4.21 % Effect to adjust for gain on sale leaseback, net of transaction costs and tax — % — % — % — % — % — % (4.22) % Effect to adjust for PCL - Non-PCD loans and UFC, net of tax — % — % — % — % — % — % 1.69 % Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) — % — % 0.15 % 0.71 % 0.86 % — % 1.70 % Effect to adjust for deferred tax remeasurement — % — % — % — % — % — % 0.13 % Effect to adjust for FDIC special assessment, net of tax — % — % (0.13) % — % — % — % — % Adjusted return on average common equity (non-GAAP) 10.19 % 10.11 % 10.92 % 11.75 % 10.79 % 10.15 % 10.68 % Return on Average Common Tangible Equity (non-GAAP) (3) Return on average common equity (GAAP) 10.19 % 10.11 % 10.90 % 11.04 % 9.93 % 10.15 % 7.17 % Effect to adjust for intangible assets 7.43 % 7.48 % 8.20 % 8.58 % 8.24 % 7.45 % 6.56 % Return on average tangible equity (non-GAAP) 17.62 % 17.59 % 19.10 % 19.62 % 18.17 % 17.60 % 13.73 % Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3) Return on average common equity (GAAP) 10.19 % 10.11 % 10.90 % 11.04 % 9.93 % 10.15 % 7.17 % Effect to adjust for securities losses, net of tax — % — % — % — % — % — % 4.21 % Effect to adjust for gain on sale leaseback, net of transaction costs and tax — % — % — % — % — % — % (4.22) % Effect to adjust for PCL - Non-PCD loans and UFC, net of tax — % — % — % — % — % — % 1.69 % Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) — % — % 0.15 % 0.71 % 0.86 % — % 1.70 % Effect to adjust for deferred tax remeasurement — % — % — % — % — % — % 0.13 % Effect to adjust for FDIC special assessment, net of tax — % — % (0.13) % — % — % — % — % Effect to adjust for intangible assets, net of tax 7.43 % 7.48 % 8.22 % 9.06 % 8.82 % 7.45 % 9.04 % Adjusted return on average common tangible equity (non-GAAP) 17.62 % 17.59 % 19.14 % 20.81 % 19.61 % 17.60 % 19.72 % Three Months Ended Six Months Ended Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Jun. 30, Jun. 30, RECONCILIATION OF GAAP TO NON-GAAP 2026 2026 2025 2025 2025 2026 2025 Adjusted Efficiency Ratio (non-GAAP) (4) Efficiency ratio 50.00 % 51.05 % 49.65 % 49.88 % 52.75 % 50.52 % 56.75 % Effect to adjust for securities losses — % — % — % — % — % — % (7.44) % Effect to adjust for gain on sale leaseback, net of transaction costs — % — % — % — % — % — % 7.46 % Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8) — % — % (0.65) % (2.99) % (3.66) % — % (7.12) % Effect to adjust for FDIC special assessment — % — % 0.56 % — % — % — % — % Adjusted efficiency ratio (non-GAAP) 50.00 % 51.05 % 49.56 % 46.89 % 49.09 % 50.52 % 49.65 % Tangible Book Value Per Common Share (non-GAAP) (3) Book value per common share (GAAP) $ 94.17 $ 92.21 $ 91.38 $ 89.14 $ 86.71 Effect to adjust for intangible assets (35.45) (35.31) (35.11) (34.66) (34.75) Tangible book value per common share (non-GAAP) $ 58.72 $ 56.90 $ 56.27 $ 54.48 $ 51.96 Tangible Equity-to-Tangible Assets (non-GAAP) (3) Equity-to-assets (GAAP) 13.25 % 13.28 % 13.48 % 13.64 % 13.36 % Effect to adjust for intangible assets (4.55) % (4.64) % (4.72) % (4.83) % (4.90) % Tangible equity-to-tangible assets (non-GAAP) 8.70 % 8.64 % 8.76 % 8.81 % 8.46 % 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 $33.1 million, $38.8 million, $50.3 million, $83.0 million, and $63.5 million during the quarters ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $71.8 million and $125.3 million during the six months ended June 30, 2026 and 2025, respectively. (2) Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, gain on sale leaseback, net of transaction costs, PCL on non-PCD loans and unfunded commitments, deferred tax asset remeasurement, merger, branch consolidation, severance related and other expense, and FDIC special assessments. Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger, branch consolidation, severance related and other expense of $4.5 million, $20.9 million, and $24.4 million for the quarters ended December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $92.4 million during the six months ended June 30, 2025; (b) pre-tax net securities losses of $(228.8) million for the six months ended June 30, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229.3 million for the six months ended June 30, 2025; (d) pre-tax PCL on non-PCD loans and unfunded commitments of $92.1 million for the six months ended June 30, 2025; (e) pre-tax FDIC special assessment of $(3.8) million for the quarter ended December 31, 2025; and (f) deferred tax asset remeasurement of $5.6 million for the six months ended June 30, 2025. (3) The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. The sections titled "Reconciliation of GAAP to Non-GAAP" provide tables that reconcile GAAP measures to non-GAAP. (4) Adjusted efficiency ratio is calculated by taking the noninterest expense excluding transaction costs on merger, branch consolidation, severance related and other expenses, FDIC special assessment, and amortization of intangible assets, divided by net interest income and noninterest income excluding gains (losses) on sales of securities, net, and gain on sale leaseback, net of transaction costs. The pre-tax amortization expenses of intangible assets were $21.0 million, $21.3 million, $23.4 million, $23.4 million, and $24.0 million for the quarters ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $42.3 million and $47.9 million for the six months ended June 30, 2026 and 2025, respectively. (5) The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period. (6) June 30, 2026 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed. (7) Loan data excludes loans held for sale. (8) Includes pre-tax cyber incident net reimbursement of $(3.6) million for the quarters ended June 30, 2025 and $(3.5) million for the six months ended June 30, 2025. Cautionary Statement Regarding Forward Looking Statements Statements included in this communication contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of management of SouthState Bank Corporation ("SouthState") and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward looking statements. Factors that could cause SouthState's actual results to differ materially from those described in the forward looking statements are discussed in SouthState's Annual Report on Form 10 K for the year ended December 31, 2025, filed with the Securities and Exchange Commission and available on SouthState's website (https://southstatecorporation.q4ir.com/SEC-Filings/Documents/default.aspx), and on the Securities and Exchange Commission's website (www.sec.gov). SouthState undertakes no obligation to update any forward looking statements. View original content to download multimedia:https://www.prnewswire.com/news-releases/southstate-bank-corporation-reports-second-quarter-2026-results-declares-an-increase-in-the-quarterly-cash-dividend-302833694.html SOURCE SouthState Bank Corporation