Financial Data and Key Metrics Changes - Total loans grew 19% annualized in the quarter, with C&I loans specifically growing at 27% annualized [4] - Net interest revenue increased with a tax equivalent NIM of 3.99%, up 41 basis points from the third quarter, and core net interest income rose by $36 million [9] - Non-interest income totaled $63 million, down $10 million from Q3, while non-interest expenses were $228 million, slightly up from Q3 [11][12] - For the full year 2022, PPNR per share was up 36% over 2021, with loans growing 17% and deposits decreasing 5% [22] Business Line Data and Key Metrics Changes - Mortgage production fell to approximately $700 million in the quarter, with expectations for 2023 remaining muted across the industry [29] - The $1.3 billion in loan growth was centered in single-family residential, CRE construction, and C&I loans [12] - The company set aside $82 million in loan loss provisions for the year, with only $4 million in charge-offs, indicating strong credit quality [5][21] Market Data and Key Metrics Changes - SouthState operates in four of the six fastest-growing states in the U.S., with Florida being the fastest-growing state last year [6] - The company continues to experience population migration to the South, with two-thirds of the 1.7 million people moving to the South landing in SouthState markets [23] Company Strategy and Development Direction - The company aims for a compounded annual growth rate of 10% across all good aspects of the bank over a cycle [7] - Management believes that the South will outperform other areas of the country regardless of economic direction due to population migration [24] - The company is cautious about M&A activity in 2023, expecting it to pick up towards the end of the year as banks reassess future earnings streams [42][71] Management's Comments on Operating Environment and Future Outlook - Management noted that the economy is slowing, and loan pipelines are shrinking, with expectations for mid-single-digit loan growth in 2023 [31] - The company has a strong balance sheet flexibility with an 83% loan-to-deposit ratio and minimal reliance on wholesale funding [13][22] - Management expressed confidence in credit quality, with minimal net charge-offs and a focus on monitoring economic indicators that could affect future provisioning [60][88] Other Important Information - The company recorded a $3.2 million write-down on MSR assets, leading to negative mortgage division revenue for the quarter [28] - The ending tangible book value per share rose above $40, and the TCE ratio improved approximately 40 basis points to 7.2% [13] Q&A Session Summary Question: What is the outlook for residential mortgage growth? - Management expects residential mortgage growth to align with the rest of the loan book, projecting mid-single-digit growth [17] Question: How does the company view its deposit beta? - The company maintains a low deposit beta of 5% and expects it to remain stable despite industry pressures [39][73] Question: What are the expectations for loan growth funding? - The company anticipates $1.5 billion in loan growth for 2023, utilizing cash from securities runoff and slight increases in deposits [94] Question: How is the company managing credit quality? - Management reported excellent credit results, with minimal charge-offs and a focus on monitoring economic indicators affecting future reserves [60][88] Question: What is the company's strategy regarding M&A? - The company prefers to focus on existing high-growth markets for potential M&A opportunities, with a cautious outlook for 2023 [71]

2 $30 Billion in loans Public Banks 2021 5 $1,403 Loans and deposits as of 12/31/22; excludes $1.9B of loans and $2.5B of deposits from internal accounts and national lines of business Country GDP as of 2022; State GDP as of 3Q22 Sources: S&P Global, International Monetary Fund, US Bureau of Economic Analysis Net Domestic Migration in SouthState Footprint y DISCLAIMER Top 50 16 Greenwich Excellence and Best Brand awards from Coalition Greenwich POSITIONED FOR THE FUTURE IN THE BEST GROWTH MARKETS IN AMERICA ...

Financial Performance - Consolidated net income for Q3 2022 was $133.0 million, an 8.4% increase from $122.8 million in Q3 2021, with diluted EPS rising to $1.75 from $1.74 [242]. - The Company reported a net income of $133.043 million for the three months ended September 30, 2022, compared to $122.788 million for the same period in 2021, reflecting a year-over-year increase of 1.02% [393]. - The return on average tangible equity (non-GAAP) for the nine months ended September 30, 2022, was 17.99%, up from 16.19% in the same period of 2021 [393]. Assets and Liabilities - As of September 30, 2022, SouthState Corporation had approximately $45.2 billion in assets and 5,074 full-time equivalent employees [211]. - Total assets increased by approximately $3.2 billion, or 7.7%, to approximately $45.2 billion from December 31, 2021, to September 30, 2022 [285]. - Total deposits increased to $37.7 billion as of September 30, 2022, up $2.6 billion from $35.1 billion at December 31, 2021, primarily due to $3.0 billion in deposits from the Atlantic Capital transaction [356]. Credit Losses and Provisions - The company recorded a provision for credit losses of approximately $23.9 million during the third quarter of 2022 [220]. - The provision for credit losses increased by $62.8 million, with a provision of $23.9 million recorded in Q3 2022 compared to a release of $38.9 million in Q3 2021 [248]. - As of September 30, 2022, the allowance for credit losses (ACL) was $324.4 million, representing 1.12% of total loans, with an increase of $4.7 million from $319.7 million at June 30, 2022 [317]. Mergers and Acquisitions - The acquisition of Atlantic Capital was completed on March 1, 2022, for a total purchase price of $657.8 million, acquiring $2.4 billion of loans [222][224]. - Goodwill increased to $1.9 billion as of September 30, 2022, following the Atlantic Capital merger, which added $341.4 million in goodwill [234]. - The Company identified approximately $137.9 million of loans as purchased credit-deteriorated (PCD) during the merger with Atlantic Capital, with an allowance for credit losses of $13.8 million on acquisition date [314]. Interest Income and Expenses - Interest income increased by $103.4 million, driven by a $66.8 million rise in loan interest income and a $22.1 million rise in investment securities interest income [242]. - The average cost of interest-bearing liabilities increased by 7 basis points to 0.26% in Q3 2022 compared to Q3 2021 [257]. - The yield on investment securities increased by 55 basis points to 2.00% in Q3 2022, with an average balance increase of $2.6 billion compared to Q3 2021 [260]. Noninterest Income and Expenses - Noninterest income decreased by $9.8 million, primarily due to a $13.3 million drop in mortgage banking income [242]. - Noninterest income decreased by $9.8 million, or 11.3%, in Q3 2022 compared to Q3 2021, primarily driven by an 85.5% decline in mortgage banking income [269]. - Noninterest expense rose by $8.1 million, or 3.5%, in Q3 2022 compared to Q3 2021, with significant contributions from bank-owned life insurance and SBA income increases [277]. Regulatory Changes - The Federal Reserve's recent rule changes regarding debit card transaction processing will affect the company starting July 1, 2023 [227]. - The FDIC's new rule will increase initial base deposit insurance assessment rates by 2 basis points, effective January 1, 2023 [228]. Growth Strategy - The company continues to pursue a growth strategy focused on organic growth and selective acquisitions of financial institutions [213]. - The company operates in a six-state footprint, providing a wide range of financial products and services [211]. Shareholder Equity - Total shareholder's equity increased by $118.2 million, or 2.5%, attributed to the Atlantic Capital acquisition and organic growth [286]. - Shareholders' equity increased by $118.2 million, or 2.5%, to $4.9 billion as of September 30, 2022 [339]. Loan Portfolio - Total loans, net of deferred loan costs and fees, increased by $4.9 billion, or 27.4% annualized, to $28.8 billion at September 30, 2022 [297]. - Non-acquired loans increased by $4.9 billion, or 40.6% annualized, with significant growth in commercial non-owner occupied loans ($1.4 billion) and consumer owner occupied loans ($1.3 billion) [297]. Interest Rate Risk - The earnings simulations indicated that a 100 basis point increase in rates would result in an estimated 2.5% increase in net interest income, while a 100 basis point decrease would lead to a 4.1% decrease [375]. - The company revised its deposit beta assumptions higher due to the rapid increase in interest rates, with the federal funds target rate increasing by 150 basis points during the third quarter of 2022 [374].

Financial Data and Key Metrics Changes - The company reported a significant increase in PPNR per share, up 47% from the same period last year [11] - Net interest margin (NIM) expanded by 43 basis points in Q3, following a 35 basis point increase in Q2, totaling a 78 basis point expansion over two quarters [12][13] - Net interest income reached $358 million, an increase of $44 million from Q2, with core net interest income at $349 million, up $47 million from the prior quarter [24] - Non-interest income decreased by $11 million from Q2, primarily due to declines in correspondent and mortgage revenue [24] Business Line Data and Key Metrics Changes - Total loans grew at an annualized rate of 13%, evenly split between commercial and retail banking [14] - Mortgage production was strong, with nearly $1.1 billion produced in the quarter, but only 22% was sold in the secondary market [25] - Non-interest expense was $227 million, slightly up from Q2, contributing to an efficiency ratio of 50% [27] Market Data and Key Metrics Changes - Average deposit balances declined by approximately 4% annualized, but the company maintained about $2.5 billion in cash and $5.5 billion in available-for-sale securities, representing 18% of the balance sheet [17] - The company experienced minimal impact from Hurricane Ian, with less than 1% of loans in the hardest-hit areas and few requests for payment deferrals [15] Company Strategy and Development Direction - The company is focused on maintaining strong funding, surplus capital, and operating in rapidly growing states, positioning itself well for future challenges [21] - Management emphasized a cautious outlook for 2023, acknowledging potential recession risks while expressing confidence in their operational strategy and market positioning [21] Management's Comments on Operating Environment and Future Outlook - Management noted that the current economic environment, characterized by rising interest rates and tightening liquidity, will differentiate bank performance [10] - The company plans to continue delivering exceptional client service and building franchise value, regardless of economic conditions [21] Other Important Information - The company has consolidated several branches, which contributed to the reduction in deposits [19] - The risk-based capital ratios remain strong, with CET1 at 11% and total risk-based capital at 12.9% [30] Q&A Session Summary Question: NIM and Rate Sensitivity - Management discussed expectations for NIM, forecasting it to range between 360 and 380 basis points through the end of 2023 based on deposit size, interest rate forecasts, and deposit beta assumptions [40] Question: Loan Growth and Underwriting - Management indicated that loan pipelines are slowing due to the Fed's rate increases, with expectations for upper single-digit loan growth in Q4 and potential mid-single-digit growth in 2023 [47] Question: Correspondent Business and Fee Income - Management lowered guidance for correspondent fee income to $20 million to $25 million per quarter until the Fed stops raising rates, reflecting challenges in the current interest rate environment [42] Question: Residential Mortgage Production - Management noted that residential mortgage production is expected to be around $4.5 billion for the year, with a shift towards holding more on the balance sheet due to lower gain on sale margins [54] Question: M&A Environment - Management expressed that the M&A environment is expected to be slow in the near term due to current P/E valuations and economic uncertainty, making it a low priority [59]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-12669 SOUTHSTATE CORPORATION (Exact name of registrant as specified in its charter) South Carolina 57-0799315 ( ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-12669 SOUTHSTATE CORPORATION (Exact name of registrant as specified in its charter) South Carolina 57-0799315 ...

Financial Data and Key Metrics Changes - The company reported earnings per share of $1.39, with adjusted earnings per share at $1.69, yielding a return on tangible common equity of approximately 17% [8] - The net interest margin for Q1 2022 was the highest quarter for net interest income, up $9 million from Q4 2021 [17] - The cost to total deposits reached a new low of 5 basis points for the quarter [19] - The company experienced a significant increase in its investment portfolio, growing from $7 billion to $9 billion during the quarter [12] Business Line Data and Key Metrics Changes - Loan production hit $2.6 billion for the quarter, with linked quarter annualized loan growth at 6.3% excluding Atlantic Capital acquired loan balances [13] - Non-interest income was reported at $86 million, down approximately $6 million from Q4 2021 [20] - The mortgage production for the quarter was $1.27 billion, with 47% going to the secondary market and 53% retained in the portfolio [21] Market Data and Key Metrics Changes - The Southeast economy continues to show strength, with significant population migration and brisk construction activity [7] - The company noted that clients are facing labor shortages and wage pressures due to increased consumer demand [8] Company Strategy and Development Direction - The company is focused on expanding its FinTech and payments verticals following the acquisition of Atlantic Capital [10] - The management emphasized the importance of maintaining a liquid balance sheet and preparing for rising interest rates [11] - The company plans to eliminate NSF fees and introduce new deposit products with no overdraft fees, estimating a net impact of $0.08 to $0.10 per share annually [13] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the strength and resilience of clients despite market concerns about a recession [10] - The company is bullish on loan growth, expecting high single-digit to 10% growth rates, with April showing double-digit growth [42] - Management indicated that the current economic environment is favorable for the company to thrive, particularly due to population shifts to the Southeast [30] Other Important Information - The company repurchased approximately 1 million shares in Q1 2022, with an additional 300,000 shares repurchased in April [27] - The ending regulatory capital levels remain strong, with a CET 1 ratio of 11.4% and total risk-based capital of 13.3% [28] Q&A Session Summary Question: Discussion on asset sensitivity and deposit beta - Management explained that their net interest margin was 2.77% in Q1 and they expect it to improve to 3.2% to 3.3% by the end of Q4 based on Moody's forecasts [34][35] Question: Loan growth expectations - Management indicated that they are targeting high single-digit to 10% loan growth, with current production levels supporting this guidance [42] Question: Correspondent business performance - Management provided guidance that the correspondent division's revenue would remain stable, with expectations for arc revenues to be slightly higher than fixed income due to changes in interest rates [49] Question: Credit provisioning outlook - Management discussed the uncertainty in predicting provisioning levels but expressed confidence in the current asset quality and client cash positions [58] Question: Hiring environment and opportunities - Management highlighted their proactive approach to recruiting talent from larger banks, indicating a strong opportunity for growth in key markets [60] Question: Share buyback strategy - Management stated that their priority is to invest in growth rather than share buybacks, although they will consider repurchases based on market conditions [62]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2021 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-12669 SOUTHSTATE CORPORATION (Exact name of registrant as specified in its charter) South Carolina (State or other jurisdiction o ...

Earnings Call 4Q 2021 Tuesday, January 25, 2022 DISCLAIMER Statements included in this communication, which are not historical in nature are intended to be, and are hereby identifie d as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 a nd Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on, am ong other things, management's beliefs, assumptions, current expe ctations, estimates a nd proje ctions a bout ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-12669 SOUTHSTATE CORPORATION (Exact name of registrant as specified in its charter) South Carolina 57-0799 ...