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 transition period from to Commission file number 001-12669 SOUTH STATE CORPORATION (Exact name of registrant as specified in its charter) South Carolina 57-0799315 (State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.) 1101 First Street South, Suite 202 Winter Haven, Florid ...

Financial Data and Key Metrics Changes - The company reported earnings per share of $2.06, adjusted for merger expenses, resulting in $2.17, with a return on assets of 1.6% and a return on tangible common equity of 22% [10] - Core deposits surged by 30% in the quarter, with deposit costs falling to just 15 basis points [11] - The net interest margin (NIM) was 3.12%, down two basis points from the previous quarter [16] Business Line Data and Key Metrics Changes - Non-PPP loan balances declined by $185 million, a 3% annualized rate, primarily in single-family residential loans and HELOCs [18] - Mortgage banking income increased by $1.7 million, with production reaching $1.3 billion in the quarter [22] - The total residential mortgage loans under management increased from $8.6 billion to $10 billion, a 16% rise [19] Market Data and Key Metrics Changes - The commercial and industrial loan balances increased for the third consecutive quarter, with a commercial pipeline growing to approximately $4.2 billion [20] - The company noted significant migration trends in the Southeast, with five of the top ten cities for in-migration being core markets [13] Company Strategy and Development Direction - The integration of CenterState and SouthState is nearing completion, aiming to create a $40 billion regional bank to compete with larger banks [12] - The company is focused on organic growth opportunities and is open to M&A, particularly in existing markets [48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic recovery, indicating that the banking industry has avoided a prolonged credit cycle [8] - The company anticipates loan growth to return to mid-single-digit rates in the second half of the year, driven by increased residential loans and a growing commercial pipeline [62] Other Important Information - The company released $58 million in loan loss reserves, leaving a reserve level of 1.8% [10] - The tangible book value per share grew to $42.02, reflecting a 10.5% increase year-over-year [29] Q&A Session Summary Question: Thoughts on growing the securities book further - Management indicated a desire to increase the securities book to 16%-17% of assets, which would require an additional $1 billion to $1.5 billion in securities [37] Question: Right range of net charge-offs - Management noted that charge-offs will vary with the economic cycle but historically have been in the top quartile [38] Question: Status of cost savings from the merger - Management confirmed that approximately $20 million of the expected $80 million in cost savings has been realized [41] Question: Expected loan growth rates - Management expects loan growth to return to mid-single-digit rates in the second half of the year, with a focus on residential loans [62] Question: Future M&A opportunities - Management is open to M&A opportunities but emphasizes organic growth and capital deployment as primary focuses [48] Question: Expected pace of new hires - Management plans to continue hiring at a rate of five to ten new bankers per quarter [53] Question: Impact of mortgage expenses on fee income - Management clarified that mortgage commissions are netted against revenue, indicating a stable expense base despite fluctuations in revenue [57] Question: Capital deployment strategy - Management is considering stock buybacks and other investments as capital builds up [88]

Earnings Call 1Q 2021 Thursday, April 29, 2021 DISCLAIMER 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 fin ...

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, 2020 ☐ 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 SOUTH STATE CORPORATION (Exact name of registrant as specified in its charter) South Carolina (State or other jurisdiction ...

Financial Data and Key Metrics Changes - The company reported earnings per share of $1.21 on a GAAP basis, and $1.44 adjusted for merger and non-recurring items, with a return on tangible common equity of 15.4% [12][13] - The company achieved a record pre-provision net revenue (PPNR) of $629 million for the year, with only two basis points of charge-offs [12][14] - Net interest margin (NIM) was 3.14%, down 8 basis points from Q3, while NIM excluding accretion was 2.99%, up 4 basis points from Q3 [18][19] Business Line Data and Key Metrics Changes - Correspondent banking and mortgage lines outperformed, with correspondent banking profits doubling from 2019 and mortgage profits nearly quadrupling [13][14] - Mortgage production was $1.41 billion, down about 10% from Q3, primarily due to a strategic slowdown in the mortgage pipeline for system integration [21][22] - Non-interest income was $97.9 million, down $17 million from Q3, mainly due to a decline in mortgage banking revenue [21][22] Market Data and Key Metrics Changes - The commercial loan portfolio grew modestly in Q4, with commercial loan production increasing 24% from Q3 levels, and the pipeline now stands at $3.2 billion [16][17] - Core deposits increased over 12% annualized, with deposit costs moving down to 17 basis points, a 3% reduction during the quarter [17][20] Company Strategy and Development Direction - The company is focused on integrating CenterState and SouthState, with a new logo, website, and mobile app launched [10][11] - The acquisition of Duncan Williams, a broker-dealer, is expected to enhance the correspondent platform and is set to close on February 1 [15] - The company aims to remain opportunistic in acquisitions post-systems conversion, while focusing on maintaining strong asset quality [42][86] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the integration process and the potential for future growth, despite challenges posed by the pandemic [34][35] - The company anticipates low-to-mid single-digit loan growth in 2021, with expectations for stronger performance in the latter half of the year [53][75] - Management remains cautious about credit quality, citing national economic factors while noting strong performance metrics within their portfolio [50][74] Other Important Information - The company’s capital ratios improved, with the tangible common equity (TCE) ratio growing to 8.1% and the CET1 ratio ending at 11.8% [30] - The efficiency ratio was 60.2% excluding merger-related expenses, impacted by a decline in mortgage revenue [26][72] Q&A Session All Questions and Answers Question: Interest in Acquisition Opportunities - Management indicated that while they are focused on the current systems conversion, they remain open to acquisition opportunities post-conversion, given the low yield curve and industry revenue headwinds [41][42] Question: Mortgage Production Trends - Management noted that despite a decline in the mortgage pipeline, they expect robust activity moving forward, with a strong mix of purchase-oriented mortgages [44][45] Question: Credit Reserve Outlook - Management explained that their reserve levels are reflective of national economic conditions rather than their own portfolio performance, maintaining a conservative approach due to ongoing uncertainties [49][50] Question: Loan Growth Outlook - Management anticipates low-to-mid single-digit growth in loans for 2021, with expectations for stronger growth in the latter half of the year [53][75] Question: Hiring Outlook for Commercial Bankers - Management highlighted a favorable hiring environment for experienced commercial bankers and indicated no specific limits on recruitment [105][106] Question: Correspondent Banking Seasonality - Management discussed the strong performance in correspondent banking and the expected seasonal trends in fee income for the upcoming quarters [109][110]

Earnings Call 4Q 2020 Thursday, January 28, 2021 DISCLAIMER 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 f ...

South State Corporation (NYSE:SSB) Q3 2020 Earnings Conference Call October 30, 2020 10:30 AM ET Company Participants Will Matthews - Chief Financial Officer Robert Hill - Executive Chairman John Corbett - Chief Executive Officer and Director Steve Young - Chief Strategy Officer Dan Bockhorst - Chief Credit Officer Conference Call Participants Michael Rose - Raymond James Stephen Scouten - Piper Sandler Kevin Fitzsimmons - D.A. Davidson Catherine Mealor - KBW Brody Preston - Stephens Christopher Marinac - J ...

| --- | --- | --- | --- | --- | |-------|--------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Earnings Call | | | | | | | | | | | | | | | | | | 3Q 2020 | | | | | | | | | | | | Friday, October 30, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2 Disclaimer 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 ...