SouthState Corporation (NYSE:SSB) Q1 2023 Earnings Conference Call April 28, 2023 9:00 AM ET Company Participants Will Matthews – Chief Financial Officer John Corbett – Chief Executive Officer Steve Young – Chief Strategy Officer Conference Call Participants Catherine Mealor – KBW Kevin Fitzsimmons – D.A. Davidson Stephen Scouten – Piper Sandler Michael Rose – Raymond James Brody Preston – UBS Brandon King – Truist Securities David Bishop – Hovde Group Operator Hello, everyone, and welcome to the SouthState ...

MMA & Savings Time Deposits $30 $6 $ in billions TOTAL LOAN PORTFOLIO Investor CRE 8,703 $ 9.0B $ 1,029,400 Constr., Dev. & Land 4,846 2.7B 567,300 Top 10 Represents ~ 2% of total loans Loan portfolio balances, average balances or percentage exclude loans held for sale and PPP loans (1)~(3) For end note descriptions, see Earnings Presentation End Notes starting on slide 46. LOAN PORTFOLIO – OFFICE EXPOSURE • Office represents 4% of the loan portfolio • Approximately 10% is located within the Central Busines ...

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, 2022 ☐ 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 ...

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 ( ...

SouthState Corp (NYSE:SSB) Q2 2022 Earnings Conference Call July 29, 2022 9:00 AM ET Company Participants William Matthews - Senior EVP & CFO Robert Hill - Executive Chairman John Corbett - CEO & Director Stephen Young - Senior EVP & Chief Strategy Officer Conference Call Participants Stephen Scouten - Piper Sandler & Co. Kevin Fitzsimmons - D.A. Davidson & Co. Jennifer Demba - Truist Securities Christopher Marinac - Janney Montgomery Scott Catherine Mealor - KBW Michael Rose - Raymond James & Associates Da ...

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 ...