PART I — FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's total assets increased slightly to $45.1 billion as of March 31, 2024, with net income for Q1 2024 at $115.1 million, a decrease from the prior year due to higher interest expense, while cash flows from operations remained positive at $277.7 million [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$45,144,838** | **$44,902,024** | | Total cash and cash equivalents | $1,209,457 | $998,877 | | Total investment securities | $7,232,274 | $7,463,871 | | Loans, net | $32,197,656 | $31,931,916 | | Goodwill | $1,923,106 | $1,923,106 | | **Total Liabilities** | **$39,597,829** | **$39,368,926** | | Total deposits | $37,178,434 | $37,048,909 | | **Total Shareholders' Equity** | **$5,547,009** | **$5,533,098** | - Total assets increased by **$242.8 million**, or **0.5%**, from December 31, 2023, primarily driven by an increase in net loans of **$265.7 million**[7](index=7&type=chunk) - Total deposits saw a modest increase of **$129.5 million**, or **0.3%**, during the first quarter of 2024[7](index=7&type=chunk) [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated Income Statement Summary (in thousands, except per share data) | Account | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net interest income | $343,936 | $381,263 | | Provision for credit losses | $12,686 | $33,091 | | Noninterest income | $71,558 | $71,355 | | Noninterest expense | $249,290 | $240,505 | | **Net income** | **$115,056** | **$139,926** | | **Diluted earnings per share** | **$1.50** | **$1.83** | - Net income decreased by **17.8%** year-over-year, primarily due to a **9.8%** decline in net interest income as interest expense more than doubled from **$69.1 million** to **$173.3 million**[10](index=10&type=chunk) - The provision for credit losses was significantly lower at **$12.7 million** compared to **$33.1 million** in the prior-year quarter, partially offsetting the decline in net interest income[10](index=10&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $277,659 | $59,381 | | Net cash used in investing activities | ($105,955) | ($273,847) | | Net cash provided by financing activities | $38,876 | $898,565 | | **Net increase in cash and cash equivalents** | **$210,580** | **$684,099** | - Cash and cash equivalents increased by **$210.6 million** in Q1 2024, ending the period at **$1.21 billion**[18](index=18&type=chunk) - The net increase in loans was a primary use of cash in investing activities, amounting to **$283.4 million** for the quarter[18](index=18&type=chunk) [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - Effective January 1, 2024, the Company adopted ASU 2023-02, changing the accounting method for its Low-Income Housing Tax Credit (LIHTC) investments to the proportional amortization method, resulting in a one-time net reduction to retained earnings of **$10.2 million**[40](index=40&type=chunk)[15](index=15&type=chunk) - The company's total loan portfolio at amortized cost basis was **$32.67 billion** as of March 31, 2024, up from **$32.39 billion** at year-end 2023[54](index=54&type=chunk) - The Allowance for Credit Losses (ACL) increased to **$469.7 million** as of March 31, 2024, from **$456.6 million** at December 31, 2023, with a provision of **$15.8 million** recorded for the quarter[80](index=80&type=chunk)[243](index=243&type=chunk) - The company detected a cybersecurity incident on February 6, 2024, which has led to **14** putative class action lawsuits, with the company currently unable to reasonably estimate the amount of possible loss[110](index=110&type=chunk)[111](index=111&type=chunk)[323](index=323&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=70&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company's net income for Q1 2024 was $115.1 million, a 17.8% decrease from Q1 2023, primarily due to a significant increase in interest expense that compressed the net interest margin, while total assets grew modestly to $45.1 billion, supported by organic loan growth and stable asset quality, maintaining strong capital and liquidity positions [Results of Operations](index=73&type=section&id=Results%20of%20Operations) Q1 2024 Performance vs. Q1 2023 | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income | $115.1 million | $139.9 million | | Diluted EPS | $1.50 | $1.83 | | Net Interest Income | $343.9 million | $381.3 million | | Provision for Credit Losses | $12.7 million | $33.1 million | | Noninterest Income | $71.6 million | $71.4 million | | Noninterest Expense | $249.3 million | $240.5 million | - The **$24.9 million** decrease in net income was primarily driven by a **$104.2 million** increase in interest expense, which outpaced the **$66.8 million** increase in interest income[190](index=190&type=chunk) - Net interest margin (tax-equivalent) decreased by **52 basis points** to **3.41%** in Q1 2024 from **3.93%** in Q1 2023, as the cost of interest-bearing liabilities rose **139 basis points**, outpacing the **48 basis point** increase in the yield on interest-earning assets[198](index=198&type=chunk)[200](index=200&type=chunk) - Noninterest expense increased by **$8.8 million**, driven by higher salaries (**$6.4M**), an additional FDIC special assessment accrual (**$3.9M**), and increased information services costs (**$2.4M**)[190](index=190&type=chunk)[215](index=215&type=chunk) [Analysis of Financial Condition](index=87&type=section&id=Analysis%20of%20Financial%20Condition) - Total assets increased by **$242.8 million** (**0.5%**) to **$45.1 billion** at March 31, 2024, driven by a **$278.8 million** increase in loans, while investment securities decreased by **$231.6 million**[219](index=219&type=chunk) - The investment portfolio had a total unrealized net loss of **$1.26 billion** at March 31, 2024, an increase from **$1.18 billion** at year-end 2023, primarily due to interest rate expectations[222](index=222&type=chunk)[223](index=223&type=chunk) - Total loans increased by **$278.8 million** (**3.5%** annualized) during Q1 2024, with the non-acquired portfolio growing by **$618.7 million** (**9.4%** annualized) through organic growth[237](index=237&type=chunk) - The Allowance for Credit Losses (ACL) increased to **$469.7 million**, or **1.44%** of total loans, up from **1.41%** at year-end 2023, providing **2.73 times** coverage of nonperforming loans[243](index=243&type=chunk)[246](index=246&type=chunk) - Total nonperforming assets decreased by **$9.6 million** to **$174.5 million**, representing **0.53%** of total loans and repossessed assets at March 31, 2024[253](index=253&type=chunk) - Total deposits increased by **$129.5 million**, driven by growth in money market accounts (**$356.7 million**), while noninterest-bearing deposits declined by **$102.9 million** as customers sought higher yields[277](index=277&type=chunk) [Capital Resources and Liquidity](index=103&type=section&id=Capital%20Resources%20and%20Liquidity) Regulatory Capital Ratios (Consolidated) | Ratio | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Common equity Tier 1 risk-based capital | 11.95% | 11.75% | | Tier 1 risk-based capital | 11.95% | 11.75% | | Total risk-based capital | 14.32% | 14.08% | | Tier 1 leverage | 9.58% | 9.42% | - Shareholders' equity increased by **$13.9 million** to **$5.5 billion** in Q1 2024, with the company repurchasing **100,000 shares** for **$8.0 million** under its stock repurchase plan[260](index=260&type=chunk)[261](index=261&type=chunk) - The company and the Bank remain 'well capitalized' with all regulatory capital ratios well in excess of minimum requirements[265](index=265&type=chunk) - The company has significant available liquidity, including **$6.6 billion** in FHLB availability, **$1.8 billion** at the FRB discount window, and **$4.8 billion** in brokered deposit capacity, totaling **$13.5 billion** in additional funding sources[279](index=279&type=chunk) - Estimated uninsured deposits were approximately **$13.3 billion**, with primary funding sources providing **112.9%** coverage for uninsured deposits (excluding collateralized deposits)[259](index=259&type=chunk)[281](index=281&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=73&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk disclosures have not materially changed from the 2023 Annual Report, with interest rate risk being the primary market risk managed through simulation analysis, projecting a +100 basis point rate shock to increase net interest income by 1.1% over one year, while a -100 basis point shock would decrease it by 1.8% - There have been no material changes in quantitative and qualitative disclosures about market risk from the 2023 Form 10-K[318](index=318&type=chunk) Net Interest Income Sensitivity (Year 1) | Rate Shock | % Change in NII | | :--- | :--- | | +100 bps | +1.1% | | +200 bps | +1.8% | | -100 bps | -1.8% | | -200 bps | -4.4% | Economic Value of Equity (EVE) Sensitivity | Rate Shock | % Change in EVE | | :--- | :--- | | +100 bps | -2.4% | | +200 bps | -5.9% | | -100 bps | +0.7% | | -200 bps | -0.4% | [Item 4. Controls and Procedures](index=74&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2024, with no material changes to the internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024[319](index=319&type=chunk) - No changes in internal control over financial reporting occurred during the first quarter of 2024 that materially affected, or are likely to materially affect, internal controls[321](index=321&type=chunk) PART II — OTHER INFORMATION [Item 1. Legal Proceedings](index=74&type=section&id=Item%201.%20Legal%20Proceedings) The company is facing 14 putative class action lawsuits following a cybersecurity incident detected on February 6, 2024, and cannot currently estimate the potential loss but intends to defend itself vigorously, with no other material legal proceedings pending outside the ordinary course of business - Following a cybersecurity incident detected on February 6, 2024, **14** putative class action lawsuits have been filed against the Bank as of the report date[322](index=322&type=chunk)[323](index=323&type=chunk) - The company is currently unable to estimate the total cost or potential loss from these lawsuits but has not incurred material costs as of March 31, 2024[322](index=322&type=chunk)[111](index=111&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2024, the company repurchased 100,000 shares at a weighted average price of $79.85 per share as part of its 2022 Stock Repurchase Program, with 3,920,021 shares remaining authorized for repurchase as of March 31, 2024 - In Q1 2024, the company repurchased **100,000 shares** at a weighted average price of **$79.85** per share under its publicly announced stock repurchase program[327](index=327&type=chunk)[328](index=328&type=chunk) - An additional **95,537 shares** were repurchased from officers and directors to cover taxes and option costs related to equity compensation, separate from the public buyback plan[175](index=175&type=chunk)[328](index=328&type=chunk) - As of March 31, 2024, **3,920,021 shares** remained available for repurchase under the authorized plan[327](index=327&type=chunk)[328](index=328&type=chunk)

• Deposits increased $130 million, or 1% annualized • Repurchased a total of 100,000 shares during 1Q 2024 at a weighted average price of $79.85 • Net charge-offs of $2.7 million, or 0.03% annualized; Provision for Credit Losses ("PCL"), including release for unfunded commitments, of $12.7 million; total allowance for credit losses ("ACL") plus reserve for unfunded commitments of 1.60% • Efficiency ratio of 58% and adjusted efficiency ratio (non-GAAP)(1) of 56% NET INTEREST MARGIN (1) Net Interest Income ex ...

Financial Data and Key Metrics Changes - The net interest margin (NIM) decreased to 3.41%, at the lower end of guidance, while non-interest income to average assets was 64 basis points, exceeding guidance [89] - Deposit costs increased by 14 basis points to 1.74%, which was 2 basis points less than the previous quarter's increase [89] - Loan yields increased by 8 basis points, with cumulative deposit beta at 33% and cumulative loan beta at 37% [89] Business Line Data and Key Metrics Changes - Non-interest income increased by $6 million, driven by better mortgage revenue and lower interest on swap variation margin collateral [91] - The provision for credit losses was $12.7 million, with net charge-offs at $2.7 million, leading to a total reserve growth to 1.6% [94] - The construction development portfolio decreased significantly by approximately $500 million, with unfunded commitments around $2 billion [44][46] Market Data and Key Metrics Changes - Rental rates in the company's markets increased significantly: 16% for office, 21% for multifamily, and 38% for industrial, compared to lower increases outside these markets [83] - The commercial loan pipeline grew by 33% since November, primarily in the C&I sector, indicating a recovery from previous declines [20][81] Company Strategy and Development Direction - The company aims for flexibility and optionality in capital management, maintaining a strong capital position to be opportunistic in various economic scenarios [87] - The correspondent division expanded with a new team specializing in the packaging and sale of government-guaranteed portions of SBA loans, indicating a strategic focus on enhancing fee income [85] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the economic environment, noting that while rising interest rates are pressuring debt service coverage ratios, the Southeast market is benefiting from net migration [83][84] - The company does not foresee significant losses in the loan portfolio based on current forecasts, despite some migration into substandard categories [95] Other Important Information - The company repurchased 100,000 shares during the quarter, maintaining healthy capital ratios [96] - The CET1 capital ratio is approximately 12%, indicating a strong capital position relative to peers [86] Q&A Session Summary Question: What are the expectations for NIM given the recent rate cut forecasts? - Management indicated that NIM for 2024 is expected to range between 3.40% and 3.50%, with adjustments based on the revised rate cut forecast [102] Question: How is the competitive landscape affecting borrower demand? - Borrower demand has increased, with a notable recovery in the commercial loan pipeline, particularly in the C&I sector [20] Question: What is the outlook for fee income in the mortgage and correspondent banking sectors? - Fee income was strong in the last quarter, and management expects continued improvement, particularly in mortgage revenue [40]

Exhibit 99.1 SouthState Corporation Reports First Quarter 2024 Results Declares Quarterly Cash Dividend FOR IMMEDIATE RELEASE Media Contact Jackie Smith, 803.231.3486 WINTER HAVEN, FL – April 25, 2024 – SouthState Corporation (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month period ended March 31, 2024. "In the midst of a transition year for the US economy, SouthState produced first quarter revenue and earnings per share in line with our guida ...

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, 2023 ☐ 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 ...

SouthState Corporation (NYSE:SSB) Q4 2023 Earnings Conference Call January 26, 2024 9:00 AM ET Company Participants Will Matthews - Chief Financial Officer John Corbett - Chief Executive Officer Steven Young - Chief Strategy Officer Conference Call Participants Catherine Mealor - KBW Stephen Scouten - Piper Sandler Michael Rose - Raymond James Brandon King - Truist Securities Samuel Varga - UBS Russell Gunther - Stephens Gary Tenner - D.A. Davidson Operator Hello, and welcome to the SouthState Corporation Q ...

DISCLAIMER 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 downturn risk, potentially resulting in deterioration in the credit markets, inflation, ...

PART I — FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents SouthState Corporation's unaudited consolidated financial statements for Q3 and YTD 2023, including balance sheets, income statements, and cash flow details [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$45.0 billion** by September 30, 2023, driven by loan growth and deposit increases, with shareholders' equity reaching **$5.23 billion** Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$44,989,128** | **$43,918,696** | | Total cash and cash equivalents | $1,329,137 | $1,312,563 | | Total investment securities | $7,344,483 | $8,189,780 | | Loans, net | $31,568,716 | $29,821,418 | | Goodwill | $1,923,106 | $1,923,106 | | **Total Liabilities** | **$39,758,141** | **$38,843,769** | | Total deposits | $36,935,198 | $36,350,623 | | **Total Shareholders' Equity** | **$5,230,987** | **$5,074,927** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Q3 2023 net income decreased to **$124.1 million** due to higher interest expense, while YTD net income increased to **$387.5 million** driven by net interest income growth Key Income Statement Data (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $355,371 | $362,334 | $1,098,377 | $939,667 | | Provision for Credit Losses | $32,709 | $23,876 | $104,189 | $34,713 | | Total Noninterest Income | $72,848 | $73,053 | $221,417 | $245,855 | | Total Noninterest Expense | $238,206 | $240,433 | $721,337 | $700,202 | | **Net Income** | **$124,144** | **$133,043** | **$387,517** | **$352,547** | | **Diluted EPS** | **$1.62** | **$1.75** | **$5.07** | **$4.71** | [Consolidated Statements of Comprehensive (Loss) Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20%28Loss%29%20Income) Q3 2023 saw a comprehensive loss of **$29.3 million** due to unrealized securities losses, while YTD comprehensive income improved to **$248.7 million** from a prior year loss Comprehensive (Loss) Income Summary (in thousands) | Component | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $124,144 | $133,043 | $387,517 | $352,547 | | Other Comprehensive Loss, net of tax | ($153,491) | ($225,574) | ($138,801) | ($695,312) | | **Comprehensive (Loss) Income** | **($29,347)** | **($92,531)** | **$248,716** | **($342,765)** | [Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity increased to **$5.23 billion** by September 30, 2023, driven by net income, partially offset by dividends and other comprehensive loss - Total shareholders' equity increased to **$5,230,987 thousand** at September 30, 2023, from **$5,074,927 thousand** at December 31, 2022[16](index=16&type=chunk) - The increase was driven by net income of **$387.5 million** for the nine months ended September 30, 2023[16](index=16&type=chunk) - This growth was partially offset by cash dividends declared of **$115.4 million** and an increase in accumulated other comprehensive loss of **$138.8 million**[16](index=16&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was **$821.1 million** YTD 2023, with investing activities using **$1.23 billion** due to loan growth, resulting in a **$16.6 million** net cash increase Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $821,076 | $1,576,520 | | Net cash used in investing activities | ($1,226,035) | ($3,690,885) | | Net cash provided by (used in) financing activities | $421,533 | ($1,682,997) | | **Net increase (decrease) in cash and cash equivalents** | **$16,574** | **($3,797,362)** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed disclosures for the consolidated financial statements, covering accounting policies, loan and investment details, credit losses, fair value, and capital adequacy [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=70&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results for Q3 and YTD 2023, focusing on interest rate impacts, loan growth, deposit shifts, asset quality, and capital levels - Net income for Q3 2023 was **$124.1 million** (**$1.62 diluted EPS**), down from **$133.0 million** (**$1.75 diluted EPS**) in Q3 2022, primarily due to a **$131.1 million** increase in interest expense that outpaced the **$124.2 million** increase in interest income[204](index=204&type=chunk)[207](index=207&type=chunk) - Total assets increased by **$1.1 billion** (**2.4%**) to **$45.0 billion** from year-end 2022, driven by a **$1.8 billion** (**6.1%**) increase in loans[233](index=233&type=chunk) - The company maintains a strong liquidity position with **$14.4 billion** in available funding sources, including FHLB availability, the Federal Reserve discount window, and brokered deposit capacity[201](index=201&type=chunk)[294](index=294&type=chunk) - All regulatory capital ratios remain well in excess of 'well capitalized' minimums, with a **CET1 ratio of 11.47%** and a **Total risk-based capital ratio of 13.76%** at the consolidated level as of September 30, 2023[163](index=163&type=chunk)[287](index=287&type=chunk) [Results of Operations](index=74&type=section&id=Results%20of%20Operations) Q3 2023 net income declined due to rising interest expenses and higher credit loss provisions, while YTD net income grew, supported by increased net interest income Selected Financial Ratios (Annualized) | Ratio | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Return on average assets | 1.10% | 1.17% | 1.16% | 1.06% | | Return on average equity | 9.24% | 10.31% | 9.83% | 9.32% | | Return on average tangible equity (non-GAAP) | 15.52% | 17.99% | 16.67% | 16.19% | - Net interest margin (NIM) on a non-tax equivalent basis decreased to **3.49%** in Q3 2023 from **3.55%** in Q3 2022, as the **195 basis point** increase in the cost of interest-bearing liabilities outpaced the **123 basis point** increase in the yield on interest-earning assets[210](index=210&type=chunk)[213](index=213&type=chunk) - Noninterest income in Q3 2023 decreased slightly by **$0.2 million**, with declines in correspondent banking and SBA income offset by higher service charges and other income[207](index=207&type=chunk)[224](index=224&type=chunk) - Noninterest expense in Q3 2023 decreased by **$2.2 million**, mainly due to a **$13.5 million** reduction in merger, branch consolidation, and severance expenses compared to the prior year[207](index=207&type=chunk)[228](index=228&type=chunk) [Analysis of Financial Condition](index=80&type=section&id=Analysis%20of%20Financial%20Condition) The company's financial condition remains strong with **$45.0 billion** in assets, driven by **$1.8 billion** in loan growth and increased deposits, while asset quality remains stable despite higher nonperforming assets - The investment securities portfolio decreased by **$845.3 million** (**10.3%**) to **$7.3 billion**, while the unrealized net loss on the AFS and HTM portfolios increased to **$1.6 billion** due to higher interest rates[234](index=234&type=chunk)[237](index=237&type=chunk) - Total loans grew by **$1.8 billion** (**8.1% annualized**) to **$32.0 billion**, led by strong organic growth in the non-acquired portfolio, particularly in consumer owner-occupied and commercial real estate loans[249](index=249&type=chunk) - The Allowance for Credit Losses (ACL) increased to **$448.0 million**, representing **1.40%** of total loans, up from **1.18%** at year-end 2022. The increase reflects a provision of **$109.1 million** YTD, driven by loan growth and economic uncertainty[257](index=257&type=chunk) - Nonperforming assets (NPAs) increased to **$166.8 million**, or **0.52%** of total loans and repossessed assets, up from **$109.7 million** (**0.36%**) at year-end 2022, primarily due to an increase in non-acquired commercial nonaccrual loans[268](index=268&type=chunk) [Capital Resources and Liquidity](index=89&type=section&id=Capital%20Resources%20and%20Liquidity) The company maintains robust capital and liquidity, with shareholders' equity growing to **$5.2 billion** and all capital ratios exceeding regulatory minimums, supported by **$14.4 billion** in contingent funding Consolidated Capital Ratios | Ratio | September 30, 2023 | December 31, 2022 | Well-Capitalized Minimum | | :--- | :--- | :--- | :--- | | CET1 Risk-Based Capital | 11.47% | 10.96% | N/A | | Tier 1 Risk-Based Capital | 11.47% | 10.96% | 6.00% | | Total Risk-Based Capital | 13.76% | 12.97% | 10.00% | | Tier 1 Leverage | 9.34% | 8.72% | N/A | - The company has significant available liquidity, including **$7.8 billion** from the FHLB, **$1.9 billion** from the Federal Reserve's discount window, and **$4.4 billion** in brokered deposit capacity[294](index=294&type=chunk) - The company's Board of Directors approved a stock repurchase program in April 2022 for up to **4,120,021 shares**; no shares were repurchased under this program in 2023[278](index=278&type=chunk)[340](index=340&type=chunk) [Asset-Liability Management and Market Risk Sensitivity](index=93&type=section&id=Asset-Liability%20Management%20and%20Market%20Risk%20Sensitivity) The company actively manages interest rate risk, positioned as slightly asset-sensitive, with a **+100 bps** rate shock projected to increase net interest income by **1.3%**, and has completed its LIBOR transition Net Interest Income Sensitivity (1-Year Horizon) | Rate Shock | % Change in NII | | :--- | :--- | | +200 bps | 2.2% | | +100 bps | 1.3% | | -100 bps | (1.9%) | | -200 bps | (4.5%) | - The Economic Value of Equity (EVE) is estimated to decrease by **2.4%** in a **+100 bps** rate shock and increase by **0.1%** in a **-100 bps** shock[311](index=311&type=chunk) - As of September 30, 2023, all LIBOR-indexed loans, derivatives, and securities have been successfully migrated to SOFR and other alternative reference rates[318](index=318&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=81&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes have occurred in the company's quantitative and qualitative disclosures about market risk since the 2022 Annual Report on Form 10-K - There have been no material changes in market risk disclosures from the 2022 Form 10-K[332](index=332&type=chunk) [Controls and Procedures](index=81&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were effective as of September 30, 2023[333](index=333&type=chunk) - No material changes were made to internal control over financial reporting during the third quarter of 2023[335](index=335&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=81&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any pending material legal proceedings outside the ordinary course of business - As of September 30, 2023, the company is not party to any material legal proceedings outside the ordinary course of business[337](index=337&type=chunk) [Risk Factors](index=82&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred in the company's risk factors since those disclosed in the 2022 Annual Report on Form 10-K - No material changes have been made to the risk factors disclosed in the 2022 Form 10-K[339](index=339&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=82&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased under the publicly announced stock repurchase program in Q3 2023, though minor repurchases occurred for tax purposes related to equity awards - The 2022 Stock Repurchase Program authorizes the repurchase of up to **4,120,021 shares**. No shares were repurchased under this program during 2023[340](index=340&type=chunk) Share Repurchase Activity (Q3 2023) | Period | Shares Purchased* | Average Price Paid | | :--- | :--- | :--- | | July 2023 | 3,444 | $76.64 | | August 2023 | 834 | $78.73 | | September 2023 | 819 | $69.93 | | **Total** | **5,097** | | - *Shares were repurchased from employees to cover taxes on vesting equity awards and were not part of the publicly announced repurchase plan[341](index=341&type=chunk) [Other Information](index=83&type=section&id=Item%205.%20Other%20Information) No other material information is reported for this item - None[346](index=346&type=chunk) [Exhibits](index=83&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report on Form 10-Q, including CEO/CFO certifications and iXBRL data files - Exhibits filed include Rule 13a-14(a) and Section 1350 certifications, as well as iXBRL formatted financial statements[348](index=348&type=chunk)

SouthState Corporation (NYSE:SSB) Q3 2023 Earnings Call Transcript October 27, 2023 9:00 AM ET Company Participants William Matthews - Chief Financial Officer John Corbett - Chief Executive Officer Steven Young - Chief Strategy Officer Conference Call Participants Stephen Scouten - Piper Sandler Catherine Mealor - KBW Michael Rose - Raymond James David Bishop - Hovde Group Brody Preston - UBS Operator Good morning, my name is Audra and I will be your conference operator today. At this time, I would like to ...

Earnings Call 2Q 2023 July 28, 2023 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 indust ...