NEW YORK, July 1, 2024 /PRNewswire/ -- Affiliates of Cantor Fitzgerald, L.P., ("Cantor Fitzgerald"), a leading global financial services firm and real assets investment company, and Silverstein Properties ("Silverstein"), a leading global full-service real estate development, investment, and management firm, announced that they have entered into a joint venture with Turnbull Development, LLC, a Charleston-based development firm. The venture intends to develop a mixed-use project encompassing 365 garden-styl ...

WINTER HAVEN, Fla., June 10, 2024 /PRNewswire/ -- SouthState Bank has announced the addition of seven new commercial and private bankers in its growing Georgia market. "With our forward-thinking technology and client-focused approach, SouthState continues to offer our business customers big-bank products with high-touch service. These new additions bring further skill and initiative to their respective markets, and we look forward to their contributions," said Richard Murray, SouthState president. SouthStat ...

SouthState Corporation (SSB) entered into a merger agreement to acquire Independent Bank Group, Inc. (IBTX) in an all-stock transaction valued at approximately $2 billion. Independent Bank is headquartered in McKinney, TX, and had $18.9 billion in total assets, $15.7 billion in total deposits and $14.6 billion in total loans as of Mar 31, 2024. Upon completion of the acquisition, the combined company will have pro forma total assets of $65 billion, deposits of $55 billion, gross loans of $48 billion and a m ...

WINTER HAVEN, Fla. and MCKINNEY, Texas, May 20, 2024 /PRNewswire/ -- SouthState Corporation (NYSE: SSB) ("SouthState") and Independent Bank Group, Inc. (NASDAQ: IBTX) ("Independent Bank Group") jointly announced today that they have entered into a definitive agreement under which SouthState will acquire Independent Bank Group, in an all-stock transaction valued at approximately $2 billion. SouthState Corporation and Independent Bank Group, Inc. have entered into a definitive agreement that will create a $65 ...

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 ...