Financial Analysis

Note 10Other Borrowings The Companys other borrowings were as follows: December 31, 2025 December 31, 2024 Interest Weighted Interest Weighted Rate at Average Rate at Average December 31, Average Interest December 31, Average Interest (Dollars in thousands) Maturity 2025 Balance Balance Rate (7) 2024 Balance Balance Rate (7) Short-term borrowings: FHLB Advances Various % $ % $ FRB Borrowings Various % % AFX Borrowings Various % % US Bank Line of Credit Daily % % Total short-term borrowings % $ $ 14,728 4.40 % % $ $ 179,235 5.55 % Long-term borrowings SCBT Capital Trust I junior subordinated debt (1) 6/15/2035 5.77 % $ 12,372 6.41 % $ 12,372 SCBT Capital Trust II junior subordinated debt (1) 6/15/2035 5.77 % 8,248 6.41 % 8,248 SCBT Capital Trust III junior subordinated debt (1) 7/18/2035 5.57 % 20,619 6.21 % 20,619 SAVB Capital Trust I junior subordinated debt (1) 10/7/2033 7.02 % 6,186 7.77 % 6,186 SAVB Capital Trust II junior subordinated debt (1) 12/15/2034 6.18 % 4,124 6.82 % 4,124 TSB Statutory Trust I junior subordinated debt (1) 3/14/2037 5.70 % 3,093 6.34 % 3,093 Southeastern Bank Financial Statutory Trust I junior subordinated debt (1) 12/15/2035 5.38 % 10,310 6.02 % 10,310 Southeastern Bank Financial Statutory Trust II junior subordinated debt (1) 6/15/2036 5.38 % 10,310 6.02 % 10,310 CSBC Statutory Trust I junior subordinated debt (1) 12/15/2035 5.55 % 15,464 6.19 % 15,464 Community Capital Statutory Trust I junior subordinated debt (1) 6/15/2036 5.53 % 10,310 6.17 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Note 17Share-Based Compensation Compensation cost is recognized for stock options, restricted stock awards and restricted stock units (RSUs) issued to employees. Compensation cost is measured as the fair value of these awards on their date of grant. A Black- Scholes model is utilized to estimate the fair value of stock options, while the market price of the Companys common stock at the date of grant is used as the fair value of restricted stock awards and RSUs. Compensation cost is recognized over the required service period, generally defined as the vesting period for stock option awards and RSUs, and as the restriction period for restricted stock awards. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Our 2012 and 2020 share-based compensation plans are long-term retention plans intended to attract, retain, and provide incentives for key employees and non-employee directors in the form of incentive and non-qualified stock options, restricted stock, and RSUs. Our 2020 plan was adopted by our shareholders at our annual meeting on October 29, 2020. The 2020 plan was subsequently amended and restated (Amended and Restated 2020 Omnibus Incentive Plan) during our annual meeting on April 24, 2024 to increase the number of shares of common stock available for future grants. The Company also assumed the obligations of Atlantic Capital under various equity incentive plans pursuant to the …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note 23Fair Value GAAP defines fair value and establishes a framework for measuring and disclosing fair value. Fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Available for sale and trading securities, derivative contracts, mortgage loans held for sale, SBA servicing rights, and mortgage servicing rights (MSRs) are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans, OREO, bank properties held for sale, and certain other assets. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets. FASB ASC 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 Observable inputs such as quoted prices in active markets; Level 2 Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following is …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Note 7Goodwill and Other Intangible Assets The carrying amount of goodwill was $3.1 billion and $1.9 billion, respectively, at December 31, 2025 and December 31, 2024. The Company added a total of $1.2 billion in goodwill related to the Independent acquisition during the year ended December 31, 2025. The Company also added $412.1 million in core deposit intangibles and a client list intangible of $2.5 million related to the Independent acquisition. The goodwill was calculated based on the final fair values of the assets acquired and liabilities assumed as of the acquisition date. The Companys other intangible assets, consisting of core deposit intangibles, noncompete intangibles, and client list intangibles are included on the face of the balance sheet. The Company last completed its annual valuation of the carrying value of its goodwill as of October 31, 2025, and determined there was more likely than not that no impairment of the Companys goodwill. Management continues to monitor the impact of market conditions on the Companys business, operating results, cash flows and/or financial condition. The Companys other intangible assets, consisting of core deposit intangibles, noncompete intangibles, client list intangibles, and SBA servicing assets are included on the face of the balance sheet. The following is a summary of gross carrying amounts and accumulated amortization of other intangible assets: December 31, (Dollars in thousands) 2025 2024 Gross carrying amount $ 689,419 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Note 11Income Taxes The provision for income taxes consists of the following: Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Current: Federal $ 121,834 $ 143,507 $ 111,433 State 14,430 31,979 23,157 Total current tax expense 136,264 175,486 134,590 Deferred: Federal 88,379 (10,150) 738 State 16,900 129 1,216 Total deferred tax expense (income) 105,279 (10,021) 1,954 Provision for income taxes $ 241,543 $ 165,465 $ 136,544 The provision for income taxes differs from that computed by applying the federal statutory income tax rate of 21% in 2025, 2024 and 2023 to income before provision for income taxes, as indicated in the following analysis: Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Income taxes at federal statutory rate $ 218,444 21.00 % $ 147,052 21.00 % $ 132,479 21.00 % Increase (reduction) of taxes resulting from: State income taxes, net of federal tax benefit 26,011 2.50 % 24,951 3.56 % 19,122 3.03 % Non-taxable or non-deductible items Non-deductible merger expenses 1,281 0.12 % 544 0.08 % % Increase in cash surrender value of BOLI policies (8,312) (0.80) % (6,402) (0.91) % (5,605) (0.89) % Tax-exempt interest income (9,918) (0.95) % (8,090) (1.16) % (7,016) (1.11) % Non-deductible FDIC premiums 7,741 0.74 % 5,189 0.74 % 5,330 0.85 % Non-deductible executive compensation 10,779 1.04 % 3,455 0.49 % 4,745 0.75 % Income tax credits, net of related amortization Low income housing tax credits (1,116) (0.11) % (1,094) (0.15) % (14,253) (2.26) …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recent Accounting and Regulatory Pronouncements Accounting Standards Adopted The Company adopted ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method effective January 1, 2024, and changed the accounting method of its LIHTC structured investments from the equity method to the proportional amortization method. The Company adopted ASU 2023-02 using the modified retrospective approach. Under this adoption approach, management was required to verify the LIHTCs met the conditions for proportional amortization method as of the date the investments were originally made by the Bank. In addition, management evaluated the actual tax credits and other income tax benefits received, as well as the remaining benefits expected to be received, as of the adoption date. The cumulative difference between the equity method and proportional amortization method resulted in a one-time cumulative effect adjustment recorded through retained earnings as of January 1, 2024. The cumulative effect resulting from the adoption of proportional amortization method was a net reduction to retained earnings of $10.2 million. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to improve disclosures about a public entitys reportable segments and address requests from investors and other allocators of capital for additiona …

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Note 16Retirement Plans The Company has an Employee saving plan/401(k), supplemental executive retirement plans and post-retirement benefits plans. The effect to income from operations with regard to all of the Companys retirement plans were as follows: Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Employee savings plan/401(k) $ 21,989 $ 17,178 $ 16,528 Supplemental executive retirement plan 1,556 1,141 (3,252) Split dollar plan (117) (210) (753) Post-retirement benefits 18 13 312 $ 23,446 $ 18,122 $ 12,835 The Company and its subsidiaries have a Safe Harbor plan. Under the plan, electing employees are eligible to participate after attaining age 18 . Plan participants elect to contribute portions of their annual base compensation, or commissions, in any combination of pre-tax deferrals or Roth post- tax deferrals subject to the annual IRS limit. Employer contributions may be made from current or accumulated net profits. Participants may elect to contribute 1% to 85% of eligible compensation as a before or after tax contribution. Employees participating in the plan receive matching contributions from the Company in an amount equal to 100% of the first 4% of eligible compensation, contributed to the plan as deferral contributions. Employees can enter the savings plan on or after the first day of each month. The employee may enter into a salary deferral agreement at any time to select an alternative deferral amount or to elect not to defer in the Plan. If the emp …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Note 21Related Party Transactions During 2025 and 2024, the Companys banking subsidiary had loan and deposit relationships with certain related parties, principally directors and executive officers, their immediate families and their business interests. All of these relationships were in the ordinary course of business at rates and terms substantially consistent with similar transactions with unrelated parties. Loans outstanding to this group (including immediate families and business interests) totaled $18.8 million and $12.3 million at December 31, 2025 and 2024, respectively. During 2025, $9.6 million of new loans were made to this group while repayments of $7.9 million were received during the year. There were also additions to related party loans of $4.9 million due to the addition of new related parties, and reductions to related party loans of $39,000 due to removal of related parties in 2025. During 2024, $7.6 million of new loans were made to this group while repayments of $4.7 million were received during the year. There were no additions or reductions in loans in 2024 related to changes in related parties. Related party deposits totaled approximately $44.2 million and $29.5 million at December 31, 2025 and 2024, respectively. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

"Note 29Segment Reporting The Company, through the Bank, provides a broad range of financial services to individuals and companies primarily in Florida, South Carolina, Texas, Georgia, Colorado, North Carolina, Alabama, and Virginia. These services include, but not limited to, demand, time and savings deposits; lending and credit card servicing; ATM processing; mortgage banking services; correspondent banking services and wealth management and trust services. The Companys operations are managed and financial performance is evaluated on an organization-wide basis. Accordingly, the Companys banking and finance operations are not considered by management to constitute more than one reportable operating segment. This single segment is the General Banking Unit. The Companys chief operating decision maker (CODM) is the Executive Committee. The CODM generally meets monthly and membership includes the senior executive management team including the Chief Executive Officer, Chief Strategy Officer, President, Chief Financial Officer, Chief Operating Officer, Chief Risk Officer, Chief Credit Officer and other executives. The CODM assesses performance of the General Banking Unit using a variety of figures, metrics and key performance indicators. However, the CODM primarily utilizes net income and Net Interest Margin (NIM) to make business decisions. The CODM monitors these profitability measures at each meeting, and is regularly featured in various investor presentations, earnings release …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

No te 1 Summary of Significant Accounting Policies Nature of Operations SouthState is a financial holding company headquartered in Winter Haven, Florida. During the third quarter of 2025, the Company was redomiciled to the state of Florida through the merger of SouthState Corporation, a South Carolina corporation, with and into SouthState Bank Corporation, a Florida corporation wholly owned by SouthState Corporation prior to such merger and adopting its current name. We provide a wide range of banking services and products to our customers through our Bank with locations located throughout our eight (8) state footprint in Florida, South Carolina, Texas, Georgia, Colorado, North Carolina, Alabama, and Virginia. In addition, the Company operates a correspondent banking and capital markets division within the national bank subsidiary, of which the majority of its bond salesmen, traders and operational personnel are housed in facilities located in Atlanta, Georgia, Birmingham, Alabama, Memphis, Tennessee, and Walnut Creek, California . The Bank operates SouthState Securities Corp. (SouthState Securities), a registered broker-dealer headquartered in Memphis, Tennessee that serves primarily institutional clients across the U.S. in the fixed income business. The Bank also operates SouthState PCM, Inc. (SouthState PCM), a wholly-owned registered investment advisor. The Bank, through its Corporate Billing Division, provides factoring, invoicing, collection and accounts receivable mana …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Note 31Subsequent Events 2026 Stock Repurchase Plan On January 21, 2026, the Board of Directors of the Company approved a stock repurchase plan for the repurchase of up to 5,560,000 shares of the Companys common stock (the 2026 Repurchase Plan). The 2026 Repurchase Plan replaces the Companys 2025 Repurchase Plan, under which 560,000 shares remained available for repurchase. The 2025 Repurchase Plan was cancelled in connection with the Boards approval of the 2026 Repurchase Plan. Repurchases under the 2026 Stock Repurchase Plan will be made from time to time by the Company as conditions allow. The 2026 Stock Repurchase Plan will be made available until December 31, 2027, unless shortened or extended by the Companys Board of Directors. Subsequent to December 31, 2025, the Company repurchased 1,250,000 shares of the Companys common stock pursuant to the 2026 Repurchase Plan at a weighted average price of $102.96 per share. As of February 19, 2026, the Company may repurchase up to an additional 4,310,000 shares of common stock under the 2026 Repurchase Plan. First Quarter 2026 Quarterly Cash Dividend Declaration On January 22, 2026 , the Company announced the declaration of a quarterly cash dividend on its common stock at $0.60 per share. The dividend was paid on February 13, 2026 to shareholders of record as of February 6, 2026 . …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

Note 11 Commitments and Contingent Liabilities In the normal course of business, we make various commitments and incur certain contingent liabilities, which are not reflected in the accompanying financial statements. The commitments and contingent liabilities include guarantees, commitments to extend credit, and standby letters of credit. At June 30, 2026, commitments to extend credit and standby letters of credit totaled $14.7 billion. As of June 30, 2026, the liability recorded for expected credit losses on unfunded commitments, excluding unconditionally cancellable exposures and letters of credit, was $76.5 million and recorded on the Balance Sheet. See Note 1 Summary of Significant Accounting Policies to the Consolidated Financial Statements in the 2025 Form 10-K for discussion of liability recorded for expected credit losses on unfunded commitments . For a description of the Companys commitments and contingencies, including litigation risks arising from our normal business activities and whole bank acquisitions, as well as background related to the previously disclosed cyber incident, refer t o Note 20 to the Consolidated Financial Statements in the 2025 Form 10-K. Although the amount of any ultimate liability with respect to such matters cannot be determined, in the opinion of management, as of June 30, 2026, any such liability is not expected to have a material effect on our consolidated financial statements. Cyber Incident Litigation . On April 3, 2024, a putative cla …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note 10 Share-Based Compensation For a description of the Companys share-based compensation plans, including equity plan structure and Restricted Stock Units (RSUs) program mechanics, refer to Note 17 to the Consolidated Financial Statements in the 2025 Form 10-K. Stock Options Activity in the Companys stock option plans is summarized in the following table: Weighted Weighted Average Aggregate Average Remaining Intrinsic Shares Price (Yrs.) (000s) Outstanding at January 1, 2026 28,815 $ 61.00 Exercised (6,018) 50.65 Expired (278) 44.21 Outstanding at June 30, 2026 22,519 63.97 0.99 $ 809 Exercisable at June 30, 2026 22,519 63.97 0.99 $ 809 Restricted Stock Units (RSUs) Outstanding RSUs for the six months ended June 30, 2026, are summarized in the following table: Weighted- Average Grant-Date Restricted Stock Units Shares Fair Value Outstanding at January 1, 2026 820,878 $ 86.43 Granted 437,648 93.75 Vested (388,095) 80.35 Forfeited (5,864) 93.08 Outstanding at June 30, 2026 864,567 $ 92.82 If maximum performance is achieved pursuant to the 2024, 2025 and 2026 Long Term Incentive performance-based RSU grants, an additional 133,447 shares in total may be issued by the Company at the end of the three-year performance periods. As of June 30, 2026, there was $48.8 million of total unrecognized compensation cost at target related to nonvested RSUs granted under the plan. This cost is expected to be recognized over a weighted-average period of 1.44 years as of June 30, 2026. The tot …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note 12 Fair Value GAAP defines fair value and establishes a framework for measuring and disclosing fair value. Fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. For a detailed description of the Companys fair value measurement framework, including valuation methodologies and the classification of financial instruments within the fair value hierarchy, refer to Note 23 to the Consolidated Financial Statements in the 2025 Form 10- K. The tables below present the Companys fair value measurements as of June 30, 2026 and December 31, 2025, as well as changes in Level 3 instruments, if applicable. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis: Quoted Prices In Active Significant Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) June 30, 2026: Assets Derivative financial instruments $ 148,889 $ $ 148,889 $ Mortgage loans held for sale 68,738 68,738 Trading securities 191,094 191,094 Securities available for sale: Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises 1,886,566 1,886,566 Residential collateralized mortgage-obligations issued by …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Note 16 Goodwill and Other Intangible Assets The carrying amount of goodwill was $3.1 billion, at June 30, 2026, and December 31, 2025. The Companys other intangible assets, consisting of core deposit intangibles, noncompete intangibles, and client list intangibles are included on the face of the balance sheet. The Company last completed its annual valuation of the carrying value of its goodwill as of October 31, 2025 and determined it was more likely than not there was no impairment of the Companys goodwill. Management continues to monitor the impact of market conditions on the Companys business, operating results, cash flows and/or financial condition. The following is a summary of gross carrying amounts and accumulated amortization of other intangible assets: June 30, December 31, (Dollars in thousands) 2026 2025 Gross carrying amount $ 688,862 $ 689,419 Accumulated amortization (345,438) (303,093) $ 343,424 $ 386,326 Amortization expense totaled $21.0 million and $42.3 million, for the three and six months ended June 30, 2026, respectively, compared to $24.0 million and $47.9 million for the three and six months ended June 30, 2025, respectively. Other intangibles, except for SBA servicing assets which are carried at fair value, are amortized using either the straight-line method or an accelerated basis over their estimated useful lives, with lives generally between two and 15 years. The SBA servicing assets are carried at fair value and along with goodwill, are not amort …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Note 21 Segment Reporting The table below provides net income and net interest margin information about the General Banking Unit. The most significant expenses to the General Banking Unit are deposit and other borrowing interest expense as well as employee compensation. For a description of the Companys reportable segments and related framework, refer to Note 29 to the Consolidated Financial Statements in the Companys 2025 Form 10-K. Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2026 2025 2026 2025 Net Income (GAAP) Interest income $ 838,259 $ 840,504 $ 1,655,088 $ 1,649,070 Interest expense 262,310 262,556 517,534 526,575 Net interest income (a) 575,949 577,948 1,137,554 1,122,495 Provision for credit losses 15,919 7,505 26,727 108,067 Net interest income after provision for credit losses 560,030 570,443 1,110,827 1,014,428 Total noninterest income Securities (losses) gain, net (228,811) Gain on sale-leaseback, net of transaction costs 229,279 Other operating noninterest income 96,726 86,817 196,824 172,437 Total noninterest income 96,726 86,817 196,824 172,905 Total noninterest expense Employee salaries 144,142 135,895 286,612 271,623 Employee commissions 19,221 14,278 35,333 25,554 Employee incentives 34,119 33,623 63,776 62,389 Other salaries and benefits 35,872 36,353 73,442 73,318 Deferred loan costs (27,977) (19,987) (48,133) (36,911) Salaries and employee benefits 205,377 200,162 411,030 395,973 Occupancy expense 43,878 41,507 86,180 77 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Note 2 Summary of Significant Accounting Policies The information contained in the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Form 10-K), as filed with the Securities and Exchange Commission (the SEC) on February 20, 2026, should be referenced when reading these unaudited consolidated financial statements. Unless otherwise mentioned or unless the context requires otherwise, references herein to SouthState, the Company, we, us, our or similar references mean SouthState Bank Corporation and its consolidated subsidiaries. References to the Bank or SouthState Bank means SouthState Bank Corporations wholly owned subsidiary, SouthState Bank, National Association, a national banking association. The significant accounting policies of the Company are described in Note 1 to the Consolidated Financial Statements in the 2025 Form 10-K. There have been no material changes to those policies during the six months ended June 30, 2026. …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Note 22 Subsequent Events On July 23, 2026, the Company announced the Board of Directors of the Company increased its quarterly cash dividend on its common stock from $0.60 per share to $0.66 per share. The dividend is payable on August 14, 2026, to shareholders of record as of August 7, 2026. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing