Southstate Bank Corporation · NYSE:SSB
Southstate Bank — Q3 2025 Earnings Presentation
36 slides from Southstate Bank's earnings presentation, Oct 23, 2025
Slide 1: Earnings Call 3Q 2025
Earnings Call 3Q 2025 October 23, 2025
Slide 2: Cautionary Note Regarding Forward Looking Statements
C A U T I O N A R Y N O T E R E G A R D I N G F O R W A R D L O O K I N G S T AT E M E N T S 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
Slide 3: SouthState Bank Corporation Overview
(1) S O U T H S T AT E B A N K C O R P O R AT I O N O V E R V I E W Enhanced Scale Through IBTX Partnership PROJECTED POPULATION GROWTH(2) $65 B $48 B Fastest-growing 20% of MSAs highlighted in blue $66B Assets $48B Loans Assets $55 B Loans $7.4 B Deposits Market Cap Dominant Southern Franchise $54B
Slide 4: SouthState's Competitive Advantage
S O U T H S T AT E ’ S C O M P E T I T I V E A D V A N T A G E • “Shoot where the ducks are flying” GEOGRAPHY • Fastest growing markets in America • Regulatory sweet spot: $60 – $80 Billion SCALE • True alternative to the largest banks – for bankers and for clients • Large enough to invest in techno
Slide 5: Core Values Guiding Principles
CORE VALUES GUIDING PRINCIPLES GREATER PURPOSE ~ We enable our team members to pursue their ultimate purpose in S life—their personal faith, their family, their service to community. .\ SouthState LOCAL MARKET LEADERSHIP Our business model supports the unique character of the communities we serve an
Slide 6: Positioned for the Future in the Best Growth Markets in America
POSITIONED FOR THE FUTURE IN THE BEST GROWTH MARKETS IN AMERICA Employment Growth in Top 25 Largest MSAs % Change from February 2020 to August 2025 % Loans Rank MSA % Growth 7% % Deposits 1 2 Austin-Round Rock-San Marcos, TX Dallas-Fort Worth-Arlington, TX 19.5% 12.6% 2% 7% 1% 3 Orlando-Kissimmee-Sa
Slide 7: Pandemic Accelerates Population Migration to the South
P A N D E M I C A C C E L E R AT E S P O P U L AT I O N M I G R AT I O N T O T H E S O U T H Projected Population Growth (2026-2031) FL 7.5% TX 6.5% SC 6.1% NC 5.1% GA 3.7% CO 2.7% U.S. 2.6% AL 2.2% VA 2.0% Sources: U.S. Census Bureau (Net Domestic Migration) and S&P Global (Projected Population Gro
Slide 8: Quarterly Results
Quarterly Results Gr
Slide 9: PPNR Per Diluted Share
P P N R P E R D I L U T E D S H A R E (1) $3.60 $3.41 $3.20 $3.08 $2.80 $2.84 $2.59 $2.40 $2.38 $2.00 3Q24 4Q24 1Q25 2Q25 3Q25 (1) For end note descriptions, Earnings Presentation End Notes starting on slide 34. 9
Slide 10: Highlights | Linked Quarter
HIGHLIGHTS | LINKED QUARTER 2Q25 3Q25 GAAP Net Income $ 215.2 $ 246.6 EPS (Diluted) $ 2.11 $ 2.42 Return on Average Assets 1.34 % 1.49 % Non-GAAP(1) Return on Average Tangible Common Equity 18.2 % 19.6 % Non-GAAP, Adjusted(1) Net Income $ 233.8 $ 262.7 EPS (Diluted) $ 2.30 $ 2.58 Return on Average A
Slide 11: Quarterly Highlights
Q U A R T E R LY H I G H L I G H T S | 3 Q 2 0 2 5 • Reported Diluted Earnings per Share (“EPS”) of $2.42; adjusted Diluted EPS (non-GAAP)(1) of $2.58 • Revenue, non-tax equivalent, of $699 million, up $34 million, or 5%, compared to the prior quarter • Pre-Provision Net Revenue (“PPNR”)(non-GAAP)(2
Slide 12: Net Interest Margin (TE)
N E T I N T E R E S T M A R G I N ( T E ) (1) Net Interest Income Net Interest Margin, TE (1) $700 4.25% 4.06% 4.02% $600 4.00% 3.85% $500 3.75% 3.48% $400 3.40% $599.7 3.50% $577.9 $544.5 $300 3.25% $351.5 $369.8 $200 3.00% 3Q24 4Q24 1Q25 2Q25 3Q25 Dollars in millions (1) For end note descriptions,
Slide 13: Loan Production vs Loan Growth
LOAN PRODUCTION VS LOAN GROWTH Loan Production (1) Loan Portfolio Growth(1) $3,500 $3,335 $3,375 $3,000 $2,500 $2,049 $2,124 $1,932 $2,000 $1,648 $1,459 $1,500 $1,352 $1,233 $1,000 $500 $568 $501 $480 $372 $401 $279 $314 $355 $— (2) $(263) $(500) 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Dollars
Slide 14: Balance Sheet
Balance Sheet Gr
Slide 15: Loan and Deposit Trends
LOAN AND DEPOSIT TRENDS Loans (1) Deposits Noninterest-bearing Checking ("DDA") Interest-bearing Checking MMA & Savings Time Deposits $60 $1.2B $60 $53.3B $53.7B $54.1B $54 $54 $1.0B $7.2 $7.7 $7.6 $48 $48 $42 $0.8B $42 $37.6B $38.1B $36 $36 $4.7 $4.2 $20.4 $19.7 $20.1 $30 $0.6B $30 $15.1 $15.5 $24
Slide 16: Total Loan Portfolio
TOTA L L O A N P O R T F O L I O Loans by Type Cons / Other 2% No. of Avg. Loan Loan Type Loans Balance Balance CDL (1) Investor CRE 11,541 $ 17.6B $ 1,525,400 6% Investor CRE (2) 37% Consumer RE 50,081 10.2B 203,700 Owner-Occupied CRE 8,973 7.5B 839,100 C&I 18% C&I 22,218 8.6B 389,300 Total Loans $
Slide 17: Premium Core Deposit Franchise
PREMIUM CORE† DEPOSIT FRANCHISE Deposits by Type Total Cost of Deposits 3Q25 2.50% Noninterest- Time bearing Deposits Checking $7.6B 2.25% $13.4B 2.00% Total Deposits $54.1 Billion 1.75% Interest- Money bearing Market Checking 2.09% 1.50% $17.2B $12.9B 1.91% Savings $2.9B 1.25% 1.00% SSB Peer Averag
Slide 18: Credit
Credit
Slide 19: Asset Quality Metrics & Loan Loss Reserve
ASSET QUALIT Y METRICS & LOAN LOSS RESERVE Net Charge-Offs to Loans Nonperforming Assets to Loans & OREO 0.50% 1.00% 0.68% 0.67% 0.75% 0.63% 0.60% 0.27% 0.57% 0.25% 0.50% 0.07% (1) 0.25% 0.06% (1) 0.06% 0.04% —% —% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Criticized & Classified Asset Trend
Slide 20: History of Resilient Credit
H I S TO RY O F R E S I L I E N T C R E D I T Net Charge-offs (“NCO”) / Average Loans (1) : 2015 – 2Q 2025 YTD Average 0.39% 0.29% 0.25% 0.24% 0.23% 0.24% 0.21% 0.21% 0.17% 0.17% 0.16% 0.14% 0.12% 0.12% 0.11% 0.11% 0.10% 0.10% 0.07% 0.05% 0.05% SSB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Pe
Slide 21: Capital
Capital Gr
Slide 22: Capital Ratios
C A P I T A L R AT I O S 2Q25 3Q25(2) Tangible Common Equity(1) 8.5 % 8.8 % Tier 1 Leverage 9.2 % 9.4 % Tier 1 Common Equity 11.2 % 11.5 % Tier 1 Risk-Based Capital 11.2 % 11.5 % Total Risk-Based Capital 14.5 % 14.0 % Bank CRE Concentration Ratio 277 % 272 % Bank CDL Concentration Ratio 49 % 38 % (1
Slide 23: Appendix
Appendix Gr
Slide 24: Current & Historical - Qtr Performance
C U R R E N T & H I S TO R I C A L 5 - QT R P E R F O R M A N C E (1) Revenue Composition Net Interest Margin (“NIM”, TE) NIM, TE / Revenue, TE Noninterest Income / Revenue ,TE Avg. 10-year UST NIM, TE ($) NIM, TE (%) 4.06% $427M $451M $631M $665M $700M $620 4.02% Total 4.1% 100% 5.0% 3.85% Revenue
Slide 25: Correspondent Banking Division
CORRESPONDENT BANKING DIVISION 1,314 Financial Institution Clients Correspondent Revenue Breakout ARC Revenues, gross Interest on VM FI Revenues Operational Revenues Total Revenues, gross $35 $35.0 $30 $25.5 $30.0 $25 $20.9 $19.2 $25.0 $20 $17.4 $16.7 $20.0 $ in millions $15 $15.0 $10 $10.0 $5 $— $5
Slide 26: High Quality Investment Portfolio
HIGH QUALIT Y INVESTMENT PORTFOLIO Investment Portfolio† Composition Investment Securities Yield(2) 0.3% Agency MBS(1) 3.8% Treasury, Agency & SBA 12% 3.50% 3.50% Municipal 9% 3.4% Corporates Total Investment 2.99% Portfolio† 3.0% $8.1 Billion 2.6% 2.50% 2.42% 78% 2.2% AFS HTM 1.8% Type Duration Dur
Slide 27: Non-GAAP Reconciliations - Return on Avg. Tangible Common Equity
N O N - G A A P R E C O N C I L I AT I O N S – R E T U R N O N A V G . T A N G I B L E COMMON EQUITY Return on Average Tangible Equity 2Q25 3Q25 Net income (GAAP) $ 215,224 $ 246,641 Plus: Amortization of intangibles 24,048 23,426 Effective tax rate 24 % 23 % Amortization of intangibles, net of tax
Slide 28: Non-GAAP Reconciliations - Adjusted Net Income & Adjusted EPS
N O N - G A A P R E C O N C I L I AT I O N S – A D J U S T E D N E T I N C O M E & A D J U S T E D EARNINGS PER SHARE (“EPS”) Adjusted Net Income 2Q25 3Q25 Net income (GAAP) $ 215,224 $ 246,641 Plus: Merger, branch consolidation, severance related and other expense, net of tax (1) 18,593 16,032 Adju
Slide 29: Non-GAAP Reconciliations - Adjusted Return on Avg. Assets
N O N - G A A P R E C O N C I L I AT I O N S – A D J U S T E D R E T U R N O N A V G . A S S E T S & AV G . TA N G I B L E C O M M O N E Q U I T Y Adjusted Return on Average Assets 2Q25 3Q25 Adjusted net income (non-GAAP) $ 233,817 $ 262,673 Total average assets 64,550,881 65,489,544 Adjusted Return
Slide 30: Non-GAAP Reconciliations - Net Interest Margin
N O N - G A A P R E C O N C I L I AT I O N S – N E T I N T E R E S T M A R G I N Net Interest Margin - Tax Equivalent (Non-GAAP) 3Q24 4Q24 1Q25 2Q25 3Q25 Net interest income (GAAP) $ 351,480 $ 369,779 $ 544,547 $ 577,948 $ 599,697 Tax equivalent adjustments 486 547 784 672 718 Net interest income (t
Slide 31: Non-GAAP Reconciliations - PPNR
N O N - G A A P R E C O N C I L I AT I O N S – P P N R , P P N R / W E I G H T E D A V G . C S , A D J U S T E D & C O R R E S P O N D E N T & C A P I TA L M A R K E T S I N C O M E ( U N A U D I T E D ) PPNR, Adjusted (Non-GAAP) 3Q24 4Q24 1Q25 2Q25 3Q25 Net interest income (GAAP) $ 351,480 $ 369,77
Slide 32: Non-GAAP Reconciliations - Efficiency Ratios
N O N - G A A P R E C O N C I L I AT I O N S – C U R R E N T & H I S T O R I C A L : E F F I C I E N C Y R AT I O S ( U N A U D I T E D ) Efficiency Ratio (Non-GAAP) & Adjusted Efficiency Ratio (Non-GAAP) 3Q24 4Q24 1Q25 2Q25 3Q25 Noninterest expense (GAAP) $ 246,847 $ 256,609 $ 408,826 $ 375,061 $ 3
Slide 33: Non-GAAP Reconciliations - Tangible Common Equity Ratio
N O N - G A A P R E C O N C I L I AT I O N S – T A N G I B L E C O M M O N E Q U I T Y R AT I O Tangible Common Equity ("TCE") Ratio 2Q25 3Q25 Tangible common equity (non-GAAP) $ 5,273,617 $ 5,507,177 Total assets (GAAP) 65,893,322 66,048,210 Less: Intangible assets 3,527,517 3,503,949 Tangible asse
Slide 34: Earnings Presentation End Notes
E A R N I N G S P R E S E N TAT I O N E N D N O T E S Slide 3 End Notes (1) Financial metrics as of September 30, 2025; market cap as of October 21, 2025 (2) Projected population growth shown as the percent growth 2025 – projected 2030 (3) Includes MSAs with greater than 1 million in total populatio
Slide 35: Earnings Presentation End Notes
E A R N I N G S P R E S E N TAT I O N E N D N O T E S Slide 15 End Notes (1) Excludes loans held for sale. Slide 16 End Notes (1) CDL includes residential construction, commercial construction, and all land development loans. (2) Investor CRE includes nonowner-occupied CRE and other income producing
Slide 36: SouthState
S SouthState