Southstate Bank Corporation · NYSE:SSB
Southstate Bank — Q4 2025 Earnings Presentation
37 slides from Southstate Bank's earnings presentation, Jan 23, 2026
Slide 1: Earnings Call 4Q 2025
Earnings Call 4Q 2025 January 23, 2026
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 Fort Collins Fastest-growing 20% of MSAs highlighted in blue $67B Assets $49B Loans Denver Assets $55 B Loans $7.4 B Deposits Market Cap Richmond Dom
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 • True alternative to the largest banks – for bankers and for clients SCALE • Large enough to invest in technology and capital markets • Local market lea
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 Projected Population Growth % Loans (2026-2031) 7% % Deposits 2% 6% 1% FL 7.5% 7% TX 6.5% 4% SC 6.1% 16% NC 5.1% 4% 15% 21% 4% 12% GA 3.7% 18% CO 2.7% 16% U.S. 2.6% 24% AL 2.2% 23% VA 2.0% For end note descriptions, see Earnings Present
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 Sources: U.S. Census Bureau 7
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 $3.21 $3.08 $2.80 $2.84 $2.59 $2.40 $2.00 4Q24 1Q25 2Q25 3Q25 4Q25 (1) For end note descriptions, Earnings Presentation End Notes starting on slide 35. 9
Slide 10: Highlights | Linked Quarter
HIGHLIGHTS | LINKED QUARTER 3Q25 4Q25 GAAP Net Income $ 246.6 $ 247.7 EPS (Diluted) $ 2.42 $ 2.46 Return on Average Assets 1.49 % 1.47 % Non-GAAP(1) Return on Average Tangible Common Equity 19.6 % 19.1 % Non-GAAP, Adjusted(1) Net Income $ 262.7 $ 248.2 EPS (Diluted) $ 2.58 $ 2.47 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 | 4 Q 2 0 2 5 • Reported Diluted Earnings per Share (“EPS”) of $2.46, an increase of 32% year over year; adjusted Diluted EPS (non-GAAP)(1) of $2.47, an increase of 28% year over year • Pre-Provision Net Revenue (“PPNR”)(non-GAAP)(2) of $322.7 million • 4Q25 vs.
Slide 12: Full Year Highlights | 2025
FULL YEAR HIGHLIGHTS | 2025 • Earnings o Reported Diluted EPS of $7.87, an increase of 13% compared to the prior year o Adjusted Diluted EPS (Non-GAAP)(1) of $9.50, an increase of 32% compared to the prior year o PPNR/share (non-GAAP)(2) of $12.55, up 30% from 2024 • Returns on Capital o Return on A
Slide 13: Net Interest Margin
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% 3.86% $500 3.75% 3.48% $400 $599.7 3.50% $577.9 $581.1 $544.5 $300 3.25% $369.8 $200 3.00% 4Q24 1Q25 2Q25 3Q25 4Q25 Dollars in millions (1) For end note descriptions,
Slide 14: Loan Production Vs Loan Growth
LOAN PRODUCTION VS LOAN GROWTH Loan Production (1) Loan Portfolio Growth(1) $3,915 $4,000 $3,500 $3,335 $3,375 $3,000 $2,500 $2,049 $2,124 $1,932 $2,000 $1,648 $1,500 $1,352 $1,233 $1,000 $931 $500 $568 $501 $372 $279 $314 $355 $401 $— (2) $(263) $(500) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 D
Slide 15: Balance Sheet
Balance Sheet Gr
Slide 16: 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 $54.1B $55.1B $53.3B $53.7B $54 $54 $7.6 $7.4 $1.0B $7.2 $7.7 $48 $48 $42 $0.8B $42 $38.1B $36 $20.1 $20.6 $36 $4.2 $20.4 $19.7 $30 $0.6B $30 $15.5 $24
Slide 17: 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) 5% Investor CRE 11,416 $ 17.9B $ 1,566,700 Investor CRE (2) 37% Consumer RE 50,444 10.5B 207,200 C&I Owner-Occupied CRE 8,886 7.6B 852,700 19% C&I 22,333 9.2B 411,300 Total Loans $
Slide 18: Premium Core Deposit Franchise
PREMIUM CORE† DEPOSIT FRANCHISE Deposits by Type Total Cost of Deposits 4Q25 2.50% Time Noninterest- Deposits bearing Checking $7.4B 2.25% $13.4B 2.00% Total Deposits $55.1 Billion 1.75% Interest- Money bearing Market $17.8B Checking 1.50% 2.03% $13.8B 1.82% Savings $2.8B 1.25% 1.00% SSB Peer Averag
Slide 19: Credit
Credit
Slide 20: Asset Quality Metrics & Loan Loss Reserve
ASSET QUALIT Y METRICS & LOAN LOSS RESERVE Net Charge-Offs to Loans Nonperforming Assets to Loans & OREO 0.50% 1.00% 0.68% 0.67% 0.75% 0.63% 0.64% 0.60% 0.27% 0.25% 0.50% (1) 0.09% 0.06% (1) 0.06% 0.25% 0.04% —% —% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Criticized & Classified Asset Trend
Slide 21: History Of Resilient Credit
H I S TO RY O F R E S I L I E N T C R E D I T Net Charge-offs (“NCO”) / Average Loans (1) : 2015 – 3Q 2025 YTD Average 0.39% 0.29% 0.25% 0.23% 0.24% 0.23% 0.21% 0.21% 0.17% 0.17% 0.16% 0.14% 0.12% 0.12% 0.11% 0.12% 0.10% 0.10% 0.07% 0.05% 0.05% Peer 1 SSB Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Pe
Slide 22: Capital
Capital Gr
Slide 23: Capital Ratios
C A P I T A L R AT I O S 3Q25 4Q25(2) Tangible Common Equity(1) 8.8 % 8.8 % Tier 1 Leverage 9.4 % 9.3 % Tier 1 Common Equity 11.5 % 11.4 % Tier 1 Risk-Based Capital 11.5 % 11.4 % Total Risk-Based Capital 14.0 % 13.8 % Bank CRE Concentration Ratio 272 % 272 % Bank CDL Concentration Ratio 38 % 35 % (1
Slide 24: Appendix
Appendix Gr
Slide 25: Current & Historical - Quarterly Performance
C U R R E N T & H I S TO R I C A L 5 - QT R P E R F O R M A N C E (1) Revenue Composition Net Interest Margin (“NIM”, TE) NIM, TE / Revenue, TE Noninterest Income / Revenue ,TE Avg. 10-year UST NIM, TE ($) NIM, TE (%) 4.06% $451M $631M $665M $700M $688M $620 4.02% Total 4.1% 100% 5.0% 3.85% 3.86% Re
Slide 26: Correspondent Banking Division
CORRESPONDENT BANKING DIVISION 1,319 Financial Institution Clients Correspondent Revenue Breakout ARC Revenues, gross Interest on VM FI Revenues Operational Revenues Total Revenues, gross $35 $30.6 $35.0 $30 $25.5 $30.0 $25 $20.9 $19.2 $25.0 $20 $16.7 $20.0 $ in millions $15 $15.0 $10 $10.0 $5 $— $5
Slide 27: 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 3.40% 9% 3.4% Corporates Total Investment 2.99% Portfolio† 3.0% $8.4 Billion 2.6% 2.50% 79% 2.2% AFS HTM 1.8% Type Duration Dur
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”) (UNAUDITED) Adjusted Net Income 3Q25 4Q25 2024 2025 Net income (GAAP) $ 246,641 $ 247,722 $ 534,783 $ 798,667 Plus: Securities losses, net of tax — — 38 178,639 Gain on sale
Slide 29: 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 EQUIT Y (UNAUDITED) Return on Average Tangible Equity * 3Q25 4Q25 2024 2025 Net income (GAAP) $ 246,641 $ 247,722 $ 534,783 $ 798,667 Plus: Amortization of intangibles 23,426 23,417 22,395 94,722 Effective
Slide 30: Non-GAAP Reconciliations – Adjusted Return On Avg. Assets & Equity
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 ( U N A U D I T E D ) Adjusted Return on Average Assets * 3Q25 4Q25 2024 2025 Adjusted net income (non-GAAP) $ 262,673 $ 248,239 $ 553,079 $ 964,011 Tota
Slide 31: 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 ( U N A U D I T E D ) Net Interest Margin - Tax Equivalent (Non-GAAP) 4Q24 1Q25 2Q25 3Q25 4Q25 Net interest income (GAAP) $ 369,779 $ 544,547 $ 577,948 $ 599,697 $ 581,115 Tax equivalent adjustments 547 784 672 718 800
Slide 32: Non-GAAP Reconciliations – PPNR and Correspondent Income
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) 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Net interest income (GAAP) $ 369,77
Slide 33: 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) 4Q24 1Q25 2Q25 3Q25 4Q25 Noninterest expense (GAAP) $ 256,609 $ 408,826 $ 375,061 $ 372,342 $ 3
Slide 34: Non-GAAP Reconciliations – Tangible Book Value Per Share & TCE 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 B O O K V A L U E P E R S H A R E & T A N G I B L E C O M M O N E Q U I T Y R AT I O ( U N A U D I T E D ) Tangible Book Value per Common Share 3Q25 4Q25 Shareholders' common equity (excludes preferred stock) $ 5,890,415 $ 9,059,108 Less
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 3 End Notes (1) Financial metrics as of December 31, 2025; market cap as of January 21, 2026 (2) Projected population growth shown as the percent growth 2026 – projected 2031 (3) Includes MSAs with greater than 1 million in total population
Slide 36: 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 13 End Notes (1) Tax equivalent NIM is a Non-GAAP financial measure - See reconciliation of GAAP to Non-GAAP measures in Appendix. Slide 14 End Notes (1) Preliminary; excludes loans held for sale; loan production indicates committed balance
Slide 37: SouthState
S SouthState