SouthState Bank reports $223.8 million net income for Q3 2026

Cover page 5 changes

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For the quarterly period ended June September 30, 2026

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Outstanding as of July 30, 2026

Outstanding as of October 29, 2026

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June September 30, 2026 Form 10-Q

PART I FINANCIAL INFORMATION (UNAUDITED)

Financial statements 50 changes

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Consolidated Balance Sheet s (unaudited)

Consolidated Balan ce Sheets (unaudited)

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Securities held to maturity (fair value of $ 1,641,042 1,519,276 and $ 1,732,850 )

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96,971,142 96,757,601 and 99,138,204 shares issued and outstanding, respectively

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Consolidated Statements of Income (unaudited)

Consolidated Stateme nts of Income (unaudited)

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Bank owned life insurance income

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Consolidated Statements of Comprehensive Income (unaudited)

Consolidated Statements of Comprehen sive Income (Loss) (unaudited)

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Other comprehensive income (loss):

Comprehensive income

Other comprehensive (loss) income:

Unrealized holding gains (losses) gains on available for sale securities:

Unrealized holding gains (losses) gains arising during period

Reclassification adjustment for net loss included in net income ( 55,143 ( 229,475 ( 256,229

Other comprehensive income (loss) income, net of tax

Comprehensive (loss) income

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Consolidated Statements of Changes in Shareholders Sh areholders Equity (unaudited)

Three Months Ended June September 30, 2026 and 2025

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Balance, March 31, 2025

Balance, June 30, 2025

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Cash dividends declared on common stock at $ 0.54 0.60 per share

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Common stock repurchased - buyback plan

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Balance, March 31, 2026

Comprehensive income:

Balance, September 30, 2025

Balance, June 30, 2025 2026

Other comprehensive income, loss, net of tax effects

Total comprehensive income loss

Cash dividends declared on common stock at $ 0.60 0.66 per share

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Stock options exercised

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Balance, June 30, 2026

Balance, September 30, 2026

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Consolidated Statements of Changes in Shareholders Sh areholders Equity (unaudited)

Six Nine Months Ended June September 30, 2026 and 2025

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Cash dividends declared on common stock at $ 1.08 1.68 per share

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Common stock repurchased - buyback plan

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Balance, June 30, 2025

Common stock issued for Independent Bank Group, Inc. ( Independent ) acquisition

( Independent ) acquisition

Balance, September 30,2025

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Cash dividends declared on common stock at $ 1.20 1.86 per share

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Balance, June 30, 2026

Balance, September 30,2026

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Consolidated Statements Statemen ts of Cash Flows (unaudited) )

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Adjustments to reconcile net income to net cash provided by (used in) operating activities:

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Gains on sale of bank properties held for sale and repossessed real estate ( 2,244 2,252 ( 234,212

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Net cash provided by (used in) operating activities

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Net (decrease) increase in federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings ( 48,729 ) 120,043

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Real estate transferred from premises and equipment to premises held for sale related to the sale-leaseback transaction

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Note 1: Basis of Presentation 1 change

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, otherwise referred to as GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six nine months ended June September 30, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

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Note 2: Summary of Significant Accounting Policies 1 change

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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 nine months ended June September 30, 2026 .

Note 3: Recent Accounting and Regulatory Pronouncements 1 change

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There were no accounting standards adopted during the six nine months ended June September 30, 2026 that had a material effect on our consolidated financial statements.

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Note 4: Investment Securities 25 changes

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Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises ( 175,475 ) 219,481

Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises ( 57,204 ) 69,930

Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises ( 57,187 ) 65,771

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Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises ( 54,109 ) 105,817

Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises ( 79,341 ) 113,763

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The Company s other investment securities consist of non-marketable equity and other securities that have no readily determinable market value. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of June September 30, 2026 , the Company has determined that there was no impairment on its other investment securities.

The amortized cost and fair value of debt securities at June September 30, 2026 , by contractual maturity are detailed below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.

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During the three and six nine months ended June September 30, 2026, there were no sales of securities available for sale. During the three months ended June September 30, 2025 , there were no sales of securities available for sale. During the first quarter of 2025, the Company sold a portion of the available for sale investment securities acquired from Independent and recognized no gain or loss on these investment securities as each security was marked to fair value at the acquisition date. During the first quarter of 2025, in addition to the sale of the investment securities acquired from Independent, the Company executed an investment portfolio restructuring and sold $ 1.8 billion of available for sale investment securities from its existing investment securities portfolio.

The following table provides additional details of the available for sale investment securities sold during the six nine months ended June September 30, 2025:

Nine Months Ended September 30,

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There were no sales of held to maturity securities during the three and six nine months ended June September 30, 2026 or June September 30, 2025.

The Company had 1,129 h ad 1,273 securities with gross unrealized losses at June September 30, 2026 . Information pertaining to our securities with gross unrealized losses at June September 30, 2026, and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is as follows:

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The Company s valuation methodology for securities impairment is disclosed in Note 1 Summary of Significant Accounting Policies, under the Investment Securities section, of the 2025 Form 10-K. All debt securities in an unrealized loss position as of June September 30, 2026, continue to perform as scheduled and management does not believe there is a provision for credit losses is necessary. Management does not currently intend to sell the securities within the portfolio, and it is not more-likely-than-not that the Company will be required to sell the debt securities.

The Company follows its nonaccrual policy by reversing interest income in the income statement when the Company determines the interest for held to maturity securities is uncollectible. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the investment securities and does not record an allowance for credit losses on accrued interest receivable. As of June September 30, 2026, and December 31, 2025, the accrued interest receivables for all investment securities recorded in Other Assets were $ 42.0 45.8 million and $ 38.9 million, respectively.

At June September 30, 2026 , investment securities with a market value of $ 5.1 4.8 billion and a carrying value of $ 5.4 5.2 billion were pledged to secure public funds deposits and for other purposes required and permitted by law (excluding securities pledged to secure repurchase agreement disclosed in Note 19 Short-Term Borrowings , under the Securities Sold Under Agreements to Repurchase ( Repurchase agreements ) section). Of the $ 5.4 5.2 billion carrying value of investment securities pledged, $ 5.3 5.1 billion were pledged to secure public funds deposits, $ 23.8 22.4 million were pledged to secure FHLB advances, and $ 78.4 73.8 million were pledged to secure interest rate swap positions with correspondent banks. At December 31, 2025 , investment securities with a market value of $ 5.2 billion and a carrying value of $ 5.5 billion were pledged to secure public funds deposits and for other purposes required and permitted by law. Of the $ 5.5 billion carrying value of investment securities pledged, $ 5.2 billion were pledged to secure public funds deposits, $ 182.2 million were pledged to secure FHLB advances and $ 83.3 million were pledged to secure interest rate swap positions with correspondent banks.

At June September 30, 2026 and December 31, 2025, trading securities, at estimated fair value, were as follows:

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Residential mortgage pass-through securities issued or guaranteed by U.S.

Other Residential mortgage mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises

Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises

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Net gains (losses) gains on trading securities for the three and six nine months ended June September 30, 2026, and 2025, were as follows:

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Net unrealized gains (losses)

Net gains (losses) on trading securities

Net gains (losses) on sales transaction

Net unrealized (losses) gains

Net (losses) gains on trading securities

Note 5: Loans 59 changes

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The above table reflects the loan portfolio at the amortized cost basis for the periods June September 30, 2026, and December 31, 2025, to include net deferred costs co sts of $ 84.1 104.1 million and $ 97.0 million, respectively, and unamortized discount related to loans acquired of $ 185.9 159.3 million and $ 259.5 million, respectively. Accrued interest receivables of $ 187.6 198.7 million and $ 186.5 million, respectively, are accounted for separately and reported in other assets for the periods June September 30, 2026, and December 31, 2025.

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The following table presents the credit risk profile by risk grade of commercial loans by origination year as of and for the period ending June September 30, 2026: :

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As of September 30, 2026

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The following table presents the credit risk profile by past due status of consumer loans by origination year as of and for the period ending June September 30, 2026:

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As of September 30, 2026

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The following table presents the credit risk profile by past due status of total loans by origination year as of and for the period ending June September 30, 2026:

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As of September 30, 2026

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The following table presents an aging analysis of past due accruing loans, segregated by class, , as of June September 30, 2026 and December 31, 2025: :

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Commercial owner-occupied real estate

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Commercial owner-occupied real estate

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The following table is a summary of information pertaining to nonaccrual loans by class, including loans modified for borrowers with financial difficulty as of June September 30, 2026, and December 31, 2025:

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90 Days Accruing (1)

with no allowance (1)

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(1) Greater than 90 days accruing and non-accrual with no allowance loans at June September 30, 2026 .

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The Bank designates individually evaluated loans on non-accrual with a net book balance exceeding the designated threshold as collateral dependent loans. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. These loans do not share common risk characteristics and are not included within the collectively evaluated loans for determining the ACL. The Bank has adopted the collateral maintenance practical expedient to measure the ACL based on the fair value of collateral. The ACL is calculated on an individual loan basis based on the shortfall between the fair value of the loan's collateral, which is adjusted for selling costs, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. . The Bank s threshold for individually evaluated loans is $ 1.0 million. The changes above in collateral percentage are generally due to appraisal value updates or changes in the number of loans within the asset class and collateral type. Overall collateral dependent loans decreased $ 36.2 21.1 million during the six nine months ended June September 30, 2026.

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Three Months Ended June 30,

Reduction in Weighted

Reduction in Weighted

(Dollars in thousands)

Interest rate reduction

Commercial owner-occupied real estate

Commercial and industrial

Total interest rate reductions

Six Months Ended June 30,

Reduction in Weighted

Reduction in Weighted

The following tables present loans designated as modifications made to borrowers experiencing financial difficulty during the three and six nine months ended June September 30, 2026, and 2025 , respectively. The loans are segregated by type of modification and asset class, indicating the financial effect of the modifications. There were no interest rate reduction modifications for the three months ended September 30, 2026 and 2025 . There were no combination interest rate reduction and payment delay modifications for the three and six nine months ended June September 30, 2026 . There were no combination interest rate reduction term extension and payment delay modifications modifications for the three months ended June September 30, 2026 and 2025.

Nine Months Ended September 30,

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Three Months Ended June September 30,

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Six Months Ended June 30,

Nine Months Ended September 30,

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Three Months Ended June September 30,

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Construction and land development

1 unchanged paragraph

Commercial owner-occupied real estate

Consumer owner occupied

Commercial and industrial

Other income producing property

1 unchanged paragraph

Six Months Ended June 30,

Nine Months Ended September 30,

2 unchanged paragraphs

Construction and land development

2 unchanged paragraphs

Consumer owner-occupied

3 unchanged paragraphs

Three Months Ended June September 30,

2 unchanged paragraphs

Commercial non-owner occupied

2 unchanged paragraphs

Six Months Ended June 30,

Nine Months Ended September 30,

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Six Months Ended June 30,

Three Months Ended September 30,

2 unchanged paragraphs

Commercial non-owner occupied

Total interest rate reduction and payment delay combinations

Nine Months Ended September 30,

(Dollars in thousands)

Combination - Interest Rate Reduction and Payment Delay

Commercial non-owner occupied

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The Bank on occasion will enter into modification agreements which extend the maturity payoff on a loan or reduce the interest rate for borrowers willing to continue to pay, to minimize losses for the Bank. At June September 30, 2026 , the Company had $ 6.8 7.1 million in remaining commitments to lend additional funds on loans to borrowers experiencing financial difficulty and modified during the current reporting period.

The following table presents the changes in status of loans modified within the previous twelve months to borrowers experiencing financial difficulty, as of June September 30, 2026 and 2025, by type of modification. The subsequent defaults were all due to past due status greater than 60 days.

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Construction and land development

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Commercial non-owner occupied

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Commercial and industrial

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The following table depicts the performance of loans modified within the previous twelve months to borrowers experiencing financial difficulty, as of June September 30, 2026 and 2025:

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Note 6: Allowance for Credit Losses (ACL) 25 changes

The following tables present a disaggregated analysis of activity in the allowance for credit losses for the three and six nine months ended June September 30, 2026 and 2025:

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Three months ended June September 30, 2026

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Balance at end of period March 31, 2026

Net (charge-offs) recoveries

Provision (recovery) (2)

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Three Months Ended June 30, 2025

Allowance for credit losses:

Balance at end of period March 31, 2025

Allowance Adjustment FMV for Independent Merger

Independent Day 1 Loan Net Charge-offs PCD (1)

1 unchanged paragraph

Provision (recovery) (2) (1)

Balance at end of period September 30, 2026

Three months ended September 30, 2025

Allowance for credit losses:

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Net (charge-offs) recoveries

Provision (recovery) (1)

Balance at end of period September 30, 2025

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(2) A provision for credit losses for unfunded commitments commitme nts of $ 7.3 5.8 million in the second third quarter of 2026 , compared to a provision for credit losses of $ 2.4 3.8 million recorded during the second third quarter of 2025 for the allowance for credit losses for unfunded commitments that is not included in the above table.

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Six Months Ended June 30, 2026

Nine months ended September 30, 2026

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Six Months Ended June 30, 2025

Balance at end of period June September 30, 2026

Nine months ended September 30, 2025

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Balance at end of period June September 30, 2025

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(2) A provision for credit losses losse s of $ 6.9 12.7 million was recorded re corded during the first six nine months of 2026 . This compares to a provision for credit losses of $ 19.4 23.2 million during the first six nine months of 2025 , including $ 12.1 million for the initial provision for credit losses recorded for unfunded commitments acquired from Independent during the first quarter of 2025, that is not included in the above table .

Note 7: Leases 8 changes

As of June September 30, 2026, and December 31, 2025 , we had operating right-of-use ( ROU ) assets of $ 503.2 501.8 million and $ 507.1 million, respectively, and operating lease liabilities of $ 525.2 526.7 million and $ 525.3 million, respectively. r espectively. We maintain operating leases on land and buildings for some of our operating centers, branch facilities and ATM locations. Most leases include one or more options to renew , with renewal terms extending up to t o 20 years yea rs . The exercise of renewal options is based on the sole judgment of management and what they we consider to be reasonably certain given the environment today. Factors in determining whether an option is reasonably certain of exercise include, but are not limited to, the value of leasehold improvements, the value of renewal rate compared to market rates, and the presence of factors that would cause a significant economic penalty to us if the option is not exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet and instead are recognized in lease expense on a straight-line basis over the lease term.

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2026 (excluding 6 months ended June 30, 2026)

2026 (excluding 9 months ended September 30,2026)

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Terms and conditions are similar to those real estate operating leases described above. Lease classifications from the acquired institutions were retained. At June September 30, 2026, we did not maintain any leases with related parties and determined that the number and dollar amount of our equipment leases was immaterial. As of June September 30, 2026 , we had three two operating leases that had not yet commenced for approximately approximatel y $ 4.4 1.9 million. .

SouthState has an Equipment Finance Group which does business directly with customers and primarily focuses on serving the construction and utility segments. T he The following table summarizes lease receivables and investment in operating leases and their corresponding balance sheet location at June September 30, 2026, and December 31, 2025:

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The following table summarizes direct financing lease income recorded for the three and six nine months ended June September 30, 2026, and remaining lease payment receivable for each of the next five years:

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2026 (excluding 6 months ended June 30, 2026)

2026 (excluding 9 months ended September 30,2026)

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Note 8: Deposits 2 changes

Our total deposits as of June September 30, 2026, and December 31, 2025, are comprised of the following:

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At June September 30, 2026, and December 31, 2025, we had $ 2.1 billion in certificates of deposits greater than $250,000. $ 250,000 .

Note 9: Earnings Per Share 5 changes

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The following table sets forth the computation of basic and diluted earnings per common share for the three and six nine months ended June September 30, 2026 and 2025:

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The calculation of diluted earnings per common share excludes outstanding stock options for which the results would have been anti-dilutive under the treasury stock method, as follows:

Three Months Ended June 30,

Six Months Ended June 30,

Range of exercise prices

Note 10: Share-Based Compensation 6 changes

3 unchanged paragraphs

Outstanding at June 30, 2026 September 30,2026

Exercisable at June 30, 2026 September 30,2026

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Outstanding RSUs for the six nine months ended June September 30, 2026, are summarized in the following table:

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Outstanding at June 30, 2026 September 30,2026

If maximum performance is achieved pursuant to the 2024, 2025 and 2026 Long Term Incentive performance-based RSU grants, an additional 133,447 133,514 shares in total may be issued by the Company at the end of the three-year performance periods.

As of June September 30, 2026, there was $ 48.8 40.8 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 1.25 years as of June September 30, 2026. The total fair value of RSUs vested and released during the six nine months ended June September 30, 2026, was $ 39.6 41.8 million.

Note 11: Commitments and Contingent Liabilities 3 changes

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 September 30, 2026, commitments to extend credit and standby letters of credit totaled $ 14.7 15.2 billion. As of June September 30, 2026, the liability recorded for expected credit losses on unfunded commitments, excluding unconditionally cancellable exposures and letters of credit, was $ 76.5 82.3 million and recorded on the Balance Sheet. See Note 1 Summary of Significant Accounting Policies to the Consolidated Financial Statements Stateme nts in the 2025 Form 10-K for discussion of liability recorded for expected credit losses on unfunded commitments. .

For a description of the Company s 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 September 30, 2026, any such liability is not expected to have a material effect on our consolidated financial statements.

1 unchanged paragraph

During the first quarter of 2026, the parties agreed to settle the Cyber Incident Suit, subject to court approval, pursuant to which the Company agreed to fund documented losses and pay attorneys fees, administration costs, and credit monitoring fees. On June 24, 2026, the court entered an order granting final approval to the settlement (the Final Order ). The settlement will be was paid from the Company s cyber insurance coverage in the third quarter of 2026 in accordance with the Final Order, and the matter has been dismissed.

1 unchanged paragraph

Note 12: Fair Value 8 changes

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The tables below present the Company s fair value measurements as of June September 30, 2026 and December 31, 2025 as well as changes in . There were no transfers into or out of Level 3 instruments, if applicable. during the periods presented.

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There were no changes in hierarchy classifications of Level 3 assets or liabilities for the six nine months ended June September 30, 2026 . A reconciliation of the beginning and ending balances of the MSRs recorded at fair value on a recurring basis for the six nine months ended June September 30, 2026, is as follows. The changes in fair value of the MSRs are recorded in Mortgage Banking Income on the Consolidated Statements of Income.

5 unchanged paragraphs

Fair value, June 30, 2026 September 30,2026

A reconciliation of the beginning and ending balances of the SBA servicing asset, a Level 3 asset recorded at fair value on a recurring basis for the period ending June September 30, 2026, is as follows. The changes in fair value of the SBA servicing asset are recorded in in SBA Income on the Consolidated Statements of Income.

5 unchanged paragraphs

Fair value, June 30, 2026 September 30,2026

There were no unrealized losses included in accumulated other comprehensive income related to Level 3 financial assets and liabilities at June September 30, 2026.

See Note 17 Mortgage Loan Servicing, Obligation, Origination, and Mortgage Loans Held for Sale for information about recurring Level 3 fair value measurements of mortgage servicing rights.

3 unchanged paragraphs

Bank properties held for sale

43 unchanged paragraphs

Note 13: Accumulated Other Comprehensive Income (Loss) 22 changes

The changes in each component of accumulated other comprehensive income (losses), net of tax, for the three and six nine months ended June September 30, 2026 and 2025, were as follows:

1 unchanged paragraph

Balance at March 31, 2026

Other comprehensive income before reclassifications

Net comprehensive income

Three Months Ended June September 30, 2026

1 unchanged paragraph

Balance at March 31, 2025

Other comprehensive loss before reclassifications

Net comprehensive loss

Balance at September 30, 2026

Three Months Ended June September 30, 2025

Balance at June 30, 2025

2 unchanged paragraphs

Six Months Ended June 30, 2026

Balance at June September 30, 2025

Nine Months Ended September 30, 2026

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Balance at June 30, 2026

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2026

Nine Months Ended September 30, 2025

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Balance at June September 30, 2025

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For the Six Months Ended June 30,

For the Three Months Ended June September 30,

For the Nine Months Ended September 30,

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Note 14: Derivative Financial Instruments 8 changes

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The following table summarizes the derivative financial instruments used by the Company as of June September 30, 2026, and December 31, 2025:

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Other Assets and Other Liabilities

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(1) The fair value of the interest rate swap derivative assets was reduced by b y $ 461.4 868.1 million and a nd $ 333.7 million at June September 30, 2026 and December 31, 2025 , respectively, in variation margin payments applicable to swaps centrally cleared through LCH and CME.

8 unchanged paragraphs

* As of June September 30, 2026, and December 31, 2025 , counterparties provided $ 29.6 46.6 million and $ 25.9 million, respectively, of cash collateral to the Company to secure swap asset positions that were not centrally cleared, which is included in Interest-bearing Deposits within Total Liabilities on the Consolidated Balance Sheets. Counterparties also pledged $ 26.5 24.3 million and $ 28.1 million, respectively, as of June September 30, 2026, and December 31, 2025 in investment securities to secure swap asset positions that were not centrally cleared. The Company provided $ 2.4 million and $ 1.7 million, respectively, to counterparties to secure swap positions that were not centrally cleared as of June September 30, 2026, and December 31, 2025 .

1 unchanged paragraph

As of June September 30, 2026, and December 31, 2025, the Company maintained loan swaps, with an aggregate notional amount of $ 2.6 million accounted for as fair value hedges. The amortized cost basis of the loans being hedged were $ 2.6 million as of June September 30, 2026, and December 31, 2025.

1 unchanged paragraph

The Company offers interest rate swaps to certain customers to enable them to convert variable-rate loan payments to fixed-rate and simultaneously enters into an offsetting swap with a third-party counterparty. As these interest rate swaps do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. As of June September 30, 2026, and December 31, 2025, the interest rate swaps had an aggregate notional amount of approximately $ 31.5 31.7 billion and $ 29.6 billion, respectively. At June September 30, 2026, the fair value of the interest rate swap derivatives is recorded in Other Assets at $ 147.3 117.9 million and in Other Liabilities at $ 606.4 982.5 million. The fair value of derivative assets at June September 30, 2026 , was reduced by $ 461.4 868.1 million in variation margin payments applicable to swaps centrally cleared through LCH and CME. At December 31, 2025, the fair value of the interest rate swap derivatives was recorded in Other Assets at $ 221.7 million and Other Liabilities at $ 554.4 million. The fair value of derivative assets at December 31, 2025 , was reduced by $ 333.7 million in variation margin payments applicable to swaps centrally cleared through LCH and CME. All changes in fair value are recorded through earnings within Correspondent and Capital Markets Income, a component of Noninterest Income on the Consolidated Statements of Income. There were net gains of $ 86,000 1.2 million and $ 1.2 2.4 million recorded on these derivatives for the three and six nine months ended June September 30, 2026 , respectively. There was a net loss gain of $ 59,000 81,000 and a net loss of $ 231,000 150,000 recorded on these derivatives for the three and six nine months ended June September 30, 2025, respectively. As of June September 30, 2026, we provided $ 325.8 329.0 million of cash collateral on the customer swaps, which is included in Cash and Cash Equivalents on the Consolidated Balance Sheets as Deposits in Other Financial Institutions (Restricted Cash). We also provided $ 78.4 64.3 million in investment securities at market value as collateral on the customer swaps which is included in Investment Securities available for sale on the Consolidated Balance Sheets. Counterparties provided $ 29.6 46.6 million of cash collateral to the Company to secure swap asset positions that were not centrally cleared, which is included in Interest-bearing Deposits within Total Liabilities on the Consolidated Balance Sheets.

1 unchanged paragraph

As of June September 30, 2026 and December 31, 2025 , the Company maintained an aggregate notional amount of $ 2.8 4.4 billion and $ 2.5 billion, respectively, in short-term interest rate hedges that were accounted for as economic hedges. These derivatives protect the Company from interest rate risk caused by changes in the term and daily SOFR accrual mismatches. The fair value of these hedges is recorded in either Other Assets or in Other Liabilities depending on the position of the hedge with the offset recorded in Correspondent Banking and Capital Market Income, a component of Noninterest Income on the Consolidated Statements of Income. There were no material net income impacts for these derivatives for three and six month nine months ended June September 30, 2026 or 2025.

2 unchanged paragraphs

On June September 30, 2026, we had derivative financial instruments outstanding with notional amounts totaling $ 264.0 224.0 million related to MSRs, compared to $ 192.0 million on December 31, 2025. The estimated net fair value of the open contracts related to the MSRs was a gain loss of $ 338,000 5.2 million at June September 30, 2026, compared to a gain of $ 69,000 at December 31, 2025.

6 unchanged paragraphs

Note 15: Capital Ratios 3 changes

The following table presents actual and required capital ratios as of June 30, 2026, and December 31, 2025, for the Company and the Bank under the current capital rules.

The following table presents actual and required capital ratios as of June September 30, 2026, and December 31, 2025 for the Company and the Bank under the current capital rules.

17 unchanged paragraphs

As of June September 30, 2026, and December 31, 2025, the capital ratios of the Company and the Bank were in excess of the minimum regulatory requirements and exceeded the thresholds for the well capitalized regulatory classification. For a description of the Company s regulatory capital framework, refer to Note 24 and Item 1, Business, in the 2025 Form 10-K.

Note 16: Goodwill and Other Intangible Assets 2 changes

The carrying amount of goodwill was $ 3.1 billion , at June September 30, 2026, and December 31, 2025. The Company s other intangible assets, consisting of core deposit intangibles, noncompete intangibles and client list intangibles are included on the face of the balance sheet.

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Amortization expense totaled $ 21.0 20.6 million and $ 42.3 63.0 million , for the three and six nine months ended June September 30, 2026, respectively, compared to $ 24.0 23.4 million and $ 47.9 71.3 million for the three and six nine months ended June September 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 amortized.

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Note 17: Mortgage Loan Servicing, Origination, and Mortgage Loans Held for Sale 5 changes

The portfolio of residential mortgages serviced for others, which is not included in the accompanying Consolidated Balance Sheets, was $ 6.5 billion and $ 6.6 billion, respectively, as of June September 30, 2026, and December 31, 2025. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts and disbursing payments to investors. The amounts of contractually specified servicing fees we earned during the three and six nine months ended June September 30, 2026, and June September 30, 2025, were $ 4.1 million, $ 8.3 12.4 million, and $ 4.2 million, $ 8.5 12.7 million, respectively . Servicing fees are recorded in Mortgage Banking Income in our Consolidated Statements of Income.

At June September 30, 2026, and December 31, 2025, MSRs were $ 91.4 102.0 million and $ 84.0 million on our Consolidated Balance Sheets, respectively. MSRs are recorded at fair value with changes in fair value recorded as a component of Mortgage Banking Income in the Consolidated Statements of Income. The market value adjustments related to MSRs recorded in Mortgage Banking Income for the three and six nine months ended June September 30, 2026, and June September 30, 2025, were gains of $ 2.8 11.2 million and losses of $ 9.3 20.6 million compared with losses of $ 1.7 million 412,000 and $ 4.8 5.2 million , respectively. The Company has used various free standing derivative instruments to mitigate the income statement effect of changes in fair value resulting from changes in market value adjustments, values, in addition to changes in valuation inputs and assumptions related to MSRs.

See Note 14 12 Fair Value for the changes in fair value of MSRs. The following table presents the changes in the fair value of the MSR and offsetting hedge.

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Mortgage loan sales were $ 218.8 249.4 million and $ 415.3 664.7 million for the three and six nine months ended June September 30, 2026, respectively, compared to $ 262.7 207.7 million and $ 544.0 751.7 million for the three and six nine months ended June September 30, 2025, respectively. Of the total mortgage loans sold for the three and six nine months ended June September 30, 2026, the Bank sold $ 145.4 153.4 million and $ 271.9 425.3 million, or 66.5 61.5 % and 65.5 64.0 % , respectively, with the servicing rights retained by the Bank, compared to $ 175.4 149.8 million and $ 340.2 490.0 million, or 66.8 72.1 % and 62.5 65.2 % , respectively, of the total mortgage loans sold for the three and six nine months ended June September 30, 2025.

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Mortgage loans held for sale have historically been comprised of residential mortgage loans awaiting sale in the secondary market, which generally settle in 15 to 45 days. . Mortgage loans held for sale were $ 68.7 49.3 million and $ 61.4 million at June September 30, 2026, and December 31, 2025, respectively. Please see Note 12 Fair Value , under the Fair Value Option , section in this Quarterly Report on Form 10-Q for summary of the fair value and the unpaid principal balance of loans held for sale and the changes in fair value of these loans.

Note 18: Small Business Administration ( SBA ) Loans Held for Sale 2 changes

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At June September 30, 2026 and 2025, the Company held approximately $ 336.7 247.5 million and $ 247.9 278.3 million, respectively, of the guaranteed portion of SBA loans for sale. The following table details additional SBA activity for the periods presented.

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The Company also separately originates SBA loans and sells the guaranteed portions of these loans into the secondary market. The f ollowing following table details the guaranteed portion of SBA loans for the periods presented.

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Note 19: Short-Term Borrowings 2 changes

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Repurchase agreements represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. At June September 30, 2026, and December 31, 2025, our repurchase agreements totaled $ 283.2 217.2 million and $ 311.4 million, respectively. These borrowings were collateralized with government, government-sponsored enterprise, or state and political subdivision-issued securities with a market value of $ 326.7 268.5 million and $ 331.5 million at June September 30, 2026, and December 31, 2025, respectively. Declines in the value of the collateral would require us to increase the amounts of securities pledged.

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As of June September 30, 2026 and December 31, 2025, , the Company had outstanding FHLB borrowings of $ 300.0 million and $ 0 outstanding no FHLB borrowings , respectively. as of December 31, 2025. Net eligible loans of the Company pledged via a blanket lien to the FHLB for advances and letters of credit at June September 30, 2026 , were approximately $ 9.2 9.5 billion (collateral value of $ 5.8 6.0 billion) and investment securities and cash pledged were approximately $ 27.1 million (collateral value of $ 19.4 18.4 million). This allows the Company a total borrowing capacity at the FHLB of approximately $ 5.8 6.0 billion. After accounting for the secured collateral required totaling $ 17.8 18.3 million and $ 300.0 million in outstanding FHLB advances, the Company had unused net credit available with the FHLB in the amount of approximately $ 5.5 5.7 billion at June September 30, 2026 . The Company also has a total borrowing capacity at the FRB of $ 11.7 11.9 billion at June September 30, 2026 , secured by a blanket lien on $ 15.5 16.0 billion (collateral value of $ 11.7 11.9 billion) in net eligible loans of the Company. The Company had no outstanding borrowings with the FRB at June September 30, 2026, or December 31, 2025 .

Note 20: Stock Repurchase Program 2 changes

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 Company s common stock (the 2026 Repurchase Plan ). The 2026 Repurchase Plan replaces the Company s 2025 stock repurchase program (the "2025 Repurchase Plan"), under which 560,000 shares remained available for repurchase. The 2025 Repurchase Plan was cancelled in connection with the Board s approval of the 2026 Repurchase Plan. During the six nine months ended June September 30, 2026, the Company repurchased a total of 2,500,000 2,750,000 shares at a weighted average price of $ 99.58 100.02 per share (including commission paid) pursuant to the 2026 Repurchase Plan. Based on the shares repurchased through the 2026 Repurchase Plan during 2026, the Company accrued an estimated excise tax of approximately $ 2.2 2.4 million at June September 30, 2026 to be paid in 2027. This excise tax of 1 % on the fair market value of corporate stock repurchased was enacted under the Inflation Reduction Act of 2022 for stock repurchases and is recorded against surplus in shareholders equity when accrued. During the six nine months ended of September 30, 2025, the Company did not repurchase any repurchased 440,000 shares at a weighted average price of $ 97.29 per share pursuant to the 2025 Repurchase Plan.

The Company repurchased 92,609 94,500 and 110,797 113,025 shares at a cost of $ 9.4 9.6 million and $ 11.3 11.5 million, respectively, during the six nine months ended June September 30, 2026, and 2025 under other arrangements whereby directors or officers surrender shares to the Company to cover the option cost for stock option exercises or tax liabilities resulting from the vesting of restricted stock awards or restricted stock units. .

Note 21: Segment Reporting 2 changes

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Securities (losses) gain, net

Securities losses, net

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Note 22: Subsequent Events 3 changes

Subsequent to September 30, 2026, the Company repurchased 81,654 shares of the Company s common stock pursuant to the 2026 Repurchase Plan at a weighted average price o f $ 104.72 pe r share. As of October 29, 2026, the Company may repurchase up to an additio nal 2,728,346 s hares of common stock under the 2026 Repurchase Plan.

Fourth Quarter 2026 Quarterly Cash Dividend Declaration

On July 23, October 21, 2026 , the Company announced the Board of Directors declaration of the Company increased its a quarterly cash dividend on its common stock from $ 0.60 per share to at $ 0.66 per share. The dividend is payable on August 14, November 13, 2026 , to shareholders of record as of August 7, November 6, 2026 .

MD&A 140 changes

This Management s Management's Discussion and Analysis of Financial Condition and Results of Operations ( MD&A ) relates to the financial statements contained in this Quarterly Report beginning on page 3. For further information, refer to the MD&A appearing in the Annual Report on Form 10-K for the year ended December 31, 2025. The MD&A section in this Form 10-Q discusses updates to the Company s business since the year ended December 31, 2025. Results for the three and six nine months ended June September 30, 2026, are not necessarily indicative of the results for the year ending December 31, 2026, or any future period.

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SouthState Bank Corporation is a financial holding company headquartered in Winter Haven, Florida. We provide a wide range of banking services and products to our customers through our Bank. There have been no material changes to the Company s business or organizational structure during the six nine months ended June September 30, 2026, except as described below. During the second quarter of 2026, the Company completed the legal dissolution of one of its subsidiaries, SSB Insurance Corp., a captive insurance subsidiary pursuant to Section 831(b) of the U.S. Tax Code. The Company s business structure remains otherwise unchanged.

At June September 30, 2026, we had approximately $68.9 $70.4 billion in assets and 6,431 6,440 full-time equivalent employees. Through our Bank branches, ATMs and online banking platforms, we provide our customers with a wide range of financial products and services, through an eight (8) state footprint in Alabama, Colorado, Florida, Georgia, North Carolina, South Carolina, Texas, and Virginia.

The following discussion describes our results of operations for the three and six nine months ended June September 30, 2026, compared to the three and six nine months ended June September 30, 2025, and also analyzes our financial condition as of June September 30, 2026, as compared to December 31, 2025. .

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Our consolidated financial statements are prepared based on the application of accounting policies in accordance with GAAP and follow general practices within the banking industry. Our financial position and results of operations are affected by management s application of accounting policies, including estimates, assumptions and judgments made to arrive at the carrying value of assets and liabilities and amounts reported for revenues and expenses. Differences in the application of these policies could result in material changes in our consolidated financial position and consolidated results of operations and related disclosures. Understanding our accounting policies is fundamental to understanding our consolidated financial position and consolidated results of operations. There have been no material changes to those policies during the six nine months ended June September 30, 2026, except as described below.

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SouthState utilizes economic forecasts provided by a third-party service provider and applies probability weightings to multiple economic scenarios based on management's assessment of economic and market conditions. As a sensitivity analysis, applying a 100% weighting to the adverse scenario would increase the ACL by approximately $176 $207 million, while applying a 100% weighting to the upside scenario would decrease the ACL by approximately $122 $145 million. The adverse scenario reflects recessionary economic conditions, while the upside scenario reflects stronger-than-expected economic performance. This analysis is hypothetical and does not represent management's estimate of expected credit losses as of June September 30, 2026.

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We reported consolidated net income of $230.0 $223.8 million, or diluted earnings per share ( EPS ) of $2.35, $2.30, for the second third quarter of 2026 compared to consolidated net income of $215.2 $246.6 million, or diluted EPS of $2.11, $2.42, in the comparable period of 2025, a 6.9% increase 9.3% decrease in consolidated net income and a 11.4% increase 5.0% decrease in diluted EPS. During the six nine months ended June September 30, 2026, we reported consolidated net income of $455.8 $679.6 million, or diluted EPS of $4.64, $6.93, compared to consolidated net income of $304.3 $550.9 million, or diluted EPS of $2.99, $5.41, in the comparable period of 2025, a 49.8% 23.4% increase in consolidated net income and a 55.2% 28.1% increase in diluted EPS. The $14.8 $22.8 million increase decrease in consolidated net income for the second third quarter of 2026 compared to the same period of 2025 was the net result of the following items:

A $2.2 $16.8 million decrease in interest income, which resulted from a $1.8 $10.3 million decrease in interest income from loans and loans held for sale and a $7.6 $13.4 million decrease in interest income on federal funds sold, securities purchased under agreement to resell and interest-bearing deposits, partially offset by a $7.2 $6.9 million increase in interest income from investment securities. See Net Interest Income and Margin section on page 43 for further discussion.

An $0.2 $8.6 million decrease in interest expense, which resulted from a $1.3 $1.4 million decrease in interest expense in federal funds purchased and securities sold under agreements to repurchase, a $1.2 million decrease in interest expense from deposits and a $1.6 $6.0 million decrease in interest expense from corporate and subordinated debentures and other borrowings. partially offset by a $2.6 million increase in interest expense from deposits. See Net Interest Income and Margin section on page 43 for further discussion.

A $8.4 $15.3 million increase in the provision for credit losses, as the Company recorded a provision for credit losses of $15.9 $20.3 million in the second third quarter of 2026 while recording a provision for credit losses of $7.5 $5.1 million in the second third quarter of 2025. The main reason for the increase in the provision for credit losses was higher loan production and net loan growth in the second third quarter of 2026 compared to the same period in 2025. During the second third quarter of 2026, the Company had loan production of $5.2 $4.9 billion and net loan growth of $1.4 $1.2 billion compared to loan production of $3.3 $3.4 billion and net loan growth of $501.0 $400.8 million in the second third quarter of 2025.

A $9.9 $5.2 million increase decrease in noninterest income primarily from increases a decrease in service charges on deposit accounts and debit, prepaid, ATM and merchant card related income of $3.7 million and correspondent banking and capital market income of $7.0 $6.6 million. These increases were This decrease was slightly offset by a decline increases in SBA income service charges on deposit accounts of $1.2 $1.0 million and mortgage banking trust and investment services income of $1.0 $1.7 million. See Noninterest Income section on page 47 for further discussion;

A $17.3 $2.4 million decrease increase in noninterest expense, which resulted primarily from a decrease an increase in salaries and employee benefits of $18.1 million, occupancy expense of $3.3 million, FDIC assessment and other regulatory charges of $2.5 million and business development expense of $2.0 million. These increases were partially offset by decreases in merger, branch consolidation, severance related and other restructuring expenses of $24.4 $20.9 million and a reduction in amortization of intangibles of $3.0 million. These decreases were partially offset by increases in salaries and employee benefits of $5.2 million, occupancy expense of $2.4 million and business development expense of $3.5 $2.8 million. See Noninterest Expense section on page 48 for further discussion; and

Higher Lower income tax provision of $2.0 $8.2 million is mostly due to higher lower pretax book income between the two quarters. The Company recorded pretax book income of $299.0 $290.3 million in the second third quarter of 2026 compared to pretax book income of $282.2 $321.4 million in the second third quarter of 2025. Our effective tax rate was 23.07% 22.91% for the three months ended June September 30, 2026, compared to 23.73% 23.25% for the three months ended June September 30, 2025. See Income Tax Expense section on page 48 for further discussion.

Our quarterly efficiency ratio improved increased to 50.0% 51.6% in the second third quarter of 2026 compared to 52.7% 49.9% in the second third quarter of 2025. The improvement increase in the efficiency ratio compared to the second third quarter of 2025 was the result of a 4.1% 1.9% decrease in noninterest expense (excluding amortization of intangibles) and a 1.2% increase in the total tax-equivalent net interest income and noninterest income and a 1.5% increase in noninterest expense (excluding amortization of intangibles). The decrease increase in noninterest expense was mainly due to a decline an increase in merger related expenses salaries and employee benefits related to the Independent acquisition completed regular annual salary increases and an increase in the first quarter number of 2025. employees as a result of a hiring initiative to expand our sales force. The increase decrease in the total of tax-equivalent net interest income and noninterest income was mainly due to an increase decreases in investment securities interest income of $7.2 million, an increase in service charges from federal funds sold, securities purchased under agreements to resell and fees on deposit accounts of $3.7 million interest-bearing deposits with banks, loan interest income and an increase in correspondent banking and capital markets income compared to the third quarter of $7.0 million. 2025.

Basic and diluted EPS were $2.36 $2.31 and $2.35, $2.30, respectively, for the second third quarter of 2026, compared to $2.12 $2.44 and $2.11, $2.42, respectively, for the second third quarter of 2025. The increase decrease in basic and diluted EPS was due to a 6.9% increase 9.3% decrease in net income in the second third quarter of 2026 compared to the same period in 2025, and partially offset by a decrease in average basic common shares of 4.1%. 4.2%. The increase decrease in net income in the second third quarter of 2026 was mainly attributable to an increase a decrease in non-interest net interest income of $9.9 $8.2 million, and a $17.3 million decline decrease in non-interest expense. income of $5.2 million and an increase in the provision for credit losses of $15.3 million. The decrease in average basic common shares was mainly due to the Company repurchasing approximately 4.9 4.8 million shares through the Company s stock buyback repurchase plan since June September 30, 2025.

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The following table presents selected financial figures and ratios for the three and six nine months ended June September 30, 2026 and 2025:

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Net interest income is the Company s principal source of income and a key driver of overall financial performance. Net interest income and net interest margin are affected by the level and mix of interest-earning assets and interest-bearing liabilities, as well as changes in long-term and short-term market interest rates. Since the second quarter of 2025, On September 16, 2026, the Federal Reserve reduced increased the target federal funds rate by a total of 75 25 basis points lowering the target federal funds rate range to 3.50% a range to 3.75% to 4.00%, which remained in effect as of June September 30, 2026. Accordingly, This followed reductions totaling 75 basis points in the second half of 2025. Despite the September 2026 increase in the federal funds target range, interest rate conditions during the second third quarter of 2026 were lower compared to the second third quarter of 2025, impacting both asset yields and funding costs.

The decline in non-tax equivalent and the Tax Equivalent ( TE ) net interest margin of 24 28 basis points in the second third quarter of 2026 compared to the same quarter of 2025 primarily reflected lower yields on interest earning interest-earning assets, driven by reduced loan accretion income and a lower interest rate environment, partially offset by lower funding costs and balance sheet balance-sheet mix changes.

Lower non-TE yield on interest-earning assets was primarily driven by lower loan yields, largely attributable to continued runoff of acquired loans and a reduction in loan accretion income of approximately $30.5 $56.3 million. The average balance of higher yielding higher-yielding acquired loans decreased by $3.5 $3.3 billion, while the yield on acquired loans declined by 63 146 basis points. The non-TE yield on federal funds sold and interest-earning deposits with banks decreased by 68 98 basis points, and non-TE yield on non-acquired loans slightly decreased by 15 2 basis points in the comparatively lower interest environment. These effects were partially offset by a change in asset mix, as the average balance of lower-yielding assets, such as federal funds sold and interest-earning deposits with banks, declined while the average balance of higher yielding loans and investment securities increased.

Funding costs declined during the second third quarter of 2026, primarily due to a lower interest rate environment, which reduced rates across all interest bearing interest-bearing deposits, federal funds purchased, securities sold with agreements to repurchase, and corporate and subordinated debentures categories. Overall, the Company s cost of funds, including noninterest-bearing deposits, declined by 10 16 basis points to 1.84% 1.88% compared to the three months ended June September 30, 2025.

The tables below summarize the analysis of changes in interest income and interest expense for the three and six nine months ended June September 30, 2026, and 2025 and net interest margin on a tax equivalent basis:

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The interest earned on investment securities increased in the three and six nine months ended June September 30, 2026, compared to the same periods in 2025, primarily due to a higher average balance in investment securities and a modest increase in the yield on the investment portfolio. The average balance of investment securities for the three and six nine months ended June September 30, 2026 increased by approximately $699.9 $641.0 million and $797.2 $744.6 million, respectively, compared to the same periods in 2025. The Company has increased the size of the investment securities portfolio commensurate with the growth in the balance sheet. The improvement in the yield as well as a shortened duration of the investment portfolio is a result of the reinvestment and repositioning strategies executed in the first quarter of 2025.

Interest earned on loans held for investment decreased slightly during the three and six nine months ended June September 30, 2026, from the comparable periods in 2025. Some key highlights for the quarter ended June September 30, 2026, are outlined below:

Our non-TE yield on total loans decreased 42 56 basis points in the second third quarter of 2026 compared to the same period in 2025.

o The yield on the acquired loan portfolio decreased 63 146 basis-point in the second third quarter of 2026 compared to the same period in 2025.

The decrease in interest income on acquired loans was primarily attributable to continued paydowns, pay-offs and renewals of acquired loans that were moved to our non-acquired loan portfolio, as well as a decrease in loan accretion of approximately $30.5 $56.3 million and $53.5 $109.8 million, respectively for the three and six nine months ended June September 30, 2026 compared to the same periods in 2025. The loan accretion is primarily related to the loan portfolio acquired from Independent.

o The yield on the non-acquired loan portfolio decreased 15 2 basis points in the second third quarter of 2026 compared to the same period in 2025.

The decline in the yield on non-acquired loans primarily reflects the impact of new and renewed loans originating at comparatively lower rates in the current rate environment compared to the same period in 2025. . The growth in interest income on non-acquired loans was attributable to organic loan growth and renewals of matured acquired loans that were moved to our non-acquired loan portfolio.

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The quarter-to-date average balance of interest-bearing liabilities increased in the second third quarter of 2026 compared to the same period in 2025, while the cost of interest-bearing liabilities decreased, reflecting lower market interest rates across most deposit and borrowing categories. Some key highlights for the quarter ended June September 30, 2026, compared to the same period in 2025 include:

The cost of interest-bearing deposits decreased declined to 2.33% 2.37% for the second third quarter of 2026, compared to 2.48% 2.56% for the same period in 2025.

o Interest expense on interest-bearing deposits increased, decreased, as growth in the average balance of transaction and money market accounts outweighed the effect of lower interest rates paid across all deposit categories . outweighed the growth in the average balance of transaction and money market accounts and certificates and other time deposits.

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The average cost and interest expense of corporate and subordinated debentures decreased. The decreases reflect the continued net effect of debt redemptions and subsequent subordinated debt issuances following prior period prior-period debt assumed in the Independent acquisition along with the lower interest rate environment.

The average cost of other borrowings was 3.84% 3.98% with an average balance of $154.9 $94.6 million for the second third quarter of 2026. The Company had no significant other borrowings during the second third quarter of 2025.

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Noninterest-bearing deposits are transaction accounts that provide our Bank with interest-free sources of funds. Average noninterest-bearing deposits decreased $122.1 $41.2 million, or 0.9%, 0.3%, to $13.5 billion in the second third quarter of 2026 compared to $13.6 billion during the same period in 2025. The decrease in the average balance of noninterest bearing deposits primarily reflects a continued shift in customer funds to interest bearing interest-bearing transactional and money market deposit accounts.

Noninterest income provides us with additional revenues that are significant sources of income. For the three months ended June September 30, 2026, and 2025, noninterest income comprised 14.4%, 13.7%, and 13.1%, 14.2%, respectively, of total net interest income and noninterest income. For the six nine months ended June September 30, 2026, and 2025, noninterest income comprised 14.8%, 14.4%, and 13.3%, 13.6%, respectively, of total net interest income and noninterest income.

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Noninterest income increased decreased during the second third quarter of 2026 compared to the same period in 2025. This quarterly change in total noninterest income resulted from the following:

Correspondent banking and capital markets income was lower, primarily attributable to a $4.0 million decrease in income generated from the sale of customer swap ARC hedges, reflecting decreased hedging activity as commercial borrowers showed less demand to convert variable-rate loans to fixed rates. The decrease was also driven by higher expense associated with variation margin payments for centrally cleared swaps where we recorded an expense of $5.6 million in the third quarter of 2026 compared to an expense of $4.3 million in the third quarter of 2025. In addition, other operational revenue was lower by approximately $2.4 million.

Noninterest income increased during the nine months ended September 30, 2026 compared to the same period in 2025. The categories and explanations for the fluctuations year-to-date, except the items discussed below, are similar to the ones noted above in the quarterly comparison.

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Correspondent banking and capital markets income was higher, primarily attributable to a $3.0 million increase in income generated from the sale of customer swap ARC hedges, reflecting increased hedging activity in a comparatively lower interest rate environment. The increase was also driven by lower expense associated with variation margin payments for centrally cleared swaps where we recorded an expense of $4.0 million related to variation margin payments in the second quarter of 2026 compared to an expense of $5.4 million in the second quarter of 2025. In addition, other operational revenue was higher by approximately $1.7 million.

Noninterest income increased during the six months ended June 30, 2026 compared to the same period in 2025. The categories and explanations for the fluctuations year-to-date, except the items discussed below, are similar to the ones noted above in the quarterly comparison.

Debit, prepaid, ATM and merchant card related income was higher in 2026 compared to 2025 mainly due to higher bank card and ATM related fee income of $3.5 $4.6 million.

Mortgage banking income was higher in 2026 compared to 2025, as an increase in mortgage servicing related income was partially offset by a decrease in secondary market mortgage income. Mortgage production increased from $1.1 $1.7 billion in the first six nine months of 2025 to $1.7 $2.5 billion in the first six nine months of 2026. During the first six nine months of 2026, we sold 25% 26% of our mortgage production to the secondary market versus 45% 41% during the same period in 2025.

o The mortgage servicing related income, net of the hedge, increased mainly due to a $4.5 $6.0 million increase in the change in fair value of the MSR, including decay. The increase in fair value of the MSR between the comparable periods was primarily due to an increase in the change in fair value from interest rates of $14.1 $25.8 million, offset by decreases from gains/losses on the MSR hedge of $7.5 $17.5 million and an increase in MSR decay of $2.1 $2.3 million.

o Mortgage income from the secondary market decreased between the comparable periods resulting from a $2.7 $2.6 million decrease in gain on sale of mortgage loans, which is net of the commission expense related to mortgage production, and a $3.2 million decrease in the change in fair value of the pipeline and loans held for sale, partially offset by an increase in MBS forward trades of $1.4 $2.6 million. Mortgage commission expense was $3.7 $5.6 million in 2026 compared to $4.1 $6.0 million in 2025.

Trust and investment services income increased in 2026 compared to 2025, as assets under management have increased by $645.9 million, or 6.3%, in that same time frame.

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SBA income was lower primarily attributable to lower gains on the sale of SBA loans of $2.3 $2.1 million. SBA income includes changes in the fair value of the servicing asset, loan servicing fees and gains on sale of SBA loans.

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Salaries and employee benefits increased primarily attributable to higher commission expense of $4.9 million, resulting from an increase in the number of employees as a result of a hiring initiative to expand our sales force.

Information services expense decreased $2.7 million, or 4.4%, in 2026 compared to the same period in 2025. The decrease was primarily attributable to lower costs associated with systems and software initiatives that were completed in prior periods .

Noninterest expense decreased increased by $17.3 $2.4 million, or 4.6%, 0.7%, in the second third quarter of 2026 compared to the same period in 2025, primarily resulted from the following expenses:

Salaries and employee benefits increased primarily due to higher commission and incentive expense of $9.8 million, as well as an increase in salary expense of $7.9 million, resulting primarily from merit increases and an increase in the number of employees due to growth in sales force.

Occupancy expense increased in the second third quarter of 2026 compared to the same period in 2025, , due mainly to increases in furniture lease expenses and equipment costs, building occupancy expense, including related depreciation, and lease expenses of $1.5 $1.3 million and $1.0 million, respectively.

OREO expense and loan related expense decreased primarily due to a $2.6 million decrease in losses on sales of OREO.

Amortization of intangibles decreased by $3.0 $2.8 million, or 12.5%, 11.9%, due to lower amortization expense related to the core deposit intangible recognized in connection with the Independent acquisition, which is subject to accelerated amortization in the earlier periods of its estimated life.

Business development and staff related expense increased due mainly to higher employee travel and entertainment, and recruitment-related costs of approximately $1.4 million and $1.5 million. respectively.

FDIC assessment and other regulatory charges increased primarily due to an increase in the FDIC assessment rate reflecting changes in the Company s size and complexity along with the effects from the increase in the Company s total average assets, classified assets and higher-risk assets.

The Company did not record merger, branch consolidation, severance related and other expense in the second third quarter of 2026. During the second third quarter of 2025, the Company recorded $24.4 $20.9 million of such expenses, primarily associated with the Independent acquisition.

Noninterest expense decreased by $66.6 $64.2 million, or 8.5%, 5.6%, during the six nine months ended June September 30, 2026, compared to the same period in 2025. The categories and explanations for the year-to-date fluctuations are generally consistent with those discussed in the quarterly comparison above, except as noted below, which slightly offset the total noninterest expense decrease.

Advertising and marketing increased in 2026 compared to the same period in 2025. The increase was primarily attributable to increased digital marketing brand awareness and public relations initiatives.

Our effective tax rate was 23.07% 22.91% for the three months ended June September 30, 2026, compared to 23.73% 23.25% for the three months ended June September 30, 2025. The decrease in the effective rate for the current quarter, when compared to the same period in the prior year, was driven primarily by higher lower non-deductible executive compensation during the current quarter, as well as non-deductible merger expenses recognized in the third quarter of 2025 related to the acquisition of Independent in completed on January 1, 2025. compared to 2026. In addition, there was an increase in tax-exempt interest income in the current quarter compared to the same period in 2025. This was partially offset by an increase a decrease in pre-tax book income the cash surrender value of BOLI policies in the second third quarter of 2026 compared to the second third quarter of 2025.

Our effective tax rate for the first six nine months of the year was 22.79% 22.83% compared to 24.57% 23.99% for the first six nine months of 2025. The decrease in the year-to-date effective tax rate compared to the same period of 2025 was due primarily to a reduction in non-deductible executive compensation, an increase in tax-exempt interest income and a decrease in non-deductible FDIC premiums. In addition to these items, there was a $5.6 million remeasurement of the Company s deferred tax balances resulting from the acquisition of Independent in the first quarter of 2025.

As discussed in Note 21 Segment Reporting, the Company s operations are managed and financial performance is evaluated on an organization-wide basis, and the Company s banking and finance operations are considered by management to constitute one reportable operating segment, the General Banking Unit. There have been no material changes to the Company s segment structure during the six nine months ended June September 30, 2026.

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Our total assets increased approximately $1.7 $3.2 billion, or 2.5%, 4.8%, from December 31, 2025, to June September 30, 2026, to approximately $68.9 $70.4 billion. Within total assets, cash and cash equivalents decreased by $822.2 $197.9 million, or 25.9%, and 6.2%, net loans increased $2.2 $3.5 billion, or 4.7%, 7.2%, while investment securities increased $205.7 decreased $9.4 million, or 2.4%, 0.1%, during the period. Within total liabilities, deposits grew $1.2 $2.5 billion, or 2.2%, 4.5%, and federal funds purchased and securities sold under agreements to repurchase decreased by $48.7 $120.0 million, or 7.9%. 19.4%. Total corporate and subordinated debentures and other borrowings increased by $300.2 $300.3 million, or 43.1%. Total shareholder s equity increased $72.4 decreased $11.8 million, or 0.8%. 0.1%. The decrease in cash and cash equivalents was due to the funding of investment securities and loan growth in the first half nine months of 2026. The increase in deposits was mainly related to an $871.8 a $485.2 million increase in interest-bearing checking accounts, a $989.5 million increase in money market accounts and a $501.2 $992.8 million increase in time deposits, which included a $1.1 billion increase in brokered time deposits. The increase in loans was driven by organic growth. Our loan to deposit ratio was 90% and 88% at June September 30, 2026 and December 31, 2025, respectively, while our percentage of noninterest-bearing deposit accounts to total deposits was 23% and 24% at both June September 30, 2026, and December 31, 2025, respectively.

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We use investment securities, our second largest category of earning assets, to generate interest income, provide liquidity, fund loan demand or deposit liquidation, and to pledge as collateral for public funds deposits, repurchase agreements, derivative exposures and to augment borrowing capacity at the Federal Reserve Bank of Atlanta, and the Federal Home Loan Bank of Atlanta. At June September 30, 2026 and December 31, 2025, investment securities totaled $8.9 billion, compared to $8.7 billion. at December 31, 2025, an increase of $205.7 million, or 2.4%. The Bank purchased $2.4 $3.4 billion of investment securities during the six nine months ended June September 30, 2026 mostly from reinvesting funds provided by the paydowns, maturities and calls of investment securities. The increases in investment securities were partially offset by reductions from maturities, calls, sales and paydowns of investment securities totaling $2.1 $3.1 billion and the net amortization of premiums of $5.6 $8.4 million during the six nine months ended June September 30, 2026. At June September 30, 2026, approximately 74.0% 73.4% of the investment portfolio was classified as available for sale, approximately 21.9% was classified as held to maturity and approximately 4.1% 4.7% was classified as other investments.

At June September 30, 2026, the unrealized net losses of the available for sale securities portfolio was $418.3 $718.5 million, or 6.0%, 10.1%, below its amortized cost basis, compared to an unrealized net loss of $382.8 million, or 5.7%, at December 31, 2025. At June September 30, 2026, the unrealized net loss of the held to maturity securities portfolio was $314.7 $386 million, or 16.1%, 20.3%, below its amortized cost basis, compared to an unrealized net loss of $315.2 million, or 15.4%, at December 31, 2025.

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Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises * (315,669) (446,910

Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises * (105,802) (175,747

Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises * (135,478) (179,408

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At June September 30, 2026, we had 1,129 inves tment 1,273 investment securities including both available for sale and held to maturity, in an unrealized loss position, which totaled $747.0 million. $1.1 billion. At December 31, 2025, we had 1,073 investment securities, including both available for sale and held to maturity, in an unrealized loss position, which totaled $737.2 million. The total number of investment securities with an unrealized loss position increased by 56 200 securities, while the total dollar amount of the unrealized loss increased by $9.8 $367.7 million. The increase in the number of securities in a loss position and level of unrealized losses during the quarter was mainly due to recent changes in market interest rates and lower expectations of future Federal Reserve Bank rate reductions. increases due to inflationary pressures.

All investment securities in an unrealized loss position as of June September 30, 2026, , continue to perform as scheduled. We have evaluated the securities and have determined that the decline in fair value, relative to its amortized cost, is not due to credit-related factors. In addition, we have the ability and intent to hold these securities within the portfolio until maturity or until the value recovers, and we believe that it is more likely than not that we will not be required to sell these securities prior to recovery. We continue to monitor all of our securities with a high degree of scrutiny. There can be no assurance that we will not conclude in future periods that conditions existing at that time indicate some or all of our securities may be sold or would require a charge to earnings as a provision for credit losses in such periods. Any charges as a provision for credit losses related to investment securities could impact cash flow, tangible capital or liquidity.

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The following table presents a summary of our investment portfolio by contractual maturity and related yield as of June September 30, 2026:

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Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises

Residential collateralized mortgage-obligations issued by U.S.

Commercial mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

Commercial mortgage-backed securities issued by U.S.

government agencies or sponsored enterprises

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U.S. Government treasuries

U.S. Government agencies

Residential mortgage-backed securities issued by U.S. government agencies or sponsored enterprises

Residential collateralized mortgage-obligations issued by U.S. government agencies or sponsored enterprises

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and 60 more changes in the filing

Market risk 7 changes

I tem 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

SouthState s management, with the participation of its Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of SouthState s disclosure controls and procedures as of June 30, 2026, in accordance with Rule 13a-15 of the Securities Exchange Act of 1934. We applied our judgment in the process of reviewing these controls and procedures, which, by their nature, can provide only reasonable assurance regarding our control objectives. Based upon that evaluation, our Chief Executive Officer and the Chief Financial Officer concluded that SouthState s disclosure controls and procedures as of June 30, 2026, were effective to provide reasonable assurance regarding our control objectives.

The design of any system of controls and procedures is based in part upon certain assumptions about the likelihood of future events. There can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting during the six months ended June 30, 2026, that has materially affected, or is likely to materially affect, our internal control over financial reporting.

There have been no material changes in our quantitative and qualitative disclosures about market risk as of June September 30, 2026, from those disclosures presented in our Annual Report on Form 10-K for the year ended 2025.

Controls and procedures 5 changes

Evaluation of Disclosure Controls and Procedures

SouthState s management, with the participation of its Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of SouthState s disclosure controls and procedures as of September 30, 2026, in accordance with Rule 13a-15 of the Securities Exchange Act of 1934. We applied our judgment in the process of reviewing these controls and procedures, which, by their nature, can provide only reasonable assurance regarding our control objectives. Based upon that evaluation, our Chief Executive Officer and the Chief Financial Officer concluded that SouthState s disclosure controls and procedures as of September 30, 2026, were effective to provide reasonable assurance regarding our control objectives.

The design of any system of controls and procedures is based in part upon certain assumptions about the likelihood of future events. There can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting during the nine months ended September 30, 2026, that has materially affected, or is likely to materially affect, our internal control over financial reporting.

Legal proceedings 2 changes

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Other than the Cyber Incident Suit (as discussed in Note 11 Commitments and Contingent Liabilities), as of June September 30, 2026, and as of the date of this Quarterly Report on Form 10-Q, we believe that we are not party to, nor is any of our property the subject of, any pending material legal proceeding other than those that may occur in the ordinary course of our business.

On April 3, 2024, a putative class action lawsuit (the Original Suit ) was filed against the Bank purportedly on behalf of a class consisting of those persons impacted by the Cyber Incident (as defined in Note 11 Commitments and Contingent Liabilities). While the Original Suit was voluntarily dismissed, the same plaintiffs, as well as additional plaintiffs, initiated litigation that named the Bank as a defendant. These cases were consolidated into one putative class action against the Bank in the Circuit Court for Polk County, Florida (the Cyber Incident Suit ). During the first quarter of 2026, the parties agreed to settle the Cyber Incident Suit, subject to court approval, pursuant to which the Company agreed to fund documented losses and pay attorneys fees, administration costs, and credit monitoring fees. On June 24, 2026, the court entered an order granting final approval to the settlement (the Final Order ). The settlement will be was paid from the Company s cyber insurance coverage in the third quarter of 2026 in accordance with the Final Order, and the matter has been dismissed. For more information, please refer to Note 11 Commitments and Contingent Liabilities, in the Notes to Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.

Risk factors 4 changes

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During the six nine months ended June September 30, 2026, the Company repurchased a total of 2,500,000 2,750,000 shares at a weighted average price of $99.58 $100.02 per share (including commission paid) pursuant to the 2026 Repurchase Plan. The number of shares to be purchased and the timing of the purchases are based on a variety of factors, including, but not limited to, the level of cash balances, general business conditions, regulatory requirements, the market price of our common stock, and the availability of alternative investment opportunities. As of June September 30, 2026, the Company may repurchase up to an additional 3,060,000 2,810,000 shares of common stock under the 2026 Repurchase Plan. During the first half of 2025, the Company did not repurchase any shares pursuant to the 2025 Repurchase Plan .

The following table reflects share repurchase activity during the second third quarter of 2026:

September 1 September 30

* For the three months ended June September 30, 2026, monthly totals include 1,810; 517; 178, 607, and 836 1,106 shares, respectively, that were repurchased under arrangements, authorized by our stock based compensation plans and Board of Directors, whereby officers or directors may sell previously owned shares to the Company in order to pay for the exercise of stock options or for income taxes owed on vesting shares of restricted stock. These shares were not repurchased under the 2025 Repurchase Program .

Other information 2 changes

On Sep tember 11, 2026 , Natur Family Limited Partnership, an entity affiliated with David R. Brooks , a member of the Company's Board of Directors , adopted a new Rule 10b5-1 trading plan, to be effective December 11, 2026, in accordance with Rule 10b5-1(c)(1) under the Securities Exchange Act of 1934. The plan provides for the potential sale of up to 192,000 shares of the Company s common stock, subject to specified price, volume, and timing conditions. Transactions under the plan may begin after the expiration of the applicable cooling-off period and will terminate the earlier of August 31, 2027, or the completion of all planned transactions. As of the date of this report, no transactions have occurred under the new plan. The Rule 10b5-1 trading plan previously disclosed for David R. Brooks in our 2025 Form 10-K, which were presented on a combined basis, consisted of two plans adopted by entities affiliated with David R. Brooks: (i) a plan adopted by Natur Family Limited Partnership, providing for the sale of up to 210,000 shares, and (ii) a plan adopted by Family Foundation and two family trusts, providing for the sale of up to 90,109 shares, for a combined total of 300,109 shares. As of September 30, 2026, 18,000 and 6,650 shares, respectively, had been sold under these plans, each of which is scheduled to expire on November 30, 2026, or upon the earlier completion of all transactions under it.

During the three months ended September 30, 2026 , no other directors or officers adopted or terminated a Rule 10b 5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement , as each term is defined in Item 408(a) of Regulation S-K.

Exhibits 5 changes

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The following financial statements from the Quarterly Report on Form 10-Q of SouthState Bank Corporation for the quarter ended June September 30, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders Equity, (v) Consolidated Statement of Cash Flows and (vi) Notes to consolidated Financial Statements.

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Date: October 30, 2026

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Date: October 30, 2026

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Date: October 30, 2026

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Chief Accounting Officer

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