Here are 1-3 brief analogies for SouthState Bank (SSB):

• It's like Bank of America, but focused regionally on the Southeastern U.S.
• Think of it as a full-service bank, similar to JPMorgan Chase, but with a strong local presence across the Southeast.
• It's like a regional Wells Fargo, providing traditional banking services across the Southeastern states.

• Retail & Business Deposit Services: Provides various checking, savings, money market, and certificate of deposit accounts for individuals and businesses to manage their funds.
• Consumer Lending: Offers a range of loan products to individuals, including residential mortgages, home equity lines of credit, auto loans, and personal loans.
• Commercial Lending: Provides financing solutions for businesses, such as commercial real estate loans, lines of credit, term loans, and equipment financing.
• Wealth Management & Investment Services: Delivers comprehensive financial planning, investment management, trust, and private banking services to help clients grow and preserve wealth.
• Treasury & Cash Management Services: Offers tools and services to businesses for efficient cash flow management, including payment solutions, fraud protection, and liquidity management.

SouthState Bank (symbol: SSB) serves a diverse customer base including individuals, businesses, and wealth management clients. While the bank has a strong presence in commercial lending and business services, its extensive retail banking operations catering to individuals and households represent a primary segment of its customer base. As such, we will describe the categories of customers it serves:

• Retail (Consumer) Customers: This category includes individuals and households seeking everyday banking services. These services typically involve checking and savings accounts, debit cards, personal loans (such as auto loans and personal lines of credit), mortgages, home equity loans, and credit cards.

• Business (Commercial) Customers: This category encompasses a wide range of enterprises, from small to medium-sized businesses (SMBs) to larger commercial entities. Services provided include business checking and savings accounts, commercial loans (e.g., real estate, equipment, working capital lines of credit), treasury management services (such as cash management, merchant services, and payroll solutions), and specialized industry lending.

• Wealth Management and Private Banking Clients: This category targets affluent individuals, families, and foundations requiring more sophisticated financial services. These services include financial planning, investment management, trust and estate services, and tailored private banking solutions.

• Fiserv, Inc. (FI)
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John C. Corbett, Chief Executive Officer and Director

John C. Corbett was appointed as the Chief Executive Officer of SouthState Bank following the merger with CenterState Bank in June 2020. He co-founded CenterState Bank and served as its President and Chief Executive Officer from July 2015, and as Executive Vice President from 2007 to 2015. From 2003 to June 2020, he was the Chief Executive Officer and a director of CenterState Bank N.A. His earlier roles at CenterState Bank included Executive Vice President and Chief Credit Officer from 2000 to 2003, having started as Chief Credit Officer in 1999. Before joining the CenterState group, he held the position of Vice President of Commercial Banking for First Union National Bank of Florida.

William E. Matthews V, Senior Executive Vice President and Chief Financial Officer

William E. Matthews V became the Senior Executive Vice President and Chief Financial Officer of SouthState Bank Corporation and SouthState Bank in 2020, following the merger with CenterState Bank, where he also served as CFO. He has more than 20 years of experience in mergers and acquisitions, corporate financing, and investment management across both privately owned and publicly traded companies. Matthews previously served as President and Chief Financial Officer of National Commerce Corporation ("NCOM") and its subsidiary, National Bank of Commerce ("NBC"), as well as Vice Chairman and Director for both entities. His background also includes serving as Executive Vice President and Chief Financial Officer of Alabama National BanCorporation and as Chief Financial Officer at RBC Bank (USA). Notably, he was a Partner at New Capital Partners, a private equity firm.

Renee R. Brooks, Chief Operating Officer

Renee R. Brooks serves as the Chief Operating Officer, a role she assumed around 2018 or 2020, and has accumulated over 30 years of experience in the banking industry, with 28 of those years at SouthState Bank. Since joining the bank in 1996, she has held various leadership positions, including Commercial Banking Manager, Head of Retail Banking, Corporate Secretary, Chief Risk Officer (2016-2017), and Chief Administrative Officer (2012-2017). Her current responsibilities encompass IT, Operations, Enterprise Project Management, Service Delivery/Customer Care, Corporate Services, Marketing and Communications, and Digital Strategy. She began her banking career in a management training program at Wachovia.

Richard Murray IV, President, SouthState Bank Corporation

Richard Murray IV holds the position of President of SouthState Bank Corporation, overseeing regional leadership, including the Consumer and Commercial bank and Credit Administration. Prior to joining SouthState, Murray was the Chief Executive Officer of CenterState Bank and served as a Director for both CenterState Bank Corporation and its bank subsidiary. His extensive career includes serving as Chairman, Chief Executive Officer, and President of National Commerce Corporation ("NCOM"), as well as Chief Operating Officer of NCOM and NBC. He also served as President and Chief Operating Officer of Alabama National Bancorporation from 2000 until its acquisition in 2008, followed by a role as Regional President (Alabama and Florida) of RBC Bank (USA) from 2008 to 2009. Murray commenced his banking career at SouthTrust Bank in 1984.

Stephen D. Young, Chief Strategy Officer

Stephen D. Young is the Chief Strategy Officer, with responsibilities that include strategic planning, correspondent banking, residential mortgage, wealth management, human resources, and balance sheet management. He also chairs the company's ALCO Committee and supports mergers and acquisitions. Before the merger with SouthState, Young was the Executive Vice President and Chief Operating Officer of CenterState Bank Corporation and its bank subsidiary. He joined CenterState in 2002 as Senior Vice President and Treasurer of CenterState Holding Company, and also served as Executive Vice President and Chief Financial Officer of CenterState Bank of Florida, N.A. Earlier in his career, he worked as a Senior Auditor at Deloitte & Touche LLP.

The key risks to SouthState Bank's business (SSB) are:

1. Net Interest Margin Pressure and Rising Deposit Costs: SouthState Bank faces sustained pressure on its net interest margin, primarily due to increasing costs associated with deposits. This is identified as a significant near-term concern for the bank and the banking sector generally.
2. Concentrated Commercial Real Estate Exposure: A substantial risk for SouthState Bank stems from its significant concentration in commercial real estate (CRE) lending, particularly within the Southeast market. A sharper than anticipated downturn in the commercial real estate sector could significantly challenge the bank's growth and overall financial health.
3. Intense Competition: SouthState Bank operates in an intensely competitive banking environment, contending with national banks, regional institutions, and non-bank financial companies. The bank's strategy of expanding into high-growth regions further intensifies this competition.

The clear emerging threats for SouthState Bank (SSB) are:

• Neobanks and Challenger Banks: Digital-only banks (e.g., Chime, Varo, Ally Bank) leverage technology to offer superior user experiences, often with lower fees and more competitive interest rates, attracting younger, digitally-native customers. This model directly threatens traditional banks like SSB by potentially eroding their deposit base and market share for basic banking services, similar to how Netflix disrupted Blockbuster's traditional delivery model.
• Fintech Lenders: Non-bank financial technology companies specializing in lending (e.g., SoFi, Rocket Mortgage, various online small business lenders) utilize advanced algorithms and streamlined digital platforms to offer faster, more personalized loans across various categories (personal, mortgage, small business). These platforms directly compete with SSB's core lending business by providing quicker approvals and more convenient application processes, potentially siphoning away borrowers who prioritize speed and digital convenience over traditional banking relationships.

The addressable markets for SouthState Bank's main products and services in the U.S. are as follows:

• Retail Banking: The U.S. retail banking market was valued at approximately USD 1,984.7 billion in 2023 and is projected to reach USD 3,554 billion by 2033.
• Commercial Banking: The market size of the Commercial Banking industry in the United States is estimated at USD 1.6 trillion in 2025.
• Mortgage Lending: The U.S. home loan market stood at USD 2.29 trillion in 2025 and is forecasted to grow to USD 3.02 trillion by 2030.
• Wealth Management (Private Banking): The United States private banking market is valued at USD 59.54 billion in 2025 and is expected to reach USD 94.89 billion by 2030.

Here are 3-5 expected drivers of future revenue growth for SouthState Bank (SSB) over the next 2-3 years:

1. Strategic Mergers and Acquisitions (M&A): SouthState Bank has demonstrated a history of growth through M&A, with the integration of Independent Bank (INBK) explicitly cited as a driver for earnings and revenue growth in 2025. This strategic approach to expansion through acquisitions is expected to continue contributing to revenue by expanding the bank's footprint and customer base.
2. Loan Portfolio Growth: The bank anticipates continued expansion of its loan portfolio. Forward guidance for 2025 indicates expected mid-single-digit loan growth, projecting average earning assets to increase from approximately $58 billion at the start of the year to over $60 billion by year-end. This organic growth in lending activities will directly increase net interest income, a primary revenue source.
3. Net Interest Margin (NIM) Management and Net Interest Income (NII) Enhancement: Net interest income historically constitutes a significant majority of SouthState's total revenue. The bank has shown improvements in its net interest margin, partly due to disciplined management of deposit costs. Analysts also anticipate a "net interest margin inflection," suggesting a favorable trend for NII contributions to revenue.
4. Growth in Non-Interest Income Streams: While net interest income is paramount, SouthState Bank is also focused on increasing non-interest income. Recent results have shown growth in areas such as correspondent banking and capital markets income, mortgage income, and wealth management services. The wealth management division, for instance, reported a record year in 2024 with a 15% increase in revenue. These diverse fee-based services provide additional revenue streams.
5. Operational Efficiency and Market Expansion: Improvements in the efficiency ratio, driven by disciplined expense management and strategic investments, can indirectly support revenue growth by improving overall profitability and allowing for further investments in growth initiatives. Furthermore, strategic market expansion across its southeastern footprint (Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia, and Tennessee) is expected to contribute to customer acquisition and revenue growth.

Share Repurchases

• SouthState Corporation authorized a stock repurchase program on February 11, 2025, allowing for the repurchase of up to 3 million shares, approximately 3% of outstanding shares, until December 31, 2026.
• Between April 1 and July 31, 2025, SouthState Bank repurchased 440,000 shares for $42.81 million. From July 1, 2025, to October 30, 2025, the company repurchased 1,197,519 shares for $110.74 million.
• In January 2021, the Board authorized a 3,500,000 share repurchase plan, under which 3,129,979 shares were repurchased for a total of $256.6 million through December 31, 2022.

Share Issuance

• The merger with CenterState Bank in June 2020 was an all-stock transaction valued at approximately $6 billion.
• The acquisition of Independent Bank Group, Inc. closed on January 1, 2025, and was an all-stock transaction valued at approximately $2 billion.

Outbound Investments

• On June 8, 2020, SouthState completed an all-stock merger with CenterState Bank, resulting in a combined entity with $34 billion in assets.
• In October 2020, SouthState Bank acquired Duncan-Williams for an undisclosed amount.
• SouthState Corporation acquired Independent Bank Group, Inc. in an all-stock transaction valued at approximately $2 billion, which closed on January 1, 2025, expanding its presence into Texas and Colorado.

Capital Expenditures

• SouthState plans to support underserved communities with an $8.3 billion plan over five years (2025-2029) across eight states.
• Capital allocation priorities include increasing the sales force and accelerating organic growth.