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What changed in SouthState Bank Corp's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of SouthState Bank Corp's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+381 added−401 removedSource: 10-K (2026-02-20) vs 10-K (2025-02-21)

Top changes in SouthState Bank Corp's 2025 10-K

381 paragraphs added · 401 removed · 298 edited across 1 sections

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

298 edited+83 added−103 removed127 unchanged
Biggest changeTable 19—Allocation of the Allowance by Segment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ (Dollars in thousands) Amount % * Amount % * Residential Mortgage Senior ​ ​ $ 42,687 22.4 % $ 78,052 21.8 % Residential Mortgage Junior ​ ​ 432 0.1 % 745 0.0 % Revolving Mortgage ​ ​ 14,845 4.8 % 10,942 4.6 % Residential Construction ​ ​ 9,298 1.1 % 5,024 2.1 % Other Construction and Development ​ ​ 65,553 5.2 % 65,772 6.8 % Consumer ​ ​ 17,484 3.1 % 23,331 3.8 % Multifamily ​ ​ ​ 22,279 ​ 4.7 % ​ 13,766 ​ 2.7 % Municipal ​ ​ ​ 1,197 ​ 2.3 % ​ 900 ​ 2.3 % Owner-Occupied Commercial Real Estate ​ ​ ​ 78,753 ​ 16.9 % ​ 71,580 ​ 16.9 % Non-Owner-Occupied Commercial Real Estate ​ ​ ​ 111,538 ​ 23.1 % ​ 137,055 ​ 23.8 % Commercial and Industrial ​ ​ 101,214 16.3 % 49,406 15.1 % Total ​ $ 465,280 100.0 % $ 456,573 100.0 % * Loan balance in each category expressed as a percentage of total loans. ​ 90 Table of Contents The following table presents a summary of net charge off ratios by loan segment, for the year ended December 31, 2024 and 2023: Table 20—Disaggregated Net Recovery (Charge Off) Ratio by Segment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2024 ​ December 31, 2023 (Dollars in thousands) ​ Net Recovery (Charge Off) ​ Average Balance ​ Net Recovery (Charge Off) Ratio Net Recovery (Charge Off) ​ Average Balance ​ Net Recovery (Charge Off) Ratio Residential Mortgage Senior ​ $ (379) ​ $ 7,369,909 ​ (0.01) % ​ $ 735 ​ $ 6,399,401 ​ 0.01 % Residential Mortgage Junior ​ 222 ​ 18,642 ​ 1.19 % ​ 108 ​ 12,142 ​ 0.89 % Revolving Mortgage ​ 949 ​ 1,546,347 ​ 0.06 % ​ 1,073 ​ 1,422,717 ​ 0.08 % Residential Construction ​ (263) ​ 517,782 ​ (0.05) % ​ 128 ​ 823,952 ​ 0.02 % Other Construction and Development ​ (868) ​ 1,970,675 ​ (0.04) % ​ 462 ​ 1,981,715 ​ 0.02 % Consumer ​ (5,664) ​ 1,139,980 ​ (0.50) % ​ (9,795) ​ 1,253,419 ​ (0.78) % Multifamily ​ ​ 66 ​ ​ 1,234,870 ​ 0.01 % ​ ​ 41 ​ ​ 857,100 ​ 0.00 % Municipal ​ ​ — ​ ​ 761,195 ​ — % ​ ​ — ​ ​ 733,406 ​ — % Owner-Occupied Commercial Real Estate ​ ​ (380) ​ ​ 5,554,828 ​ (0.01) % ​ ​ 812 ​ ​ 5,531,908 ​ 0.01 % Non-Owner-Occupied Commercial Real Estate ​ ​ 1,184 ​ ​ 7,889,448 ​ 0.02 % ​ ​ 658 ​ ​ 7,608,018 ​ 0.01 % Commercial and Industrial ​ (13,111) ​ 5,128,543 ​ (0.26) % ​ (19,088) ​ 4,779,513 ​ (0.40) % Total ​ $ (18,244) ​ $ 33,132,219 ​ (0.06) % $ (24,866) ​ $ 31,403,291 ​ (0.08) % The following table presents a summary of the changes in the ACL, for the years ended December 31, 2024, 2023 and 2022: Table 21—Summary of the Changes in ACL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ Non-PCD ​ PCD ​ ​ ​ Non-PCD ​ PCD ​ ​ ​ Non-PCD ​ PCD ​ ​ (Dollars in thousands) ​ Loans ​ Loans ​ Total ​ Loans ​ Loans ​ Total ​ Loans ​ Loans ​ Total Allowance for credit losses at January 1 $ 423,876 ​ $ 32,697 ​ $ 456,573 ​ $ 309,606 ​ $ 46,838 ​ $ 356,444 ​ $ 225,227 ​ $ 76,580 ​ $ 301,807 ​ ACL - PCD loans for ACBI merger — ​ ​ — ​ — ​ — ​ ​ — ​ — ​ — ​ ​ 13,758 ​ 13,758 ​ Loans charged-off (30,347) ​ ​ (4,723) ​ (35,070) ​ (39,077) ​ ​ (1,571) ​ (40,648) ​ (17,332) ​ ​ (6,114) ​ (23,446) ​ Recoveries of loans previously charged off 12,433 ​ ​ 4,393 ​ 16,826 ​ 9,987 ​ ​ 5,795 ​ 15,782 ​ 12,140 ​ ​ 7,033 ​ 19,173 ​ Net (charge-offs) recoveries (17,914) ​ ​ (330) ​ (18,244) ​ (29,090) ​ ​ 4,224 ​ (24,866) ​ (5,192) ​ ​ 919 ​ (4,273) ​ Initial provision for credit losses - ACBI — ​ ​ — ​ — ​ — ​ ​ — ​ — ​ 13,697 ​ ​ — ​ 13,697 ​ Provision (recovery) for credit losses ​ 38,997 ​ ​ (12,046) ​ 26,951 ​ 143,360 ​ ​ (18,365) ​ 124,995 ​ 75,874 ​ ​ (44,419) ​ 31,455 ​ Balance at end of period $ 444,959 ​ $ 20,321 ​ $ 465,280 ​ $ 423,876 ​ $ 32,697 ​ $ 456,573 ​ $ 309,606 ​ $ 46,838 ​ $ 356,444 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total loans, net of unearned income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At period end ​ $ 33,902,927 ​ ​ ​ ​ ​ ​ ​ $ 32,388,489 ​ ​ ​ ​ ​ ​ ​ $ 30,177,862 ​ ​ ​ ​ ​ ​ ​ Average ​ 33,132,219 ​ ​ ​ ​ ​ ​ ​ 31,403,291 ​ ​ ​ ​ ​ ​ ​ 27,456,134 ​ ​ ​ ​ ​ ​ ​ Net charge-offs as a percentage of average loans (annualized) ​ 0.06 % ​ ​ ​ ​ ​ ​ 0.08 % ​ ​ ​ ​ ​ ​ 0.02 % ​ ​ ​ ​ ​ ​ Allowance for credit losses as a percentage of period end loans ​ 1.37 % ​ ​ ​ ​ ​ ​ 1.41 % ​ ​ ​ ​ ​ ​ 1.18 % ​ ​ ​ ​ ​ ​ Allowance for credit losses as a percentage of period end non-performing loans (“NPLs”) ​ 220.94 % ​ ​ ​ ​ ​ ​ 249.90 % ​ ​ ​ ​ ​ ​ 328.29 % ​ ​ ​ ​ ​ ​ * Net charge-offs at December 31, 2024, 2023 and 2022 include automated overdraft protection (“AOP”) and insufficient fund (“NSF”) principal net charge-offs of $2.8 million, $6.8 million and $6.5 million, respectively, that are included in the consumer classification above. ** Average loans, net of unearned income does not include loans held for sale. 3 ​ ​ 91 Table of Contents Deposits We rely on deposits by our customers as the primary source of funds for the continued growth of our loan and investment securities portfolios.
Biggest changeThe following table presents a summary of net charge off ratios by loan segment, for the year ended December 31, 2025 and 2024: Table 20—Disaggregated Net Recovery (Charge Off) Ratio by Segment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2025 ​ December 31, 2024 (Dollars in thousands) ​ Net Recovery (Charge-Off) ​ Average Balance ​ Net Recovery (Charge-Off) Ratio ​ ​ ​ Net Recovery (Charge-Off) ​ Average Balance ​ Net Recovery (Charge-Off) Ratio Residential Mortgage Senior ​ $ (2,052) ​ $ 9,365,431 ​ (0.02) % ​ $ (379) ​ $ 7,369,909 ​ (0.01) % Residential Mortgage Junior ​ 363 ​ 47,813 ​ 0.76 % ​ 222 ​ 18,642 ​ 1.19 % Revolving Mortgage ​ 253 ​ 1,817,066 ​ 0.01 % ​ 949 ​ 1,546,347 ​ 0.06 % Residential Construction ​ 150 ​ 633,257 ​ 0.02 % ​ (263) ​ 517,782 ​ (0.05) % Other Construction and Development ​ 1,161 ​ 2,334,425 ​ 0.05 % ​ (868) ​ 1,970,675 ​ (0.04) % Consumer ​ (8,994) ​ 999,052 ​ (0.90) % ​ (5,664) ​ 1,139,980 ​ (0.50) % Multifamily ​ ​ (18,867) ​ ​ 2,652,011 ​ (0.71) % ​ ​ 66 ​ ​ 1,234,870 ​ 0.01 % Municipal ​ ​ — ​ ​ 876,841 ​ — % ​ ​ — ​ ​ 761,195 ​ — % Owner-Occupied Commercial Real Estate ​ ​ (4,929) ​ ​ 7,454,173 ​ (0.07) % ​ ​ (380) ​ ​ 5,554,828 ​ (0.01) % Non-Owner-Occupied Commercial Real Estate ​ ​ (12,198) ​ ​ 13,337,427 ​ (0.09) % ​ ​ 1,184 ​ ​ 7,889,448 ​ 0.02 % Commercial and Industrial ​ (65,876) ​ 7,870,767 ​ (0.84) % ​ (13,111) ​ 5,128,543 ​ (0.26) % Total ​ $ (110,989) ​ $ 47,388,263 ​ (0.23) % ​ ​ ​ $ (18,244) ​ $ 33,132,219 ​ (0.06) % ​ ​ 88 Table of Contents The following table presents a summary of the changes in the ACL for the years ended December 31, 2025, 2024 and 2023: Table 21—Summary of the Changes in ACL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2025 ​ 2024 ​ 2023 ​ ​ Non-PCD ​ PCD ​ ​ ​ Non-PCD ​ PCD ​ ​ ​ Non-PCD ​ PCD ​ ​ (Dollars in thousands) ​ Loans ​ Loans ​ Total ​ Loans ​ Loans ​ Total ​ Loans ​ Loans ​ Total Allowance for credit losses at January 1 $ 444,959 ​ $ 20,321 ​ $ 465,280 ​ $ 423,876 ​ $ 32,697 ​ $ 456,573 ​ $ 309,606 ​ $ 46,838 ​ $ 356,444 ​ Allowance adjustment - FMV for Independent acquisition — ​ ​ 135,441 ​ 135,441 ​ — ​ ​ — ​ — ​ — ​ ​ — ​ — ​ Initial Allowance for Non-PCD loans acquired during period 79,971 ​ ​ — ​ 79,971 ​ — ​ ​ — ​ — ​ — ​ ​ — ​ — ​ Independent Day 1 PCD loan net charge-offs ​ ​ — ​ ​ (56,688) ​ ​ (56,688) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Loans charged-off (66,680) ​ ​ (4,619) ​ (71,299) ​ (30,347) ​ ​ (4,723) ​ (35,070) ​ (39,077) ​ ​ (1,571) ​ (40,648) ​ Recoveries of loans previously charged off 10,090 ​ ​ 6,908 ​ 16,998 ​ 12,433 ​ ​ 4,393 ​ 16,826 ​ 9,987 ​ ​ 5,795 ​ 15,782 ​ Net (charge-offs) recoveries (56,590) ​ ​ (54,399) ​ (110,989) ​ (17,914) ​ ​ (330) ​ (18,244) ​ (29,090) ​ ​ 4,224 ​ (24,866) ​ Provision (recovery) for credit losses ​ 47,701 ​ ​ (32,207) ​ 15,494 ​ 38,997 ​ ​ (12,046) ​ 26,951 ​ 143,360 ​ ​ (18,365) ​ 124,995 ​ Balance at end of period $ 516,041 ​ $ 69,156 ​ $ 585,197 ​ $ 444,959 ​ $ 20,321 ​ $ 465,280 ​ $ 423,876 ​ $ 32,697 ​ $ 456,573 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total loans, net of unearned income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At period end ​ $ 48,598,527 ​ ​ ​ ​ ​ ​ ​ $ 33,902,927 ​ ​ ​ ​ ​ ​ ​ $ 32,388,489 ​ ​ ​ ​ ​ ​ ​ Average ​ 47,388,263 ​ ​ ​ ​ ​ ​ ​ 33,132,219 ​ ​ ​ ​ ​ ​ ​ 31,403,291 ​ ​ ​ ​ ​ ​ ​ Net charge-offs as a percentage of average loans (annualized) ​ 0.23 % ​ ​ ​ ​ ​ ​ 0.06 % ​ ​ ​ ​ ​ ​ 0.08 % ​ ​ ​ ​ ​ ​ Allowance for credit losses as a percentage of period end loans ​ 1.20 % ​ ​ ​ ​ ​ ​ 1.37 % ​ ​ ​ ​ ​ ​ 1.41 % ​ ​ ​ ​ ​ ​ Allowance for credit losses as a percentage of period end non-performing loans (“NPLs”) ​ 193.71 % ​ ​ ​ ​ ​ ​ 220.94 % ​ ​ ​ ​ ​ ​ 249.90 % ​ ​ ​ ​ ​ ​ * Net charge-offs at December 31, 2025, 2024 and 2023 include automated overdraft protection (“AOP”) and insufficient fund (“NSF”) principal net charge-offs of $3.8 million, $2.8 million and $6.8 million, respectively, that are included in the consumer classification above. ** Average loans, net of unearned income does not include loans held for sale 3 Deposits We rely on deposits by our customers as the primary source of funds for the continued growth of our loan and investment securities portfolios.
These financial products and services include deposit accounts such as checking accounts, savings and time deposits of various types, safe deposit boxes, bank money orders, wire transfer and ACH services, brokerage services and alternative investment products such as annuities and mutual funds, trust and asset management services, loans of all types, including business loans, agriculture loans, real estate-secured (mortgage) loans, personal use loans, home improvement loans, automobile loans, manufactured housing loans, boat loans, credit cards, letters of credit, home equity lines of credit, treasury management services, and merchant services. ​ We also operate a correspondent banking and capital markets division within our national bank subsidiary, of which the majority of its bond salesmen, traders and operational personnel are housed in facilities located in Atlanta, Georgia, Memphis, Tennessee, Walnut Creek, California, and Birmingham, Alabama.
These financial products and services include deposit accounts such as checking accounts, savings and time deposits of various types, safe deposit boxes, bank money orders, wire transfer and ACH services, brokerage services and alternative investment products such as annuities and mutual funds, trust and asset management services, loans of all types, including business loans, agriculture loans, real estate-secured (mortgage) loans, personal use loans, home improvement loans, automobile loans, manufactured housing loans, boat loans, credit cards, letters of credit, home equity lines of credit, treasury management services, and merchant services. ​ We also operate a correspondent banking and capital markets division within our national bank subsidiary, of which the majority of its bond salesmen, traders and operational personnel are housed in facilities located in Atlanta, Georgia, Birmingham, Alabama, Memphis, Tennessee, and Walnut Creek, California.
Under this method, there is no provision for credit losses affecting net income on acquisition of PCD assets. Changes in estimates of expected credit losses after acquisition are recognized as provision for credit loss expense (or recovery of credit losses) in subsequent periods as they arise.
Under this method, there is no provision for credit losses affecting net income on acquired PCD assets. Changes in estimates of expected credit losses after acquisition are recognized as provision for credit loss expense (or recovery of credit losses) in subsequent periods as they arise.
We also operate a correspondent banking and capital markets division within our national bank subsidiary, of which the majority of its bond salesmen, traders and operational personnel are housed in facilities located in Georgia, Tennessee, and Alabama.
We also operate a correspondent banking and capital markets division within our national bank subsidiary, of which the majority of its bond salesmen, traders and operational personnel are housed in facilities located in Georgia, Alabama, Tennessee, and California.
Item 1C. Cybersecurity Cybersecurity risk management is an integral part of our overall enterprise risk management system. We have a cross-departmental approach to identifying, assessing, and managing cybersecurity risk, including input from employees and our Board of Directors (the "Board").
Item 1C. Cybersecurity Cybersecurity risk management is an integral part of our overall enterprise risk management system. We have a cross-departmental approach to identifying, assessing, and managing cybersecurity risk, including input from employees and our Board of Directors (the “Board”).
While non-owner occupied CRE is the largest segment of our loan portfolio, the risk profile of the non-owner occupied CRE portfolio remains low and stable. We have a granular loan portfolio where the average loan size of the non-owner occupied CRE portfolio is less than $5 million.
While non-owner occupied CRE is the largest segment of our loan portfolio, the risk profile of the non-owner occupied CRE portfolio remains low and stable. We have a granular loan portfolio where the average loan size of the non-owner occupied CRE portfolio is less than $2.5 million.
The Company also maintains cybersecurity insurance provided by carriers that can provide additional technical, legal, and consultation services in the event of a security event that requires additional staff or expertise, including attorneys, forensic accountants, and public relations professionals, among others. ​ 57 Table of Contents In addition to assessing our own cybersecurity preparedness, we also identify, evaluate and manage cybersecurity risks associated with use of third-party vendors and service providers .
The Company also maintains cybersecurity insurance provided by carriers that can provide additional technical, legal, and consultation services in the event of a security event that requires additional staff or expertise, including attorneys, forensic accountants, and public relations professionals, among others. ​ 54 Table of Contents In addition to assessing our own cybersecurity preparedness, we also identify, evaluate and manage cybersecurity risks associated with use of third-party vendors and service providers .
As of December 31, 2024, the Company had a series of short-term interest rate hedges to address monthly accrual mismatches related to the Company’s ARC program and its transition from LIBOR to SOFR after June 30, 2023. For additional information on these derivatives refer to Note 26—Derivative Financial Instruments in the consolidated financial statements.
As of December 31, 2025, the Company had a series of short-term interest rate hedges to address monthly accrual mismatches related to the Company’s ARC program and its transition from LIBOR to SOFR after June 30, 2023. For additional information on these derivatives refer to Note 26—Derivative Financial Instruments in the consolidated financial statements.
Conversely, the upside scenario includes assumptions such as a stronger domestic economy, swift resolution of international conflicts and strengthening global economy, more than full employment, reduced political tensions, and other favorable assumptions. This sensitivity analysis and related impact on the ACL is a hypothetical analysis and is not intended to represent management’s judgments at December 31, 2024.
Conversely, the upside scenario includes assumptions such as a stronger domestic economy, swift resolution of international conflicts and strengthening global economy, more than full employment, reduced political tensions, and other favorable assumptions. This sensitivity analysis and related impact on the ACL is a hypothetical analysis and is not intended to represent management’s judgments at December 31, 2025.
The Company’s Chief Operating Decision Maker (“CODM”), the Executive Committee, consists of the Company’s senior executive management team, including the Chief Executive Officer, Chief Strategy Officer, President, Chief Financial Officer, Chief Operating Officer, Chief Risk Officer, and other executives.
The Company’s Chief Operating Decision Maker (“CODM”), the Executive Committee, consists of the Company’s senior executive management team, including the Chief Executive Officer, Chief Strategy Officer, President, Chief Financial Officer, Chief Operating Officer, Chief Risk Officer, Chief Credit Officer and other executives.
Should the Company need to sell its available for sale and held to maturity securities for liquidity purposes and recognize the unrealized losses as of December 31, 2024 through earnings, all else equal, our capital ratios would remain well in excess of the minimum standards and continue to be in the “well capitalized” regulatory classification.
Should the Company need to sell its available for sale and held to maturity securities for liquidity purposes and recognize the unrealized losses as of December 31, 2025 through earnings, all else equal, our capital ratios would remain well in excess of the minimum standards and continue to be in the “well capitalized” regulatory classification.
For internal forecasting, management will apply overlays to certain assumptions to adjust for current market conditions rather than use assumptions modeled over longer periods of time. ​ The following interest rate risk metrics are derived from analysis using the Moody’s Baseline Scenario published in January 2025 as the Base Case Scenario.
For internal forecasting, management will apply overlays to certain assumptions to adjust for current market conditions rather than use assumptions modeled over longer periods of time. ​ The following interest rate risk metrics are derived from analysis using the Moody’s Baseline Scenario published in October 2025 as the Base Case Scenario.
The CODM monitors these profitability measures at each meeting, and is regularly featured in various investor presentations, earnings releases, and other internal management reports. These performance and profitability measures influence business decisions and allocation of resources within the General Banking Unit. ​ 76 Table of Contents The table below provides PPNR and TE NIM information of the General Banking Unit.
The CODM monitors these profitability measures at each meeting, and is regularly featured in various investor presentations, earnings releases, and other internal management reports. These performance and profitability measures influence business decisions and allocation of resources within the General Banking Unit. ​ 72 Table of Contents The table below provides PPNR and TE NIM information of the General Banking Unit.
Based upon that evaluation, our Chief Executive Officer and the Chief Financial Officer concluded that SouthState’s disclosure controls and procedures as of December 31, 2024, were effective to provide reasonable assurance regarding our control objectives. Management’s Report on Internal Control over Financial Reporting is included on page F- 1 of this Report.
Based upon that evaluation, our Chief Executive Officer and the Chief Financial Officer concluded that SouthState’s disclosure controls and procedures as of December 31, 2025, were effective to provide reasonable assurance regarding our control objectives. Management’s Report on Internal Control over Financial Reporting is included on page F- 1 of this Report.
For securities designated as held for sale, credit losses are calculated individually, rather than collectively, using a discounted cash flow method, whereby management compares the present value of expected cash flows with the amortized cost basis of the security. The credit loss component would be recognized through the provision for credit losses.
For securities designated as available for sale, credit losses are calculated individually, rather than collectively, using a discounted cash flow method, whereby management compares the present value of expected cash flows with the amortized cost basis of the security. The credit loss component would be recognized through the provision for credit losses.
Pursuant to the November 2020 Amendments, we elect to provide disclosures consistent with the amendments to Regulation S-K, Item 301, which eliminate the requirement to provide selected financial data in comparative tabular form for each of the last five fiscal years. ​ ​ ​ ​ ​ 62 Table of Contents Item 7.
Pursuant to the November 2020 Amendments, we elect to provide disclosures consistent with the amendments to Regulation S-K, Item 301, which eliminate the requirement to provide selected financial data in comparative tabular form for each of the last five fiscal years. ​ ​ ​ ​ ​ 59 Table of Contents Item 7.
The percentage changes in EVE due to a 200-basis point increase or decrease in interest rates were 4.7% decrease and 0.8% increase, respectively. Downward shocks are constrained on various balance sheet categories due to the inability to price products below floors or zero.
The percentage changes in EVE due to a 200-basis point increase or decrease in interest rates were 4.7% decrease and 0.6% increase, respectively. Downward shocks are constrained on various balance sheet categories due to the inability to price products below floors or zero.
We describe the various components of this noninterest income and noninterest expense in the following discussion. ​ ​ 63 Table of Contents The following section also identifies significant factors that have affected our financial position and operating results during the periods included in the accompanying financial statements.
We describe the various components of this noninterest income and noninterest expense in the following discussion. ​ ​ 60 Table of Contents The following section also identifies significant factors that have affected our financial position and operating results during the periods included in the accompanying financial statements.
Management’s assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024 is included in Item 8 of this Report under the heading “Management’s Report on Internal Controls Over Financial Reporting.” Our independent auditors have issued an audit report on management’s assessment of internal controls over financial reporting.
Management’s assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2025 is included in Item 8 of this Report under the heading “Management’s Report on Internal Controls Over Financial Reporting.” Our independent auditors have issued an audit report on management’s assessment of internal controls over financial reporting.
Segment Reporting As discussed in Note 28—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.
Segment Reporting As discussed in Note 29—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.
To illustrate the sensitivity of these scenarios, if a 100% probability weighting was applied to the adverse scenario rather than using the probability-weighted three scenario approach, this would result in an increase in the ACL by approximately $224 million.
To illustrate the sensitivity of these scenarios, if a 100% probability weighting was applied to the adverse scenario rather than using the probability-weighted three scenario approach, this would result in an increase in the ACL by approximately $208 million.
Our liabilities at December 31, 2024 totaled $40.5 billion, consisting principally of deposits of $38.1 billion ($10.2 billion in noninterest-bearing and $27.9 billion in interest-bearing), $879.9 million derivative liabilities and $906.4 million of short-term and long-term borrowings.
Our liabilities at December 31, 2024 totaled $40.5 billion, consisting principally of deposits of $38.1 billion ($10.2 billion in noninterest-bearing and $27.9 in interest-bearing) and short-term and long-term borrowings of $906.4 million.
Another key measure is the spread between the yield we earn on these interest-earning assets and the rate we pay on our interest-bearing liabilities. ​ There are risks inherent in all loans, so we maintain an allowance for credit losses to absorb our estimate of probable losses on existing loans that may become uncollectible.
Another key measure is the spread between the yield we earn on these interest-earning assets and the rate we pay on our interest-bearing liabilities or the net interest margin. ​ There are risks inherent in all loans, so we maintain an allowance for credit losses to absorb our estimate of probable losses on existing loans that may become uncollectible.
The Bank, through its Corporate Billing Division, provides factoring, invoicing, collection and accounts receivable management services to transportation companies and automotive parts and service providers nationwide. In 2023, the Bank formed SSB First Street Corporation, an investment subsidiary headquartered in Wilmington, Delaware, to hold tax-exempt municipal investment securities as part of the Bank’s investment portfolio.
The Bank, through its Corporate Billing Division, provides factoring, invoicing, collection and accounts receivable management services to transportation companies and automotive parts and service providers nationwide. The Bank operates SSB First Street Corporation, an investment subsidiary headquartered in Wilmington, Delaware, to hold tax-exempt municipal investment securities as part of the Bank’s investment portfolio.
For further discussion of our loan accounting and acquisitions, see Note 1—Summary of Significant Accounting Policies, Note 2—Mergers and Acquisitions, Note 4—Loans and Note 5—Allowance for Credit Losses to the audited consolidated financial statements. ​ ​ 66 Table of Contents Allowance for Credit Losses or ACL ​ The ACL reflects management’s estimate of the portion of the amortized cost of loans and unfunded commitments that it does not expect to collect.
For further discussion of our loan accounting and acquisitions, see Note 1—Summary of Significant Accounting Policies, Note 2—Mergers and Acquisitions, Note 4—Loans and Note 5—Allowance for Credit Losses to the audited consolidated financial statements. ​ Allowance for Credit Losses or ACL ​ The ACL reflects management’s estimate of the portion of the amortized cost of loans and unfunded commitments that it does not expect to collect.
All debt securities in an unrealized loss position as of December 31, 2024 continue to perform as scheduled and we do not believe there is a credit loss or a provision for credit losses is necessary.
All debt securities in an unrealized loss position as of December 31, 2025 continue to perform as scheduled and we do not believe there is a credit loss or a provision for credit losses is necessary.
For both the three and twelve months ended December 31, 2023, the Company recorded provision for credit losses due to loan growth and current forecasts applied to our modeling to adequately capture growing economic recessionary risks.
For both the three and twelve months ended December 31, 2024, the Company recorded provision for credit losses due to loan growth and current forecasts applied to our modeling to adequately capture growing economic recessionary risks.
See Note 1—Summary of Significant Accounting Policies for further detailed descriptions of our estimation process and methodology related to the ACL. See also Note 5—Allowance for Credit Losses and “Provision for Credit Losses” in this MD&A. One of the most significant judgments influencing the ACL is the macroeconomic forecasts from the third-party service provider.
See Note 1—Summary of Significant Accounting Policies for further detailed descriptions of our estimation process and methodology related to the ACL. See also Note 5—Allowance for Credit Losses and “Provision for Credit Losses” in this MD&A. 63 Table of Contents One of the most significant judgments influencing the ACL is the macroeconomic forecasts from the third-party service provider.
Item 7A. Quantitative and Qualitative Disclosure s about Market Risk. See “Asset-Liability Management and Market Risk Sensitivity” on page 99 in Management’s Discussion and Analysis of Financial Condition and Results of Operations for quantitative and qualitative disclosures about market risk. Item 8.
Item 7A. Quantitative and Qualitative Disclosure s about Market Risk. See “Asset-Liability Management and Market Risk Sensitivity” on page 97 in Management’s Discussion and Analysis of Financial Condition and Results of Operations for quantitative and qualitative disclosures about market risk. Item 8.
If the current economic conditions and other events were to deteriorate and our stock price falls below current levels, we will have to reevaluate the impact on our financial condition and potential impairment of goodwill. ​ ​ 67 Table of Contents Core deposit intangibles and client list intangibles consist primarily of amortizing assets established during the acquisition of other banks.
If the current economic conditions and other events were to deteriorate and our stock price falls below current levels, we will have to reevaluate the impact on our financial condition and potential impairment of goodwill. ​ Core deposit intangibles and client list intangibles consist primarily of amortizing assets established during the acquisition of other banks.
The following table presents the reported values of investment securities for the past two years: Table 6—Values of Investment Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (Dollars in thousands) 2024 2023 Held to Maturity (amortized cost): ​ ​ ​ ​ ​ ​ ​ U.S.
The following table presents the reported values of investment securities for the past two years: Table 6—Values of Investment Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (Dollars in thousands) ​ ​ ​ 2025 ​ ​ ​ 2024 Held to Maturity (amortized cost): ​ ​ ​ ​ ​ ​ ​ U.S.
For additional information see Note 26—Derivative Financial Instruments in the consolidated financial statements. From time to time, we execute interest rate swaps to hedge some of our interest rate risks. Under these arrangements, the Company enters into a variable rate loan with a client in addition to a swap agreement.
For additional information see Note 26—Derivative Financial Instruments in the consolidated financial statements. ​ 97 Table of Contents From time to time, we execute interest rate swaps to hedge some of our interest rate risks. Under these arrangements, the Company enters into a variable rate loan with a client in addition to a swap agreement.
An entity is able to perform an optional qualitative goodwill impairment assessment before proceeding to the quantitative step of determining whether the reporting unit’s carrying amount exceeds it fair value.
An entity is able to perform an optional qualitative goodwill impairment assessment before proceeding to the quantitative step of determining whether the reporting unit’s carrying amount exceeds its fair value.
Each issuance of trust preferred junior subordinated debt has a maturity of 30 years, but we can call the debt at any time without penalty. ​ 93 Table of Contents Capital and Dividends Our ongoing capital requirements have been met primarily through retained earnings, less the payment of cash dividends.
Each issuance of trust preferred junior subordinated debt has a maturity of 30 years, but we can call the debt at any time without penalty. Capital and Dividends Our ongoing capital requirements have been met primarily through retained earnings, less the payment of cash dividends.
The dividend payout ratio is calculated by dividing dividends paid during the year by net income for the year. Liquidity Liquidity refers to our ability to generate sufficient cash to meet our financial obligations, which arise primarily from the withdrawal of deposits, extension of credit and payment of operating expenses.
The dividend payout ratio is calculated by dividing dividends paid during the year by net income for the year. ​ 93 Table of Contents Liquidity Liquidity refers to our ability to generate sufficient cash to meet our financial obligations, which arise primarily from the withdrawal of deposits, extension of credit and payment of operating expenses.
The adverse scenario includes assumptions including, but not limited to, rising unemployment consistent with a recession, high levels of inflation and weakened consumer and business spending, elevated interest rates, tightening credit, widening Federal deficit, and continued geopolitical tensions.
The adverse scenario includes assumptions including, but not limited to, rising unemployment consistent with a recession, high levels of inflation and weakened consumer and business spending, elevated interest rates, tightening credit, widening Federal deficit, and exacerbated geopolitical and trade tensions.
(5) Weighted average yields on tax-exempt income have been presented on a taxable- equivalent basis, assuming a federal tax rate of 21.00% and a state tax rate of 4.95%, which is net of federal tax benefit in the above table. These yields were calculated using coupon interest and adjusting for discount accretion and premium amortization, where applicable.
(5) Weighted average yields on tax-exempt income have been presented on a taxable- equivalent basis, assuming a federal tax rate of 21.00% and a state tax rate of 3.04%, which is net of federal tax benefit in the above table. These yields were calculated using coupon interest and adjusting for discount accretion and premium amortization, where applicable.
Conversely, if a 100% probability weighting was applied to the upside scenario, this would result in a decrease in the ACL by approximately $104 million.
Conversely, if a 100% probability weighting was applied to the upside scenario, this would result in a decrease in the ACL by approximately $122 million.
Introduction The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) describes SouthState Corporation and its subsidiary’s results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023, and also analyzes our financial condition as of December 31, 2024 as compared to December 31, 2023.
Introduction The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) describes SouthState Bank Corporation and its subsidiary’s results of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024, and also analyzes our financial condition as of December 31, 2025 as compared to December 31, 2024.
We continue to monitor duration risk and seek to align actual duration with the target range. ​ The following table presents a summary of our investment portfolio duration for the periods presented: Table 9—Investment Portfolio Duration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ (Dollars in thousands, duration in years) Amount Duration Amount Duration ​ Held to Maturity (amortized cost) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S.
We continue to monitor duration risk and seek to align actual duration with the target range. ​ ​ 78 Table of Contents The following table presents a summary of our investment portfolio duration for the periods presented: Table 9—Investment Portfolio Duration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ December 31, 2024 ​ (Dollars in thousands, duration in years) ​ ​ ​ Amount ​ ​ ​ Duration ​ ​ ​ Amount ​ ​ ​ Duration ​ Held to Maturity (amortized cost) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S.
This measure also assumes a static balance sheet (Base Case Scenario) with rate shocks applied as described above. At December 31, 2024, the percentage change in EVE due to a 100-basis point increase or decrease in interest rates was 2.0% decrease and 1.0% increase, respectively.
This measure also assumes a static balance sheet (Base Case Scenario) with rate shocks applied as described above. At December 31, 2025, the percentage change in EVE due to a 100-basis point increase or decrease in interest rates was 1.9% decrease and 0.9% increase, respectively.
Such risks, uncertainties and assumptions, include, among others, those risks listed under “Summary of Risk Factors” starting on page 23 of this Report.
Such risks, uncertainties and assumptions, include, among others, those risks listed under “Summary of Risk Factors” starting on page 22 of this Report.
Please see Note 1—Summary of Significant Accounting Policies in this Report on Form 10-K for further detailed descriptions of our estimation process and methodology related to the ACL on certain off-balance-sheet credit exposures. As of December 31, 2024 and 2023, the liabilities recorded for expected credit losses on unfunded commitments were $45.3 million and $56.3 million, respectively.
Please see Note 1—Summary of Significant Accounting Policies in this Report on Form 10-K for further detailed descriptions of our estimation process and methodology related to the ACL on certain off-balance-sheet credit exposures. As of December 31, 2025 and 2024, the liabilities recorded for expected credit losses on unfunded commitments were $69.6 million and $45.3 million, respectively.
The federal banking agencies have issued policy statements which provide that bank holding companies and insured banks should generally pay dividends only out of current earnings. ​ During 2024, the Bank paid dividends to SouthState totaling $168.0 million. The Bank was not required to obtain approval of the OCC to pay these dividends.
The federal banking agencies have issued policy statements which provide that bank holding companies and insured banks should generally pay dividends only out of current earnings. ​ During 2025, the Bank paid dividends to SouthState totaling $485.0 million. The Bank was not required to obtain approval of the OCC to pay these dividends.
As of December 31, 2024, the earnings simulations indicated that the year 1 impact of an instantaneous 100 basis point parallel increase / decrease in rates would result in an estimated 1.1% increase (up 100) and 1.7% decrease (down 100) in net interest income. ​ We use Economic Value of Equity (“EVE”) analysis as an indicator of the extent to which the present value of our capital could change, given potential changes in interest rates.
As of December 31, 2025, the earnings simulations indicated that the year 1 impact of an instantaneous 100 basis point parallel increase / decrease in rates would result in an estimated 1.4% increase (up 100) and 1.9% decrease (down 100) in net interest income. ​ We use Economic Value of Equity (“EVE”) analysis as an indicator of the extent to which the present value of our capital could change, given potential changes in interest rates.
The approval of the OCC is required if the total of all dividends declared by the Bank in any calendar year exceeds the total of its net profits for that year combined with its retained net profits for the preceding two years, less any required transfers to surplus. During 2024, the Bank paid dividends to SouthState totaling $168.0 million.
The approval of the OCC is required if the total of all dividends declared by the Bank in any calendar year exceeds the total of its net profits for that year combined with its retained net profits for the preceding two years, less any required transfers to surplus. During 2025, the Bank paid dividends to SouthState totaling $485.0 million.
This division’s primary revenue generating activities are related to its capital markets division, which includes commissions earned on fixed income security sales, fees from hedging services, loan brokerage fees and consulting fees for services related to these activities; and its correspondent banking division, which includes spread income earned on correspondent bank deposits (i.e., federal funds purchased) and correspondent bank checking account deposits and fees from safe-keeping activities, bond accounting services for correspondents, asset/liability consulting related activities, international wires, and other clearing and corporate checking account services. ​ We earned net income of $534.8 million, or $6.97 diluted earnings per share (“EPS”), during 2024 compared to net income of $494.3 million, or $6.46 diluted EPS, in 2023.
This division’s primary revenue generating activities are related to its capital markets division, which includes commissions earned on fixed income security sales, fees from hedging services, loan brokerage fees and consulting fees for services related to these activities; and its correspondent banking division, which includes spread income earned on correspondent bank deposits (i.e., federal funds purchased) and correspondent bank checking account deposits and fees from safe-keeping activities, bond accounting services for correspondents, asset/liability consulting related activities, international wires, and other clearing and corporate checking account services. ​ We earned net income of $798.7 million, or $7.87 diluted earnings per share (“EPS”), during 2025 compared to net income of $534.8 million, or $6.97 diluted EPS, in 2024.
The branch properties are located in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia. Under the sale agreement, the Bank has agreed, concurrently with the closing of the sale of the branches, to enter into triple net lease agreements with entities affiliated with Blue Owl, pursuant to which the Bank will lease each of the branches.
The branch properties are located in Florida, South Carolina, Georgia, North Carolina, Alabama, and Virginia. Under the sale agreement, the Bank, concurrently with the closing of the sale of the branches, entered into triple net lease agreements with entities affiliated with Blue Owl, pursuant to which the Bank will lease each of the branches.
The stock performance graph assumes $100 was invested in our common stock and the above indexes on December 31, 2019.
The stock performance graph assumes $100 was invested in our common stock and the above indexes on December 31, 2020.
We do not own any private label mortgage-backed securities. The balances presented under the ratings above reflect the amortized cost of the investment securities. Held to maturity As described above, the Company elected to classify some of its securities purchased as held to maturity at the time of purchase.
We do not own any private label mortgage-backed securities. The balances presented under the ratings above reflect the amortized cost of the investment securities. ​ 75 Table of Contents Held to maturity As described above, the Company elected to classify some of its securities as held to maturity at the time of purchase.
Table 7—Credit Ratings of Investment Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Fair ​ Unrealized ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ Cost ​ Value ​ Net Gain (Loss) ​ AAA – A ​ Not Rated December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S.
Table 7—Credit Ratings of Investment Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Fair ​ Unrealized ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ Cost ​ Value ​ Net Loss ​ AAA – A ​ Not Rated December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S.
(2) Includes loans on both 1-4 family owner occupied property, as well as loans collateralized by 1-4 family owner occupied property with a business intent. (3) Includes $5.9 million and $9.5 million of construction and land development loans at December 31, 2024 and 2023, respectively.
(2) Includes loans on both 1-4 family owner-occupied property, as well as loans collateralized by 1-4 family owner-occupied property with a business intent. (3) Includes $106.8 million and $5.9 million of construction and land development loans at December 31, 2025 and 2024, respectively.
The adjustment for net unrealized losses of $808.6 million between the carrying value of these securities and their amortized cost has been reflected, net of tax, in the Consolidated Balance Sheet as a component of Accumulated Other Comprehensive Loss.
The adjustment for net unrealized losses of $382.8 million between the carrying value of these securities and their amortized cost has been reflected, net of tax, in the Consolidated Balance Sheet as a component of Accumulated Other Comprehensive Loss.
See the Financial Condition section of this MD&A starting on page 77 for a more detailed description of the change in our balance sheet. ​ ​ ​ 64 Table of Contents Our overall asset quality results remained strong during the year.
See the Financial Condition section of this MD&A starting on page 73 for a more detailed description of the change in our balance sheet. ​ ​ ​ 61 Table of Contents Our overall asset quality results remained strong during the year.
These costs are amortized over the estimated useful lives, such as deposit accounts in the case of core deposit intangible, on a method that we believe reasonably approximates the anticipated benefit stream from this intangible. The estimated useful lives are periodically reviewed for reasonableness.
These costs are amortized over the estimated useful lives, such as deposit accounts in the case of core deposit intangible, on a method that we believe reasonably approximates the anticipated benefit stream from this intangible.
ACL, including reserve for unfunded commitments, as a percentage of loans were 1.51% and 1.58%, respectively, as of December 31, 2024 and 2023. ​ The following table provides the allocation, by segment, for expected credit losses for the year ended December 31, 2024.
The ACL, including reserve for unfunded commitments, as a percentage of loans were 1.35% and 1.51%, respectively, as of December 31, 2025 and 2024. ​ The following table provides the allocation, by segment, for expected credit losses for the year ended December 31, 2025.
These restrictions are described under Part I - Item 1 – “Supervision and Regulation – Dividend Restrictions .” ​ We pay cash dividends to our shareholders from our assets, which are provided primarily by dividends paid to SouthState by our Bank.
These restrictions are described under Part I - Item 1 – “Supervision and Regulation – Dividend Restrictions .” ​ ​ 57 Table of Contents We pay cash dividends to our shareholders from our assets, which are provided primarily by dividends paid to SouthState by our Bank.
As of December 31, 2024, the Company was operating within its liquidity policy limits. 96 Table of Contents Asset liquidity is maintained by the maturity structure of loans, investment securities and other short-term investments. Management has policies and procedures governing the length of time to maturity on loans and investments.
As of December 31, 2025, the Company was operating within its liquidity policy limits. Asset liquidity is maintained by the maturity structure of loans, investment securities and other short-term investments. Management has policies and procedures governing the length of time to maturity on loans and investments.
The expected average life of the investment portfolio at December 31, 2024 was approximately 7.73 years, compared with 7.87 years at December 31, 2023. See Note 1 — Summary of Significant Accounting Policies in the audited consolidated financial statements for our accounting policy on investment securities.
The expected average life of the investment portfolio at December 31, 2025 was approximately 5.83 years, compared with 7.73 years at December 31, 2024. See Note 1 — Summary of Significant Accounting Policies in the audited consolidated financial statements for our accounting policy on investment securities.
The table below shows the contractual maturity of the non-acquired loan portfolio at December 31, 2024.
The table below shows the contractual maturity of the non-acquired loan portfolio at December 31, 2025.
Excludes certain property no longer intended for bank use. (2) Excludes non-acquired bank premises held for sale of $3.3 million and $9.0 million as of December 31, 2024 and 2023, respectively, that is now separately disclosed on the balance sheet. (3) Consists of non-real estate foreclosed assets, such as repossessed vehicles.
Excludes certain property no longer intended for bank use. ​ 85 Table of Contents (2) Excludes non-acquired bank premises held for sale of $0 and $3.3 million as of December 31, 2025 and 2024, respectively, that is now separately disclosed on the balance sheet. (3) Consists of non-real estate foreclosed assets, such as repossessed vehicles.
The table below compares Primary Funding Sources to uninsured deposits as of December 31, 2024.
The table below compares Primary Funding Sources to uninsured deposits as of December 31, 2025.
Credit risk in the investment portfolio can be measured through bond ratings published by independent agencies. In the investment securities portfolio, the investments consist of U.S. government-sponsored entity securities, tax-free securities, or other securities having ratings of “AAA” to “Not Rated”.
We use various techniques to measure credit risk. Credit risk in the investment portfolio can be measured through bond ratings published by independent agencies. In the investment securities portfolio, the investments consist of U.S. government-sponsored entity securities, tax-free securities, or other securities having ratings of “AAA” to “Not Rated”.
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 December 31, 2024, in accordance with Rule 13a- 15 of the Securities Exchange Act of 1934.
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 101 Table of Contents December 31, 2025, in accordance with Rule 13a- 15 of the Securities Exchange Act of 1934.
These securities may be pledged to the Federal Home Loan Bank of Atlanta or the Federal Reserve Bank of Atlanta Discount Window or Bank Term Funding Program. Approximately 14.4% of the investment portfolio is comprised of municipal securities.
These securities may be pledged to the Federal Home Loan Bank of Atlanta or the Federal Reserve Bank of Atlanta Discount Window or Bank Term Funding Program. Approximately 11.6% of the investment portfolio is comprised of municipal securities.
Securities purchased for this portfolio have primarily been municipal bonds, treasuries, mortgage-backed agency securities, and SBA securities, which are held for short periods of time and totaled $102.9 million and $31.3 million at December 31, 2024 and 2023, respectively.
Securities purchased for this portfolio have primarily been municipal bonds, treasuries, mortgage-backed agency securities, and SBA securities, which are held for short periods of time and totaled $110.2 million and $102.9 million at December 31, 2025 and 2024, respectively.
The Bank pledges a portion of its investment portfolio for a variety of purposes, including, but not limited to, collateral for public funds and credit with the Federal Home Loan Bank of Atlanta. As of December 31, 2024, the bank pledged 44.8% of the market value of its available for sale and held to maturity investment portfolios.
The Bank pledges a portion of its investment portfolio for a variety of purposes, including, but not limited to, collateral for public funds and credit with the Federal Home Loan Bank of Atlanta. As of December 31, 2025, the bank pledged 69.0% of the market value of its available for sale and held to maturity investment portfolios.
We provide a wide range of banking services and products to our customers through our Bank. The Bank operates SouthState|Duncan-Williams Securities Corp. (“SouthState|Duncan-Williams”), a registered broker-dealer headquartered in Memphis, Tennessee that serves primarily institutional clients across the U.S. in the fixed income business. The Bank also operates SouthState Advisory, Inc., a wholly-owned registered investment advisor.
We provide a wide range of banking services and products to our customers through our Bank. The Bank operates SouthState Securities, a registered broker-dealer headquartered in Memphis, Tennessee that serves primarily institutional clients across the U.S. in the fixed income business. The Bank also operates SouthState PCM, Inc., a wholly-owned registered investment advisor.
(12) The total values presented in the table above represent the total fair value of available for sale securities and amortized cost for held to maturity. Approximately 85.2% of the investment portfolio is comprised of U.S. Treasury securities, U.S. Government agency securities, and U.S. Government Agency Mortgage-backed securities.
(11) The total values presented in the table above represent the total fair value of available for sale securities and amortized cost for held to maturity. Approximately 84.1% of the investment portfolio is comprised of U.S. Treasury securities, U.S. Government agency securities, and U.S. Government Agency Mortgage-backed securities.
The following table provides the amount of dividends and payout ratios for the years ended December 31, 2024, 2023 and 2022: Table 27—Dividends Paid to Common Shareholders ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (Dollars in thousands) 2024 2023 2022 Dividend payments to common shareholders ​ $ 161,597 ​ $ 154,919 ​ $ 146,486 ​ Dividend payout ratios ​ 30.22 % 31.34 % 29.54 % We retain earnings to have capital sufficient to grow our loan and investment portfolios and to support certain acquisitions or other business expansion opportunities.
The following table provides the amount of dividends and payout ratios for the years ended December 31, 2025, 2024 and 2023: Table 27—Dividends Paid to Common Shareholders ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (Dollars in thousands) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Dividend payments to common shareholders ​ $ 230,203 ​ $ 161,597 ​ $ 154,919 ​ Dividend payout ratios ​ 28.82 % 30.22 % 31.34 % We retain earnings to have capital sufficient to grow our loan and investment portfolios and to support certain acquisitions or other business expansion opportunities.
Our non-acquired loan portfolio increased by approximately $2.9 billion, or approximately 11.0%, compared to the balance at December 31, 2023. The increase in the non-acquired loan portfolio was due to organic growth and renewals of acquired loans that are moved to our non-acquired loan portfolio.
Our non-acquired loan portfolio increased by approximately $5.0 billion, or approximately 16.9%, compared to the balance at December 31, 2024. The increase in the non-acquired loan portfolio was due to organic growth and renewals of acquired loans that are moved to our non-acquired loan portfolio.
At December 31, 2024, the Company had a reserve on unfunded commitments of $45.3 million, which was recorded as a liability on the Consolidated Balance Sheet, compared to $56.3 million at December 31, 2023.
At December 31, 2025, the Company had a reserve on unfunded commitments of $69.6 million, which was recorded as a liability on the Consolidated Balance Sheet, compared to $45.3 million at December 31, 2024.
In addition, we lease some space in California, Colorado, Montana, New York and Texas related to the correspondent banking and capital markets division, and occupy a space in Tennessee related to SouthState|DuncanWilliams. Although the properties owned and leased are generally considered adequate, we have a continuing program of modernization, expansion, and when necessary, occasional replacement of facilities.
In addition, we lease some space in South Carolina, Texas, Colorado, North Carolina, and California related to the correspondent banking and capital markets division and occupy a space in Tennessee related to SouthState Securities. Although the properties owned and leased are generally considered adequate, we have a continuing program of modernization, expansion, and when necessary, occasional replacement of facilities.
For both the three and twelve months ended December 31, 2024, the Company recorded provision for credit losses due to loan growth and current forecasts applied to our modeling to adequately capture growing economic recessionary risks . As of December 31, 2023, the balance of the ACL was $456.6 million or 1.41% of total loans.
For both the three and twelve months ended December 31, 2025, the Company recorded provision for credit losses due to loan growth and current forecasts applied to our modeling to adequately capture growing economic recessionary risks . As of December 31, 2024, the balance of the ACL was $465.3 million or 1.37% of total loans.
Our common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “SSB.” ​ The table below describes historical information regarding our common stock for the last five fiscal years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 2021 2020 ​ Stock Performance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends per share ​ $ 2.12 ​ $ 2.04 ​ $ 1.98 ​ $ 1.92 ​ $ 1.88 ​ Dividend payout ratio ​ 30.22 % 31.34 % 29.54 % 28.43 % 81.45 % Dividend yield (based on the average of the high and low for the year) ​ 2.29 % 2.77 % 2.39 % 2.46 % 2.93 % Price/earnings ratio (based on year‑end stock price and diluted earnings per share) ​ 14.27x ​ 13.07x ​ 11.57x ​ 11.94x ​ 33.01x ​ Price/book ratio (end of year) ​ 1.29x ​ 1.16x ​ 1.14x ​ 1.16x ​ 1.10x ​ Common Stock Statistics ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock price ranges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ High ​ $ 114.27 ​ $ 87.77 ​ $ 93.34 ​ $ 93.26 ​ $ 87.98 ​ Low ​ 70.68 ​ 59.51 ​ 72.26 ​ 62.60 ​ 40.42 ​ Close ​ 99.48 ​ 84.45 ​ 76.36 ​ 80.11 ​ 72.30 ​ Volume traded on exchanges ​ 125,585,600 ​ 142,642,700 ​ 90,603,400 ​ 88,780,100 ​ 86,495,680 ​ As a percentage of average shares outstanding ​ 164.57 % 187.50 % 121.44 % 126.11 % 157.85 % Earnings per share, basic ​ $ 7.01 ​ $ 6.50 ​ $ 6.65 ​ $ 6.76 ​ $ 2.20 ​ Earnings per share, diluted ​ 6.97 ​ 6.46 ​ 6.60 ​ 6.71 ​ 2.19 ​ Book value per share ​ 77.18 ​ 72.78 ​ 67.04 ​ 69.27 ​ 65.49 ​ 59 Table of Contents Quarterly Common Stock Price Ranges and Dividends The table below describes the high and low trading price and dividends paid on our common stock for each quarterly period within the two most recent fiscal years. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 Quarter High Low Dividend High Low Dividend 1 st ​ $ 87.18 ​ $ 77.64 ​ $ 0.52 ​ $ 85.38 ​ $ 66.56 ​ $ 0.50 ​ 2 nd ​ 84.52 ​ 70.68 ​ 0.52 ​ 72.98 ​ 59.51 ​ 0.50 ​ 3 rd ​ 102.82 ​ 74.69 ​ 0.54 ​ 79.46 ​ 64.21 ​ 0.52 ​ 4 th ​ 114.27 ​ 92.97 ​ 0.54 ​ 87.77 ​ 63.36 ​ 0.52 ​ Dividends We currently intend to continue to pay comparable quarterly cash dividends on our common stock, subject to approval by our Board of Directors, although we may elect not to pay dividends or to change the amount of such dividends.
Our common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “SSB.” ​ The table below describes historical information regarding our common stock for the last five fiscal years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2022 ​ ​ ​ 2021 ​ Stock Performance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends per share ​ $ 2.28 ​ $ 2.12 ​ $ 2.04 ​ $ 1.98 ​ $ 1.92 ​ Dividend payout ratio ​ 28.82 % 30.22 % 31.34 % 29.54 % 28.43 % Dividend yield (based on the average of the high and low for the year) ​ 2.43 % 2.29 % 2.77 % 2.39 % 2.46 % Price/earnings ratio (based on year‑end stock price and diluted earnings per share) ​ 11.96x ​ 14.27x ​ 13.07x ​ 11.57x ​ 11.94x ​ Price/book ratio (end of year) ​ 1.03x ​ 1.29x ​ 1.16x ​ 1.14x ​ 1.16x ​ Common Stock Statistics ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock price ranges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ High ​ $ 109.64 ​ $ 114.27 ​ $ 87.77 ​ $ 93.34 ​ $ 93.26 ​ Low ​ 77.74 ​ 70.68 ​ 59.51 ​ 72.26 ​ 62.60 ​ Close ​ 94.11 ​ 99.48 ​ 84.45 ​ 76.36 ​ 80.11 ​ Volume traded on exchanges ​ 219,247,000 ​ 125,585,600 ​ 142,642,700 ​ 90,603,400 ​ 88,780,100 ​ As a percentage of average shares outstanding ​ 216.98 % 164.57 % 187.50 % 121.44 % 126.11 % Earnings per share, basic ​ $ 7.90 ​ $ 7.01 ​ $ 6.50 ​ $ 6.65 ​ $ 6.76 ​ Earnings per share, diluted ​ 7.87 ​ 6.97 ​ 6.46 ​ 6.60 ​ 6.71 ​ Book value per share ​ 91.38 ​ 77.18 ​ 72.78 ​ 67.04 ​ 69.27 ​ Quarterly Common Stock Price Ranges and Dividends The table below describes the high and low trading price and dividends paid on our common stock for each quarterly period within the two most recent fiscal years. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2025 ​ 2024 Quarter ​ ​ ​ High ​ ​ ​ Low ​ ​ ​ Dividend ​ ​ ​ High ​ ​ ​ Low ​ ​ ​ Dividend 1 st ​ $ 109.64 ​ $ 89.08 ​ $ 0.54 ​ $ 87.18 ​ $ 77.64 ​ $ 0.52 ​ 2 nd ​ 94.79 ​ 77.74 ​ 0.54 ​ 84.52 ​ 70.68 ​ 0.52 ​ 3 rd ​ 105.00 ​ 90.41 ​ 0.60 ​ 102.82 ​ 74.69 ​ 0.54 ​ 4 th ​ 102.18 ​ 84.48 ​ 0.60 ​ 114.27 ​ 92.97 ​ 0.54 ​ Dividends We intend to continue to pay comparable quarterly cash dividends on our common stock, subject to approval by our Board of Directors, although we may elect not to pay dividends or to change the amount of such dividends.
The securities designated as held to maturity are securities the Company does not intend to sell and expects to hold through maturity. The securities consist of $147.3 million of agency securities, $2.1 billion of residential and commercial mortgage-backed securities issued by U.S government agencies or sponsored enterprises and $49.8 million of Small Business Administration loan-backed securities.
The securities designated as held to maturity are securities the Company does not intend to sell and expects to hold through maturity. The securities consist of $132.9 million of agency securities, $1.9 billion of residential and commercial mortgage-backed securities issued by U.S government agencies or sponsored enterprises and $46.1 million of Small Business Administration loan-backed securities.
As of December 31, 2024, the Bank had unpledged securities with a market value of $3.4 billion. These securities included Treasury, Agency, Agency MBS, Municipals and Corporate securities. ​ Total cash and cash equivalents increased $393.2 million in 2024 to $1.4 billion at December 31, 2024, compared to $1.0 billion at December 31, 2023.
As of December 31, 2025, the Bank had unpledged securities with a market value of $2.5 billion. These securities included Treasury, Agency, Agency MBS, Municipals and Corporate securities. ​ Total cash and cash equivalents increased $1.8 billion in 2025 to $3.2 billion at December 31, 2025, compared to $1.4 billion at December 31, 2024.
The total deposit balances held by top 10 and 20 deposit holders were below 5% of the Company’s average total deposit balances at December 31, 2024 and 2023. We do not have any foreign deposits. Concentration of Credit Risk Each category of earning assets has a certain degree of credit risk. We use various techniques to measure credit risk.
The total deposit balances held by top 10 and 20 deposit holders were below 6% and 5% of the Company’s average total deposit balances at December 31, 2025 and 2024. We do not have any foreign deposits. Concentration of Credit Risk Each category of earning assets has a certain degree of credit risk.
Business Combinations ​ We account for acquisitions under FASB ASC Topic 805, Business Combinations , which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, and liabilities assumed, are recorded at fair value.
Business Combinations ​ We account for acquisitions under FASB ASC Topic 805, Business Combinations , which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, and liabilities assumed, are recorded at fair value. This includes intangible assets identified as a result of the acquisition.
We continue to experience solid and stable asset quality numbers and ratios in 2024. ​ Our efficiency ratio was 56.9% for the year ended December 31, 2024 compared to 55.5% for the same period in 2023.
We continue to experience solid and stable asset quality numbers and ratios in 2025. ​ Our efficiency ratio was 53.1% for the year ended December 31, 2025 compared to 56.9% for the same period in 2024.

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