SouthState Bank Corp SSB
New risk paragraphs, branching off last year
Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Feb 21, 2025. A box jumps to the paragraph as filed, below.
Paragraphs with nothing like them in last year's 10-K
6 paragraphs in Risk Factors of the 10-K filed Feb 20, 2026 with nothing like them in the 10-K filed Feb 21, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
our ability to continue to integrate and realize the benefits of the merger between SouthState and Independent;
We face continued risks related to integration of operations between Independent and the Company.
In addition, advances in technology, such as automation and AI, may lead to workforce evolution. This could require the Company to invest in additional employee training, manage impacts on morale and retention, and compete for candidates who possess more advanced technological skills, all of which could have a negative impact on the Company’s businesses and operations.
Moreover, the standards by which bank and financial institution acquisitions will be evaluated may continue to change as there are changes in presidential administrations and Congress. While the current administration’s policies favors mergers and acquisitions, the Company’s ability to complete future acquisitions thus may depend on factors outside its control, including changes in the presidential administration or in one or both houses of Congress.
Some of the regulations finalized in the prior administration that are applicable to financial institutions have been modified, rescinded, or withdrawn or are subject to reevaluation, creating further uncertainty. Moreover, political and policy goals of elected and appointed officials may change over time, which could impact the rulemaking, supervision, examination, and enforcement priorities of the federal banking agencies. It is possible the expected changes in law, regulation and policy do not occur or are reversed subsequently, or the regulatory measures that are ultimately enacted deliver significant competitive advantages to financial services that are structured differently or serve different markets than us.
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In addition, fintechs and other technology-driven platforms are expanding their presence, offering a wide variety of products and services that challenge traditional banking models. The growing experimentation with and adoption of technologies such as artificial intelligence, quantum computing, blockchain, stablecoins, and other digital currencies—including the potential issuance, acceptance, and integration of central bank digital currencies—have the potential to fundamentally reshape the financial services landscape. Developments in the regulatory landscape relating to emerging technologies, such as the enactment and implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (“GENIUS Act”) and potential enactment of the Digital Asset Market Clarity Act of 2025 (“CLARITY Act”) or similar market structure legislation, may affect our clients’ needs and expectations for products and services. Failure to keep pace with technological advancements may adversely affect our competitive position, diminish customer satisfaction, and reduce the accessibility and relevance of our products and services.
Paragraphs in the 10-Q filed Oct 30, 2026 that were not in the one before
New in the latest 10-Q
30 paragraphs in the 10-Q filed Oct 30, 2026 with nothing like them in the 10-Q filed Jul 31, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Financial statements and notes
The following table presents an aging analysis of past due accruing loans, segregated by class, as of September 30, 2026 and December 31, 2025:
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(Dollars in thousands) 30 - 59 Days 60 - 89 Days 90+ Days Total Current Non-Accruing Total Loans
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and accruing(1) allowance(1) ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Construction and land development $ 4,951 $ - $ 3,739 $ 7,560 Commercial non-owner-occupied 56,835 2 55,642 67,411 Commercial owner-occupied real estate 35,524 1,346 7,330 39,957 Consumer owner-occupied 85,063 409 1,484 73,551 Home equity loans 8,670 - - 8,344 Commercial and industrial 87,831 8,532 5,121 94,766 Other income producing property 1,782 340 - 2,109 Consumer 3,679 - - 3,457 Total loans on nonaccrual status $ 284,335 $ 10,629 $ 73,316 $ 297,155 (1) Greater than 90 days accruing and non-accrual with no allowance loans at September 30, 2026. There is no interest income recognized during the period on nonaccrual loans. The Company follows its nonaccrual policy by reversing contractual interest income in the income statement when the Company places a loan on nonaccrual status. Loans on nonaccrual status in which there is no allowance assigned are individually evaluated loans that do not carry a specific reserve. See Note 1 - Summary of Significant Accounting Policies of the 2025 Form 10-K for further detailed descriptions on individually evaluated loans.
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The following is a summary of collateral dependent loans, by type of collateral, and the extent to which they are collateralized during the period:
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(Dollars in thousands) September 30, 2026 Collateral % December 31, 2025 Collateral %
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The following tables present loans designated as modifications made to borrowers experiencing financial difficulty during the three and nine months ended 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 nine months ended September 30, 2026. There were no combination term extension and payment delay modifications modifications for the three months ended September 30, 2026 and 2025. Nine Months Ended September 30, 2026 2025 (Dollars in thousands) Amortized % of Total Reduction in Amortized % of Total Reduction in
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Nine Months Ended September 30, 2026 2025 (Dollars in thousands) Amortized % of Total Weighted Amortized % of Total Asset Weighted
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Interest Rate Term Term Combination - Interest Rate Reduction and Payment Delay Commercial non-owner occupied $ $ 29,802 0.25% 8 months Commercial and industrial 1,172 0.75% 12 months Total interest rate reduction and payment delay combinations $ $ 30,974
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(Dollars in thousands) Residential Residential HELOC Residential Comm Constr. Consumer Multifamily Municipal CRE Owner- Non-Owner- C & I Total
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The tables below present the Company’s fair value measurements as of September 30, 2026 and December 31, 2025. There were no transfers into or out of Level 3 during the periods presented.
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The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis:
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Fair Value of Financial Instruments The estimated fair value, and related carrying amount, of our financial instruments are as follows: Carrying Fair (Dollars in thousands) Amount Value Level 1 Level 2 Level 3 September 30,2026 Financial assets: Cash and cash equivalents $2,974,618 $2,974,618 $2,974,618 $ - - Trading securities 141,534 141,534 - 141,534 - Investment securities 8,705,780 8,319,757 287,005 7,912,585 120,167 Loans held for sale 296,835 297,162 - 297,162 - Loans, net of allowance for credit losses 51,464,175 50,926,865 - - 50,926,865 Accrued interest receivable 253,452 253,452 - 35,312 218,140 Mortgage servicing rights 101,990 101,990 - - 101,990 SBA servicing asset 4,748 4,748 - - 4,748 Interest rate swap - non-designated hedge 117,921 117,921 - 117,921 - Other derivative financial instruments (mortgage banking related) 1,810 1,810 - 1,810 - Financial liabilities: Deposits Noninterest-bearing 13,445,715 13,445,715 - 13,445,715 - Interest-bearing other than time deposits 35,840,527 35,840,527 - 35,840,527 - Time deposits 8,352,039 8,323,116 - 8,323,116 - Federal funds purchased and securities sold under agreements to repurchase 498,173 498,173 - 498,173 - Corporate and subordinated debentures 696,855 678,415 - 678,415 - Other borrowings 300,000 299,994 - 299,994 - Accrued interest payable 37,494 37,494 - 37,494 - Interest rate swap - non-designated hedge 982,452 982,452 - 982,452 - Other derivative financial instruments (mortgage banking related) 5,508 5,508 - 5,508 December 31, 2025 Financial assets: Cash and cash equivalents $3,172,483 $3,172,483 $3,172,483 $ - - Trading securities 110,183 110,183 - 110,183 - Investment securities 8,715,214 8,400,034 274,730 8,046,606 78,698 Loans held for sale 345,343 348,381 - 348,381 - Loans, net of allowance for credit losses 48,013,330 47,378,022 - - 47,378,022 Accrued interest receivable 233,265 233,265 - 35,302 197,963 Mortgage servicing rights 84,032 84,032 - - 84,032 SBA servicing asset 5,512 5,512 - - 5,512 Interest rate swap - non-designated hedge 221,835 221,835 - 221,835 - Other derivative financial instruments (mortgage banking related) 1,051 1,051 - 1,051 - Financial liabilities: Deposits Noninterest-bearing 13,375,697 13,375,697 - 13,375,697 - Interest-bearing other than time deposits 34,410,867 34,410,867 - 34,410,867 - Time deposits 7,359,233 7,347,648 - 7,347,648 - Federal funds purchased and securities sold under agreements to repurchase 618,215 618,215 - 618,215 - Corporate and subordinated debentures 696,536 683,772 - 683,772 - Accrued interest payable 48,972 48,972 - 48,972 - Interest rate swap - non-designated hedge 554,433 554,433 - 554,433 - Other derivative financial instruments (mortgage banking related) 315 315 - 315 -
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Amounts reclassified from accumulated other comprehensive loss - 173,668 173,668
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The table below presents the reclassifications out of accumulated other comprehensive income (loss), net of tax:
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Amount Reclassified from Other Comprehensive Income (Loss) Amount Reclassified from Other Comprehensive Income (Loss)
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(Dollars in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30,
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Accumulated Other Comprehensive Loss Component 2026 2025 2026 2025 Income Statement
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Note 15 - Capital Ratios The following table presents actual and required capital ratios as of September 30, 2026, and December 31, 2025 for the Company and the Bank under the current capital rules. Actual Minimum Capital Required to be
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Three Months Ended September 30, 2026 September 30, 2025 (Dollars in thousands) Average Interest Average Average Interest Average
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Nine Months Ended September 30, 2026 September 30, 2025 (Dollars in thousands) Average Interest Average Average Interest Average
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• 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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• OREO expense and loan related expense decreased primarily due to a $2.6 million decrease in losses on sales of OREO.
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• 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.
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• 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.
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Commercial Non-Owner-Occupied Loans Net Book Average Weighted-Average % of % of Substandard & % of
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• Our success being tied to the success of the local economies where we operate;
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Item 4
Item 5. OTHER INFORMATION On September 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 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement”, as each term is defined in Item 408(a) of Regulation S-K.
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Item 6
Incorporated by Reference Exhibit No. Description Form Commission Exhibit Filing Date Filed
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 30, 2026 against Item 1A of the 10-K filed Feb 20, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:Investing in shares of our common stock involves certain risks, including those identified and described in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as cautionary statements contained in this Quarterly Report on Form 10-Q, including those under the caption “Cautionary Note Regarding Any Forward-Looking Statements” set forth in Part I, Item 2. of this Quarterly Report on Form 10-Q, risks and matters described elsewhere in this Quarterly Report on Form 10-Q and in our other filings with the SEC.
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What the 10-Q itself says about its risk factors:There have been no material changes to the risk factors disclosed in Item 1A. of Part I in our Annual Report on Form 10-K for the year ended December 31, 2025.
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2 paragraphs in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Phrases used for the first time
Two-word phrases in Risk Factors of the 10-K filed Feb 20, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 21, 2025
Where each one is used
- independent merger: The Company and Independent undertook the Independent Merger Agreement with the expectation that the Independent Merger would result in various synergies including, among other things, benefits relating to enhanced revenues, a strengthened and expanded market position for the combined organization in Texas, entry...
- aml cft: The objectives of our risk management program and processes are to mitigate risk and loss to our organization. We have established an enterprise risk framework and program that are intended to identify, measure, monitor, report and analyze the types of risks to which we are subject across the organization and...
- small number: a small number of our institutional shareholders exercising significant influence over us and having interests that differ from our other shareholders.
- relationship managers: We intend to continue to pursue a growth strategy for our business. Our prospects must be considered in light of the risks, expenses and difficulties frequently encountered by companies in pursuing such growth strategies. Our ability to continue to grow successfully will depend on a variety of factors, including...
- brokered demand: Our failure to remain “well capitalized” for bank regulatory purposes could affect customer confidence, our ability to grow, our costs of funds, and FDIC insurance costs, our ability to pay dividends on common stock and make distributions on our trust preferred securities, our ability to make acquisitions, and our...
- demand deposits: Our failure to remain “well capitalized” for bank regulatory purposes could affect customer confidence, our ability to grow, our costs of funds, and FDIC insurance costs, our ability to pay dividends on common stock and make distributions on our trust preferred securities, our ability to make acquisitions, and our...
- digital currencies: In addition, fintechs and other technology-driven platforms are expanding their presence, offering a wide variety of products and services that challenge traditional banking models. The growing experimentation with and adoption of technologies such as artificial intelligence, quantum computing, blockchain,...
- clarity act: In addition, fintechs and other technology-driven platforms are expanding their presence, offering a wide variety of products and services that challenge traditional banking models. The growing experimentation with and adoption of technologies such as artificial intelligence, quantum computing, blockchain,...
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
What was taken out
14 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
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