Form 4: SSB Chief Credit Officer Receives Equity Awards

SouthState Bank's Chief Credit Officer, Daniel E. Bockhorst, was granted Performance Share Units and Restricted Share Units on January 20, 2026, as part of his compensation.

Summary

• Daniel E. Bockhorst, Chief Credit Officer of SouthState Bank Corp (SSB), received equity awards on January 20, 2026.
• Awards included 2,519 Performance Share Units (PSUs) at a target value of $96.88 per unit. These PSUs will vest after a 3-year performance period ending December 31, 2028, and are exchangeable for common stock on a 1-for-1 basis.
• Awards also included 1,680 time-vested Restricted Share Units (RSUs) at a value of $96.88 per unit. These RSUs will vest in three equal installments on January 1, 2027, January 1, 2028, and January 1, 2029, and are exchangeable for common stock on a 1-for-1 basis after vesting.
• Following these transactions, Mr. Bockhorst beneficially owns 8,734 Performance Share Units and 4,607 Restricted Share Units.
• The filing of this Form 4 was delayed due to an administrative issue.

Sentiment

Score: 7

Explanation: The filing reports routine executive compensation, which is generally positive for management alignment and retention. The administrative delay is a minor procedural issue, not impacting the underlying transaction's positive nature for the executive and company alignment.

Positives

• The equity awards align the Chief Credit Officer's interests with long-term shareholder value through performance-based and time-vested units.
• The awards represent a component of executive compensation, indicating continued commitment to key management personnel.

Future Outlook

The equity awards, particularly the Performance Share Units, are designed to incentivize the Chief Credit Officer to achieve long-term performance goals for SouthState Bank, with vesting tied to a performance period ending December 31, 2028. The Restricted Share Units provide retention incentives with vesting staggered through January 2029.

Management Comments

• The timing of the filing was due to an administrative delay.

Industry Context

The granting of Performance Share Units and Restricted Share Units is a common practice in the banking and financial services industry for executive compensation. These types of equity awards are widely used to attract, retain, and motivate key executives by aligning their compensation with the company's long-term performance and shareholder interests.

Comparison to Industry Standards

• The use of both performance-based (PSUs) and time-vested (RSUs) equity awards is a standard approach in executive compensation packages across the financial sector, similar to practices at peer banks like Truist Financial Corporation or Synovus Financial Corp.
• The 1-for-1 exchange rate for common stock upon vesting is typical for these types of awards.
• The multi-year vesting schedules (3 years for PSUs, staggered 3 years for RSUs) are consistent with industry benchmarks aimed at long-term retention and performance alignment.

Stakeholder Impact

• Shareholders: Potential minor dilution upon vesting and conversion of units to common stock, but also improved alignment of executive incentives with long-term shareholder value.
• Employees: May signal a stable compensation structure for key personnel.
• Management: Provides significant long-term incentive compensation.

Next Steps

• Vesting of Restricted Share Units on January 1, 2027, January 1, 2028, and January 1, 2029.
• Completion of the 3-year performance period for Performance Share Units on December 31, 2028, followed by vesting.

Key Dates

Recommendation

This Form 4 filing details routine executive compensation in the form of equity awards. While these awards align management's interests with shareholders, they do not represent a new strategic initiative, significant financial event, or material change in the company's outlook that would warrant a change in investment recommendation. It is a standard disclosure of an insider transaction.

Keywords

SouthState Bank, SSB, Form 4, equity award, executive compensation, Performance Share Units, Restricted Share Units, insider transaction, Daniel E. Bockhorst, Chief Credit Officer