Exhibit 99.1

South State Corporation Reports Operating Results of $0.92 per share;

Increases Quarterly Cash Dividend

COLUMBIA, S.C.—July 29, 2014—South State Corporation (NASDAQ: SSB) today released its unaudited results of operations and other financial information for the three-month and six-month periods ended June 30, 2014.  Highlights of the second quarter 2014 include the following:

·                  Net income available to common shareholders of $17.9 million, or $0.74 diluted EPS in 2Q 2014, up 13.3%, compared to $15.8 million, or $0.66 diluted EPS in 1Q 2014, and up 43.2% from $12.5 million, or $0.74 diluted EPS in 2Q 2013;

·                  Operating earnings of $22.2 million, which exclude merger and branding expenses and include preferred stock dividends, or $0.92 diluted operating EPS in 2Q 2014, up 12.1%, compared to $19.8 million, or $0.82 diluted operating EPS in 1Q 2014, and up 69.1% from $13.1 million, or $0.77 diluted operating EPS in 2Q 2013;

·                  Rebranded and changed the name to South State Corporation and South State Bank;

·                  Return on average assets was 0.91% annualized in 2Q 2014 compared to 0.86% in 1Q 2014 and 0.99% in 2Q 2013;  Operating return on average assets was 1.12% annualized in 2Q 2014 compared to 1.06% in 1Q 2014 and 1.04% in 2Q 2013;

·                  Return on average tangible common equity was 13.6% annualized in 2Q 2014 compared to 12.6% in 1Q 2014, and 13.5% in 2Q 2013;  Operating return on average tangible common equity was 16.6% in 2Q 2014 compared to 15.5% in 1Q 2014 and 14.1% in 2Q 2013;

·                  Tangible common equity per share increased by $1.02 during the second quarter to $24.13;

·                  Net charge-offs of non-acquired loans increased to 0.17% annualized in 2Q 2014, compared to 0.05% annualized in 1Q 2014 and decreased from 0.40% annualized in 2Q 2013;

·                  Operating efficiency ratio decreased to 63.6% in 2Q2014, compared to 64.1% in 1Q2014 and 63.8% in 2Q2013;

·                  Legacy loan growth for 2Q 2014 was $194.7 million or 26.1% annualized.

Quarterly Cash Dividend

The Board of Directors of South State Corporation has declared a quarterly cash dividend of $0.21 per share payable on its common stock.  This per share amount is $0.01 per share, or 5.0% higher than the dividend paid in the immediately preceding quarter and is $0.02 per share, or 10.5%, higher than a year ago.  The dividend will be payable on August 22, 2014 to shareholders of record as of August 15, 2014.

Second Quarter 2014 Financial Performance

Please refer to the accompanying tables for detailed comparative data on results of operations and financial results.

The Company reported consolidated net income available to common shareholders of $17.9 million, or $0.74 per diluted common share for the three months ended June 30, 2014 up from $15.8 million, or $0.66 per diluted common share for the three months ended March 31, 2014.  This $2.1 million increase was primarily the result of improved noninterest income, lower noninterest expense, and the elimination of the preferred stock dividend with the redemption of the preferred stock in March of 2014.  These three improvements were offset by lower net interest income, higher provision for loan losses and higher provision for income taxes in terms of dollars (same effective tax rate).

“The second quarter was highlighted by very strong organic loan growth of $195 million.  This was complemented by improved growth and profitability in mortgage banking, wealth management, and bankcard services,” said Robert R. Hill, Jr., CEO of South State Corporation.  “I am especially pleased with our operating return on tangible common equity of 16.6% and our increase in tangible book value per share by $1.02.  The combination of the merger with First Financial, good credit quality, and strong organic growth resulted in operating earnings of $22.2 million, a 69% increase over the second quarter of 2013.”

Asset Quality

During the second quarter of 2014, the Company’s trend of improved asset quality continued, excluding acquired loans and acquired other real estate owned (OREO), as nonperforming loans declined by $2.1 million, or 5.7%.  Non-acquired nonperforming assets (NPAs) as a percentage of total non-acquired loans and repossessed assets declined to 1.39% compared to 1.66% in the first quarter of 2014.  NPAs, excluding acquired NPAs, declined by $5.3 million from the first quarter 2014 level.

At June 30, 2014, the allowance for non-acquired loan losses was $35.4 million or 1.12% of non-acquired period-end loans.  The current allowance for loan losses provides 1.00 times coverage of period-end non-acquired nonperforming loans, up from 0.93 times at the end of the first quarter of 2014.  Net charge-offs within the non-acquired portfolio were $1.3 million for the quarter or 0.17% annualized, up from the first quarter of 2014 of $332,000 or 0.05% annualized, and down from the second quarter of 2013 of $2.6 million or 0.40% annualized.

OREO decreased by more than $10.4 million during the second quarter to $53.7 million compared to the first quarter of 2014 of $64.1 million.  Non-acquired OREO declined by $3.2 million, while acquired (covered and uncovered) OREO declined by $7.2 million.  This decline was partially the result of an auction which was held in late May where approximately $5.5 million in OREO assets (both acquired and non-acquired) were sold.  The remaining decline of $4.9 million was from the recurring transactions of OREO during the quarter.  OREO and loan related costs were down significantly as well during the quarter to $1.9 million compared to the first quarter of $4.3 million.

Net Interest Income and Margin

Non-taxable equivalent net interest income was $81.0 million for the second quarter of 2014, a $2.4 million decrease from the first quarter of 2014, resulting primarily from the following:

1.              A $180.5 million decrease in the average balance of acquired loans from the first quarter of 2014, coupled with a decrease of 23 basis points in the yield on acquired loans from 7.56% to 7.33% which resulted in a decrease of $4.3 million; which was partially offset by

2.              Non-acquired loans average balance growing by more than $152.4 million, however, the yield on these loans declined from 4.25% during the first quarter to 4.18% resulting in an increase in interest income of $1.4 million; and

3.              The decline in interest expense on certificates and other time deposits of $148,000, from both a decline in the average rate and a decline in the average balance.

Tax-equivalent net interest margin decreased 24 basis points from the first quarter of 2014 and by 26 basis points from the second quarter of 2013.  The Company’s average yield on interest-earning assets decreased 26 basis points while the average rate on interest-bearing liabilities declined 1 basis point from the first quarter of 2014.  During the second quarter of 2014, the Company’s average total assets remained at approximately $7.9 billion and average earning assets increased slightly to $6.9 billion.  Average interest-bearing liabilities declined by approximately $73.1 million.

Noninterest Income and Expense

Noninterest income was up by more than $3.7 million in the second quarter of 2014 to $24.4 million compared to the first quarter of 2014 of $20.7 million.  Increases in all categories contributed and were led by mortgage banking income, bankcard services, trust and investment services, and a reduction in the negative accretion on the indemnification asset, all totaling $3.5 million.  Compared to the second quarter of 2013, noninterest income grew significantly by $15.9 million due primarily to the First Financial merger and the reduction in negative accretion on the indemnification asset.

Noninterest expense was $75.9 million in the second quarter of 2014, down from $77.4 million from the first quarter of 2014.  This decrease from the first quarter of 2014 was primarily due to much lower OREO expense and loan related cost by $2.4 million.  This decline was partially offset by an increase in salaries and employee benefits by $1.2 million which was attributable to hiring new loan producers and support personnel, overtime pay and merit increases.  During the quarter, the company incurred $1.3 million of branding related cost and $5.2 million of merger cost, which combined was $525,000 more than first quarter 2014.  Many of the other noninterest expense categories declined, except for occupancy, information services, and business development and staff related compared to the first quarter.  The efficiency ratio for the quarter was 71.5%, down from 73.8% in the first quarter.  Our operating efficiency ratio, which excludes merger and branding expenses and OREO and loan related expenses, declined to 63.6% compared to 64.1% in the first quarter.

Compared to the second quarter of 2013, noninterest expense was $31.0 million higher than second quarter of 2014.  This significant increase was primarily the result of the First Financial merger.

Balance Sheet and Capital

At June 30, 2014, the Company’s total assets were $8.0 billion, up from $5.0 billion at June 30, 2013, and from $7.9 billion at December 31, 2013.  Since December 31, 2013, the Company has experienced asset growth in the following areas:  cash and short-term investments by $110.1 million, or 23.0%, non-acquired loans by $309.4 million, or 10.8%, and loans held for sale by $25.8 million, or 84.4%.  Loans held for sale increased primarily from the increase in closings of mortgage loans from the pipeline

during the quarter.  Partially offsetting these increases were decreases in acquired loans by $319.2 million, the FDIC receivable by $50.2 million and OREO by $11.2 million.

The Company’s book value per common share increased to $39.50 per share at June 30, 2014, compared to $38.73 at March 31, 2014.  Capital increased by $18.9 million due primarily to net income of $17.9 million, which was offset by the common dividend paid of $4.8 million.  Accumulated comprehensive income increased by $4.5 million, net of tax, in the second quarter, primarily the result of change in the fair value of the available for sale investment securities portfolio.  In March of 2014, the Company redeemed $65.0 million of preferred stock, which resulted in a decline in capital.  Tangible book value (“TBV”) per common share increased by $1.02 per share to $24.13 at June 30, 2014 from $23.11, at March 31, 2014.  This increase was primarily the result of the strong net income, reduced intangibles (from purchase accounting adjustments and amortization charges), and improvement in accumulated other comprehensive income (AFS securities).

In addition, tangible common equity to tangible assets increased to 7.64% at June 30, 2014 up from 7.32% at the end of the first quarter of 2014.

The total risk-based capital ratio is estimated to be around 13.8% up from March 31, 2014 of 13.6%.  Tier 1 leverage ratio increased to approximately 8.9% from 8.6% at March 31, 2014.  The increase was driven by net income for the quarter.  The Company’s capital position remains “well-capitalized” by all measures at June 30, 2014.

“Our balance sheet reflected solid improvement during the quarter as net loan balances grew by more than $60.0 million, OREO declined by more than $10.4 million, noninterest bearing deposits continued to increase by more than $42.0 million and equity improved by more than $18.8 million,” said John C. Pollok, COO and CFO.  “Our cost savings for the second quarter came in as expected, and slightly better than first quarter cost savings, as we closed only two branches.  We anticipate additional cost savings during third quarter as eight more branches will be consolidated or closed, and the conversion from last week triggers various systems cost savings that will impact us beginning in August.  Our fourth quarter results should reflect the majority of our cost savings initiatives.”

South State Corporation will hold a conference call today, July 29th, at 11 a.m. Eastern Time during which management will review earnings and performance trends.  Callers wishing to participate may call toll-free by dialing 877-506-9272.  The number for international participants is 412-380-2004.  The conference ID number is 10048886.  Participants can also listen to the live audio webcast through the Investor Relations section of www.SouthStateBank.com.  A replay will be available beginning July 29th by 2:00 p.m. Eastern Time until 9:00 a.m. on August 13, 2014.  To listen to the replay, dial 877-344-7529 or 412-317-0088.  The pass code is 10048886.

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South State Corporation is the largest publicly traded bank holding company headquartered in South Carolina. Founded in 1933, the company’s primary subsidiary, South State Bank, has been serving the financial needs of its local communities in 19 South Carolina counties, 12 Georgia counties and 4 North Carolina counties for over 80 years.  The bank also operates Minis & Co., Inc. and First Southeast 401K Fiduciaries, Inc., both registered investment advisors; and First Southeast Investor Services, Inc., a limited purpose broker-dealer. South State Corporation has assets of approximately $8.0 billion and its stock is traded under the symbol SSB on the NASDAQ Global Select Market. More information can be found at www.SouthStateBank.com.

Non-GAAP Measures

Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables which provide a reconciliation of non-GAAP measures to GAAP measures.  Management believes that these non-GAAP measures provide additional useful information.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company.   Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company’s results or financial condition as reported under GAAP.

Cautionary Statement Regarding Forward Looking Statements

Statements included in this report which are not historical in nature are intended to be, and are hereby identified as, forward looking statements for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934.   Forward looking statements generally include words such as “expects,” “projects,” “anticipates,” “believes,” “intends,” “estimates,” “strategy,” “plan,” “potential,” “possible” and other similar expressions.   The Company cautions readers that forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from anticipated results.  Such risks and uncertainties, include, among others, the following possibilities: (1) the outcome of any legal proceedings instituted against the Company; (2) credit risks associated with an obligor’s failure to meet the terms of any contract with the bank or otherwise fail to perform as agreed under the terms of any loan-related document; (3) interest risk involving the effect of a change in interest rates on the bank’s earnings, the market value of the bank’s loan and securities portfolios, and the market value of the Company’s equity; (4) liquidity risk affecting the bank’s ability to meet its obligations when they come due; (5) risks associated with an anticipated increase in the Company’s investment securities portfolio, including risks associated with acquiring and holding investment securities or potentially determining that the amount of investment securities the Company desires to acquire are not available on terms acceptable to the Company; (6) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (7) transaction risk arising from problems with service or product delivery; (8) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (9) regulatory change risk resulting from new laws, rules, regulations, accounting principles, proscribed practices or ethical standards, including, without limitation, increased capital requirements (including, without limitation, the impact of the capital rules adopted to implement Basel III), Consumer Financial Protection Bureau rules and regulations, and potential changes in accounting principles relating to loan loss recognition; (10) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (11) reputation risk that adversely affects earnings or capital arising from negative public opinion; (12) terrorist activities risk that results in loss of consumer confidence and economic disruptions; (13) cybersecurity risk related to our dependence on internal computer systems and the technology of outside service providers, as well as the potential impacts of third-party security breaches, subjects the company to potential business disruptions or financial losses resulting from deliberate attacks or unintentional events; (14) economic downturn risk potentially resulting in deterioration in the credit markets, greater than expected non-interest expenses, excessive loan losses and other negative consequences, which risks could be exacerbated by potential negative economic developments resulting from federal spending cuts and/or one or more federal budget-related impasses or actions; (15) greater than expected noninterest expenses; (16) excessive loan losses; (17) failure to realize synergies and other financial benefits from, and to limit liabilities associated with, mergers and acquisitions, including, without limitation, the merger with First Financial Holdings, Inc. (“FFCH”), within the expected time frame; (18) potential deposit attrition, higher than expected costs, customer loss and business disruption associated with merger and acquisition integration, including, without limitation, with respect to FFCH, and including, without limitation, potential difficulties in maintaining relationships with key personnel and other integration related-matters; (19) the risks of fluctuations in market prices for Company common stock that may or may not reflect economic condition or performance of the Company; (20) the payment of dividends on Company common stock is subject to regulatory supervision as well as the discretion of the board of directors of the Company, the Company’s performance and other factors; and (21) other risks and uncertainties disclosed in the Company’s most recent Annual Report on Form 10-K filed with the SEC or disclosed in documents filed or furnished by the Company with or to the SEC after the filing of such Annual report on Form 10-K, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward looking statements.  The Company undertakes no obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

SOUTH STATE CORPORATION AND SUBSIDIARY

(Unaudited)

(Dollars in thousands, except per share data)

South State Corporation

(Unaudited)

(Dollars in thousands)

South State Corporation

(Unaudited)

(Dollars in thousands)