Exhibit 99.1

South State Corporation Reports Increase in 2014 Net Income of 55.4%; Increases Quarterly Cash Dividend

COLUMBIA, S.C.—January 27, 2015—South State Corporation (NASDAQ: SSB) today released its unaudited results of operations and other financial information for the three-month and twelve-month periods ended December 31, 2014.  Annual (2014) highlights include the following:

·                  Net income available to the common shareholder improved by 55.4% to $74.4 million

·                  Earnings per share (EPS) — diluted was $3.08 compared to $2.38 in 2013, an increase of 29.4%

·                  Operating earnings available to the common shareholder improved by 42.9% to $90.6 million

·                  Operating EPS — diluted was $3.75 compared to $3.16 in 2013, an increase of 18.7%

·                  Increased dividend paid to common shareholders by 10.8%

·                  Non-acquired loan growth for 2014 was $602.6 million or 21.0%

·                  C&I loans grew by $84.1 million or 26.1%

·                  Construction & land development loans grew by $64.3 million or 21.4%

·                  Consumer real estate loans grew by $265.4 million or 33.0%

·                  Commercial owner occupied loans grew by $74.4 million or 8.9%

·                  Consumer non real estate loans grew by $52.9 million or 38.8%

·                  Performance ratio improvement

·                  Return on average assets improved to 0.95% from 0.77%

·                  Operating return on average assets improved to 1.15% from 1.02%

·                  Return on average tangible equity improved to 13.77% from 11.54%

·                  Operating return on average tangible common equity improved to 16.56% from 15.00%

·                  Efficiency ratio improved to 71.41% from 75.85%

·                  Balance sheet and tangible book value continued to strengthen

·                  Net loan growth of $28.4 million (non-acquired loan growth offset the acquired loan run off)

·                  OREO decreased $22.2 million, or 34.2% to $42.7 million

·                  Noninterest bearing deposits increased by $153.5 million or 10.3%

·                  Tangible book value improved to $25.59 per share, a $3.23 per share increase, or 14.5%

·                  Tangible common equity to tangible assets improved to 8.28% from 7.13%

·                  Asset quality continued improvement

·                  Nonperforming assets (NPAs) declined by 26.4%, or $28.6 million, to $79.6 million

·                  NPAs to total assets improved to 1.02% from 1.36% in 2013

·                  Net charge offs on non-acquired loans declined to 0.16% in 2014 compared to 0.41% in 2013

·                  Coverage ratio on non-acquired non-performing loans improved to 121.1% from 81.2% in 2013

Quarterly Cash Dividend

The Board of Directors of South State Corporation has declared a quarterly cash dividend of $0.23 per share payable on its common stock.  This per share amount is $0.01 per share, or 4.5% higher than the dividend paid in the immediately preceding quarter and is $0.04 per share, or 21.1%, higher than a year ago.  The dividend will be payable on February 20, 2015 to shareholders of record as of February 13, 2015.

Fourth 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 $21.2 million, or $0.88 per diluted common share for the three months ended December 31, 2014 up from $19.3 million, or $0.80 per diluted common share for the three months ended September 30, 2014.  The $1.9 million increase was primarily the result of $1.2 million increase in net interest income, a decline in the provision for loan losses of $610,000, an increase in noninterest income of $850,000, lower noninterest expenses of $380,000, partially offset by an increase in the provision for income taxes of $1.1 million.  During the quarter, our effective income tax rate remained low at 30.77% similar to the 30.16% in third quarter of 2014.  The low rate in the fourth quarter of 2014 was primarily the result of additional state income tax credits acquired during the quarter.  The full year effective tax rate was 32.30% compared to 34.00% for 2013.  Going forward, the Company expects to have an effective tax rate of approximately 34%.

“I am pleased to report an increase in net income of 55.4% and a 10.8% increase in our dividends paid during 2014.  It was a transformational year for our company, as we completed the integration of First Federal, consolidated our five brands into South State and made significant gains in building a platform that will carry our company forward,” said Robert R. Hill, Jr., CEO of South State Corporation.  “During the year much changed, but our continued focus on our customers allowed us to attract new customer relationships while retaining and enhancing existing relationships.  The quality of our loan portfolio was also a major contributor to our success this year.  Our total non-performing assets declined to approximately the 1% level, while net charge offs declined to 0.16%.  The strength of our balance sheet, 16.56% operating return on tangible common equity, and the significant steps undertaken to continue building our infrastructure should have us very well-positioned for the future.”

Asset Quality

During the fourth quarter of 2014, overall asset quality continued to improve.  Non-acquired NPAs, excluding acquired loans and acquired other real estate owned (OREO), declined by $3.4 million, or 8.5%, to $36.5 million.  Non-acquired nonperforming loans decreased by $2.0 million, or 6.4%, and non-acquired OREO decreased $1.4 million, or 15.1%.  Non-acquired NPAs as a percentage of total non-acquired loans and repossessed assets declined to 1.05% compared to 1.20% in the third quarter of 2014.  Total NPAs, including acquired NPAs, declined by $8.6 million from the third quarter 2014 level of $88.2 million to $79.6 million at December 31, 2014.

During the fourth quarter, the Company reported $7.6 million in nonperforming loans related to “acquired non-credit impaired loans”.  This was an increase of $1.8 million from the third quarter of 2014.  Additionally, acquired nonperforming OREO and other assets owned declined by $7.1 million from September 30, 2014.  From December 31, 2013, total nonperforming assets, including acquired assets, has declined by more than 26%, or $28.6 million.

At December 31, 2014, the allowance for non-acquired loan losses was $34.5 million or 1.00% of non-acquired period-end loans.  The current allowance for loan losses provides 1.21 times coverage of period-end non-acquired nonperforming loans, up from 1.14 times at the end of the third quarter of 2014 and up from 0.81 times at December 31, 2013.  Net charge-offs within the non-acquired portfolio were $1.1 million for the quarter or 0.13%

annualized, down from the third quarter of 2014 of $2.1 million or 0.26% annualized, and down from the fourth quarter of 2013 of $1.8 million or 0.26% annualized.

During the quarter, net charge offs related to “acquired non-credit impaired loans” were $490,000 or 0.14% annualized, and the Company recorded a provision for loan losses, accordingly.

Total OREO decreased by $8.5 million during the fourth quarter to $42.7 million compared to the third quarter of 2014 of $51.3 million.  This decline was the result of our continued effort in disposing of these assets.  Additionally, non-acquired OREO write downs during the fourth quarter were $100,000 on four assets compared to $950,000 on fifteen assets in the third quarter.  As a result, our OREO and loan related costs were down $850,000 during the quarter to $2.5 million compared to the third quarter of $3.4 million.

Net Interest Income and Margin

Non-taxable equivalent net interest income was $81.6 million for the fourth quarter of 2014, a $1.2 million increase from the third quarter of 2014, resulting primarily from the following:

1.              A $118.5 million decrease in the average balance of acquired loans from the third quarter of 2014, coupled with the fourth quarter recast where loan pools nonaccretable yield reduced by approximately $51.0 million (the majority coming from loan pools of the First Federal acquired loan pools).  This release resulted in net improved accretable yield of approximately $40.0 million which will be recognized over time.  In the fourth quarter, the yield on the acquired loan portfolio increased 40 basis points from 7.28% to 7.68% resulting in an increase of $136,000 in interest income;

2.              A $136.8 million increase in the average balance of non-acquired loans which resulted in an increase in interest income of approximately $800,000; while the yield declined from 4.15% during the third quarter to 4.08% in the fourth quarter; and

3.              The decrease in interest expense from funding sources was $150,000.  Transaction and money market accounts were responsible for the majority of this decline which was driven primarily by a decline in interest rates.

Tax-equivalent net interest margin increased 7 basis points from the third quarter of 2014 and declined by 19 basis points from the fourth quarter of 2013.  The Company’s average yield on interest-earning assets increased 6 basis points while the average rate on interest-bearing liabilities decreased 1 basis point from the third quarter of 2014.  During the fourth quarter of 2014, the Company’s average total assets slightly decreased to $7.9 billion and average earning assets remained at $6.9 billion.  Average interest-bearing liabilities declined by approximately $78.8 million to $5.2 billion.  Average non-interest bearing demand deposits increased by $22.5 million during the quarter and by $167.9 million from December 31, 2013.

Noninterest Income and Expense

Noninterest income was higher than the third quarter of 2014 by approximately $850,000 to $25.3 million for the fourth quarter of 2014.  The increase was primarily the result of lower amortization of the FDIC indemnification asset by $650,000 and higher other revenue of $460,000.  These two were partially offset by declines in service charges on deposit accounts and lower bankcard services income.  Compared to the fourth quarter of 2013, noninterest income grew by $4.7 million due primarily to the reduced amortization of the indemnification asset by $3.3 million and improved mortgage banking income of $1.6 million.

Noninterest expense was $74.7 million in the fourth quarter of 2014, down from $75.1 million in the third quarter of 2014.  This decrease from the third quarter of 2014 was primarily due to lower cost in salaries and employee benefits, OREO expense and other loan related, and merger-branding related charges.  These three categories were offset with increases due primarily to discretionary related spending, timing relative to the conversion during third quarter, loan production related cost and passive losses from investments for tax credits which increased $800,000 during the quarter.

The efficiency ratio for the quarter was 69.3%, down from 71.0% in the third quarter.  Our operating efficiency ratio, which excludes merger and brand-related expenses and OREO and loan related expenses, increased to 62.7% compared to 61.3% in the third quarter.

Compared to the fourth quarter of 2013, noninterest expense was down from the fourth quarter of 2013 by $9.2 million.  There was a decline in most categories from a year ago led by merger/branding related, OREO expense and other loan related, salaries and employee benefits, furniture and equipment expense and information services expense.  These declines were offset by increases in supplies, printing and postage and an increase in passive losses related to certain tax advantaged investments.

Balance Sheet and Capital

At December 31, 2014, the Company’s total assets were $7.8 billion, down from $7.9 billion at September 30, 2014, and at December 31, 2013.  Since December 31, 2013, the Company has experienced asset growth in the following areas:  investment securities portfolio by $14.3 million or 1.8%, non-acquired loans by $602.6 million, or 21.0%, and loans held for sale by $29.7 million, or 97.1%.  Loans held for sale increased primarily from the increase in closings of mortgage loans from the pipeline.  Fully offsetting these increases were decreases in acquired loans by $574.2 million, the FDIC receivable by $64.3 million, cash and cash equivalents by $61.6 million, decrease in deferred tax assets of $30.2 million and OREO by $22.2 million.

The Company’s book value per common share increased to $40.78 per share at December 31, 2014, compared to $40.07 at September 30, 2014.  Capital increased by $17.9 million due primarily to net income of $21.2 million, which was offset by the common dividend paid of $5.3 million.  Accumulated comprehensive loss decreased by $764,000, net of tax, in the fourth quarter, primarily the result of the increased unrealized gain in the available for sale investment securities portfolio, which was partially offset by an unrealized loss in the pension plan recorded in the fourth quarter.  At December 31, 2014, capital was $3.5 million greater than the level at December 31, 2013 even with the redemption of $65.0 million of preferred stock in March of 2014 and paying cash dividends of $20.8 million during 2014 (both common and preferred).  Tangible book value (“TBV”) per common share increased by $0.81 per share to $25.59 at December 31, 2014, from $24.78 at September 30, 2014.  This increase was primarily the result of the strong net income during the quarter, net of the dividend paid to shareholders. In addition, tangible common equity to tangible assets increased to 8.28% at December 31, 2014 up from 7.96% at the end of the third quarter of 2014.  Tangible common equity was 7.13% at December 31, 2013.

The total risk-based capital ratio is estimated to be 14.3% up from September 30, 2014 of 14.1%.  Tier 1 leverage ratio increased to approximately 9.4% from 9.1% at September 30, 2014.  The increase was driven by net income for the quarter.  The Company’s capital position remains “well-capitalized” by all measures at December 31, 2014.

“Our tangible book value increased by $0.81 per share during the quarter, a 13.0% annualized increase, to $25.59, while our tangible common equity to tangible assets increased from 7.96% at the end third quarter to 8.28% at December 31, 2014” said John C. Pollok, COO and CFO.  “In addition during 2014, GAAP diluted earnings per share improved from $0.55 per share in the fourth quarter of 2013 to $0.88 per share in the fourth quarter of 2014, a 60.0% increase, and operating diluted earnings per share improved from $0.80 per share in the fourth quarter of 2013 to $1.01 per share in the fourth quarter of 2014, a 26.3% increase.”

South State Corporation will hold a conference call today, January 27th; 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 10058469.  Participants can also listen to the live audio webcast through the Investor Relations section of www.SouthStateBank.com.  A replay will be available beginning January 27th by 2:00 p.m. Eastern Time until 9:00 a.m. on February 11, 2015.  To listen to the replay, dial 877-344-7529 or 412-317-0088.  The passcode is 10058469.

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South State Corporation is the largest 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 $7.8 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)