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South State reports $18.3M net income for Q1

Banking & Finance
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South State Corp., parent of South State Bank, reported today consolidated net income of $18.3 million common share for the first quarter of 2017, $5.9 million or 24.5% decrease from the fourth quarter of 2016.

Interest income was up $18.3 million mainly resulting from the merger with Augusta-based Southeastern Bank Financial Corp. South State, which closed on the deal in January, said in today’s financial report that it issued nearly 5 million shares totaling $435.1 million in the acquisition of Southeastern.

At the end of first quarter, South State’s total assets were $11.2 billion, an increase of $2.2 billion from Dec. 31, and an increase of $2.5 billion over the first quarter of 2016, according to press release.

“South State continued to perform at a high level with strong growth in all lines of business, a good start to 2017,” South State CEO Robert Hill said in a statement. “The merger with Southeastern was completed and we look forward to building upon their long history of success in Augusta and Aiken.”

South State’s board on Thursday declared a quarterly cash dividend of 33 cents per share payable on the company’s common stock.  The dividend will be payable on May 19 to shareholders of record as of May 12.

South State’s stock, which opened the day at $87.05 per share, had climbed to $90.10 by noon. Analysts in recent research reports have set a target price of $92 to $98 a share, according to The Markets Daily.

South State stock is traded on NASDAQ.

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