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South State reports Q2 income up 74.2%

Banking & Finance
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Columbia-based South State Corp., parent of South State Bank, reported today that net income for the second quarter of 2017 totaled $31.8 million, up 74.2% over the first quarter sum of $18.3 million. In a year-over comparison, second quarter net income was up 29.7% over $24.5 million reported for the second quarter of 2016.

Interest income for the second quarter of 2017 was up $1.8 million mainly due to non-acquired (legacy) loan growth during the three-month period, which boosted interest income by $4.6 million, the company said. The increase was offset by a decline in acquired loan interest income of $2.8 million, which resulted from a decline in the acquired loan balance during the quarter, the company added.

The company also reported net income for the first half of 2017 totaled $50.1 million compared with $49 million for the initial six months of 2016.

“Performance was strong across all areas of South State, and we are pleased with the second quarter and year-to-date results,” said Robert Hill, CEO of South State. “The merger and integration of Southeastern continues to progress, and the contribution from the Augusta and Aiken markets was meaningful during the quarter. We are working closely with the team at Park Sterling Corporation and look forward to combining the companies later this year.”

On April 27, South State and Charlotte-based Park Sterling Corp. announced plans to combine the two companies creating a franchise with $14.5 billion in assets with operations throughout South Carolina, North Carolina, Virginia and Georgia. The deal is valued at approximately $690.8 million.

In January, South State completion of its merger with Southeastern Bank Financial Corp., headquartered in Augusta.

South State today also announced that its board has declared a quarterly cash dividend of 33 cents per share payable on its common stock, up 2 cents per share, or 6.5% higher than the dividend paid a year ago. The dividend will be payable on Aug. 18 to shareholders of record as of Aug. 11.

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