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South State Corp. reports dip in Q4 net income

Banking & Finance
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South State Corp.’s fourth-quarter 2017 net income dropped to $2.4 million from $35 million in the third quarter, the Columbia-headquartered company reported Tuesday.

Adjusted net income increased from $35.7 million to $41.4 million quarter-to-quarter, a 15.8% increase.

The bank’s non-GAAP earnings per share of $1.30 for the quarter represented a 6.6% increase from the third quarter’s $1.22.

South State’s net income for 2017 was $87.6 million, a 13.6% decline from its $101.3 million net income in 2016. Adjusted year-to-year net income increased 31.8% from $110 million to $145 million.

The bank cited two factors leading to the quarter’s reduced net income: merger expenses of $12.4 million associated with the acquisition of Park Sterling Corp. and an estimated $26.6 million reduction in the value of the company’s net deferred tax asset as a result of the new tax law.

The company’s return on average assets for 2017 totaled 0.77%, compared to 1.16% in 2016.

South State’s board of directors declared a quarterly cash dividend on Jan. 18 of 33 cents per share, equal to the third-quarter amount and one cent per share higher than the previous year. The dividend is payable on Feb. 16 to shareholders of record as of Feb. 9.

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