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South State to distribute $2.7 million in employee bonuses

Banking & Finance
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South State Bank will distribute $2.7 million in bonus to more than 2,800 employees on Feb. 9.

Full-time employees of the Columbia-headquartered company will receive $1,000 and part-time employees will receive $500.

“Last year was an excellent year for South State,” South State Corp. CEO Robert Hill Jr. said in a news release. “The performance of the company, along with the recent tax reform, provide a great opportunity to share in this success.”

Hill said the company will also invest in hiring and technology.

South State recently completed a merger with Park Sterling that brought its total assets to more than $14 billion.

Last week, South State reported a fourth-quarter 2017 net income drop to $2.4 million from $35 million in the third quarter. Adjusted net income increased from $35.7 million to $41.4 million quarter-to-quarter, a 15.8% increase.

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 company’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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