South State reports third-quarter income of $47.1M

Listen to this article

Columbia-headquartered South State Corp. has reported third-quarter net income of $47.1 million, up from $40.5 million in the second quarter, and a quarterly dividend of 36 cents per share.

The bank reported diluted earnings per share of $1.28, up from $1.09 in the second quarter. Adjusted net income decreased $3.6 million, from $52.7 million to $49.1 million.

The third-quarter dividend increased 2.9% from the second quarter of 2018 and 9.1% from the third quarter of 2017. It is payable on Nov. 16 to shareholders of record as of Nov. 9.

South State completed a merger with Park Sterling Corp. last December. Integration cost was finalized during the third quarter of 2018, South State said, and included a $20.6 million decrease in interest-bearing deposits resulting from brokered deposits acquired in the merger.

“2018 has been a year of transition for our company, and I am pleased with the progress we continued to make in the third quarter,” Robert Hill, South State CEO, said in the company’s SEC filing.  “Our merger with Park Sterling has gone well.  … The loan and balance sheet repositioning we have undergone is mostly complete.  Overall loan production is at all-time highs, and our markets continue to be robust with growth opportunities.”