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South State Corp.’s net income dips in 2nd quarter

Banking & Finance
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South State Corp. has announced a dip in second-quarter net income and a quarterly cash dividend of 35 cents per share payable on its common stock.

The Columbia-based parent company of State Bank, the largest bank headquartered in South Carolina, announced $40.5 million in net income for the second quarter of 2018, a $1.8 million decrease from first-quarter income of $42.3 million. Adjusted net income increased 2.8% from the first quarter to $52.7 million.

South State Corp. closed 10 branches in the quarter in actions related to its December 2017 merger with Park Sterling Corp., the company noted in a Form 8-K filing with the Securities and Exchange Commission.

Net loan growth for the second quarter totaled $191.6 million, total deposits were flat and interest expense increased by $3.1 million, the company said.  

The cash dividend per share represented a 1 cent-per-share increase from the first quarter, while return on average assets totaled 1.12% compared to 1.19% in the first quarter. Cash and cash equivalents decreased by $247.7 million.

“We continued to produce attractive levels of profitability in the second quarter,” Robert R. Hill Jr., CEO of South State Corp., said in the filing. “The recently announced management changes put into place the next generation of leadership at South State.  Our bank’s talented team combined with high growth markets, good core funding, a diverse loan portfolio and a solid capital base put us in a good competitive position.”

Earlier this month, Greg Lapointe was named president of South State Bank upon the March 2019 retirement of John Windley. The bank also made Forbes’ inaugural list of best-in-state banks, ranking second in S.C.

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