South State Corp.’s first-quarter 2018 net income increased to $42.3 million from $2.4 million at the end of last year, the Columbia-headquartered company reported Tuesday.
Adjusted net income increased from $41.4 million to $51.2 million quarter-to-quarter, a 23.8% increase. The bank’s non-GAAP earnings per share of $1.39 for the quarter represented a 6.9% increase.
The $42.3 million net income represented an $18.2 million increase from the first quarter of 2016.
The bank cited the Tax Cuts and Jobs Act as a driving factor behind the gains as well as $2.8 million in bonuses paid to employees. The act also reduced income tax provision by close to $6.8 million, the bank said.
South State’s board of directors declared a quarterly cash dividend of 34 cents per share, one cent per share higher than last quarter. The dividend will be payable on May 18 to shareholders of record as of May 11.
“We are pleased with the progress in the first quarter of 2018 in all areas of the company. We successfully completed the Park Sterling system conversion this past weekend and are excited to build upon this merger,” South State CEO Robert R. Hill Jr. said in a statement.
Return on average assets totaled 1.19% compared to .08% in the fourth quarter of 2017, while cash and cash equivalents increased by $267 million.o