South State: 2Q Earnings Snapshot
COLUMBIA, S.C. (AP) _ South State Corp. (SSB) on Monday reported second-quarter net income of $40.5 million.
The Columbia, South Carolina-based bank said it had earnings of $1.09 per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, came to $1.43 per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.47 per share.
The bank holding company posted revenue of $179.3 million in the period. Its revenue net of interest expense was $167.1 million, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $176.4 million.
South State shares have risen slightly since the beginning of the year. In the final minutes of trading on Monday, shares hit $87.35, an increase of nearly 6 percent in the last 12 months.