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South State: 2Q Earnings Snapshot

July 30, 2018

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SSB at https://www.zacks.com/ap/SSB

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