South State Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge Offs for the Fourth Quarter Ended December 31, 2017
January 23, 2018 at 07:00 am EST
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South State Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company's net interest income was $112,274,000 against $80,600,000 a year ago. Income before provision for income taxes was $42,962,000 against $37,568,000 a year ago. Net income was $2,421,000 or $0.08 per diluted share against $24,177,000 or $1.00 per diluted share a year ago. Adjusted net income was $41,388,000 or $1.30 per diluted share against $27,991,000 or $1.15 per diluted share a year ago. Return on average assets was 0.08% against 1.08% a year ago. Adjusted return on average assets was 1.33% against 1.26% a year ago. Return on average equity was 0.51% against 8.50% a year ago. Adjusted return on average equity was 8.75% against 9.84% a year ago. Book value per common share was $62.81 per share against $46.82 per share a year ago.
For the full year, the company's net interest income was $408,986,000 against $324,846,000 a year ago. Income before provision for income taxes was $168,805,000 against $154,042,000 a year ago. Net income was $87,554,000 or $2.93 per diluted share against $101,282,000 or $4.18 per diluted share a year ago. Adjusted net income was $145,136,000 or $4.85 per diluted share against $110,099,000 or $4.55 per diluted share a year ago. Return on average assets was 0.77% against 1.16% a year ago. Adjusted return on average assets was 1.28% against 1.26% a year ago. Return on average equity was 5.26% against 9.17% a year ago. Adjusted return on average equity was 8.71% against 9.97% a year ago.
For the quarter, the company's net charge offs on non-acquired loans were 0.02% annualized, or $265,000 against 0.05% annualized, or $644,000 a year ago. Net charge offs on acquired non-credit impaired loans were 0.07% annualized, or $402,000 against 0.06% annualized or $122,000 a year ago.
SouthState Corporation is a financial holding company. The Company offers a range of banking services and products to its customers through its wholly owned bank subsidiary, South State Bank, National Association (the Bank). The Bank provides consumer, commercial, mortgage and wealth management solutions. The Bank's loan portfolio includes commercial real estate loans, residential real estate loans, commercial and industrial loans, and consumer loans. It also offers its customers a variety of deposit products and services, including checking accounts, savings accounts, other deposit accounts and treasury and merchant services, through multiple channels, including its network of approximately 251 full-service branches and online, mobile and telephone banking platforms. Through Corporate Billing, LLC, the Bank provides factoring, invoicing, collection, and accounts receivable management services to transportation companies and automotive parts and service providers.
South State Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge Offs for the Fourth Quarter Ended December 31, 2017