COLUMBIA, S.C., July 13, 2019 – Shares of South State Corporation (NASDAQ: SSB) showed the bullish trend with a higher momentum of 1.38% to $76.33. The company traded total volume of 139.913K shares as contrast to its average volume of 141.89K shares. The company has a market value of $2.67B and about 35.02M shares outstanding.
South State Corp. (SSB) reported consolidated net income of $44.40M, or $1.25 per diluted common share for the three-months ended March 31, 2019, a $4.60M decrease, or $0.10 per share decline in EPS contrast to the fourth quarter of 2018. Contrast to the first quarter of 2018, net income totaled $42.30M, or $1.15 per diluted common share. Weighted average diluted shares declined by 746.0K, from the fourth quarter of 2018, because of the continuation of the Company buying back shares under the Repurchase Program, which improved first quarter diluted EPS by $0.03 per diluted share. Net interest income was down $3.10M contrast to the fourth quarter of 2018 on $478.0K lower interest income and $2.60M higher interest expense. The interest income decline was mainly the result of attained loan interest income declining more than the increase in non-attained loan interest income. Overall attained loan accretion declined by $525.0K in the first quarter of 2019 contrast to the fourth quarter of 2018. The increase in interest expense was because of the continued competition within our markets for deposits and a boost in borrowings from the FHLB. The Company’s cost of interest-bearing liabilities was 0.89% for the first quarter of 2019, a boost of 0.11% from the fourth quarter of 2018. Contrast to the first quarter of 2018, cost of funds increased by 0.48% which was mainly the result of rising interest rates and competition within our markets. The total provision for loan losses reduced $2.20M contrast to the fourth quarter of 2018. Valuation allowance impairment (release) related to attained loans was $13.0K contrast to $710.0K impairment in the fourth quarter of 2018. Several pools, in the fourth quarter of 2018, within the attained credit impaired loan portfolio resulted in declining estimated cash flows and larger impairment. The provision for loan losses related to attained non-credit impaired loans was lower by $406.0K contrast to the fourth quarter of 2018. The provision for loan losses on non-attained loans was $1.10M lower contrast to the fourth quarter of 2018 due mainly to continuation of strong asset quality indicators and low net charge offs. Noninterest income reduced $3.60M resulting mainly from declines in each revenue category, except for net securities gains totaling $541.0K in the first quarter of 2019. Noninterest expense was higher by $1.60M because of $980.0K in branch consolidation and other cost programs and $134.0K in an FHLB prepayment penalty (no merger and conversion related charges incurred in 4Q 2018). Absent the branch consolidation expense, cost program expense and the FHLB prepayment penalty, our noninterest expense increased by $461.0K, which can be attributed to a boost in other expense related to passive investment losses on tax advantaged investments. All other variances in noninterest expense offset.
The Company offered net profit margin of 31.60%. ROE was recorded as 7.70% while beta factor was 1.31. The stock, as of recent close, has shown the weekly upbeat performance of 1.49% which was maintained at 27.32% in this year.