South State bank reports earnings jump

South State Corp., South Carolina’s largest bank holding company headquartered in the state, reports first-quarter earnings are up 12.5 since the final quarter of 2014 and 51 percent over the same time a year ago.

The bank’s capital position for the first time is more than $1 billion, the company reported this week.

Earnings per share rose to 99 cents from 88 cents in the final quarter of last year. That’s a 12.5 percent increase.

Net income to common shareholders rose by 51 percent from the fourth quarter of 2014, and dividends increased for the fifth quarter in a row, bank officials said.

With a recent acquisition of 13 Bank of America branches, South State has 104 branches in the Palmetto State, 26 in Georgia and nine in North Carolina, the company said.

South State also is consolidating or selling 14 branches and ATM locations during the next several quarters.

– Clif LeBlanc

This story was originally published May 1, 2015 at 11:13 PM with the headline "South State bank reports earnings jump."