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South State reports earnings increase

South State Corp. on Friday reported a $4.2 million increase in net operating earnings in the second quarter, compared to the same quarter last year.

The banking company released figures showing earnings in the second quarter of this year reached $26.3 million. During the same quarter of 2014, the comparable figure was $22.2 million.

The corporation’s stock closed Thursday at $77.62 and was at $76.47 late Friday afternoon.

“Our income is up a lot and our expenses are very well managed,” said South State’s analyst John Pollok. South State is spending some $30 million to buy 13 branch banks from Bank of America. But the sale is to close Aug. 21 and is not part of the second-quarter data, Pollok said.

The earnings and other figures released Friday are unaudited results, the company said.

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From Staff and Wire Reports