South State Corporation (SCBT) has reported 25.43 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $18.26 million, or $0.63 a share in the quarter, compared with $24.49 million, or $1.01 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $33.40 million, or $1.15 a share compared with $25.05 million or $1.04 a share, a year ago. Revenue during the quarter grew 19.25 percent to $130.09 million from $109.09 million in the previous year period. Net interest income for the quarter rose 19.31 percent over the prior year period to $97.36 million. Non-interest income for the quarter rose 21.28 percent over the last year period to $36.44 million.
South State Corporation has made provision of $3.71 million for loan losses during the quarter, up 44.97 percent from $2.56 million in the same period last year.
Net interest margin contracted 17 basis points to 4.20 percent in the quarter from 4.37 percent in the last year period. Efficiency ratio for the quarter deteriorated to 77.51 percent from 64.07 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"We are pleased with the first quarter accomplishments," said Robert R. Hill, Jr., chief executive officer of South State Corporation. "South State continued to perform at a high level with strong growth in all lines of business, a good start to 2017. The merger with Southeastern was completed and we look forward to building upon their long history of success in Augusta and Aiken. Our team in Augusta and Aiken has done a tremendous job, and we feel very fortunate to have such a talented group of bankers."
Deposits stood at $9,033.44 million as on Mar. 31, 2017, up 26.13 percent compared with $7,161.95 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $2,599.11 million or 28.77 percent of total deposits on Mar. 31, 2017, compared with $2,020.63 million or 28.21 percent of total deposits on Mar. 31, 2016.
Investments stood at $1,400.61 million as on Mar. 31, 2017, up 40.69 percent or $405.10 million from year-ago. Shareholders equity was at $1,579.90 million as on Mar. 31, 2017.
Return on average assets moved down 47 basis points to 0.68 percent in the quarter from 1.15 percent in the last year period. At the same time, return on average equity decreased 444 basis points to 4.74 percent in the quarter from 9.18 percent in the last year period.
Nonperforming assets moved down 22.50 percent or $11.23 million to $38.68 million on Mar. 31, 2017 from $49.91 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.35 percent in the quarter, down from 0.53 percent in the last year period.
Capital ratios improveSouth State Corporation recorded an improvement in capital ratios during the quarter. Tier-1 leverage ratio stood at 10 percent for the quarter, up from 9.40 percent for the previous year quarter. Equity to assets ratio was 14.17 percent for the quarter, up from 12.48 percent for the previous year quarter. Book value per share was $54.05 for the quarter, up 20.78 percent or $9.30 compared to $44.75 for the same period last year.
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