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South State Corp. in Columbia, S.C., struggled to increase earnings but held expenses in check after a major acquisition.
October 28 -
NewDominion Bank in Charlotte, N.C., said Wednesday that its chief executive, C. John Hipp, plans to retire by the end of the year. He will be succeeded by Blaine Jackson, the bank's chief financial officer.
September 10 -
South State reported higher second quarter earnings compared to last year, as the Columbia, S.C., company expanded through the combination of SCBT and First Financial Holdings.
July 29
South State in Columbia, S.C., reported
The $7.8 billion-asset company earned $21.2 million in the fourth quarter, up 61% from a year earlier.
A drop in operating costs fueled profits. Noninterest expenses slid 11%, to $74.7 million, primarily because South State a year earlier had expenses associated with its acquisition and rebranding of the $3.2 billion-asset First Federal Bank.
An uptick in mortgage banking revenue lifted fee-based income by 23%, to $25.3 million.
Total loans held steady at $5.7 billion, while net interest income tumbled 3%, to $81.6 million. The net interest margin narrowed 19 basis points, to 4.72%, in part because of lower yields.