The South Financial Group Inc. of Greenville, S.C., announced Tuesday that its third-quarter earnings were $31 million, 30% more than a year earlier.
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South Financial, a two-bank holding company with assets of $13.7 billion and operations in the Carolinas and Florida, acquired the $833 million-asset CNB Florida Bancshares Inc. and the $989 million-asset Florida Banks Inc. during the quarter. They contributed much of the profit increase, but South Financial had merger-related expenses of $5.4 million.
The net interest margin improved from 3.01% in last year's third quarter to 3.36%.
Asset quality was better as well. Nonperforming assets were 0.72% of total loans, against 1.14% a year earlier.
