South Financial Group Inc. of Greenville, S.C., reported fourth-quarter earnings of $37 million, 34% more than a year earlier.
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Full-year profits of $129.6 million were up 45%, mostly because of expansion in Florida, the $13.8 billion-asset company said Tuesday.
Per-share earnings met analysts' average estimates of 51 cents for the quarter and $1.96 for the year. The figures excluded a noncash charge of $10.4 million for an "other-than-temporary impairment on Fannie Mae and Freddie Mac perpetual preferred stock," the company said.
Also excluded were merger-related costs. In late October the company announced an agreement to buy the $429 million-asset Pointe Financial Corp. of Boca Raton, Fla. The deal is expected to close in April.
