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Bank of Hawaii in Honolulu reported higher quarterly profit due to strong loan growth.
October 27 -
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 -
Two large community banks merging in South Carolina could create the next Southeast regional player and acquirer of choice.
February 20
South State Corp. in Columbia, S.C., struggled to
The $7.9 billion-asset company's third-quarter earnings rose 8% from the second quarter and 68% from a year earlier, to $19.3 million. The company, then known as SCBT, bought First Financial of Charleston, S.C., in July 2013, skewing comparisons from a year earlier.
Lower expenses, as well as tax and credit-quality factors, contributed more to the linked-quarter improvement than core operations did.
Noninterest expenses fell 1.1% from a quarter earlier, to $75 million.
The loan-loss provision fell 4% from the second quarter, to $2.1 million.
South State's provision for income taxes fell 11% from a quarter earlier, to $8.3 million.
However, net interest income slipped 0.6% from the second quarter, but rose 6% from a year earlier, to $84 million. Total loans rose just 0.1% from June 30, and the net interest margin narrowed by 10 basis points, to 4.85%. The company noted that its funding costs increased, led by higher rates on CDs, time deposits and money market accounts.
Noninterest income rose 0.2% from the second quarter, to $24.5 million. All major sources of fee income slipped from the prior quarter, except for the amortization of the indemnification asset tied to past failed-bank acquisitions.
