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South State in Columbia, S.C., has agreed to buy 13 Bank of America branches in South Carolina and Georgia.
April 22 -
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 -
BB&T in Winston-Salem, N.C., met Wall Street's earnings expectations after reporting revenue rose slightly. The company's second-quarter net income available to shareholders rose 7% from a year earlier, to $454 million. Revenue increased 1.3%, to $2.3 billion.
July 16
South State in Columbia, S.C., reported higher second-quarter profit on improved levels of efficiency and a decline in merger-related expenses.
The $8.1 billion-asset company's net income rose 39% to $24.9 million, or $1.03 per share, from a year earlier.
Net interest income rose 1.6% to $82.3 million. Net interest margin remained unchanged at 4.75%.
Noninterest income rose 23.3% to $30.1 million on higher mortgage banking revenue and lower amortization of the Federal Deposit Insurance Corp. indemnification asset.
Noninterest expense fell 5.7% to $71.5 million. In addition to the decline in merger-related expenses, South State had lower costs for salaries, occupancy, furniture and equipment and other items.
South State's efficiency ratio improved to 63.19%.
