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%.