South State Corp. (SSB) Tops Q2 EPS by 7c

South State Corp. (NASDAQ: SSB) reported Q2 operating EPS of $1.18, $0.07 better than the analyst estimate of $1.11.

• Performance ratios 2Q 2016 to 1Q 2016
  • Return on average assets was 1.13% compared to 1.15%
  • Operating return on average assets improved to 1.32% from 1.18%
  • Return on average tangible equity was 14.59% compared to 15.04%
  • Operating return on average tangible equity improved to 16.85% from 15.36%
  • Efficiency ratio was 64.54% compared to 64.07%
  • Operating efficiency ratio improved to 60.81% from 63.22% (excluding branch consolidation expenses and the charge for the early termination of the FDIC loss share agreements)

• Balance sheet 2Q 2016
  • Cash and cash equivalents decreased by $215.4 million with growth in loans
  • Other real estate owned (“OREO”) decreased $3.5 million to $22.4 million, including the disposition of 45 properties during the second quarter of 2016
  • Early termination of loss share agreements with the FDIC during the 2Q 2016
  • Noninterest bearing deposits increased by $96.6 million, or 19.2% annualized
  • Shareholders’ equity increased $22.3 million to $1.1 billion
  • Equity to assets improved to 12.66% from 12.48%
  • Tangible equity to tangible assets improved to 8.66% from 8.43%

For earnings history and earnings-related data on South State Corp. (SSB) click here.

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