South State Corp. (NASDAQ: SSB) reported Q3 EPS of $1.33, $0.08 worse than the analyst estimate of $1.41. Revenue for the quarter came in at $143.56 million versus the consensus estimate of $166.05 million.

Third quarter 2018 financial results:

• Net income was $47.1 million, compared to $40.5 million in the second quarter of 2018, an increase of $6.6 million
• Diluted EPS of $1.28 compared to $1.09, an increase of $0.19 per share
• Adjusted net income (non-GAAP) was $49.1 million, compared to $52.7 million, a $3.6 million decrease
• Adjusted diluted EPS (non-GAAP) of $1.33 compared to $1.43, a decline of 7.0%

“2018 has been a year of transition for our company and I am pleased with the progress we continued to make in the third quarter,” said Robert R. Hill, Jr., CEO of South State Corporation. “Our merger with Park Sterling has gone well, with North Carolina leading the bank with double digit loan growth during the quarter. The loan and balance sheet repositioning we have undergone is mostly complete. Overall loan production is at all-time highs and our markets continue to be robust with growth opportunities. We have, however, continued to face earnings headwinds in the near term with the impact of the Durbin Amendment, higher level of interest expense, and slower net loan growth. Expense management has been good and credit quality continues to be excellent. The balance sheet remains strong and 2018 marks the first time in two years where we are not focused on a pending acquisition. While overall revenue and balance sheet growth are below our historical performance levels, we are well-positioned for the long term.”

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