South State Corporation Reports Second Quarter 2020 Results and Declares Quarterly Cash Dividend
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South State Corp. (SSB) Tops Q2 EPS by 77c
July 30, 2020 4:27 PM EDTSouth State Corp. (NASDAQ: SSB) reported Q2 EPS of $0.89, $0.77 better than the analyst estimate of $0.12.
Highlights of the second quarter included:
Closed the merger of equals with CenterState Bank Corporation (CSFL) on June 7th (see page 7 for additional details).After recording a total loan loss provision expense of $151 million, $119 million of which was for the CenterState acquired NonPCD loans and unfunded commitments (the initial provision), and after $40 million in merger-related costs, the company reported a net loss of ($85 million) for the quarter, resulting in an ROAA of (1.49%), annualized. The... More