South State: 2Q Earnings Snapshot
Posted July 30, 2020 5:34 pm.
Last Updated July 30, 2020 5:38 pm.
This article is more than 5 years old.
COLUMBIA, S.C. (AP) _ South State Corp. (SSB) on Thursday reported a second-quarter loss of $84.9 million, after reporting a profit in the same period a year earlier.
The Columbia, South Carolina-based bank said it had a loss of $1.96 per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to 89 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The bank holding company posted revenue of $234.9 million in the period. Its revenue net of interest expense was $216.9 million, also topping Street forecasts. Four analysts surveyed by Zacks expected $215.7 million.
South State shares have fallen 45% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $47.72, a decline of 39% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SSB at https://www.zacks.com/ap/SSB
The Associated Press
