SOUTH STATE CORP SSB Income Statement

South state corp (SSB)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Interest income:
Loans, including fees
133,034	132,615	134,953	135,388	131,834	132,542	132,043	129,852	127,041	108,319	95,864	93,600	91,752	76,709	77,344	77,154	77,254	77,463	79,857	79,406	78,848	79,901	78,700	79,322	81,959	83,625	78,771	53,816	52,384	46,731	46,179	42,120	39,777	41,471	42,912	40,994	36,828	36,233	35,994
Investment securities:
Taxable
11,915	11,016	10,785	9,551	8,597	8,837	8,890	9,048	8,788	7,268	6,646	7,020	7,231	4,446	4,309	4,477	4,793	4,521	4,106	3,822	3,661	3,898	3,982	3,997	3,881	3,501	3,315	2,096	2,161	-222	2,893	2,870	2,036	2,019	2,023	1,741	1,858	2,526	2,740
Tax-exempt
1,399	1,486	1,587	1,617	1,496	1,458	1,521	1,614	1,559	1,444	1,320	1,397	1,430	914	962	992	1,016	1,038	1,112	1,072	1,078	1,126	1,236	1,071	1,156	1,191	1,202	1,174	1,206	3,370	181	201	195	192	211	235	216	243	164
Federal funds sold, securities purchased under agreements to resell and interest-bearing deposits with banks
1,452	2,337	2,676	3,426	1,463	1,031	1,106	1,218	660	793	581	762	573	619	666	756	752	755	487	464	411	462	430	441	460	539	505	444	418	384	282	279	212	143	161	361	353	247	214
Total interest income
147,800	147,454	150,001	149,982	143,390	143,868	143,560	141,732	138,048	117,824	104,411	102,779	100,986	82,688	83,281	83,379	83,815	83,777	85,562	84,764	83,998	85,387	84,348	84,831	87,456	88,856	83,793	57,530	56,169	50,263	49,535	45,470	42,220	43,825	45,307	43,331	39,255	39,249	39,112
Interest expense:
Deposits
14,437	15,227	16,655	17,393	16,645	15,310	13,220	10,009	6,913	4,221	2,974	2,661	2,497	1,423	1,412	1,368	1,600	1,793	1,811	1,737	2,003	2,244	2,395	2,261	2,401	2,756	2,711	1,463	1,559	1,688	1,970	2,272	2,494	3,221	3,958	4,661	5,717	7,374	7,077
Federal funds purchased and securities sold under agreements to repurchase
615	589	612	673	753	661	599	642	454	324	276	240	240	156	137	137	144	99	95	105	96	80	87	89	101	83	92	115	136	110	105	110	126	107	118	142	160	226	184
Other borrowings
4,735	5,182	5,361	4,737	2,725	1,505	1,452	1,519	1,708	1,005	842	847	887	509	487	475	469	452	641	646	850	1,511	1,497	1,508	1,488	1,496	1,235	668	673	553	550	554	562	572	551	527	532	638	691
Total interest expense
19,787	20,998	22,628	22,803	20,123	17,476	15,271	12,170	9,075	5,550	4,092	3,748	3,624	2,088	2,036	1,980	2,213	2,344	2,547	2,488	2,949	3,835	3,979	3,858	3,990	4,335	4,038	2,246	2,368	2,351	2,625	2,936	3,182	3,900	4,627	5,330	6,409	8,238	7,952
Net interest income
128,013	126,456	127,373	127,179	123,267	126,392	128,289	129,562	128,973	112,274	100,319	99,031	97,362	80,600	81,245	81,399	81,602	81,433	83,015	82,276	81,049	81,552	80,369	80,973	83,466	84,521	79,755	55,284	53,801	47,912	46,910	42,534	39,038	39,925	40,680	38,001	32,846	31,011	31,160
Provision for loan losses
36,533	3,557	4,028	3,704	1,488	3,734	3,117	4,478	2,454	3,808	2,062	2,313	3,707	623	912	2,727	2,557	827	1,075	3,144	818	1,481	2,091	2,169	849	-12	659	179	1,060	2,210	4,044	4,642	2,723	7,057	8,323	4,215	10,641	10,328	12,509
Net interest income after provision for loan losses
91,480	122,899	123,345	123,475	121,779	122,658	125,172	125,084	126,519	108,466	98,257	96,718	93,655	79,977	80,333	78,672	79,045	80,606	81,940	79,132	80,231	80,071	78,278	78,804	82,617	84,533	79,096	55,105	52,741	45,702	42,866	37,892	36,315	32,868	32,357	33,786	22,205	20,683	18,651
Noninterest income:
Securities gains (losses), net
-	24	437	1,709	541	-	-11	-641	-	-	1,278	-110	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	479	675
Other-than-temporary impairment losses
-	-	-	-	-	-	-	-	-	-	753	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Bankcard services income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,105	-	6,476	4,245	3,893	3,665	3,570	3,618	3,320	3,037	2,980	3,045	2,659	2,397	2,348
Securities gains, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	122	-	-	-	-	-	-90	88	-	-	-	-	-	-	-	61	-	-10	0	10	323	-	-
Recoveries on acquired loans
-	2,232	1,401	1,347	1,867	2,737	1,238	2,167	2,975	2,925	1,944	2,171	1,532	1,335	2,207	2,002	921	-	879	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gains on acquisitions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	11,001	0	5,528	-	-
Amortization of FDIC indemnification asset, net
-	-	-	-	-	-	-	-	-	-	-	-	-	1	-1	4,427	1,475	15,707	-1,871	-2,042	-3,207	39,613	-4,825	-5,815	-7,078	-22,679	7,625	-7,310	-7,171	-6,547	-6,623	-4,370	-3,233	-3,086	-3,515	-3,133	-401	530	567
Other
3,955	4,198	2,584	2,794	2,188	4,082	2,659	2,503	2,575	2,138	1,367	1,491	1,674	1,405	1,194	2,473	1,365	108	1,245	2,285	1,660	-3,218	3,117	3,014	3,699	1,404	2,418	1,454	1,371	1,430	977	1,855	712	699	481	605	622	566	752
Total noninterest income
44,132	36,307	37,582	37,618	32,058	35,642	32,027	37,525	40,555	34,542	33,736	35,316	36,435	23,705	35,340	32,118	30,041	29,197	29,771	30,082	26,505	25,296	24,453	24,399	20,548	20,542	15,170	8,485	9,523	10,900	9,166	11,744	9,473	9,663	20,791	8,792	15,873	11,830	11,028
Noninterest expense:
Salaries and employee benefits
60,978	58,218	59,551	58,547	58,431	57,705	57,934	55,026	62,465	50,735	47,245	47,580	48,886	40,722	41,972	40,537	41,432	40,550	40,013	39,754	40,987	39,034	40,029	40,276	39,093	40,635	34,463	23,746	23,252	21,351	18,647	18,262	18,048	16,930	17,345	18,016	16,646	15,274	15,263
Occupancy expense
12,287	16,346	11,883	7,616	11,612	20,949	12,235	7,815	8,166	22,275	6,214	6,048	6,388	5,348	5,464	5,541	5,359	5,427	5,395	5,046	5,237	5,701	5,387	5,763	5,608	5,894	5,079	3,272	3,345	3,901	2,981	2,478	2,248	2,309	2,443	2,346	2,576	2,046	1,907
Information services expense
9,306	8,919	8,878	8,671	9,009	7,877	7,804	8,903	9,738	6,686	6,003	6,413	6,360	5,195	5,237	5,083	5,034	4,734	4,736	4,382	3,958	3,594	3,417	4,435	4,398	4,381	3,905	2,992	3,192	3,060	2,662	2,902	2,468	2,817	2,851	2,503	2,341	2,157	2,157
Furniture and equipment expense
-	-	-	4,233	-	-	-	4,519	4,626	-	3,751	3,877	3,794	3,246	3,234	3,072	2,851	2,772	2,554	2,762	3,145	3,097	3,166	3,264	3,744	3,761	3,513	2,266	2,572	2,340	2,165	2,371	2,239	2,211	2,127	2,181	1,957	1,963	1,937
OREO expense and loan related
587	1,013	597	881	751	831	-19	1,037	1,661	1,073	1,753	1,753	2,142	1,574	2,085	874	1,774	1,845	2,717	2,019	3,014	2,520	3,374	1,736	4,203	4,344	3,461	2,820	3,102	3,221	3,951	2,115	2,716	4,754	4,118	2,662	2,517	1,861	825
Pension plan termination expense
-	-	-	9,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Bankcard expense
-	-	-	-	-	-	-	-	-	-	444	628	2,770	-6,262	2,940	3,040	2,879	2,607	2,448	2,285	1,980	2,078	2,141	2,088	2,256	2,285	1,865	1,236	1,164	985	1,057	1,118	902	-	-	-	-	-	-
Amortization of intangibles
3,000	3,200	3,300	3,300	3,300	3,587	3,500	3,700	3,413	2,904	2,494	2,495	2,507	1,890	1,891	1,892	1,904	2,266	2,078	1,964	2,016	2,052	2,080	2,084	2,104	2,287	1,738	1,022	1,034	566	566	540	500	523	517	505	446	432	432
Supplies, printing and postage expense
1,505	1,464	1,418	1,495	1,504	1,480	1,561	1,406	1,392	1,433	1,491	1,570	1,654	1,369	1,345	1,757	1,808	1,500	1,377	1,430	1,612	2,487	1,268	1,599	1,583	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Professional fees
2,494	2,862	2,442	2,781	2,240	3,148	2,138	1,898	1,699	1,338	1,265	1,599	1,773	2,039	1,758	1,576	1,329	1,156	1,383	1,585	1,409	902	1,681	1,115	1,262	1,430	1,329	760	691	673	643	732	633	334	377	616	449	495	616
FDIC assessment and other regulatory charges
2,058	1,327	228	1,455	1,535	1,340	2,525	3,277	1,263	895	918	989	1,122	734	1,001	1,017	1,144	1,029	1,248	1,253	1,184	1,521	1,068	1,267	1,576	1,193	1,521	1,096	1,224	887	878	1,073	1,037	980	859	1,255	1,479	1,354	1,227
Advertising and marketing
814	1,491	1,052	959	807	1,273	1,049	1,163	736	1,563	852	989	559	799	790	858	645	920	1,054	1,009	855	1,420	837	892	1,007	1,729	1,313	648	842	689	736	553	757	707	824	289	909	614	1,028
Merger and branch consolidation related expense
4,129	1,494	-134	2,078	1,114	0	4,476	14,096	11,296	17,621	1,551	4,307	21,024	4,841	709	1,573	958	-	3,091	2,237	-	4,599	6,846	6,510	5,985	9,314	10,397	860	1,963	7,552	568	1,998	96	404	1,587	598	609	566	964
Other
10,082	8,594	7,047	7,897	7,955	7,669	7,054	7,644	7,008	8,834	5,289	6,033	5,744	4,619	4,765	7,034	4,913	5,458	5,100	5,803	5,088	5,670	3,764	4,860	4,597	1,743	6,824	4,167	4,060	-319	3,177	3,366	3,575	1,338	4,110	4,077	4,295	3,170	2,628
Total noninterest expense
107,247	100,628	96,364	109,407	98,239	96,664	100,294	110,506	113,463	100,046	79,270	84,281	104,723	66,114	73,191	73,854	72,030	71,881	73,194	71,529	70,485	74,675	75,058	75,889	77,416	83,887	75,408	44,885	46,441	48,140	38,031	37,508	35,219	36,548	37,158	35,048	34,224	29,932	28,984
Earnings:
Income before provision for income taxes
28,365	58,578	64,563	51,686	55,598	61,636	56,905	52,103	53,611	42,962	52,723	47,753	25,367	37,568	42,482	36,936	37,056	37,922	38,517	37,685	36,251	30,692	27,673	27,314	25,749	21,188	18,858	18,705	15,823	8,462	14,001	12,128	10,569	5,983	15,990	7,530	3,854	2,581	695
Provision for income taxes
4,255	9,487	12,998	10,226	11,231	12,632	9,823	11,644	11,285	40,541	17,677	15,930	7,103	13,391	14,387	12,420	12,562	12,387	13,377	12,813	12,325	9,445	8,346	9,368	8,832	7,204	6,804	6,173	5,174	2,552	4,938	4,097	3,541	1,154	5,658	2,612	1,338	794	120
Net income
24,110	49,091	51,565	41,460	44,367	49,004	47,082	40,459	42,326	2,421	35,046	31,823	18,264	24,177	28,095	24,516	24,494	25,535	25,140	24,872	23,926	21,247	19,327	17,946	16,917	13,984	12,054	12,532	10,649	-	9,063	-	-	-	-	-	2,516	-	-
Preferred stock dividends
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,073	-	542	-	-	-	-	-	-	-	-	-	-	-	-
Net income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	28,095	24,516	24,494	25,535	25,140	24,872	23,926	21,247	19,327	17,946	15,844	13,172	11,512	12,532	10,649	5,910	9,063	8,031	7,028	-	10,332	4,918	-	1,787	575
Earnings per common share:
Basic (in dollars per share)
0.72	1.46	1.51	1.18	1.25	1.37	1.28	1.10	1.15	0.03	1.20	1.09	0.63	1.01	1.17	1.02	1.02	1.06	1.05	1.04	1.00	0.89	0.81	0.75	0.66	0.50	0.53	0.75	0.63	0.37	0.61	0.55	0.51	0.35	0.75	0.36	0.19	0.14	0.05
Diluted (in dollars per share)
0.71	1.44	1.50	1.17	1.25	1.34	1.28	1.09	1.15	0.03	1.19	1.08	0.63	1.00	1.16	1.01	1.01	1.05	1.04	1.03	0.99	0.88	0.80	0.74	0.66	0.49	0.52	0.74	0.63	0.38	0.60	0.55	0.50	0.35	0.74	0.35	0.19	0.14	0.05
Dividends per common share (in dollars per share)
-	-	-	-	-	-	-	-	0.33	-	0.33	0.33	0.33	0.32	0.31	0.30	0.28	0.26	0.25	0.24	0.23	0.22	0.21	0.20	0.19	0.19	0.19	0.18	0.18	0.18	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17
Weighted average common shares outstanding:
Basic (in shares)
33,566	33,653	34,057	35,089	35,445	36,152	36,645	36,677	36,646	31,642	29,115	29,095	28,892	24,012	24,016	23,995	23,969	23,956	23,984	23,981	23,943	23,924	23,899	23,892	23,873	23,993	21,894	16,790	16,787	15,338	14,920	14,651	13,883	13,900	13,818	13,805	13,185	12,620	12,612
Diluted (in shares)
33,805	33,969	34,300	35,300	35,619	36,383	36,893	36,929	36,899	31,779	29,385	29,365	29,159	24,170	24,278	24,237	24,191	24,152	24,285	24,258	24,201	24,199	24,160	24,141	24,116	24,236	22,128	16,990	16,954	15,457	15,043	14,733	13,951	13,961	13,884	13,886	13,273	12,711	12,738
Fees on deposit accounts
Noninterest income
18,141	19,161	19,725	18,741	17,808	18,704	17,790	22,612	22,543	19,004	20,144	19,897	21,719	11,331	20,776	21,539	20,125	21,076	19,212	17,699	16,492	25,049	17,637	17,617	8,988	34,335	8,966	5,736	5,761	6,313	6,169	5,886	5,447	5,959	6,050	5,615	5,030	5,683	5,582
Mortgage banking income
Noninterest income
14,647	3,757	6,115	5,307	2,385	2,501	2,824	3,317	4,948	3,744	3,446	5,195	5,569	4,443	6,286	5,620	4,198	3,229	4,817	7,089	6,626	4,072	4,124	4,683	3,291	2,530	1,342	1,922	3,355	4,167	3,496	3,052	1,830	1,942	2,341	1,125	863	1,934	1,267
Trust and investment services income
Noninterest income
7,400	6,900	7,300	7,700	7,300	7,586	7,500	7,600	7,514	6,698	6,310	6,452	5,941	5,191	4,877	4,911	4,785	4,643	5,489	5,051	4,934	4,499	4,490	4,812	4,543	4,316	3,593	2,438	2,314	1,744	1,577	1,642	1,397	1,237	1,453	1,525	1,249	1,199	1,187