South State Bank owner tops 2Q profit forecasts

COLUMBIA — South State Corp. on Friday reported second-quarter profit of $24.9 million.

The Columbia-based bank owner said it had earnings of $1.03 per share. Earnings, adjusted for onetime expenses, were $1.09 per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.04 per share.

The bank holding company posted revenue of $112.4 million in the period.

South State shares have increased 16 percent since the beginning of the year. The stock has risen 29 percent in the last 12 months.

The company is the largest bank owner headquartered in South Carolina. It was formed by the 2013 merger of the owners of SCBT and Charleston-based First Federal.