South State Corp. (SSB) Tops Q4 EPS by 9c

South State Corp. (NASDAQ: SSB) reported Q4 EPS of $1.30, $0.09 better than the analyst estimate of $1.21.

Full year 2017 financial results:

Net income was $87.6 million, compared with $101.3 million in 2016, a 13.6% decline
Diluted earnings per share (EPS) of $2.93, compared with $4.18, a 29.9% decline
Adjusted net income (non-GAAP) was $145.1 million, compared with $110.1 million, a 31.8% increase
Adjusted diluted EPS (non-GAAP) of $4.85, compared with $4.55, a 6.6% increase

Fourth quarter 2017 financial results:

• Net income was $2.4 million, compared with $35.0 million in the third quarter of 2017, a decline of $32.6 million, or 93.1%
• Diluted EPS of $0.08, compared with $1.19, a decline of $1.11, or 93.3%
• Adjusted net income (non-GAAP) was $41.4 million, compared to $35.7 million, a 15.8% increase, or $5.7 million
• Adjusted diluted EPS (non-GAAP) of $1.30, compared to $1.22, a 6.6% increase
• During the fourth quarter of 2017, there were two major events which impacted the quarter and reduced net income and EPS: (1) merger expenses associated with the acquisition of Park Sterling Corporation (Park Sterling or PSTB) of $12.4 million, net of tax or $0.39 per diluted share, and (2) Tax Cuts & Jobs Act (Tax Act) was signed into law on December 22, 2017, resulting in an estimated reduction in the value of our net deferred tax asset by $26.6 million, or $0.83 per diluted share

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

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