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South State: 3Q Earnings Snapshot

·1 min read

WINTER HAVEN, Fla. (AP) _ South State Corp. (SSB) on Thursday reported third-quarter net income of $95.2 million.

The bank, based in Winter Haven, Florida, said it had earnings of $1.34 per share. Earnings, adjusted for one-time gains and costs, came to $1.58 per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.24 per share.

The bank holding company posted revenue of $410.1 million in the period. Its revenue net of interest expense was $385.1 million, which also topped Street forecasts. Three analysts surveyed by Zacks expected $364.3 million.

South State shares have fallen 31% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $59.58, a fall of 26% 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