South State Corp.’s first-quarter 2018 net income was $42.3 million, an increase of $39.9 million from the end-of-year $2.4 million, the company reported.
The board of directors of the Columbia-based financial services company declared a quarterly cash dividend of $0.34 per share payable on its common stock, which is an increase of $0.01 per share compared to last quarter and the same quarter one year ago. The dividend will be payable on May 18 to shareholders of record as of May 11, 2018.
The bank pointed to the Tax Cuts and Jobs Act as a primary cause for the boosts. The TCJA reduced income tax provision by around $6.8 million, the bank said in a news release.
Adjusted net income (non-GAAP) was $51.2 million, compared to $41.4 million, a 23.8% increase of $9.9 million.
South State Corporation (NASDAQ: SSB) has more than $14.5 billion in assets. South State Bank, the company’s primary subsidiary, provides consumer, commercial, mortgage and wealth management solutions throughout the Carolinas, Georgia and Virginia.
As part of their recent fortunes, South State Bank awarded $2.7 million in bonuses to more than 2,800 of its workers in early February. Full-time employees received $1,000 and part-timers got $500.