South State Corp (NASDAQ: SSB) stock lost over 0.2% on January 30th, 2019 despite a positive start.
The company has delivered the adjusted net income (non-GAAP) of $49.0 million, compared to $49.1 million in 3Q 2018, which is a $60,000 decrease, and compared to $41.4 million in 4Q 2017, a $7.6 million increase, Y/Y was $202.1 million adjusted net income compared to $145.1 million adjusted net income, which is 39.2% growth. Cash and cash equivalents rose by $101.7 million. Net loan growth for the fourth quarter totaled $108.7 million, excluding the ALLL (acquired and non-acquired), which is 4% annualized. The Shareholders’ equity has declined by $1.8 million. This was the result of 900,000 common shares being bought back by the Company spending $60.1 million.
SSB in the fourth quarter of FY 18 has reported the adjusted earnings per share of $1.35, while the adjusted revenue growth of 35.9 percent to $162 million in the fourth quarter of FY 18
SSB has declared a quarterly cash dividend on January 25, 2019, of $0.38 per share payable on its common stock. This per share amount is higher by 5.6%, compared to last quarter and $0.05 per share, or 15.1%, higher than the same quarter one year ago. The dividend will be payable on February 22, 2019 to shareholders of record as of February 15, 2019. The company has also announced the authorization for the repurchase of up to 1,000,000 additional common shares of the Company’s common stock. The repurchases under the Repurchase Program after December 23, 2019 would require additional Federal Reserve approval. The prior stock repurchase plan, which also authorized 1,000,000 shares, has been fully executed with the buyback of 900,000 shares of common stock during the fourth quarter of 2018 and 100,000 shares of common stock during the third quarter of 2018.
Meanwhile, in mid-January 2019, the company has planned the closure of 13 branch locations during 2019. Most are scheduled to be closed for the second quarter of 2019, with one in 1Q 2019 and one in 3Q 2019. The expected cost associated with these closures has been estimated to be approximately $2.5 million, and primarily includes personnel cost and facilities and equipment cost. The annual savings of these closures is projected to be $2.5 million, and the impact on 2019 is anticipated to be $1.5 million.