News Details

COLUMBIA, S.C.--(BUSINESS WIRE)-- South State Corporation (NASDAQ: SSB) today released its unaudited results of operations and other financial information for the three-month and twelve-month periods ended December 31, 2016. Highlights for 2016 include the following:

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• Net income was $101.3 million for 2016, and improved $1.8 million, or 1.8% increase, from 2015, while adjusted net income (non-GAAP) was $110.1 million in 2016, up $5.7 million, or 5.5% increase, from 2015
  • Earnings per share (EPS) – diluted was $4.18 for 2016 compared to $4.11 in 2015, or a 1.7% increase;
  • Adjusted net income per share (non-GAAP) – diluted was $4.55 for 2016 compared to $4.31 in 2015, or a 5.6% increase;
  • Increased dividend paid to common shareholders during 2016 by 23.5%, or $0.23 per share, compared 2015

• Net loan growth for 2016 was $675.8 million, or 11.2%
  • Non-acquired loan growth totaled $1.0 billion, or 24.2% increase; which
  • Outpaced acquired loan runoff of $344.5 million
• Performance ratios during 2016 compared to 2015
  • Return on average assets totaled 1.16% compared to 1.21%
  • Adjusted return on average assets (non-GAAP) was 1.26% compared to 1.27%
  • Return on average tangible equity decreased to 14.72% compared to 15.97%
  • Adjusted return on average tangible equity (non-GAAP) declined to 15.94% from 16.72%
  • Efficiency ratio was 64.2% for both 2016 and 2015
  • Adjusted efficiency ratio (non-GAAP) was 61.8% down from 62.6% (excluding branch consolidation and merger expenses and the charge for the early termination of the FDIC loss share agreements in 2016)

• Balance sheet and equity during 2016
  • Cash and cash equivalents decreased by $321.3 million as loans increased
  • Investment securities portfolio declined by $12.8 million and comprise 11.4% of total assets, down from 2015 at 12% of assets
  • OREO declined by $12.2 million and totaled $18.3 million
  • Noninterest bearing deposits increased by $222.6, or 11.3%
  • Shareholders’ equity increased $75.2 million, or 7.1%, to $1.14 billion, primarily from net income less the common dividends paid
  • Equity to assets improved to 12.75% from 12.38% in 2015
  • Tangible equity to tangible assets improved to 8.88% from 8.24%
• Asset quality in 2016 compared 2015
  • Nonperforming assets (NPAs) declined by 28.2%, or $15.1 million, to $38.6 million
  • NPAs to total assets improved to 0.43% from 0.63%
  • Net charge offs on non-acquired loans were 0.06%, or $2.7 million, down from 0.09%, or $3.4 million
  • Net charge offs on acquired non-credit impaired loans were 0.07%, or $669,000, compared to 0.20%, or $2.4 million
  • Coverage ratio of ALLL on non-acquired non-performing loans improved to 250.7% from 181.8%

Quarterly Cash Dividend

The Board of Directors of South State Corporation has declared a quarterly cash dividend of $0.33 per share payable on its common stock. This per share amount is $0.01 per share, or 3.1% higher than the dividend paid in the immediately preceding quarter and is $0.05 per share, or 17.9%, higher than a year ago. The dividend will be payable on February 24, 2017 to shareholders of record as of February 17, 2017.

Merger with Southeastern Bank Financial Corporation (“SBFC” or “Southeastern”)

On January 3, 2017, the South State Corporation closed its merger with SBFC, and its wholly-owned bank subsidiary, Georgia Bank & Trust, merged into South State Bank. The Company issued 4,978,338 shares using an exchange ratio of 0.7307. The total purchase price was $435.1 million. Final allocation of the purchase price to the fair value of assets and liabilities acquired has not been completed and will be reported as part of the earnings release for first quarter of 2017 and Form 10-Q as of March 31, 2017. As of December 31, 2016, SBFC, headquartered in Augusta, Georgia, had approximately $1.8 billion in assets, $1.5 billion in deposits and $1.1 billion in loans. This merger added 12 offices in the Augusta, GA and Aiken, SC markets. Southeastern ranked second in market share in the Augusta market. The system conversion and branding change is scheduled to occur during Presidents’ Day weekend, February 17-20, 2017.

Branch Initiatives - Update

The Company announced the consolidation of eleven locations during the second, third and fourth quarters of 2016. During the second quarter, the Company closed eight locations; in the third quarter, one location was closed; and in the fourth quarter, one location was closed. One location which will be closed in the first quarter of 2017. The expected branch closure cost and anticipated cost savings remain on target as previously disclosed and planned.

Fourth Quarter 2016 Financial Performance

The Company reported consolidated net income of $24.2 million, or $1.00 per diluted common share for the three-months ended December 31, 2016, a $3.9 million decrease from the third quarter of 2016. Interest income was down $593,000 primarily from lower loan interest income, as the acquired interest income decreased more than the non-acquired interest income increased. This was only partially offset by interest income increases in the securities portfolio and loans held for sale. Interest expense increased by $52,000 due primarily to higher interest expense in time deposits and other borrowings. The provision for loan losses decreased $290,000 compared to the third quarter due primarily to a lower provision for loan losses on non-acquired loans of $491,000 which was driven by the overall improvement in credit quality, and partially offset by an increase allowance for acquired credit impaired loans of $239,000. Noninterest income decreased by $2.5 million from lower mortgage banking income of $1.8 million and lower recoveries on acquired loans of $872,000. These were offset partially by improved income in trust and investment services of $314,000. Noninterest expense increased by $2.1 million. This increase resulted from merger expenses associated with Southeastern Bank Financial Corporation of $4.3 million in the quarter, which was offset partially by lower salary and employee benefits of $1.3 million, lower OREO and trouble loan related expenses of $511,000, and lower regulatory expenses of $267,000. During the quarter, our effective income tax rate increased to 35.64% from 33.87% in the third quarter of 2016 due primarily to nondeductible expenses of $2.0 million related to the merger with SBFC.

“The results for 2016 continued to demonstrate strong performance across the company,” said Robert R. Hill, Jr., CEO of South State Corporation. “For the year, our team produced 11.2% loan growth while maintaining excellent asset quality. We are very pleased with the diversity of our loan growth, which included 26.3% commercial and industrial growth and 11.0% consumer non real estate growth. Expense management also continued to be good as we limited our expense growth to 2.2%, excluding merger and branch consolidation costs, during the year. This combination of growth and efficiency produced an adjusted return on assets 1.26% and adjusted return on tangible equity of 15.94%. During 2016, tangible book value rose 12.0% and the cash dividend increased 23.5%. I am pleased that our team produced this level of performance even as we invested in building the platform to cross $10 billion in assets. The merger with Southeastern, which was announced in June 2016, has now closed. The outstanding bankers from Southeastern, and the progress and opportunity this merger presents will contribute to the overall success in 2017 and forward for the company.”

Balance Sheet and Capital

At December 31, 2016, the Company’s total assets were $8.9 billion, an increase of $103.4 million from September 30, 2016 and an increase of $343.2 million from December 31, 2015. During the fourth quarter of 2016, the Company experienced asset growth primarily in loans of $153.9 million, excluding the change in the allowance for loan losses, and investment securities of $74.0 million. These increases were primarily offset by a decline in cash and cash equivalents of $133.1 million. Mortgage servicing rights increased by $6.0 million primarily from the changes in fair value due to interest rate movements during the fourth quarter. Total deposits increased $87.0 million due to noninterest-bearing deposit growth of $22.9 million, or 4.2% annualized, and interest-bearing deposits increased by $64.1 million, resulting mainly from an increase in NOW, IOLTA and money market accounts, partially offset by a decline in time deposits. Fed funds purchased and securities sold under repurchase agreements increased by $8.5 million during the fourth quarter to $313.8 million.

The Company’s book value per common share increased to $46.82 per share at December 31, 2016, compared to $46.43 at September 30, 2016, and $43.84 at December 31, 2015. During the fourth quarter of 2016, capital increased $10.5 million due to net income of $24.2 million, which was offset by the common dividend paid of $7.8 million. Accumulated other comprehensive income (“AOCI”) decreased $12.2 million due primarily to the decline in the unrealized gains in the AFS securities portfolio during the quarter of $11.7 million, net of tax. Tangible book value (“TBV”) per common share increased by $0.49 per share to $31.22 at December 31, 2016, compared to $30.73 at September 30, 2016, and increased by $3.34 per share, or 12%, from $27.88 at December 31, 2015. The quarterly increase of $0.49 per share in tangible book value was primarily the result of earnings per share, excluding amortization of intangibles, of $1.05, offset by the dividend paid to shareholders of $0.32 per share and the decrease in AOCI of $0.50 per share (primarily from the change in fair value of the available for sale securities portfolio to an unrealized loss position during the quarter).

The total risk-based capital (RBC) ratio, at December 31, 2016, is estimated to be 13.0% up from September 30, 2016 of 12.9%, due primarily to our asset mix moving from higher risk weighted categories to lower risk weighted categories, and the increase in capital discussed above; and compared to, December 31, 2015, of 13.3%, was down, due primarily to loan growth during the year and the termination of our loss share agreements with the FDIC during the second quarter of 2016. Tier 1 leverage ratio increased from 9.7% at September 30, 2016 to 9.9% at December 31, 2016.

“The strength of our balance sheet and asset quality continue to serve us well as evidenced by the financial results in 2016,” said John C. Pollok, COO and CFO. “Our non-acquired loans grew by more than $1.0 billion, or 24%, in 2016, and was partially offset by $344.2 million, or 19%, decline in acquired loans. We returned to our shareholders $5.6 million more in dividend during 2016 than in 2015, and increased our tangible book value by $3.34 per share.”

Asset Quality

During the fourth quarter of 2016, overall asset quality improved as NPAs declined by $3.9 million, or 9.2%, to $38.6 million, and represented 0.43% of total assets. Compared to December 31, 2015, NPAs have declined by $15.1 million, or 28.2%, and represented 0.63% of total assets. During the fourth quarter of 2016, non-acquired NPAs, excluding acquired loans and acquired OREO, declined by $2.9 million, or 13.3%, to $18.7 million. Non-acquired nonperforming loans decreased by $265,000, or 1.8%, and non-acquired OREO and other assets repossessed decreased $2.6 million, or 40%. Non-acquired NPAs as a percentage of total non-acquired loans and repossessed assets declined to 0.36% compared to 0.43% at September 30, 2016.

During the fourth quarter, the Company reported $4.8 million in nonperforming loans related to “acquired non-credit impaired loans”. This was an increase of $201,000 from the balance at September 30, 2016. Additionally, acquired nonperforming OREO and other assets owned decreased by $1.3 million from September 30, 2016 and declined by $7.4 million from December 31, 2015.

At December 31, 2016, the allowance for non-acquired loan losses was $37.0 million, or 0.71%, of non-acquired period-end loans. The current allowance for loan losses provides 2.51 times coverage of period-end non-acquired nonperforming loans, up from 2.49 times at September 30, 2016, and 1.82 times at December 31, 2015. Net charge-offs within the non-acquired portfolio were $644,000, or 0.05% annualized, in the fourth quarter of 2016 compared to $394,000 for the third quarter, or 0.03% annualized. Fourth quarter 2015 net charge-offs totaled $1.4 million, or 0.14% annualized. During the fourth quarter of 2016, the provision for non-acquired loan losses totaled $284,000 compared to $775,000 in the third quarter of 2016, and $400,000 in the fourth quarter of 2015.

Net charge offs related to “acquired non-credit impaired loans” were $122,000, or 0.06% annualized, and the Company recorded a provision for loan losses, accordingly, during the fourth quarter of 2016. These charge-offs declined from $160,000 in the third quarter of 2016 and from $213,000 in the fourth quarter of 2015.

Total OREO decreased by $3.9 million during the fourth quarter of 2016 to $18.3 million at December 31, 2016. This decline was the result of the disposition of 36 properties totaling $6.6 million, partially offset by the addition of lower balance assets foreclosed on during the quarter. Overall, OREO and troubled loan related costs decreased by $511,000 compared to the third quarter 2016, and decreased by $271,000 compared to the fourth quarter of 2015. The improvement in this expense from fourth quarter of 2015 was primarily the result of lower “cost to carry” on smaller balances (including taxes, insurance and maintenance) and lower losses on the disposition of these assets.

Net Interest Income and Margin

Non-taxable equivalent net interest income was $80.6 million for the fourth quarter of 2016, a $645,000 decrease from the third quarter of 2016, resulting primarily from the following:

1. An $80.0 million decrease in the average balance of acquired loans from the third quarter of 2016, coupled with a 19 basis point decline in the yield resulted in a decline in acquired loan interest income of $2.2 million. The yield declined on acquired loans from 7.66%, in the third quarter of 2016, to 7.47%, in the fourth quarter of 2016, due primarily to the renewals of certain acquired loans which increased the weighted average lives of the loan pools, and continuing to accrete the same discounts (income) over a longer period of time. As the total loan portfolio continues to remix (more non-acquired loans and less acquired loans), the yield on the total loan portfolio declined from 4.74% in the third quarter of 2016 to 4.61% in the fourth quarter of 2016. Compared to the fourth quarter of 2015, the loan portfolio yield declined from 5.18%; and
2. $198.2 million increase in the average balance of non-acquired loans partially offset by the yield decreasing to 3.78% during the fourth quarter from 3.81% in the third quarter which resulted in an increase in non-acquired loan interest income of approximately $1.5 million; and
3. Interest expense increased by $52,000 from the third quarter of 2016. This increase was within all categories of funding, except transaction and money market accounts, primarily from higher average balances, except within time deposits, where the average declined. Rates increased during the fourth quarter of 2016, however, the total cost of funds remained at 15 basis points, the same as third quarter of 2016. Compared to the fourth quarter of 2015, interest expense declined $256,000, primarily the result of lower interest expense on certificates and other time deposits with $230.6 million decline in the average balance.

Tax-equivalent net interest margin decreased 9 basis points from the third quarter of 2016 and declined by 23 basis points from the fourth quarter of 2015. The Company’s average yield on interest-earning assets decreased 9 basis points while the average rate on interest-bearing liabilities remained unchanged at 15 basis point in the fourth and third quarter of 2016. During the fourth quarter of 2016, the Company’s average total assets increased to $8.9 billion from $8.8 billion at September 30, 2016 and from $8.5 billion at December 31, 2015. Average earning assets totaled $7.9 billion up $103.9 million compared to the third quarter of 2016, and up from $7.6 billion at December 31, 2015. Average interest-bearing liabilities rose to $5.5 billion for the fourth quarter of 2016 from $5.4 billion at September 30, 2016, and flat from $5.5 billion at December 31, 2015. Average non-interest bearing demand deposits increased by $56.9 million during the quarter and by $227.4 million from December 31, 2015. Including the impact of noninterest bearing deposits, the Company’s cost of funds remained at 11 basis points during the fourth and the third quarter of 2016.

Noninterest Income and Expense

Noninterest income was lower than the third quarter of 2016 by approximately $2.5 million to $32.8 million. The decrease was the result of the following:

• Lower mortgage banking income of $1.8 million due primarily to a lower fair value of mortgage pipeline from increased interest rates during the quarter;
• Lower recoveries on acquired credit impaired loans of $872,000;
• Lower fees on deposits accounts of $319,000; offset partially by
• Higher income on trust and investment services income of $314,000 due to asset-based administration fees; and
• Higher other income of $211,000 primarily from the cash surrender value of BOLI.

Compared to the fourth quarter of 2015, noninterest income grew by $3.6 million due to the following:

1. $1.2 million improvement in mortgage banking income primarily from higher realized gains from mortgage loans sold in the secondary market,
2. $1.5 million improvement with the elimination of the amortization of the FDIC indemnification asset as Loss Share Agreements (LSAs) were terminated in the second quarter of 2016,
3. $458,000 improvement from recoveries on acquired loans as a result of the early termination of LSAs in the second quarter of 2016,
4. $548,000 improvement in trust and investment services income, partially offset by a
5. Decrease in fees on deposit accounts of $619,000.

Noninterest expense was $75.2 million in the fourth quarter of 2016, an increase of $2.1 million from $73.2 million in the third quarter of 2016. This increase was due primarily to the accrual of merger expenses related to closing the SBFC transaction (investment banker and legal cost) of $4.1 million. This increase was partially offset by lower expenses in salaries and benefits of $1.2 million, lower OREO and troubled loan related of $511,000 (related to lower write downs and less realized losses) and lower FDIC assessment and other regulatory charges of $267,000. Lower expense in salaries and benefits were attributable to the following: (1) $382,000 of reduced employers FICA tax, (2) $258,000 of reduced severance pay, (3) $264,000 less in commissions, and (4) lower incentive expense in the fourth quarter of 2016, as the third quarter of 2016 included higher accrual for anticipated annual payouts.

Compared to the fourth quarter of 2015, noninterest expense was $3.4 million higher due to the merger expenses recorded related to the SBFC merger of $4.6 million. This increase was partially offset by lower branch consolidation / acquisition expenses of $1.4 million. All other expense categories resulted in offsetting increases and decreases.

South State Corporation will hold a conference call today, January 27, 2017 at 10 a.m. Eastern Time, during which management will review earnings and performance trends. Callers wishing to participate may call toll-free by dialing 877-506-9272. The number for international participants is 412-380-2004. The conference ID number is 10098335. Participants can also listen to the live audio webcast through the Investor Relations section of www.SouthStateBank.com. A replay will be available beginning January 27th by 2:00 p.m. Eastern Time until 9:00 a.m. on February 10, 2017. To listen to the replay, dial 877-344-7529 or 412-317-0088. The passcode is 10098335.

South State Corporation is the largest bank holding company headquartered in South Carolina.Founded in 1933, the company’s primary subsidiary, South State Bank, has been serving the financial needs of its local communities in 24 South Carolina counties, 13 Georgia counties and 4 North Carolina counties for over 80 years.The bank also operates Minis & Co., Inc. and South State Advisory, both registered investment advisors; and First Southeast Investor Services, Inc., a limited purpose broker-dealer.Prior to the merger with Southeastern, South State Corporation had assets of approximately $8.9 billion and its stock is traded under the symbol SSB on the NASDAQ Global Select Market. More information can be found at www.SouthStateBank.com.

Non-GAAP Measures

Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables which provide a reconciliation of non-GAAP measures to GAAP measures. Management believes that these non-GAAP measures provide additional useful information which allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company's results or financial condition as reported under GAAP.

Footnotes to tables:

(1) Loan data excludes mortgage loans held for sale.

(2) The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.

(3) Adjusted net income, adjusted return on average assets, and adjusted return on average equity are non-GAAP measures and exclude the after-tax effect of gains on acquisitions, gains or losses on sales of securities, OTTI, branch consolidation and merger expense, and FDIC LSA early termination cost. Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company's results or financial condition as reported under GAAP. Adjusted net income and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax branch consolidation/acquisition expense and merger expense of $4.8 million, $709,000, $1.6 million, $958,000, and $1.6 million, for the quarters ended December 31, 2016, September 30, 2016, June 30, 2016, March 31, 2016, and December 31, 2015, respectively; (b) OTTI of $489,000 for the quarter ended December 31, 2015; (c) securities gains of $122,000 for the quarter ended March 31, 2016, and (d) FDIC LSA early termination cost of $4.4 million for the quarter ended June 30, 2016.

(4) Repossessed assets include OREO and other nonperforming assets.

(5) Calculated by dividing total non-acquired NPAs by total assets.

(6) December 31, 2016 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.

(7) The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company's results or financial condition as reported under GAAP. The sections titled "Reconciliation of Non-GAAP to GAAP" provide tables that reconcile non-GAAP measures to GAAP.

(8) Includes noncash loan interest income related to the discount on acquired performing loans of $943,000; $1.1 million; $1.2 million; $1.6 million; and $1.8 million, respectively during the five quarters above; and $4.8 million and $6.5 million for the twelve months ended December 31, 2016, and 2015, respectively.

(9) Adjusted efficiency ratio is calculated by taking the noninterest expense excluding branch consolidation/acquisition cost and merger cost divided by net interest income and noninterest income excluding securities gains (losses), OTTI and FDIC early termination of the loss share agreement, which occurred in the second quarter of 2016.

Cautionary Statement Regarding Forward Looking Statements

Statements included in this communication which are not historical in nature are intended to be, and are hereby identified as, forward looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “may,” “will,” “anticipate,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “may,” and “intend,” as well as other similar words and expressions of the future, are intended to identify forward looking statements. South State Corporation (“SSB”) cautions readers that forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from anticipated results. Such risks and uncertainties, include, among others, the following possibilities: the possibility that the anticipated benefits of the transaction (between SSB and SBFC) are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where SSB and SBFC do business; including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the transaction; SSB’s ability to complete the integration of SBFC successfully; credit risk associated with an obligor’s failure to meet the terms of any contract with the bank or otherwise fail to perform as agreed; interest risk involving the effect of a change in interest rates on both the bank’s earnings and the market value of the portfolio equity; liquidity risk affecting the bank’s ability to meet its obligations when they come due; price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; transaction risk arising from problems with service or product delivery; compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; strategic risk resulting from adverse business decisions or improper implementation of business decisions; reputation risk that adversely affects earnings or capital arising from negative public opinion; terrorist activities risk that results in loss of consumer confidence and economic disruptions; cybersecurity risk related to SSB’s dependence on internal computer systems and the technology of outside service providers, as well as the potential impacts of third-party security breaches, subjects the company to potential business disruptions or financial losses resulting from deliberate attacks or unintentional events; economic downturn risk resulting changes in the credit markets, greater than expected noninterest expenses, excessive loan losses and other factors and the implementation of federal spending cuts currently scheduled to go into effect; and other factors that may affect future results of SSB. Additional factors that could cause results to differ materially from those described above can be found in SSB’s Annual Report on Form 10-K for the year ended December 31, 2015 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarters ended September 30, 2016, June 30, 2016 and March 31, 2016, each of which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of SSB’s website, http://www.southstatebank.com, under the heading “SEC Filings” and in other documents SSB files with the SEC, and in SBFC’s Annual Report on Form 10-K for the year ended December 31, 2015 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarters ended September 30, 2016, June 30, 2016 and March 31, 2016, each of which is on file with the SEC and in other documents SBFC files with the SEC.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. SSB does not assume any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

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South State Corporation
Media Contact:
Donna Pullen, 803-765-4558
or
Analyst Contact:
Jim Mabry, 843-529-5593

Source: South State Corporation