South State Corp. increased its quarterly cash dividend to 33 cents per share, payable on Feb. 24 to shareholders of record as of Feb. 17.
The dividend is 1 cent higher than the previous dividend, which represents a 3.1% increase.
The Columbia, S.C.-based company on Jan. 27 reported net income of $24.2 million, or $1.00 per share, for the 2016 fourth quarter, compared to $25.5 million, or $1.05 per share, in the previous year. For the full year, net income was $101.3 million, or $4.18 per share, compared to a net income of $99.5 million, or $4.11 per share, in 2015.
Also, South State Corp. has closed 10 of the 11 locations slated for consolidation in 2016. The company will close the remaining branch in the first quarter.