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South State estimates Durbin impact for H2'18, increases dividend

Columbia, S.C.-based South State Corp. reported second-quarter net income of $40.5 million, or $1.09 per share, compared to net income of $31.8 million, or $1.08 per share, a year earlier.

The S&P Capital IQ consensus estimate for GAAP EPS for the second quarter was $1.30.

The cap on interchange fees under the Durbin amendment will be in effect for the company from July 1. The company expects lower pretax interchange income of about $8.5 million during the second half.

Net interest margin was at 4.14% in the second quarter, compared to 4.13% in the year-ago quarter.

The company's second-quarter provision for loan losses was $4.5 million, compared to $2.3 million in the year-ago quarter. Nonperforming assets were at $42.2 million at the close of the second quarter, compared to $34.4 million in the year-ago quarter.

In addition, South State's board declared a quarterly cash dividend of 35 cents per share July 26, up by 1 cent from the previous payout. The dividend will be payable Aug. 24 to the company's shareholders of record as of Aug. 17.