Net Income Grows 16.2 Percent at South Atlantic Bancshares
2016 Marks Sixth Consecutive Year of Profitability
MYRTLE BEACH, S.C., Jan. 31, 2017 /PRNewswire/ -- South Atlantic Bancshares, Inc. (OTCQX: SABK), parent of South Atlantic Bank, today reported net income of $2,603,928 or $0.66 per diluted share for the year ended December 31, 2016, compared to $2,240,816 or $0.57 per diluted share reported for the same period a year ago. These figures represent a 16.2 percent increase in net income.
Financial Highlights
- Year-end 2016 represents the company's sixth consecutive profitable year.
- Credit quality remains strong with no net charge-offs.
- Net interest margin improved from 3.80 percent in 2015 to 3.85 percent in 2016.
- Total loans grew 17.5 percent in 2016, from $314.0 million at December 31, 2015 to $369.0 million at December 31, 2016.
- Total deposits grew 13.3 percent, from $337.4 million reported at December 31, 2015, to $382.3 million at December 31, 2016.
- Total assets grew 11.1 percent, from $400.2 million at December 31, 2015, to $444.5 million at December 31, 2016.
"In 2016, South Atlantic Bank recorded its best yearly financial performance in the company's nine-year history," said K. Wayne Wicker, chairman of the board and chief executive officer. "Our strong showing is attributed to double digit growth in loans and deposits, along with increased mortgage and merchant services activity. Better economic conditions are fueling interest in expansion and new projects throughout the markets we serve, and all locations in our geographic footprint contributed to the bank's performance.
"Progress continues on the construction of our Charleston regional headquarters located in Mount Pleasant with completion expected in mid to late summer 2017. The new, two-story office building on Johnnie Dodds Boulevard will serve as our home base in the market and is evidence of our strong and enduring commitment to the Lowcountry. We're excited to expand our presence in this dynamic market with its diverse and thriving economy," Wicker said.
About South Atlantic Bank
South Atlantic Bank, the subsidiary bank of South Atlantic Bancshares, Inc. (OTCQX: SABK), is a $449.9 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina, with additional offices in Murrells Inlet, Pawleys Island, Georgetown, North Myrtle Beach, and Mount Pleasant, South Carolina. South Atlantic Bank offers a wide variety of services for businesses and consumers, including South Atlantic Bank goMobile, its mobile banking app. The bank also offers internet banking, no-fee ATM access, checking, CD, and money market accounts, merchant services, mortgage loans, remote deposit capture, and more. For more information, visit SouthAtlantic.bank.
Member FDIC
| South Atlantic Bank |
|||
| Selected Financial Highlights |
|||
| For the |
For the |
For the |
|
| Twelve Months Ended |
Twelve Months Ended |
Twelve Months Ended |
|
| December 31, 2016 |
December 31, 2015 |
December 31, 2014 |
|
| Year-to-Date Balances (In Thousands) |
|||
| Total assets |
$ 444,533 |
$ 400,218 |
$ 363,348 |
| Investment securities |
43,633 |
52,784 |
52,607 |
| Loans, net of unearned income (total loans) |
368,991 |
313,988 |
262,646 |
| Deposits |
382,263 |
337,362 |
326,594 |
| Shareholders' equity |
37,440 |
35,645 |
32,242 |
| Average Balances (In Thousands) |
|||
| Total assets |
$ 430,655 |
$ 374,291 |
$ 341,288 |
| Earning assets |
399,829 |
348,172 |
318,590 |
| Investment securities |
41,914 |
51,238 |
67,306 |
| Loans, net of unearned income |
340,892 |
279,810 |
239,797 |
| Deposits |
382,537 |
335,849 |
308,929 |
| Shareholders' equity |
37,554 |
33,961 |
26,925 |
| Earnings Breakdown (In Thousands) |
|||
| Total interest income |
$ 16,513 |
$ 14,137 |
$ 13,012 |
| Total interest expense |
1,432 |
1,161 |
1,188 |
| Net interest income |
15,081 |
12,976 |
11,825 |
| Total noninterest income |
3,005 |
2,633 |
1,705 |
| Total noninterest expense |
13,873 |
12,272 |
10,618 |
| Provision for loan losses |
615 |
230 |
475 |
| Income before taxes |
3,598 |
3,106 |
2,437 |
| Taxes |
995 |
865 |
433 |
| Net income |
2,604 |
2,241 |
2,004 |
| Diluted earnings per share |
0.66 |
0.57 |
0.51 |
| Selected % Increases |
Year Over Year |
||
| Total assets |
11.07% |
10.15% |
14.24% |
| Total interest earning assets |
11.97% |
10.27% |
14.62% |
| Total loans |
17.52% |
19.55% |
20.38% |
| Total deposits |
13.31% |
3.30% |
14.39% |
| Interest income |
16.81% |
8.64% |
15.24% |
| Interest expense |
23.30% |
(2.21)% |
(9.40)% |
| Noninterest income |
14.15% |
54.37% |
(14.54)% |
| Noninterest expense |
13.04% |
15.58% |
15.99% |
| Net income |
16.20% |
11.81% |
21.86% |
| Selected Ratios |
Year Over Year |
||
| Return on assets |
0.60% |
0.60% |
0.59% |
| Return on equity |
6.93% |
6.60% |
7.44% |
| Interest income to total average assets |
4.13% |
4.06% |
3.81% |
| Interest expense to total average assets |
0.36% |
0.33% |
0.35% |
| Net interest income to total average assets |
3.77% |
3.73% |
3.46% |
| Loan loss reserve to total loans |
0.96% |
0.90% |
1.00% |
| Nonperforming assets to total average assets |
1.07% |
1.13% |
1.35% |
| Net charge-offs to total average assets |
0.00% |
0.00% |
0.01% |
| Net interest margin |
3.85% |
3.80% |
3.79% |
SOURCE South Atlantic Bancshares, Inc.
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