South Atlantic Bank Announces Earnings Growth of 34.4 Percent for Second Quarter
MYRTLE BEACH, S.C., July 24, 2014 /PRNewswire/ -- South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today reported net income of $504,495 or $0.16 per diluted share for the three months ended June 30, 2014, an increase of 34.4 percent when compared to the $374,663 or $0.12 per diluted share reported for the three months ended March 31, 2014. The second quarter of 2014 marked the bank's fourteenth consecutive quarterly profit.
"Our second quarter performance is attributed to improving economic conditions in the markets we serve and the bank's overall growth," said K. Wayne Wicker, South Atlantic Bank chairman of the board and chief executive officer. "Our new locations in Mount Pleasant and Georgetown, along with an expanded mortgage department, are now making significant contributions to our financial performance in just nine months of operations. Additionally, we experienced solid growth in the loan portfolio and strong performances from the merchant services and mortgage lines of business," he said.
Total loans grew 21.2 percent, from $202.7 million at June 30, 2013 to $245.6 million at June 30, 2014. Total deposits grew 8.1 percent, from $301.4 million at June 30, 2013 to $325.8 million at June 30, 2014. Total assets grew 8.3 percent, from $326.2 million at June 30, 2013, to $353.4 million at June 30, 2014.
During this period of loan growth, South Atlantic Bank's credit quality remained strong with net charge-offs to total average loans of 0.04 percent and zero past dues for the three months ended June 30, 2014. The bank's capital ratios continue to exceed regulatory requirements.
South Atlantic Bank has received approval from the South Carolina State Board of Financial Institutions to expand its Mount Pleasant loan production office to a full-service branch, and is awaiting approval from the FDIC. The bank is also building a new office in Pawleys Island and expects to move from its current office in Waverly Place to the new location in late fall.
About South Atlantic Bank
South Atlantic Bank is a $359.8 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina, has additional full-service locations in Murrells Inlet, Pawleys Island, and Georgetown, South Carolina, and a loan production office to serve Mount Pleasant and Charleston. 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.
The bank was named a "Roaring Twenties" winner as one of the best performing large companies in the state of South Carolina by SC Biz News in 2012 and 2013. For more information, visit SouthAtlanticBank.com.
Member FDIC
South Atlantic Bank Selected Financial Highlights
|
||||||||
For the |
For the |
For the |
For the |
|||||
Three Months Ended |
Three Months Ended |
Six Months Ended |
Six Months Ended |
|||||
June 30, 2014 |
March 31, 2014 |
June 30, 2014 |
June 30, 2013 |
|||||
Year End/Quarter End Balances (In Thousands) |
||||||||
Total assets |
$ |
353,406 |
$ |
330,650 |
$ |
353,406 |
$ |
326,186 |
Investment securities |
71,539 |
67,846 |
71,539 |
73,130 |
||||
Loans, net of unearned income (total loans) |
245,585 |
232,091 |
245,585 |
202,692 |
||||
Deposits |
325,793 |
298,363 |
325,793 |
301,432 |
||||
Shareholders' equity |
26,740 |
25,653 |
26,740 |
23,789 |
||||
Average Balances (In Thousands) |
||||||||
Total assets |
$ |
341,452 |
$ |
325,032 |
$ |
332,623 |
$ |
299,380 |
Earning assets |
318,558 |
301,244 |
309,948 |
268,552 |
||||
Investment securities |
71,132 |
70,871 |
71,002 |
63,459 |
||||
Loans, net of unearned income |
240,688 |
226,844 |
233,804 |
198,133 |
||||
Deposits |
308,749 |
287,413 |
298,140 |
273,102 |
||||
Shareholders' equity |
26,456 |
25,063 |
25,763 |
25,701 |
||||
Earnings Breakdown (In Thousands) |
||||||||
Total interest income |
$ |
3,292 |
$ |
3,143 |
$ |
6,434 |
$ |
5,502 |
Total interest expense |
321 |
314 |
635 |
682 |
||||
Net interest income |
2,971 |
2,829 |
5,799 |
4,820 |
||||
Total noninterest income |
412 |
297 |
709 |
1,091 |
||||
Total noninterest expense |
2,601 |
2,544 |
5,146 |
4,121 |
||||
Provision for loan losses |
175 |
150 |
325 |
380 |
||||
Income before taxes |
606 |
432 |
1,038 |
1,410 |
||||
Taxes |
102 |
57 |
159 |
545 |
||||
Net income |
504 |
375 |
879 |
864 |
||||
Diluted earnings per share |
0.16 |
0.12 |
0.28 |
0.28 |
||||
Selected % Increases |
Compared to previous quarter. |
Year over year. |
||||||
Total assets |
6.88% |
3.96% |
8.34% |
18.03% |
||||
Total interest earning assets |
7.25% |
4.16% |
8.99% |
18.29% |
||||
Total loans |
5.81% |
6.45% |
21.16% |
18.68% |
||||
Total deposits |
9.19% |
4.50% |
8.08% |
19.65% |
||||
Interest income |
4.74% |
5.77% |
16.96% |
13.25% |
||||
Interest expense |
2.25% |
3.33% |
(6.85)% |
(17.81)% |
||||
Noninterest income |
38.57% |
(53.65)% |
(34.99)% |
52.62% |
||||
Noninterest expense |
2.25% |
(14.49)% |
24.87% |
(54.98)% |
||||
Net income |
34.40% |
26.69% |
1.74% |
0.20% |
||||
Selected Ratios (Year-to-Date) |
||||||||
Return on assets |
0.60% |
0.47% |
0.53% |
0.58% |
||||
Return on equity |
7.73% |
6.06% |
6.88% |
6.78% |
||||
Interest income to total average assets |
3.91% |
3.94% |
3.90% |
3.71% |
||||
Interest expense to total average assets |
0.38% |
0.39% |
0.38% |
0.46% |
||||
Net interest income to total average assets |
3.53% |
3.54% |
3.52% |
3.25% |
||||
Loan loss reserve to total loans |
1.07% |
1.10% |
1.07% |
1.17% |
||||
Nonperforming assets to total average assets |
0.21% |
0.23% |
0.21% |
0.69% |
||||
Net charge-offs to total average loans |
0.04% |
0.00% |
0.04% |
0.16% |
||||
Net interest margin |
3.85% |
3.87% |
3.85% |
3.62% |
Contact:
Barbara W. Marshall, Vice President and Director of Marketing
[email protected]
843.839.4948
SOURCE South Atlantic Bancshares, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article