South Atlantic Bank Announces Record Earnings for 2012
MYRTLE BEACH, S.C., Jan. 22, 2013 /PRNewswire/ -- South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today announced net income of $2,562,107 or $0.85 per diluted share for the year ended December 31, 2012. These figures mark the bank's second consecutive year of profitability, and represent a 121.75% improvement in earnings reported for the same period a year ago.
Net income for the three months ended December 31, 2012 was $930,072 or $0.31 per diluted share, representing the bank's eighth consecutive quarterly profit.
"In 2012, the bank marked its fifth anniversary year with record performance and strong growth," said chairman of the board and chief executive officer K. Wayne Wicker. "Our established offices in Myrtle Beach and Murrells Inlet continued to perform well and we also successfully launched a new office in the Pawleys Island market. Our financial performance continues to be recognized with accolades nationally, regionally, and locally. We have been designated a 5-Star bank by independent bank rating firm BauerFinancial, Inc. for six consecutive quarters, have been named a "Roaring Twenties" winner by SCBiz News, and received a Community Service Award from the Myrtle Beach Area Chamber of Commerce at its annual meeting," Wicker said.
The bank's net interest margin improved to 3.88% for the year ended December 31, 2012, up from the 3.40% reported for the same period a year ago. The improvement in the margin is due to an increase in the yields on interest earning assets.
Total deposits grew 30.9%, from $198.1 million reported at December 31, 2011, to $259.3 million at December 31, 2012. Total loans grew 12.0% during 2012, from $169.6 million at December 31, 2011 compared to $190.0 million at December 31, 2012.
Total assets grew 24.1%, from $229.7 million at December 31, 2011, to $285.0 million at December 31, 2012, and the bank's capital ratios continue to exceed regulatory requirements. Credit quality, an important barometer of a bank's financial health, has always been a primary focus at South Atlantic Bank. The bank's ratio of net charge-offs to average total assets was 0.53% at December 31, 2012, which compares favorably to state and national averages.
About South Atlantic Bank
South Atlantic Bank is a $287.5 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina, and has offices in Murrells Inlet and Pawleys Island. South Atlantic offers a wide variety of services for businesses and consumers, including internet banking, no-fee ATM access, checking, CD, and money market accounts, mortgage loans, merchant services, remote deposit capture, and more. Its experienced team of bankers knows the Grand Strand market and is skilled in meeting the special needs of our coastal community.
Member FDIC
South Atlantic Bank |
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For the |
For the |
||
Twelve Months Ended |
Twelve Months Ended |
||
12/31/2012 |
12/31/2011 |
||
Year End / Quarter End Balances (in thousands) |
|||
Total assets |
$ |
284,988 |
$ 229,725 |
Investment securities |
59,503 |
37,769 |
|
Loans, net of unearned income (total loans) |
189,979 |
169,638 |
|
Deposits |
259,338 |
198,086 |
|
Shareholders' equity |
25,359 |
22,937 |
|
Average Balances (in thousands) |
|||
Total assets |
$ |
263,886 |
$ 227,637 |
Earning assets |
243,927 |
213,033 |
|
Investment securities |
49,505 |
34,829 |
|
Loans, net of unearned income |
173,624 |
164,188 |
|
Deposits |
238,513 |
203,909 |
|
Shareholders' equity |
24,092 |
21,843 |
|
Earnings Breakdown |
|||
Total interest income |
$ |
11,113 |
$ 9,496 |
Total interest expense |
1,617 |
2,144 |
|
Net interest income |
9,493 |
7,352 |
|
Total noninterest income |
1,593 |
841 |
|
Total noninterest expense |
8,063 |
6,192 |
|
Income |
2,562 |
1,155 |
|
Selected Ratios |
|||
Interest income to total average assets |
4.22% |
4.17% |
|
Interest expense to total average assets |
0.62% |
0.94% |
|
Net interest income to total average assets |
3.60% |
3.23% |
|
Loan loss reserve to total loans |
1.21% |
1.39% |
|
Nonperforming assets to total assets |
0.72% |
0.58% |
|
Charge-offs to total average assets |
0.53% |
0.41% |
|
Net charge-offs to total loans |
0.73% |
0.55% |
|
Selected % Increases |
|||
Total assets |
24.06% |
12.11% |
|
Total interest earning assets |
25.58% |
10.44% |
|
Total loans |
11.99% |
4.14% |
|
Total deposits |
30.92% |
10.74% |
|
Interest income |
17.02% |
19.38% |
|
Interest expense |
(24.45)% |
(23.22)% |
|
Noninterest income |
89.36% |
55.84% |
|
Noninterest expense |
30.22% |
10.24% |
Contact:
Barbara W. Marshall, Vice President and Director of Marketing
[email protected]
843.839.4948
SOURCE South Atlantic Bancshares, Inc.
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