South Atlantic Bank Announces Year-to-Date and Third Quarter Earnings

MYRTLE BEACH, S.C., Oct. 30, 2013 /PRNewswire/ -- South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today reported income before taxes of $1,962,060 for the nine months ended September 30, 2013, an increase of 43.7 percent when compared to the $1,365,382 reported for the same period a year ago. Income before taxes for the three months ended September 30, 2013 was $552,131, an increase of 9.9 percent when compared to the $502,551 reported for the same period a year ago. Net income for the nine months ended September 30, 2013 was $1,348,565 or $0.44 per diluted share, and for the three months ended September 30, 2013, was $484,066 or $0.16 per diluted share. The third quarter of 2013 marked the bank's eleventh consecutive quarterly profit. Having completed its second consecutive year of profitability at December 31, 2012, the bank became fully taxable beginning in 2013. 

"During the third quarter, South Atlantic Bank took advantage of several expansion opportunities which will position the bank well for future growth," said K. Wayne Wicker, chairman of the board and chief executive officer. "We opened a full-service office in Georgetown and a loan production office in Mount Pleasant, while doubling the size of our mortgage department, all while maintaining profitability. We were able to get the right people and locations in place and we are fortunate that our sound financial position allowed us to act on these opportunities to grow the bank," he said.

Wicker continued, "While our expansion activities will have an effect on noninterest expense in the fourth quarter, we expect them to be accretive to earnings in 2014. A strong case in point is our Pawleys Island office, which opened in June 2012. In just one year, this single office achieved deposit market share of more than 10 percent according to figures recently released by the FDIC. We are pleased with the performance of all our offices and their contribution to the bank's overall success," Wicker said.

Total loans grew 9.3 percent year-to-date, from $182.2 million at September 30, 2012 to $199.2 million at September 30, 2013. Total deposits grew 10.8 percent, from $258.6 million at September 30, 2012 to $ 286.6 million at September 30, 2013.

South Atlantic Bank's credit quality remains strong with net charge-offs to total average assets of 0.10 percent for the nine months ended September 30, 2013. The bank's capital ratios continue to exceed regulatory requirements. Total assets grew 9.9 percent, from $283.8 million at September 30, 2012, to $ 311.9 million at September 30, 2013.

About South Atlantic Bank
South Atlantic Bank is a $309.3 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 recently opened 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 new 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 SouthAtlanticBank.com.

Member FDIC 

Contact:
Barbara W. Marshall, Vice President and Director of Marketing
[email protected]
843.839.4948 

SOURCE South Atlantic Bancshares, Inc.