South Atlantic Bank Announces Year-End Earnings
MYRTLE BEACH, S.C., Feb. 7, 2014 /PRNewswire/ -- South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today reported income before taxes of $2,091,822 for the year ended December 31, 2013, an increase of 23.5 percent when compared to the $1,693,273 reported a year ago.
Net income for the year ended December 31, 2013, was $1,644,649 or $0.54 per diluted share. At year-end 2013, the bank marked its third consecutive yearly profit.
"Our pleasing financial performance is directly attributed to our expansion efforts in Georgetown and Mount Pleasant, and the maturation of our existing offices," said K. Wayne Wicker, chairman of the board and chief executive officer. "Loan growth at the new locations fueled the bank's performance in the fourth quarter, providing a strong finish to the year. While start-up expenses associated with these new offices contributed to an increase in noninterest expense in 2013, these expenses are now becoming accretive to earnings. Our existing offices in Myrtle Beach, Murrells Inlet, and Pawleys Island, along with the merchant services and mortgage lines of business, also contributed to the year's success. South Atlantic Bank is well positioned for a strong start to 2014," he said.
Total deposits grew 10.1 percent, from $259.3 million reported at December 31, 2012, to $285.5 million at December 31, 2013. Total loans grew 14.8 percent during 2013, from $190.0 million at December 31, 2012 compared to $218.2 million at December 31, 2013.
Total assets grew 11.6 percent, from $285.0 million at December 31, 2012, to $318.0 million at December 31, 2013, 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 total average assets was 0.21 percent at December 31, 2013, which compares favorably to state and national figures.
About South Atlantic Bank
South Atlantic Bank is a $321.0 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.
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 |
||
Twelve Months Ended |
Twelve Months Ended |
||
12/31/2013 |
12/31/2012 |
||
Year End / Quarter End Balances (in thousands) |
|||
Total assets |
$ |
318,057 |
$ 284,988 |
Investment securities |
73,727 |
59,455 |
|
Loans, net of unearned income (total loans) |
218,174 |
189,979 |
|
Deposits |
285,519 |
259,338 |
|
Shareholders' equity |
24,141 |
25,359 |
|
Average Balances (in thousands) |
|||
Total assets |
$ |
307,746 |
$ 263,886 |
Earning assets |
281,908 |
243,927 |
|
Investment securities |
69,880 |
49,505 |
|
Loans, net of unearned income |
199,817 |
173,624 |
|
Deposits |
281,306 |
238,513 |
|
Shareholders' equity |
24,904 |
24,092 |
|
Earnings Breakdown (in thousands) |
|||
Total interest income |
$ |
11,291 |
$ 10,002 |
Total interest expense |
1,311 |
1,620 |
|
Net interest income |
9,980 |
8,382 |
|
Total noninterest income |
2,146 |
2,704 |
|
Total noninterest expense |
9,304 |
8,063 |
|
Provision for loan losses |
730 |
1,330 |
|
Income before taxes |
2,092 |
1,693 |
|
Taxes |
447 |
(869) |
|
Net income |
1,645 |
2,562 |
|
Selected % Increases (2013 as compared to 2012) |
|||
Total assets |
11.61% |
24.06% |
|
Total interest earning assets |
11.93% |
25.58% |
|
Total loans |
14.85% |
11.99% |
|
Total deposits |
10.10% |
30.92% |
|
Interest income |
12.89% |
5.33% |
|
Interest expense |
(19.08)% |
(24.45)% |
|
Noninterest income |
(20.64)% |
221.37% |
|
Noninterest expense |
15.40% |
30.22% |
|
Selected Ratios |
|||
Return on assets |
0.54% |
0.97% |
|
Return on equity |
6.61% |
10.63% |
|
Interest income to total average assets |
3.67% |
3.79% |
|
Interest expense to total average assets |
0.43% |
0.61% |
|
Net interest income to total average assets |
3.24% |
3.18% |
|
Loan loss reserve to total loans |
1.10% |
1.21% |
|
Nonperforming assets to total average assets |
0.13% |
0.77% |
|
Net charge-offs to total average assets |
0.21% |
0.52% |
|
Net interest margin |
3.54% |
3.43% |
Contact:
Barbara W. Marshall, Vice President and Director of Marketing
[email protected]
843.839.4948
SOURCE South Atlantic Bancshares, Inc.
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