Earnings Grow 15.7 Percent at South Atlantic Bancshares, Inc.

Jul 21, 2015, 08:30 ET from South Atlantic Bancshares, Inc.

MYRTLE BEACH, S.C., July 21, 2015 /PRNewswire/ -- South Atlantic Bancshares, Inc. (the company), parent of South Atlantic Bank, today reported net income of $1,017,339 or $0.29 per diluted share for the six months ended June 30, 2015, compared to $879,158 or $0.25 per diluted share reported for the same period a year ago. This represents a 15.7 percent increase in earnings year-over-year. The second quarter of 2015 marked the bank's eighteenth consecutive quarterly profit.

"Increased net interest income coupled with continued improvement from our merchant services and mortgage banking divisions drove the bank's earnings in the first half of 2015," said K. Wayne Wicker, South Atlantic Bank chairman of the board and chief executive officer. "Our success in these areas can be attributed to several factors. An improving economy has brought consumers back into the real estate market as both existing home sales and housing starts are at their highest levels in a number of years. Our revamped mortgage banking division is hitting its stride at the right time, gaining traction in the communities we serve as the market improves. Stronger consumer confidence is also apparent in a robust summer tourist season and has boosted spending."

Second Quarter and Mid-Year Financial Highlights

  • Only one past due loan in the second quarter
  • No net charge-offs for the second consecutive quarter
  • Net interest margin remains at 3.85 percent
  • Total loans grew 12.1 percent, to $275.2 million at June 30, 2015 from $245.6 million at June 30, 2014
  • Total deposits grew 5.7 percent, to $344.4 million at June 30, 2015 from $325.8 million at June 30, 2014
  • Total assets grew 7.2 percent, to $379.0 million at June 30, 2015 from $353.4 million at June 30, 2014

In other bank news, work continues on plans for the new banking facility to be built on Johnnie Dodds Boulevard in Mount Pleasant. The floor plan and elevations are being prepared for review by the town of Mount Pleasant, with work on the new building to begin after approval is received. 

About South Atlantic Bank
South Atlantic Bank is a $388.8 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina and has additional offices in North Myrtle Beach, Murrells Inlet, Pawleys Island, Georgetown, 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 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, 2015


March 31, 2015


June 30, 2015


June 30, 2014


Year End/Quarter End Balances (In Thousands)










Total assets

$

378,887

$

356,736

$

378,887

$

353,406


Investment securities


49,161


51,386


49,161


71,539


Loans, net of unearned income (total loans)


275,174


268,736


275,174


245,585


Deposits


344,432


322,482


344,432


325,793


Shareholders' equity


33,506


33,679


33,506


26,740












Average Balances (In Thousands)










Total assets

$

359,385

$

352,383

$

359,385

$

332,623


Earning assets


328,152


327,515


328,152


309,948


Investment securities


51,473


51,987


51,473


71,002


Loans, net of unearned income


269,836


264,121


269,836


233,804


Deposits


322,996


314,232


322,996


298,140


Shareholders' equity


33,246


32,582


33,246


25,763












Earnings Breakdown (In Thousands)










Total interest income

$

3,463

$

3,369

$

6,832

$

6,434


Total interest expense


285


266


551


635


Net interest income


3,178


3,103


6,281


5,799


Total noninterest income


648


688


1,336


691


Total noninterest expense


3,061


3,028


6,089


5,127


Provision for loan losses


65


100


165


325


Income before taxes


701


663


1,364


1,038


Taxes


166


181


346


159


Net income


535


483


1,017


879


Diluted earnings per share


0.15


0.14


0.29


0.25












Selected % Increases


Compared to previous quarter.


Year over year.


Total assets


6.21%


(1.82)%


7.21%


8.34%


Total interest earning assets


6.55%


(2.17)%


6.93%


8.99%


Total loans


2.40%


2.46%


12.05%


21.16%


Total deposits


6.81%


(1.26)%


5.72%


8.08%


Interest income


2.81%


3.04%


6.17%


16.96%


Interest expense


7.39%


(4.28)%


(13.28)%


(6.85)%


Noninterest income


(5.87)%


35.02%


93.53%


(36.70)%


Noninterest expense


1.06%


9.44%


18.76%


24.41%


Net income


10.85%


(7.60)%


15.71%


1.70%












Selected Ratios (Year-to-Date)










Return on assets


0.60%


0.56%


0.57%


0.53%


Return on equity


6.52%


6.01%


6.17%


6.88%


Interest income to total average assets


3.91%


3.88%


3.83%


3.90%


Interest expense to total average assets


0.32%


0.31%


0.31%


0.38%


Net interest income to total average assets


3.59%


3.57%


3.52%


3.52%


Loan loss reserve to total loans


1.01%


1.02%


1.01%


1.07%


Nonperforming assets to total average assets


0.13%


0.12%


0.13%


0.21%


Net charge-offs to total average loans


0.00%


0.00%


0.00%


0.04%


Net interest margin


3.80%


3.90%


3.85%


3.85%


 

Contact:
Barbara W. Marshall, Senior Vice President and Director of Marketing
bmarshall@southatlanticbank.com 
843.839.4948

 

SOURCE South Atlantic Bancshares, Inc.



RELATED LINKS

http://www.southatlanticbank.com