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First Quarter Earnings Grow Nearly 29% at South Atlantic Bancshares, Inc.


News provided by

South Atlantic Bancshares, Inc.

Apr 20, 2015, 04:01 ET

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MYRTLE BEACH, S.C., April 20, 2015 /PRNewswire/ -- South Atlantic Bancshares, Inc. (the company), parent of South Atlantic Bank, is reporting continued improvement in its financial performance for the first quarter of 2015.

Net income in the first quarter of 2015 rose to $482,504 or $0.14 per diluted share, from $374,662 or $0.11 per diluted share in the first quarter of 2014. This represents an increase of 28.8 percent in earnings year-over-year. The company now has a string of 17 consecutive quarterly profits dating back to the first quarter of 2011.

K. Wayne Wicker, South Atlantic Bancshares, Inc. chairman and chief executive officer, stated, "An improved earning asset yield, increased loan volume, and gains on the sale of securities due to recent market movements drove earnings growth in the first three months of the year. The merchant services and mortgage lines of business continue to show improvement in other fee income. We were able to achieve this solid performance in a busy first quarter that included the openings of our permanent office in Pawleys Island and our newest location in North Myrtle Beach, along with the completion of a successful capital raise."

The company concluded the second and final phase of the private placement offering of its common stock in March 2015. Proceeds from the raise will be used for general corporate purposes and to support the growth and capital position of the bank.

First Quarter 2015 Highlights

  • Fourth consecutive quarter with zero past dues
  • No net charge-offs
  • Net interest margin improved to 3.90 percent
  • Total loans grew 15.8 percent, to $268.7 million at March 31, 2015 from $232.1 million at March 31, 2014
  • Total deposits grew 8.1 percent, to $322.5 million at March 31, 2015 from $298.4 million at March 31, 2014
  • Total assets grew 7.9 percent, to $356.7 million at March 31, 2015 from $330.7 million at March 31, 2014

About South Atlantic Bank
South Atlantic Bank is a $379.0 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



Three Months

Ended


Twelve Months

Ended


Three Months
Ended



March 31, 2015


December 31, 2014


March 31, 2014








Year End/Quarter End Balances (in thousands)







Total assets

$

356,736

$

363,348

$

330,650

Investment securities


51,386


52,607


67,846

Loans, net of unearned income (total loans)


268,736


262,286


232,091

Deposits


322,482


326,594


298,363

Shareholders' equity


33,679


32,242


25,653








Average Balances (in thousands)







Total assets

$

352,383

$

341,288

$

323,700

Earning assets


327,515


318,590


301,453

Investment securities


51,987


67,306


70,871

Loans, net of unearned income


264,121


239,797


226,844

Deposits


314,232


308,929


287,417

Shareholders' equity


32,582


26,925


25,063








Earnings Breakdown (in thousands)







Total interest income

$

3,369

$

13,012

$

3,143

Total interest expense


266


1,188


314

Net interest income


3,103


11,825


2,829

Total noninterest income


688


1,705


283

Total noninterest expense


3,028


10,618


2,530

Provision for loan losses


100


475


150

Income before taxes


663


2,437


432

Taxes


181


433


57

Net income


483


2,004


375








Selected % Increases 







(March 2015 compared to March 2014)

(December 2014 compared to December 2013)

Total assets


7.89%


11.61%


38.00%

Total interest earning assets


7.51%


11.93%


39.52%

Total loans


15.79%


14.85%


36.28%

Total deposits


8.08%


10.10%


38.06%

Interest income


7.18%


12.89%


27.90%

Interest expense


(15.43)%


(19.08)%


(20.93)%

Noninterest income


142.85%


(24.15)%


(1.24)%

Noninterest expense


19.68%


14.55%


52.91%








Selected Ratios (year-to-date)







Return on assets


0.56%


0.59%


0.47%

Return on equity


6.01%


7.44%


6.06%

Interest income to total average assets


3.88%


3.67%


3.94%

Interest expense to total average assets


0.31%


0.43%


0.39%

Net interest income to total average assets


3.57%


3.24%


3.54%

Loan loss reserve to total loans


1.02%


1.00%


1.10%

Nonperforming assets to total average assets


0.12%


0.13%


0.23%

Net charge-offs to total average loans


0.00%


0.07%


0.00%

Net interest margin


3.90%


3.79%


3.81%

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

SOURCE South Atlantic Bancshares, Inc.

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