First Quarter Earnings Grow Nearly 29% at South Atlantic Bancshares, Inc.
Apr 20, 2015, 04:01 ET
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 |
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| Selected Financial Highlights |
||||||
| For the |
For the |
For the |
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| Three Months Ended |
Twelve Months Ended |
Three Months |
||||
| 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.