South Atlantic Bancshares Net Income up 11.8 Percent
Assets Cross $400 Million Mark
MYRTLE BEACH, S.C., Jan. 28, 2016 /PRNewswire/ -- South Atlantic Bancshares, Inc. (OTCQX: SABK), parent of South Atlantic Bank, today reported net income of $2,240,817 or $0.63 per diluted share for the year ended December 31, 2015, compared to $2,004,218 or $0.56 per diluted share reported for the same period a year ago. These figures represent an 11.8 percent increase in net income.
Financial Highlights
- Year-end 2015 represents the company's fifth consecutive profitable year.
- Credit quality remains strong with net charge-offs to average total assets of 0.01 percent and zero past due loans for 2015.
- Net interest margin is 3.80 percent.
- Total loans grew 19.7 percent in 2015, from $262.6 million at December 31, 2014 to $314.3 million at December 31, 2015.
- Total deposits grew 3.3 percent, from $326.6 million reported at December 31, 2014, to $337.4 million at December 31, 2015.
- Total assets grew 10.2 percent, from $363.3 million at December 31, 2014, to $400.2 million at December 31, 2015.
"It has been a year of outstanding achievement for our company," said K. Wayne Wicker, chairman of the board and chief executive officer. "Our financial performance continues to improve, fueled by growth in the loan portfolio in all the markets we serve. Additionally, the merchant services and mortgage loan areas of the bank contributed to our results, helping noninterest income grow fifty-four percent this year.
The company also met several goals in 2015. We further developed our branch network with expansion to North Myrtle Beach and plans for a new and larger office in the Mount Pleasant market. We moved our website from the dot com domain to the dot bank domain, which provides greater safeguards for online commerce. We also continued to upgrade customer services including our goMobile banking app," Wicker said.
Additionally, the company completed a private placement offering for its common stock, raising $4.6 million to be used for general corporate purposes and to support the growth and capital position of the bank. In October, the company's stock began to trade on the OTCQX Marketplace, creating greater visibility and accessibility. Lastly, a 10 percent stock dividend – the second in the company's brief history – took place in December.
About South Atlantic Bank
South Atlantic Bank, the subsidiary bank of South Atlantic Bancshares, Inc. (OTCQX: SABK), is a $390.1 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina, with additional offices in Murrells Inlet, Pawleys Island, Georgetown, North Myrtle Beach, 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. South Atlantic 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, 2013, and 2015. For more information, visit SouthAtlantic.bank.
Member FDIC
| South Atlantic Bank |
|||
| Selected Financial Highlights |
|||
| For the |
For the |
For the |
|
| Twelve Months Ended |
Twelve Months Ended |
Twelve Months Ended |
|
| December 31, 2015 |
December 31, 2014 |
December 31, 2013 |
|
| Year-to-Date Balances (In Thousands) |
|||
| Total assets |
$ 400,218 |
$ 363,348 |
$ 318,057 |
| Investment securities |
52,784 |
52,607 |
73,727 |
| Loans, net of unearned income (total loans) |
314,255 |
262,646 |
218,174 |
| Deposits |
337,362 |
326,594 |
285,519 |
| Shareholders' equity |
35,645 |
32,242 |
24,141 |
| Average Balances (In Thousands) |
|||
| Total assets |
$ 374,291 |
$ 341,288 |
$ 307,746 |
| Earning assets |
382,350 |
318,590 |
281,908 |
| Investment securities |
51,238 |
67,306 |
69,880 |
| Loans, net of unearned income |
313,988 |
239,797 |
199,817 |
| Deposits |
335,849 |
308,929 |
281,306 |
| Shareholders' equity |
33,961 |
26,925 |
24,904 |
| Earnings Breakdown (In Thousands) |
|||
| Total interest income |
$ 14,137 |
$ 13,012 |
$ 11,291 |
| Total interest expense |
1,161 |
1,188 |
1,311 |
| Net interest income |
12,976 |
11,825 |
9,980 |
| Total noninterest income |
2,633 |
1,705 |
1,996 |
| Total noninterest expense |
12,272 |
10,618 |
9,154 |
| Provision for loan losses |
230 |
475 |
730 |
| Income before taxes |
3,106 |
2,437 |
2,092 |
| Taxes |
865 |
433 |
447 |
| Net income |
2,241 |
2,004 |
1,645 |
| Diluted earnings per share |
0.63 |
0.56 |
0.46 |
| Selected % Increases |
Year Over Year |
||
| Total assets |
10.15% |
14.24% |
11.60% |
| Total interest earning assets |
10.58% |
14.04% |
11.93% |
| Total loans |
19.65% |
20.38% |
14.84% |
| Total deposits |
3.30% |
14.39% |
10.10% |
| Interest income |
8.64% |
15.24% |
12.89% |
| Interest expense |
(2.21)% |
(9.40)% |
(19.09)% |
| Noninterest income |
54.37% |
(14.54)% |
(26.19)% |
| Noninterest expense |
15.58% |
15.99% |
13.54% |
| Net income |
11.81% |
21.90% |
(35.08)%* |
| Selected Ratios |
Year Over Year |
||
| Return on assets |
0.59% |
0.55% |
0.53% |
| Return on equity |
6.55% |
7.44% |
6.60% |
| Interest income to total average assets |
3.78% |
3.81% |
3.67% |
| Interest expense to total average assets |
0.31% |
0.35% |
0.43% |
| Net interest income to total average assets |
3.47% |
3.46% |
3.24% |
| Loan loss reserve to total loans |
0.90% |
1.00% |
1.10% |
| Nonperforming assets to total average assets |
0.11% |
0.13% |
0.24% |
| Net charge-offs to total average assets |
0.01% |
0.07% |
0.08% |
| Net interest margin |
3.80% |
3.79% |
3.56% |
| *compared to 2012 net income which was not taxable. Company became fully taxable in 2013. |
SOURCE South Atlantic Bancshares, Inc.
Share this article