South Atlantic Bank Reports First Quarter Earnings
Apr 21, 2014, 04:48 ET
MYRTLE BEACH, S.C., April 21, 2014 /PRNewswire/ -- South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today reported net income of $374,663 or $0.12 per diluted share for the three months ended March 31, 2014, an increase of 1.5% when compared to the $369,175 or $0.12 per diluted share reported for the same period a year ago. The bank's performance in the first quarter continued its string of consecutive quarterly profits that began with the first quarter of 2011.
"The year is off to a good start," said K. Wayne Wicker, South Atlantic Bank chairman and chief executive officer. "We maintained profitability while managing the expenses associated with our expansion efforts of late last year. During the fourth quarter 2013, we added locations in Georgetown and Mount Pleasant, and doubled the size of our mortgage department. We are seeing early signs of success from these new endeavors and we continue to leverage these investments to produce earnings.
"Plans are proceeding well for our new office in Pawleys Island to be located at the corner of Ocean Highway and Lachicotte Road. We expect to move from our existing office in Waverly Place to the new quarters in the fall of this year," Wicker said.
Double digit growth was reported in the balance sheet. Total loans grew 17.3% during the first quarter, from $198.0 million at March 31, 2013 to $232.1 million at March 31, 2014. Total deposits grew 10.6%, from $269.7 million at March 31, 2013 to $298.4 million at March 31, 2014.
South Atlantic Bank's credit quality remains strong with no net charge-offs for the three months ended March 31, 2014. Total assets grew 11.9%, from $295.6 million at March 31, 2013, to $330.7 million at March 31, 2014. The bank's capital ratios continue to exceed regulatory requirements.
About South Atlantic Bank
South Atlantic Bank is a $331.1 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina, with additional full service locations in Murrells Inlet, Pawleys Island, and Georgetown, South Carolina, and a loan production office in Mount Pleasant. 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.
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 |
||||||
| For the |
For the |
For the |
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| Three Months Ended |
Twelve Months Ended |
Three Months Ended |
||||
| March 31, 2014 |
December 31, 2013 |
March 31, 2013 |
||||
| Year End/Quarter End Balances (in thousands) |
||||||
| Total assets |
$ |
330,650 |
$ |
318,057 |
$ |
295,614 |
| Investment securities |
67,846 |
73,727 |
61,980 |
|||
| Loans, net of unearned income (total loans) |
232,091 |
218,174 |
197,937 |
|||
| Deposits |
298,363 |
285,519 |
269,729 |
|||
| Shareholders' equity |
25,653 |
24,141 |
25,364 |
|||
| Average Balances (in thousands) |
||||||
| Total assets |
$ |
323,697 |
$ |
307,746 |
$ |
289,610 |
| Earning assets |
301,025 |
281,908 |
268,552 |
|||
| Investment securities |
70,871 |
69,880 |
58,399 |
|||
| Loans, net of unearned income |
226,844 |
199,817 |
195,308 |
|||
| Deposits |
287,413 |
281,306 |
263,589 |
|||
| Shareholders' equity |
25,063 |
24,904 |
25,683 |
|||
| Earnings Breakdown |
||||||
| Total interest income |
$ |
3,143 |
$ |
11,291 |
$ |
2,683 |
| Total interest expense |
314 |
1,311 |
330 |
|||
| Net interest income |
2,829 |
9,980 |
2,352 |
|||
| Total noninterest income |
297 |
1,996 |
369 |
|||
| Total noninterest expense |
2,544 |
9,154 |
1,949 |
|||
| Provision for loan losses |
150 |
730 |
165 |
|||
| Income before taxes |
432 |
2,092 |
608 |
|||
| Taxes |
57 |
447 |
238 |
|||
| Net Income |
375 |
1,645 |
369 |
|||
| Selected % Increases |
||||||
| Total assets |
11.85% |
11.61% |
23.38% |
|||
| Total interest earning assets |
11.98% |
11.93% |
24.46% |
|||
| Total loans |
17.26% |
14.85% |
16.22% |
|||
| Total deposits |
10.62% |
10.10% |
24.81% |
|||
| Interest income |
17.15% |
12.89% |
9.18% |
|||
| Interest expense |
(4.89)% |
(19.08)% |
(16.86)% |
|||
| Noninterest income |
(19.50)% |
(24.15)% |
28.67% |
|||
| Noninterest expense |
30.52% |
14.55% |
17.80% |
|||
| Selected Ratios |
||||||
| Return on assets |
0.47% |
0.53% |
0.52% |
|||
| Return on equity |
6.08% |
6.60% |
6.14% |
|||
| Interest income to total average assets |
3.94% |
3.67% |
3.76% |
|||
| Interest expense to total average assets |
0.39% |
0.43% |
0.46% |
|||
| Net interest income to total average assets |
3.54% |
3.24% |
3.29% |
|||
| Loan loss reserve to total loans |
1.10% |
1.10% |
1.20% |
|||
| Nonperforming assets to total average assets |
0.23% |
0.13% |
0.97% |
|||
| Net charge-offs to total average loans |
0.00% |
0.21% |
0.05% |
|||
| Net interest margin |
3.87% |
3.54% |
3.62% |
|||
Contact:
Barbara W. Marshall, Vice President and Director of Marketing
[email protected]
843.839.4948
SOURCE South Atlantic Bancshares, Inc.