Solid Growth in Year-End Earnings
Myrtle Beach, South Carolina, March 6, 2015 – South Atlantic Bancshares, Inc. (the company), parent of South Atlantic Bank, today reported net income of $2,004,218 or $0.58 per diluted share for the year ended December 31, 2014, an increase of 21.9 percent when compared to the $1,644,650 or $0.49 reported a year ago. At year-end 2014, the bank achieved its fourth consecutive yearly profit.
“It was a busy and productive year at South Atlantic Bank,” said K. Wayne Wicker, chairman of the board and chief executive officer. “During 2014, we moved into our new Pawleys Island office, opened a full service location in Mount Pleasant, and announced plans for a new office in North Myrtle Beach. We further developed our infrastructure by filling key positions in the retail sales, credit, and compliance areas of the bank. Additionally, we implemented a management training program to ensure we have the talent on hand to fill staffing needs as we continue to grow.
“Our success in 2014 – namely double digit earnings growth along with double digit growth in the balance sheet – can be attributed directly to the expansion of our geographic footprint,” Wicker said. “Our market share continues to increase due to the strong efforts put forth by our branch staff and lending personnel in delivering South Atlantic Bank’s exemplary customer service,” he said.
Total deposits grew 14.4 percent, from $285.5 million reported at December 31, 2013, to $326.6 million at December 31, 2014. Total loans grew 20.4 percent during 2014, from $218.2 million at December 31, 2013 to $262.6 million at December 31, 2014. Total assets grew 14.2 percent, from $318.0 million at December 31, 2013, to $363.3 million at December 31, 2014.
South Atlantic Bank’s credit quality continues to be strong with net charge-offs to total average assets of 0.07 percent, which compares favorably to state and national figures. The bank has now recorded three consecutive quarters with zero past dues, a significant accomplishment based on a portfolio in excess of $260 million.
The bank’s capital ratios continue to exceed regulatory requirements. The company’s already strong capital position was further bolstered by the completion of the first phase of a private placement offering of its common stock in 2014. The company anticipates completing the second phase by the end of the first quarter 2015. Proceeds from the raise will be used for general corporate purposes and to support the growth and capital position of the bank.
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