First Quarter Earnings Grow Nearly 29%
Myrtle Beach, South Carolina, April 20, 2015 – 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
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