Earnings Grow 15.7 Percent
Myrtle Beach, South Carolina, July 21, 2015 – South Atlantic Bancshares, Inc. (the company), parent of South Atlantic Bank, today reported net income of $1,017,339 or $0.29 per diluted share for the six months ended June 30, 2015, compared to $879,158 or $0.25 per diluted share reported for the same period a year ago. This represents a 15.7 percent increase in earnings year-over-year. The second quarter of 2015 marked the bank’s eighteenth consecutive quarterly profit.
“Increased net interest income coupled with continued improvement from our merchant services and mortgage banking divisions drove the bank’s earnings in the first half of 2015,” said K. Wayne Wicker, South Atlantic Bank chairman of the board and chief executive officer. “Our success in these areas can be attributed to several factors. An improving economy has brought consumers back into the real estate market as both existing home sales and housing starts are at their highest levels in a number of years. Our revamped mortgage banking division is hitting its stride at the right time, gaining traction in the communities we serve as the market improves. Stronger consumer confidence is also apparent in a robust summer tourist season and has boosted spending.”
Second Quarter and Mid-Year Financial Highlights
- Only one past due loan in the second quarter
- No net charge-offs for the second consecutive quarter
- Net interest margin remains at 3.85 percent
- Total loans grew 12.1 percent, to $275.2 million at June 30, 2015 from $245.6 million at June 30, 2014
- Total deposits grew 5.7 percent, to $344.4 million at June 30, 2015 from $325.8 million at June 30, 2014
- Total assets grew 7.2 percent, to $379.0 million at June 30, 2015 from $353.4 million at June 30, 2014
In other bank news, work continues on plans for the new banking facility to be built on Johnnie Dodds Boulevard in Mount Pleasant. The floor plan and elevations are being prepared for review by the town of Mount Pleasant, with work on the new building to begin after approval is received.
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