Net Income up 11.8 Percent Assets Cross $400 Million
Myrtle Beach, South Carolina, January 28, 2016 – 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.
- 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 non-interest 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.
*This file requires a PDF viewer to open the attachment. Try downloading Adobe Reader for free at https://get.adobe.com/reader/.