Net Income Shows Improvement
Myrtle Beach, South Carolina, April 19, 2016 – South Atlantic Bancshares, Inc. (OTCQX: SABK), parent of South Atlantic Bank, today reported net income of $496,913 or $0.14 per diluted share for the three months ended March 31, 2016, compared to $482,504 or $0.12 per diluted share reported for the same period a year ago. This represents a 3.0% increase in net income year over year.
- The first quarter 2016 was the company’s 21st consecutive profitable quarter, continuing a string of strong performances that began with the first quarter 2011.
- Credit quality remains strong with no net charge-offs and nonperforming assets to average total assets of just 0.10 percent.
- Excluding securities gains, pre-tax net income grew 51.6 percent year over year.
- Excluding securities gains, non-interest income grew 21.7 percent year over year.
- Strong performance continued even as the company absorbed the full effect of North Myrtle Beach expansion during the first quarter.
- The net interest margin improved to 4.0 percent.
- Total loans grew 22.5 percent, from $269.3 million at March 31, 2015, to $329.9 million at March 31, 2016.
- Total deposits grew 12.5 percent, from $322.5 million reported at March 31, 2015, to $362.8 million at March 31, 2016.
- Total assets grew 17.2 percent, from $356.7 million at March 31, 2015, to $418.2 million at March 31, 2016.
“Several factors drove the company’s financial performance in the first quarter,” said K. Wayne Wicker, chairman of the board and chief executive officer. “Loan growth was solid throughout our geographic footprint, fueling gains in net interest income. The net interest margin improved to four percent for the first time in our history. Our mortgage area reported its strongest quarter in the bank’s history, reaching highs for both earnings and volume. Additionally, core deposits continued to grow, comprising nearly thirty-three percent of total deposits. In other news, we will break ground on a new office in Mount Pleasant on Johnnie Dodds Boulevard during the second quarter and expect to occupy the facility by mid-2017. Until then, banking operations will continue at our current location at 1027 Queensborough Boulevard,” Wicker said.
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