Earnings Continue Upward Trend
Myrtle Beach, South Carolina, July 20, 2016 – South Atlantic Bancshares, Inc. (OTCQX: SABK), parent of South Atlantic Bank, today reported net income of $1,129,668 or $0.29 per diluted share for the six months ended June 30, 2016, compared to $1,017,339 or $0.26 per diluted share reported for the same period a year ago. Net income for the three months ended June 30, 2016 was $632,756 or $0.16 per diluted share, compared to $534,836 or $0.14 for the same period a year ago. The net income figures represent an 11.0 percent increase for the six months ended June 30, 2016, and an 18.3 percent increase for the three months ended June 30, 2015, when compared to the same periods last year.
Second Quarter and Mid-Year Financial Highlights
- The second quarter of 2016 marked the bank’s 22nd consecutive quarterly profit.
- Credit quality continues to be strong with net charge-offs to total average loans of just 0.01 percent.
- Net interest margin is 3.92 percent year to date and 3.81 percent for the quarter.
- Total loans grew 24.3 percent, to $342.0 million at June 30, 2016 from $275.2 million at June 30, 2015.
- Total deposits grew 23.1 percent, to $424.0 million at June 30, 2016 from $344.4 million at June 30, 2015.
- Total assets grew 22.2 percent, to $462.9 million at June 30, 2016 from $379.0 million at June 30, 2015.
“South Atlantic Bank continues to perform well in a very competitive marketplace,” said K. Wayne Wicker, chairman of the board and chief executive officer. “Double digit growth in the balance sheet drove our performance for the first six months of the year. Solid growth in the loan portfolio along with continued expansion of core deposits fueled gains in net interest income, with all six locations making significant contributions to profitability.
The bank has also taken an important step to expand its presence as a premier community bank in the Mount Pleasant market, with construction now underway on our new facility on Johnnie Dodds Boulevard. It will be exciting to watch the building take shape in the weeks and months to come. The new office will serve as the bank’s Mount Pleasant market headquarters and is being built to accommodate our future growth,” Wicker said.
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