Quarterly Earnings Grow 37 Percent
Myrtle Beach, South Carolina, October 25, 2016 – South Atlantic Bancshares, Inc. (OTCQX: SABK), parent of South Atlantic Bank, today reported net income of $815,653 or $0.21 per diluted share for the three months ended September 30, 2016, compared to the $595,015 or $0.15 per diluted share reported for the same period a year ago. These figures represent the company’s best quarterly performance in its nine-year history, and a 37.1 percent increase in net income when compared to the third quarter 2015.
Net income for the nine months ended September 30, 2016, was $1,945,321 or $0.49 per diluted share, compared $1,612,354 or $0.42 per diluted share for the nine months ended September 30, 2015. Year over year, net income grew 20.7 percent.
- Third quarter 2016 represents the company’s 23rd consecutive quarterly profit, dating back to the first quarter 2011
- Credit quality remains strong with no net charge-offs for the nine months ended September 30, 2016
- Net interest margin is 3.67 percent for the quarter and 3.83 percent for the year
- Total loans grew 23.2 percent, to $351.5 million at September 30, 2016 from $285.4 million at September 30, 2015
- Total deposits grew 13.9 percent, to $397.0 million at September 30, 2016 from $348.4 million at September 30, 2015
- Total assets grew 13.2 percent, to $436.9 million at September 30, 2016 from $385.8 million at September 30, 2015
“The company’s historic performance in the third quarter is attributed to growth throughout our geographic footprint,” said South Atlantic Bank chairman and chief executive officer K. Wayne Wicker. “Our established branches and our newer locations have performed well, as shown in deposit market share data recently released by the FDIC. On the strength of five locations along the Grand Strand, South Atlantic Bank now ranks seventh in deposit market share for Horry and Georgetown counties, while our Mount Pleasant region is gaining traction with one office. The Charleston/Mount Pleasant market is one of the fastest growing regions in the country and South Atlantic Bank has a strong commitment there with a new 8,000 square-foot office due to be completed on Johnnie Dodds Boulevard next summer. This new office will be our regional headquarters in the market.”
Additionally, Wicker cited the bank’s mortgage area in the company’s success, stating “Our revamped mortgage operation continued its robust performance, helping to fuel improvement in non-interest income during the third quarter. With an improved economy, our loan originators are seeing increased activity in construction-perm loans, and also in refinancing due to the continued low rate environment,” he said.
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