Earnings Grow 38.1 Percent
Myrtle Beach, South Carolina, April 18, 2017 – South Atlantic Bancshares, Inc. (the “Company”) (OTCQX: SABK), parent of South Atlantic Bank, today reported net income of $686,133 or $0.17 per diluted share for the three months ended March 31, 2017, compared to $496,913 or $0.14 per diluted share reported for the same period a year ago. Net income increased 38.1 percent from March 31, 2016 to March 31, 2017.
- The first quarter 2017 was the Company’s 25th consecutive profitable quarter. The streak dates back to the first quarter 2011.
- Credit quality remains strong with no net charge-offs and nonperforming assets to average total assets of just 0.09 percent as of March 31, 2017.
- Non-interest income grew 18.7 percent for the first quarter.
- The net interest margin improved to 3.99 percent as of March 31, 2017.
- Total loans grew 22.7 percent, from $329.9 million at March 31, 2016 to $404.9 million at March 31, 2017.
- Total deposits grew 14.3 percent, from $362.8 million at March 31, 2016 to $414.8 million at March 31, 2017.
- Total assets grew 15.5 percent, from $418.2 million at March 31, 2016 to $482.8 million at March 31, 2017.
“The year is off to a good start for South Atlantic Bank,” said K. Wayne Wicker, chairman of the board and chief executive officer of the Company. “Double digit growth in the loan portfolio, combined with solid gains in mortgage loan and merchant fee income, fueled the 38 percent increase in net income. All branches in our geographic footprint contributed to this outstanding performance,” Wicker said.
In other news, South Atlantic Bank recently received FDIC approval for its seventh full-service location and second in the Charleston market. The new office will open on East Bay Street in late May 2017. Construction continues on the building that will serve as the company’s regional headquarters on Johnnie Dodds Boulevard in Mount Pleasant, with completion expected in July of this year. Additionally, the Company completed a $20 million capital raise on March 29, 2017, with the sale of 1.63 million common shares at $12.25 per share, bringing the total number of common shares outstanding as of March 31, 2017 to 5,463,976.