Earnings Grow 35.5 Percent
Myrtle Beach, South Carolina, October 24, 2017 – South Atlantic Bancshares, Inc. (OTCQX: SABK, the Company), parent of South Atlantic Bank (the Bank), today reported net income of $2,635,149 for the nine months ended September 30, 2017, a 35.5 percent increase when compared to the $1,945,323 reported for the same period a year ago.
Net income for the three months ended September 30, 2017 was $985,078, an increase of 21 percent when compared to the $815,653 reported for the three months ended September 30, 2016.
- Robust financial performance achieved during a period of expansion. Net income per diluted share for the nine months ended September 30, 2017 was $0.52 and $0.18 for the three months ended September 30, 2017.
- Credit quality remains strong with non-performing assets to average total assets of just 0.02 percent.
- At September 30, 2017, the net interest margin was 4.00 percent.
- Total loans grew 21.1 percent, to $425.6 million at September 30, 2017 from $351.5 million at September 30, 2016.
- Total deposits grew 12.0 percent, to $444.5 million at September 30, 2017 from $397.0 million at September 30, 2016.
- Total assets grew 17.1 percent, to $511.7 million at September 30, 2017 from $436.9 million at September 30, 2016.
“The Company’s financial performance through the third quarter of 2017 is all the more exceptional because it took place during a period of major expansion,” said K. Wayne Wicker, South Atlantic’s chairman of the board and chief executive officer. “In the third quarter, the Bank established two new locations in the Charleston market: a regional headquarters on Johnnie Dodds Boulevard in Mount Pleasant and an office on East Bay Street in Downtown Charleston. We were able to absorb the overhead –
the addition of twelve employees and facilities – and post double digit earnings growth at the same time,” Wicker said.
Also contributing to the Company’s financials is the continued success of its mortgage operation, currently having its best year in the bank’s 10-year existence. Total mortgage production grew 20 percent for the nine months ending September 30, 2017 when compared to the same period in 2016, while loans for new home purchases grew 32 percent in the same period. Growth in the commercial loan portfolio, fueled by the volume generated from seven offices, also contributed to the Company’s bottom line for the third quarter and year to date.