Click here to close now.

Welcome!

News Feed Item

South Atlantic Bank Reports First Quarter Earnings

MYRTLE BEACH, S.C., April 21, 2014 /PRNewswire/ -- South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today reported net income of $374,663 or $0.12 per diluted share for the three months ended March 31, 2014, an increase of 1.5% when compared to the $369,175 or $0.12 per diluted share reported for the same period a year ago. The bank's performance in the first quarter continued its string of consecutive quarterly profits that began with the first quarter of 2011.

"The year is off to a good start," said K. Wayne Wicker, South Atlantic Bank chairman and chief executive officer. "We maintained profitability while managing the expenses associated with our expansion efforts of late last year. During the fourth quarter 2013, we added locations in Georgetown and Mount Pleasant, and doubled the size of our mortgage department. We are seeing early signs of success from these new endeavors and we continue to leverage these investments to produce earnings.

"Plans are proceeding well for our new office in Pawleys Island to be located at the corner of Ocean Highway and Lachicotte Road. We expect to move from our existing office in Waverly Place to the new quarters in the fall of this year," Wicker said.

Double digit growth was reported in the balance sheet. Total loans grew 17.3% during the first quarter, from $198.0 million at March 31, 2013 to $232.1 million at March 31, 2014. Total deposits grew 10.6%, from $269.7 million at March 31, 2013 to $298.4 million at March 31, 2014.

South Atlantic Bank's credit quality remains strong with no net charge-offs for the three months ended March 31, 2014. Total assets grew 11.9%, from $295.6 million at March 31, 2013, to $330.7 million at March 31, 2014. The bank's capital ratios continue to exceed regulatory requirements.

About South Atlantic Bank
South Atlantic Bank is a $331.1 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina, with additional full service locations in Murrells Inlet, Pawleys Island, and Georgetown, South Carolina, and a loan production office in Mount Pleasant. South Atlantic Bank offers a wide variety of services for businesses and consumers, including South Atlantic Bank goMobile, its mobile banking app. The bank also offers internet banking, no-fee ATM access, checking, CD, and money market accounts, merchant services, mortgage loans, remote deposit capture, and more.

The bank was named a "Roaring Twenties" winner as one of the best performing large companies in the state of South Carolina by SC Biz News in 2012 and 2013. For more information, visit SouthAtlanticBank.com.

Member FDIC


South Atlantic Bank
Selected Financial Highlights










For the


For the


For the



Three Months

Ended


Twelve Months

Ended


Three Months

Ended



March 31, 2014


December  31, 2013


March 31, 2013








Year End/Quarter End Balances (in thousands)







Total assets

$

330,650

$

318,057

$

295,614

Investment securities


67,846


73,727


61,980

Loans, net of unearned income (total loans)


232,091


218,174


197,937

Deposits


298,363


285,519


269,729

Shareholders' equity


25,653


24,141


25,364








Average Balances (in thousands)







Total assets

$

323,697

$

307,746

$

289,610

Earning assets


301,025


281,908


268,552

Investment securities


70,871


69,880


58,399

Loans, net of unearned income


226,844


199,817


195,308

Deposits


287,413


281,306


263,589

Shareholders' equity


25,063


24,904


25,683








Earnings Breakdown







Total interest income

$

3,143

$

11,291

$

2,683

Total interest expense


314


1,311


330

Net interest income


2,829


9,980


2,352

Total noninterest income


297


1,996


369

Total noninterest expense


2,544


9,154


1,949

Provision for loan losses


150


730


165

Income before taxes


432


2,092


608

Taxes


57


447


238

Net Income


375


1,645


369








Selected % Increases 







Total assets


11.85%


11.61%


23.38%

Total interest earning assets


11.98%


11.93%


24.46%

Total loans


17.26%


14.85%


16.22%

Total deposits


10.62%


10.10%


24.81%

Interest income


17.15%


12.89%


9.18%

Interest expense


(4.89)%


(19.08)%


(16.86)%

Noninterest income


(19.50)%


(24.15)%


28.67%

Noninterest expense


30.52%


14.55%


17.80%








Selected Ratios







Return on assets


0.47%


0.53%


0.52%

Return on equity


6.08%


6.60%


6.14%

Interest income to total average assets


3.94%


3.67%


3.76%

Interest expense to total average assets


0.39%


0.43%


0.46%

Net interest income to total average assets


3.54%


3.24%


3.29%

Loan loss reserve to total loans


1.10%


1.10%


1.20%

Nonperforming assets to total average assets


0.23%


0.13%


0.97%

Net charge-offs to total average loans


0.00%


0.21%


0.05%

Net interest margin


3.87%


3.54%


3.62%

Contact:
Barbara W. Marshall, Vice President and Director of Marketing
[email protected] 
843.839.4948

SOURCE South Atlantic Bancshares, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
Manufacturing has widely adopted standardized and automated processes to create designs, build them, and maintain them through their life cycle. However, many modern manufacturing systems go beyond mechanized workflows to introduce empowered workers, flexible collaboration, and rapid iteration. Such behaviors also characterize open source software development and are at the heart of DevOps culture, processes, and tooling.
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...
"We provide a web application framework for building really sophisticated web applications that run on a browser without any installation need so we get used for biotech, defense, and banking applications," noted Charles Kendrick, CTO and Chief Architect at Isomorphic Software, in this SYS-CON.tv interview at @DevOpsSummit (http://DevOpsSummit.SYS-CON.com), held June 9-11, 2015, at the Javits Center in New York
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
"AgilData is the next generation of dbShards. It just adds a whole bunch more functionality to improve the developer experience," noted Dan Lynn, CEO of AgilData, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
Containers are changing the security landscape for software development and deployment. As with any security solutions, security approaches that work for developers, operations personnel and security professionals is a requirement. In his session at DevOps Summit, Kevin Gilpin, CTO and Co-Founder of Conjur, will discuss various security considerations for container-based infrastructure and related DevOps workflows.
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...