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
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
In his session at 21st Cloud Expo, Michael Burley, a Senior Business Development Executive in IT Services at NetApp, described how NetApp designed a three-year program of work to migrate 25PB of a major telco's enterprise data to a new STaaS platform, and then secured a long-term contract to manage and operate the platform. This significant program blended the best of NetApp’s solutions and services capabilities to enable this telco’s successful adoption of private cloud storage and launching ...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
"Since we launched LinuxONE we learned a lot from our customers. More than anything what they responded to were some very unique security capabilities that we have," explained Mark Figley, Director of LinuxONE Offerings at IBM, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...