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23.07.2013 22:29:00
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South Atlantic Bank Reports Mid-Year and Quarterly Earnings
MYRTLE BEACH, S.C., July 23, 2013 /PRNewswire/ -- South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today reported pre-tax net income of $1,409,928 for the six months ended June 30, 2013, an increase of 63.4% when compared to the $862,848 reported pre-tax for the same period a year ago. Pre-tax net income for the three months ended June 30, 2013 was $802,398, an increase of 99.7% when compared to the $401,829 reported for the same period a year ago. Income net of taxes for the six months ended June 30, 2013 was $864,499 or $0.28 per diluted share, and for the three months ended June 30, 2013, was $495,324 or $0.17 per diluted share.
The second quarter of 2013 marked the bank's tenth consecutive quarterly profit. Having completed its second consecutive year of profitability at December 31, 2012, the bank became fully taxable beginning in 2013.
"Our continued profitability comes during a period of robust growth for the bank," said K. Wayne Wicker, South Atlantic Bank's chairman and chief executive officer. "During the second quarter, we achieved strong growth in loans and deposits, while planning to open an office in Georgetown later this summer pending regulatory approval, and expanding our product menu to include South Atlantic Bank goMobile, our new mobile banking app," he said.
Total loans grew 18.7% during the first six months of 2013, from $170.8 million at June 30, 2012 to $202.7 million at June 30, 2013. Total deposits grew 19.7%, from $251.9 million at June 30, 2012 to $301.4 million at June 30, 2013.
South Atlantic Bank's credit quality remains strong with net charge-offs to total average assets of 0.16% for the six months ended June 30, 2013. The bank's capital ratios continue to exceed regulatory requirements. Total assets grew 18.0%, from $276.4 million at June 30, 2012, to $326.2 million at June 30, 2013.
"At South Atlantic Bank, we have differentiated ourselves in the marketplace by offering the high tech products usually found only at much larger banks, along with the customized, personal service that only a community bank can deliver. The combination of high caliber service and products contributes directly to our financial success," Wicker stated.
About South Atlantic Bank
South Atlantic Bank is a $329.2 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina, has additional locations in Murrells Inlet and Pawleys Island, and expects to open a full-service office in Georgetown later this summer. South Atlantic Bank recently earned its eighth consecutive 5-Star rating from BauerFinancial, Inc., a leading independent rating firm. South Atlantic Bank offers a wide variety of services for businesses and consumers, including South Atlantic Bank goMobile, its new 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. Its experienced team of bankers knows the Grand Strand market and is skilled in meeting the special needs of this coastal community. For more information, visit SouthAtlanticBank.com.
Member FDIC
South Atlantic Bank Selected Financial Highlights
| ||||||
For the | For the | For the | ||||
Six Months Ended | Twelve Months Ended | Six Months Ended | ||||
June 30, 2013 | December 31, 2012 | June 30, 2012 | ||||
Year End/Quarter End Balances (In Thousands) | ||||||
Total assets | $ | 326,186 | $ | 284,988 | $ | 276,351 |
Investment securities | 73,130 | 59,455 | 52,499 | |||
Loans, net of unearned income (total loans) | 202,692 | 189,979 | 170,789 | |||
Deposits | 301,432 | 259,338 | 251,922 | |||
Shareholders' equity | 23,789 | 25,359 | 23,988 | |||
Average Balances (In Thousands) | ||||||
Total assets | $ | 299,380 | $ | 263,886 | $ | 246,599 |
Earning assets | 277,703 | 243,927 | 227,076 | |||
Investment securities | 63,459 | 49,505 | 58,176 | |||
Loans, net of unearned income | 198,133 | 173,624 | 168,901 | |||
Deposits | 273,102 | 238,513 | 220,367 | |||
Shareholders' equity | 25,701 | 24,092 | 23,443 | |||
Earnings Breakdown (In Thousands) | ||||||
Total interest income | $ | 5,502 | $ | 11,113 | $ | 4,858 |
Total interest expense | 682 | 1,620 | 830 | |||
Net interest income | 4,820 | 9,493 | 4,028 | |||
Total noninterest income | 1,091 | 1,522 | 715 | |||
Total noninterest expense | 4,121 | 7,991 | 3,470 | |||
Net income | 865 | 2,562 | 1,138 | |||
Selected % Increases (Linked Quarter) | ||||||
Total assets | 18.03% | 24.06% | 20.30% | |||
Total interest earning assets | 16.31% | 25.58% | 21.52% | |||
Total loans | 18.68% | 11.99% | 0.68% | |||
Total deposits | 19.65% | 30.92% | 27.18% | |||
Interest income | 13.57% | 17.02% | 3.72% | |||
Interest expense | (17.58)% | (24.44)% | (31.07)% | |||
Noninterest income | 53.04% | 80.85% | 138.86% | |||
Noninterest expense | 19.08% | 29.07% | 16.52% | |||
Selected Ratios | ||||||
Return on assets | 0.58% | 0.97% | 0.93% | |||
Return on equity | 6.78% | 10.63% | 9.77% | |||
Interest income to total average assets | 3.72% | 4.21% | 3.96% | |||
Interest expense to total average assets | 0.46% | 0.61% | 0.68% | |||
Net interest income to total average assets | 3.26% | 3.60% | 3.28% | |||
Loan loss reserve to total loans | 1.17% | 1.21% | 1.23% | |||
Nonperforming assets to total average assets | 0.67% | 1.07% | 1.50% | |||
Net charge-offs to total average assets | 0.16% | 0.80% | 0.39% | |||
Net interest margin | 3.50% | 3.33% | 3.47% | |||
Contact:
Barbara W. Marshall, Vice President and Director of Marketing
bmarshall@southatlanticbank.com
843.839.4948
SOURCE South Atlantic Bancshares, Inc.
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