Welcome to our dedicated page for South Atlantic Bancshares news (Ticker: SABK), a resource for investors and traders seeking the latest updates and insights on South Atlantic Bancshares stock.
Overview
South Atlantic Bancshares Inc. (SABK) is a registered bank holding company based in Myrtle Beach, South Carolina, with a strong presence in the coastal markets of the state. The company operates through its subsidiary, South Atlantic Bank, providing comprehensive community banking services. As a full-service financial institution, it serves individuals, small businesses, and corporate entities with a wide range of consumer and commercial banking products. Keywords such as community banking, financial institution, and regional bank underscore its primary market role.
Core Business and Services
The company specializes in offering personalized banking solutions that include checking, savings, certificates of deposit, and money market accounts. In addition, South Atlantic Bank provides mortgage products, treasury management solutions, remote deposit capture, and merchant services alongside advanced mobile and internet banking platforms. This robust product portfolio is designed to support diverse financial needs while reinforcing customer deposit growth and enhancing credit quality across its loan portfolio.
Operations and Market Position
South Atlantic Bancshares Inc. has established a significant regional footprint by operating multiple branch locations in strategic markets such as Myrtle Beach, Charleston, Hilton Head Island, and other communities along the South Carolina coast. This geographical reach and locally controlled operations position the company as an essential provider of community-based financial services. With a focus on maintaining excellent credit metrics and adapting efficient risk management practices, the bank supports organic deposit growth and disciplined loan portfolio expansion.
Business Model and Revenue Generation
The company generates income primarily from interest earned on a diversified portfolio of loans and investments, alongside noninterest income derived from service charges, secondary mortgage income, and other banking fees. Its business model is built on balancing asset growth with enhanced deposit relationships, while employing strategic risk management measures to absorb market pressures such as elevated interest rates and fluctuating funding costs. Its prudent approach to asset quality and liquidity underpins its status as a reliable community bank amid competitive market dynamics.
Risk Management and Credit Quality
Maintaining strong credit quality is central to South Atlantic's operations. The bank employs comprehensive risk management methodologies, including interest rate hedging through pay-fixed, receive-floating swap agreements, to mitigate market volatility. Consistent monitoring of credit conditions and proactive management of loan portfolios help the company achieve and retain high credit standards. Such practices enhance trust and signal a robust risk management culture to stakeholders.
Financial Strength and Capital Management
With total assets approaching a significant threshold in the regional market, South Atlantic Bancshares exhibits sound capital management and liquidity. The company’s strategy of reinvesting earnings and managing overhead through operational efficiencies has contributed to sustained growth in deposits and loans. Additionally, regular share repurchase programs and consistent dividend declarations underline its commitment to returning value to shareholders, without compromising regulatory capital requirements.
Technological Innovation and Customer Experience
In conjunction with traditional banking methods, South Atlantic Bank embraces technology to improve customer service and operational efficiency. The introduction of mobile banking applications and robust internet banking facilities indicates an ongoing commitment to digital innovation that enhances ease of access and customer satisfaction. This integration of technology reflects mature adaptation to evolving financial service demands while reinforcing the bank's community-centric approach.
Competitive Landscape
Operating in a competitive regional market, South Atlantic Bancshares distinguishes itself through its localized management structure, community focus, and personalized customer service. Unlike larger national banks, this institution leverages its intimate knowledge of local market conditions to deliver tailored banking solutions. Its measured approach to loan growth and deposit expansion, combined with a strong focus on risk management, sets it apart in the ongoing debate of how to balance growth with stability in turbulent economic times.
Conclusion
South Atlantic Bancshares Inc. represents a robust and locally grounded financial institution with a comprehensive suite of products that cater to the diverse needs of its community. Its thorough approach to risk management, consistent focus on enhancing deposit relationships, and prudent capital management make it a noteworthy example of a community bank operating successfully in a competitive, dynamic financial environment. The company’s emphasis on technological advancement and personalized services further cements its position as a trusted partner in the banking sector.
South Atlantic Bancshares (OTCQX: SABK) has announced a cash dividend of $0.10 per share on its common stock. The dividend will be paid on February 28, 2025, to shareholders of record as of February 14, 2025.
This marks the company's third consecutive annual cash dividend since initiating dividend payments in Q1 2023. Chairman and CEO K. Wayne Wicker noted that despite facing headwinds in the first half of 2024, the company finished the year strong and is entering 2025 with solid momentum.
South Atlantic Bancshares (OTCQX: SABK) reported Q4 2024 net income of $3.2 million ($0.41 per diluted share), up 21.7% from Q3 2024 ($2.6 million) and 44.5% from Q4 2023 ($2.2 million). For full-year 2024, net income reached $10.1 million ($1.31 per diluted share) compared to $10.0 million in 2023.
Key financial highlights include: total assets increased 10.1% to $1.8 billion in 2024; total loans grew 13.1% to $1.34 billion; deposits increased 12.9% to $1.46 billion; and tangible book value per share rose 11.8% to $14.30. The bank's net interest margin improved to 2.83% in Q4 2024, up 12 basis points from Q3, while cost of funds decreased by 19 basis points to 2.58%, marking the first quarterly decline since March 2022.
Credit quality remained strong with minimal non-performing assets and the bank maintained well-capitalized status with a total risk-based capital ratio of 11.87%.
K. Wayne Wicker, chairman and CEO of South Atlantic Bank, has been elected treasurer of the 2024-2025 American Bankers Association (ABA) board of directors. Wicker, who has served on the ABA board since 2022, brings over 37 years of banking experience and currently serves on the South Carolina State Board of Financial Institutions. He is also a past chairman of the South Carolina Bankers Association. Wicker holds a B.S. in business administration from The Citadel and completed banking studies at LSU and USC. He is a former South Carolina Air National Guard member and Gulf War veteran.
South Atlantic Bancshares (OTCQX: SABK) reported Q3 2024 net income of $2.6 million, or $0.34 per diluted share, up 14.4% from Q2 2024's $2.3 million. Key highlights include:
- Total assets increased $176.1 million to $1.8 billion (14.5% annualized growth)
- Total loans grew $62.7 million (20.5% annualized)
- Total deposits increased $59.6 million (16.9% annualized)
- Net interest margin improved 7 basis points to 2.71%
- Tangible book value per share rose 22.6% YoY to $14.38
The bank maintains strong credit quality with minimal non-performing assets and capital levels above 'well-capitalized' thresholds, with a total risk-based capital ratio of 12.01%.
K. Wayne Wicker, chairman and CEO of South Atlantic Bank (SABK), has been nominated for treasurer of the American Bankers Association (ABA) board of directors for 2024-2025. Wicker, who has served on the ABA board since 2022, brings over 37 years of banking experience to the role. He currently serves on the South Carolina State Board of Financial Institutions and is a past chairman of the South Carolina Bankers Association.
Wicker's credentials include a B.S. in business administration from The Citadel and completion of prestigious banking programs. The election for this position will take place at the ABA's annual meeting on October 29 in New York City.
South Atlantic Bancshares (OTCQX: SABK) reported consolidated net income of $2.3 million or $0.30 per diluted share for Q2 2024, up from $2.0 million or $0.26 per share in Q1 2024. For the six months ended June 30, 2024, net income was $4.3 million or $0.56 per share, compared to $5.6 million or $0.74 per share in the same period in 2023.
Q2 2024 Highlights: Net income increased by 13.4% QoQ. Total assets rose 15.4% annualized to $1.75 billion, and deposits grew 18.2% annualized to $1.41 billion. Cash and cash equivalents surged 267.0% to $136.5 million, while total loans increased by $36.3 million with an 8.5% yield. Tangible book value per share increased by 12.1% YoY to $13.40. Interest income on loans and investments rose by 5.6% QoQ, while the net interest margin remained flat at 2.64%.
The company repurchased 35,000 shares and executed a stock repurchase program for up to 5% of outstanding shares. Noninterest income decreased by 3.2% YoY. Noninterest expense grew by 4.8% YoY due to higher compensation and employee benefits costs.
South Atlantic Bancshares announced a stock repurchase program on May 20, 2024. The company's board approved the buyback of up to 380,341 shares, totaling approximately $4.4 million. The repurchases can be made through privately negotiated transactions or open market purchases, adhering to Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934. The program will run until April 23, 2025, but the board may amend or terminate it without prior notice. The timing and amount of repurchases will depend on stock performance, market conditions, legal requirements, and fund availability.
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