SOUTH ATLANTIC BANCSHARES - SABK STOCK NEWS

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.

South Atlantic Bancshares, Inc. reported consolidated net income of $2.0 million, or $0.26 per diluted common share, for the first quarter ended March 31, 2024. Total assets increased to $1.69 billion, total deposits grew to $1.34 billion, and cash and cash equivalents increased significantly. The company experienced a slight decrease in net income compared to the previous quarter. Despite stable margin levels, there was margin compression due to interest rate pressures. The focus on core deposit relationships led to annualized deposit and loan growth. Shareholders' equity increased, and tangible book value per share grew. The Company's credit quality remained strong with minimal non-performing assets. Regulatory capital ratios indicated a well-capitalized position.

South Atlantic Bancshares, Inc. (SABK) has declared a cash dividend of $0.10 per share on its common stock, payable on February 28, 2024. The Company's Chairman and CEO, K. Wayne Wicker, expressed satisfaction with the Company's performance in 2023, despite the challenging banking industry environment. This marks the second consecutive cash dividend following the inaugural cash dividend payment in the first quarter of 2023.

South Atlantic Bancshares, Inc. reported a consolidated net income of $2.2 million for the three months ended December 31, 2023, and $10.0 million for the twelve months ended December 31, 2023. The company experienced a slight increase in net income for the fourth quarter of 2023 compared to the third quarter of 2023, but a 17.2% decrease in net income for the twelve months ended December 31, 2023 compared to the previous year. Total deposits grew by 6.4% to $1.3 billion at December 31, 2023, and total assets increased by 14.8% during the year ended December 31, 2023. The company's interest income on loans and investments increased by 42.8% during the year ended December 31, 2023. Tangible book value per share at December 31, 2023, increased by 13.6% since December 31, 2022.

South Atlantic Bank (SABK) has been recognized as one of 'America's Best Regional Banks and Credit Unions 2024' by Newsweek, based on a study of over 9,000 regional banks in the US. The bank was awarded a five-star rating for its profitability, financial relevance, risk exposure, and overall health and stability. Chairman and CEO K. Wayne Wicker expressed gratitude for the recognition and emphasized the bank's focus on meeting the unique financial needs of coastal communities in South Carolina.

South Atlantic Bancshares reports Q3 net income of $2.2 million, a decrease of 3.4% from the same period last year. Total deposits grew by $25.3 million for the quarter, a 9.5% increase year-to-date. Interest income on loans and investments increased by 37.6% compared to Q3 2022. Total assets increased by $25.9 million to $1.6 billion, a 13.0% increase year-over-year. Total loans increased by $40.9 million during the quarter, a 14.9% increase since December 31, 2022. Year-to-date tangible book value per share increased by 5.2%.