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South Atlantic Bancshares, Inc. (OTCQX: SABK) is a registered bank holding company headquartered in Myrtle Beach, South Carolina. As of March 31, 2024, the company boasts total assets worth approximately $1.7 billion, making it a significant player in the regional financial market. Founded with a commitment to personalized community banking, its primary subsidiary, South Atlantic Bank, operates twelve branches along the coastal regions of South Carolina including locations in Myrtle Beach, Charleston, Hilton Head Island, and more.
South Atlantic Bank offers a comprehensive range of financial services including consumer and commercial banking products, mortgage loans, and treasury management solutions. They feature digital banking platforms like South Atlantic Bank goMobile and internet banking facilities, ensuring convenience and accessibility for their customers. The bank also provides no-fee ATM access, checking accounts, certificates of deposit, money market accounts, merchant services, and remote deposit capture.
During the first quarter of 2024, the company reported consolidated net income of $2.0 million, or $0.26 per diluted common share. Despite the challenges posed by rising market interest rates and competition for deposits, South Atlantic Bancshares experienced a 14.0% annualized growth in deposits. The strategic focus on growing core deposit relationships and measured loan growth has been key to their success.
Financially, the company maintains a robust balance sheet. Total assets increased to $1.69 billion, driven by a significant rise in cash and cash equivalents and net loans. The company reported strong credit metrics and continued excellent credit quality, with minimal non-performing loans.
The bank's capital position remains above regulatory thresholds, ensuring stability and confidence for stakeholders. They have an extensive network of pledges to the Federal Reserve Bank and Federal Home Loan Bank, securing a borrowing capacity of approximately $175.1 million. Additionally, the company engages in interest rate risk management through pay-fixed rate, receive-floating cash flow swap transactions.
With a focus on organic growth and operational efficiency, South Atlantic Bancshares is poised to navigate the uncertain economic environment. The company's proactive measures in credit quality monitoring, interest rate risk management, and strategic expansion in its market areas underscore its resilience and adaptability.
South Atlantic Bancshares, Inc. (OTCQX: SABK) reported net income of $3.1 million or $0.41 per diluted share for Q1 2023, marking a 55.7% increase year-over-year. The bank's interest income rose by $5.3 million or 53.0%, driven by growth in loans. Total assets grew to $1.5 billion, a 19.2% annualized increase, while total loans and deposits rose to $1.048 billion and $1.3 billion respectively. The CEO noted strong franchise performance despite economic headwinds and a contracting net interest margin due to increased deposit costs. Although net interest income increased by 19.7% to $11.2 million, noninterest income declined 3.2%. The bank's regulatory capital ratios remain well above required thresholds for being deemed 'well-capitalized.'
South Atlantic Bancshares, Inc. (OTCQX: SABK) reported a consolidated net income of $12.1 million, or $1.57 per diluted share, for the fiscal year ending December 31, 2022, reflecting an 11.5% increase from 2021. The bank's total assets reached $1.4 billion, a year-over-year increase of 14.5%, with gross loans growing 36.6% to $1.0 billion. The fourth quarter net income was $4.0 million, representing a 75% increase compared to the previous year. Despite rising interest rates and inflationary concerns, credit quality remains strong. However, noninterest income declined 48.5% to $5.1 million due to a reduction in secondary mortgage fees.
South Atlantic Bancshares, Inc. (OTCQX: SABK) has declared its first cash dividend of $0.10 per share, marking a significant milestone in the company’s 15-year history. The dividend is scheduled for payment on February 15, 2023, to shareholders of record as of February 1, 2023. Chairman and CEO K. Wayne Wicker emphasized the importance of this milestone, noting it serves as a reward for shareholders who have supported the company’s growth. South Atlantic Bank aims to maximize shareholder value while continuing its focus on growth.
South Atlantic Bancshares, Inc. (OTCQX: SABK) has appointed Travis A. Minter as its new chief operating officer. Minter, who previously served as executive vice president and chief banking officer, brings 25 years of experience in financial services, including 10 years with the company. His focus will be on enhancing operational performance to drive efficiency and support growth. The bank, based in Myrtle Beach, SC, has over $1.4 billion in total assets and operates twelve branches along the South Carolina coast.
South Atlantic Bancshares reported a net income of $3.6 million for Q3 2022, up 44.7% from Q2 2022 and 39.4% year-over-year. Earnings per share rose to $0.47, reflecting a strong loan interest income increase of 43.9% to $10.6 million. Total assets reached $1.4 billion, a 17.9% increase year-over-year, with total loans climbing 33.8% to $948 million. However, noninterest income fell 44.2% due to decreased mortgage fees. Despite concerns over inflation and rising interest rates, the company remains optimistic about continued growth.
K. Wayne Wicker, the chairman and CEO of South Atlantic Bank, has been elected to the American Bankers Association (ABA) board of directors during the ABA annual convention. With over 30 years of banking experience, Wicker also holds positions on the South Carolina State Board of Financial Institutions and as the past chairman of the South Carolina Bankers Association. South Atlantic Bancshares, Inc. (OTCQX: SABK), based in Myrtle Beach, SC, has over $1.4 billion in total assets and offers a range of personalized banking services across coastal South Carolina.
South Atlantic Bancshares (OTCQX: SABK) reported a net income of $2.5 million or $0.33 per diluted share for Q2 2022, reflecting a 25.0% increase from Q1 2022 and 1.3% growth YOY. Key highlights include an 18.5% rise in net interest income to $10.5 million driven by increased loan interest income of 21.2%. Total assets grew 13.9% YTD to $1.4 billion, while total deposits rose 17.1% YTD to $1.3 billion. However, noninterest income fell 33.9% to $1.5 million. The bank navigates rising interest rates effectively with a capital position above regulatory thresholds.
On May 23, 2022, South Atlantic Bancshares, Inc. (OTCQX: SABK) announced the re-authorization of its stock repurchase program, allowing the purchase of up to 5% of outstanding shares. This initiative aims to enhance shareholder value and will be executed through privately negotiated transactions or the open market until May 17, 2023, subject to various market factors. With over $1.2 billion in assets, South Atlantic Bank serves the South Carolina coastal area, providing a wide range of financial services.
South Atlantic Bancshares, Inc. (OTCQX: SABK) has appointed Matthew H. Hobert as the new executive vice president and chief financial officer, bringing nine years of financial experience from FIG Partners. Hobert holds degrees in Accounting and Accountancy from the University of Georgia and is licensed in securities. Richard N. Burch will remain as chief operating officer, overseeing critical operations during the transition. With over $1.2 billion in assets, South Atlantic Bank provides comprehensive banking services across multiple locations in South Carolina.
South Atlantic Bancshares reported a consolidated net income of $10.8 million, or $1.42 per diluted share, for 2021, reflecting a $3.7 million increase year-over-year. In Q4 2021, net income reached $2.3 million, up $411 thousand from the previous year. Notably, net interest income rose to $35.8 million, a 19.2% increase due to Paycheck Protection Program fees and growing securities holdings. While the bank anticipates continued earnings growth in 2022, net interest margin is expected to compress due to the low interest rate environment.
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