South Atlantic Bancshares, Inc. Reports Earnings of $0.30 per Diluted Common Share for the Three Months Ended June 30, 2024
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 (OTCQX: SABK) ha riportato un reddito netto consolidato di 2,3 milioni di dollari, pari a 0,30 dollari per azione diluita per il secondo trimestre del 2024, in aumento rispetto ai 2,0 milioni di dollari, o 0,26 dollari per azione, del primo trimestre del 2024. Per i sei mesi terminati il 30 giugno 2024, il reddito netto è stato di 4,3 milioni di dollari, o 0,56 dollari per azione, rispetto ai 5,6 milioni di dollari, o 0,74 dollari per azione, nello stesso periodo del 2023.
Risultati del Q2 2024: Il reddito netto è aumentato del 13,4% rispetto al trimestre precedente. I totali attivi sono aumentati del 15,4% su base annualizzata, raggiungendo 1,75 miliardi di dollari, e i depositi sono aumentati del 18,2% su base annualizzata a 1,41 miliardi di dollari. Liquidità e disponibilità liquide sono schizzate del 267,0% a 136,5 milioni di dollari, mentre i prestiti totali sono aumentati di 36,3 milioni di dollari con un rendimento dell'8,5%. Il valore contabile tangibile per azione è aumentato del 12,1% su base annua a 13,40 dollari. Il reddito da interessi su prestiti e investimenti è aumentato del 5,6% rispetto al trimestre precedente, mentre il margine di interesse netto è rimasto stabile al 2,64%.
L'azienda ha riacquistato 35.000 azioni ed ha attuato un programma di riacquisto azionario fino al 5% delle azioni in circolazione. Il reddito non da interessi è diminuito del 3,2% su base annua. Le spese non da interessi sono aumentate del 4,8% su base annua a causa di costi più elevati per la compensazione e i benefici per i dipendenti.
South Atlantic Bancshares (OTCQX: SABK) reportó un ingreso neto consolidado de 2.3 millones de dólares o 0.30 dólares por acción diluida para el segundo trimestre de 2024, en comparación con los 2.0 millones de dólares o 0.26 dólares por acción en el primer trimestre de 2024. Para los seis meses finalizados el 30 de junio de 2024, el ingreso neto fue de 4.3 millones de dólares o 0.56 dólares por acción, en comparación con 5.6 millones de dólares o 0.74 dólares por acción en el mismo período de 2023.
Aspectos destacados del Q2 2024: El ingreso neto aumentó un 13.4% en comparación con el trimestre anterior. Los activos totales crecieron un 15.4% anualizado, alcanzando 1.75 mil millones de dólares, y los depósitos aumentaron un 18.2% anualizado a 1.41 mil millones de dólares. El efectivo y equivalentes de efectivo se dispararon un 267.0% a 136.5 millones de dólares, mientras que los préstamos totales aumentaron en 36.3 millones de dólares con un rendimiento del 8.5%. El valor contable tangible por acción aumentó un 12.1% interanual a 13.40 dólares. Los ingresos por intereses de préstamos e inversiones crecieron un 5.6% en comparación con el trimestre anterior, mientras que el margen de interés neto se mantuvo constante en 2.64%.
La compañía recompró 35,000 acciones y ejecutó un programa de recompra de acciones de hasta el 5% de las acciones en circulación. Los ingresos no por intereses disminuyeron un 3.2% interanual. Los gastos no por intereses crecieron un 4.8% interanual debido a costos más altos en compensación y beneficios para empleados.
South Atlantic Bancshares (OTCQX: SABK)는 2024년 2분기에 통합 순이익 230만 달러 또는 희석주당 0.30달러를 보고했으며, 이는 2024년 1분기의 200만 달러 또는 주당 0.26달러에서 증가한 수치입니다. 2024년 6월 30일로 종료된 6개월 동안의 순이익은 430만 달러 또는 주당 0.56달러로, 2023년 같은 기간의 560만 달러 또는 주당 0.74달러와 비교됩니다.
2024년 2분기 하이라이트: 순이익은 전 분기 대비 13.4% 증가했습니다. 총 자산은 연환산 15.4% 증가하여 17.5억 달러에 도달했고, 예금은 연환산 18.2% 증가하여 14.1억 달러에 이르렀습니다. 현금 및 현금성 자산은 267.0% 급증하여 1억 3,650만 달러에 달했으며, 총 대출은 3,630만 달러 증가하고 8.5%의 수익률을 기록했습니다. 주당 유형 자산 가치는 연간 12.1% 증가하여 13.40달러에 도달했습니다. 대출 및 투자에 대한 이자 수익은 전 분기 대비 5.6% 증가했으며, 순이자 마진은 2.64%로 유지되었습니다.
회사는 35,000주를 재매입하고 발행된 주식의 최대 5%에 해당하는 자사주 매입 프로그램을 실행했습니다. 비이자 수익은 전년 대비 3.2% 감소했습니다. 비이자 비용은 보상 및 직원 복리후생 비용 증가로 인해 전년 대비 4.8% 증가했습니다.
South Atlantic Bancshares (OTCQX: SABK) a annoncé un revenu net consolidé de 2,3 millions de dollars ou 0,30 dollars par action diluée pour le deuxième trimestre de 2024, en hausse par rapport à 2,0 millions de dollars ou 0,26 dollars par action pour le premier trimestre de 2024. Pour les six mois se terminant le 30 juin 2024, le revenu net était de 4,3 millions de dollars ou 0,56 dollars par action, comparé à 5,6 millions de dollars ou 0,74 dollars par action pour la même période en 2023.
Points saillants du Q2 2024 : Le revenu net a augmenté de 13,4 % par rapport au trimestre précédent. Les actifs totaux ont augmenté de 15,4 % en annualisé, atteignant 1,75 milliard de dollars, et les dépôts ont augmenté de 18,2 % en annualisé pour atteindre 1,41 milliard de dollars. Les liquidités et équivalents de liquidités ont bondi de 267,0 % à 136,5 millions de dollars, tandis que les prêts totaux ont augmenté de 36,3 millions de dollars avec un rendement de 8,5 %. La valeur comptable tangible par action a augmenté de 12,1 % en glissement annuel, atteignant 13,40 dollars. Les revenus d'intérêts sur les prêts et investissements ont augmenté de 5,6 % par rapport au trimestre précédent, tandis que la marge d'intérêt nette est restée stable à 2,64 %.
L'entreprise a racheté 35 000 actions et a mis en œuvre un programme de rachat d'actions jusqu'à 5 % des actions en circulation. Les revenus non liés aux intérêts ont diminué de 3,2 % par rapport à l'année précédente. Les frais non liés aux intérêts ont augmenté de 4,8 % par rapport à l'année précédente en raison de coûts plus élevés pour la rémunération et les avantages des employés.
South Atlantic Bancshares (OTCQX: SABK) berichtete für das 2. Quartal 2024 über einen konsolidierten Nettogewinn von 2,3 Millionen Dollar oder 0,30 Dollar pro verwässerter Aktie, was einem Anstieg gegenüber 2,0 Millionen Dollar oder 0,26 Dollar pro Aktie im 1. Quartal 2024 entspricht. Für die sechs Monate bis zum 30. Juni 2024 betrug der Nettogewinn 4,3 Millionen Dollar oder 0,56 Dollar pro Aktie, verglichen mit 5,6 Millionen Dollar oder 0,74 Dollar pro Aktie im gleichen Zeitraum 2023.
Höhepunkte des Q2 2024: Der Nettogewinn stieg im Quartalsvergleich um 13,4 %. Die Gesamtaktiva stiegen annualisiert um 15,4 % auf 1,75 Milliarden Dollar, und die Einlagen wuchsen annualisiert um 18,2 % auf 1,41 Milliarden Dollar. Bargeld und Zahlungsmitteläquivalente sprangen um 267,0 % auf 136,5 Millionen Dollar, während die gesamten Kredite um 36,3 Millionen Dollar mit einer Rendite von 8,5 % zulegten. Der betriebsnotwendige Buchwert pro Aktie stieg im Jahresvergleich um 12,1 % auf 13,40 Dollar. Die Zinseinnahmen aus Krediten und Investitionen nahmen im Quartalsvergleich um 5,6 % zu, während die Nettozinsspanne bei 2,64 % stabil blieb.
Das Unternehmen hat 35.000 Aktien zurückgekauft und ein Programm zum Rückkauf von bis zu 5 % der ausstehenden Aktien durchgeführt. Die nichtzinslichen Erträge sanken im Jahresvergleich um 3,2 %. Die nichtzinslichen Aufwendungen stiegen im Jahresvergleich um 4,8 % aufgrund höherer Kompensations- und Mitarbeiterleistungen.
- Net income increased by 13.4% QoQ to $2.3 million.
- Total assets grew 15.4% annualized to $1.75 billion.
- Deposits increased 18.2% annualized to $1.41 billion.
- Cash and cash equivalents surged 267.0% to $136.5 million.
- Total loans rose 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 up by 5.6% QoQ.
- Share repurchase program authorized for up to 5% of outstanding shares.
- Efficiency ratio improved to 71.14% from 75.22%.
- Net income for the six months ended June 30, 2024, decreased to $4.3 million from $5.6 million in the same period in 2023.
- Noninterest income decreased by 3.2% YoY.
- Noninterest expense increased by 4.8% YoY due to higher compensation and employee benefits.
MYRTLE BEACH, S.C., July 25, 2024 /PRNewswire/ -- South Atlantic Bancshares, Inc. ("South Atlantic" or the "Company") (OTCQX: SABK), parent of South Atlantic Bank (the "Bank"), reported consolidated net income of
Second Quarter 2024 Financial Highlights:
- Net income totaled
$2.3 million - Total assets increased
$124.5 million $1.75 billion - Total deposits grew
$117.9 million $1.41 billion - Cash and cash equivalents increased
$99.3 million $136.5 million - Total loans increased
$36.3 million - Tangible book value per share at June 30, 2024 increased by
$1.45 $13.40 - Interest income on loans and investments increased
$1.1 million - Net interest margin, calculated on a tax equivalent basis ("net interest margin") (non-GAAP) was flat for the second quarter of 2024 at 2.64 percent, compared to a 0.18 percent decline during the first quarter of 2024
- Upon approval by the Board of Directors, the Company executed a share repurchase of 35,000 during the second quarter of 2024
"We are pleased to report solid financial results for the second quarter of 2024 and continued positive momentum across our franchise," remarked K. Wayne Wicker Chairman and CEO of the Company. "Net income increased notably over the first quarter of 2024, with a 13.4 percent increase. Deposit and loan growth remains strong across all our markets, with year-to-date deposit growth of
Selected Financial Highlights | ||||
For the Periods/Three Months Ended | ||||
June 30, | March 31, | |||
Balance Sheet (000's) | 2024 | 2024 | Change ($) | Change (%)1 |
Total Assets | $ 1,746,759 | $ 1,669,955 | $ 76,804 | 18.4 % |
Cash and Cash Equivalents | 136,537 | 78,534 | 58,003 | 295.4 % |
Total Loans, Net of Unearned Income | 1,220,489 | 1,205,453 | 15,036 | 5.0 % |
Total Deposits | 1,411,958 | 1,339,290 | 72,668 | 21.7 % |
Total Equity | 107,046 | 104,872 | 2,174 | 8.3 % |
June 30, | March 31, | |||
Income Statement and Per Share Data | 2024 | 2024 | Change ($) | Change (%) |
Net Income (000's) | $ 2,276 | $ 2,007 | $ 269 | 13.4 % |
Earnings Per Share | 0.30 | 0.26 | 0.04 | 15.4 % |
June 30, | March 31, | |||
Selected Financial Ratios | 2024 | 2024 | ||
Return on Average Assets | 0.51 % | 0.49 % | ||
NPAs to Average Assets | 0.00 % | 0.00 % | ||
Efficiency Ratio | 71.14 % | 75.22 % | ||
Net Interest Margin | 2.64 % | 2.64 % | ||
1 Results annualized. | ||||
Earnings Summary
Net interest income increased
For the six months ended June 30, 2024, net interest income decreased
Noninterest income decreased
For the six months ended June 30, 2024, noninterest income increased
Financial Performance | |||||
Three Months Ended | |||||
June 30, | March 31, | December 31, | September 30, | June 30, | |
2024 | 2024 | 2023 | 2023 | 2023 | |
Interest Income | |||||
Loans | $ 17,637 | $ 17,194 | $ 16,324 | $ 15,186 | $ 14,122 |
Investments | 3,656 | 2,971 | 3,092 | 2,964 | 2,648 |
Total Interest Income | $ 21,293 | $ 20,165 | $ 19,416 | $ 18,150 | $ 16,770 |
Interest Expense | 10,803 | 10,048 | 8,781 | 7,776 | 6,440 |
Net Interest Income | $ 10,490 | $ 10,117 | $ 10,635 | $ 10,374 | $ 10,330 |
Provision for Loan Losses | 150 | 175 | 400 | - | 180 |
Noninterest Income | 1,434 | 1,180 | 1,165 | 1,166 | 1,481 |
Noninterest Expense | 8,847 | 8,583 | 8,394 | 8,772 | 8,442 |
Income Before Taxes | $ 2,927 | $ 2,539 | $ 3,006 | $ 2,768 | $ 3,189 |
Provision for Income Taxes | 651 | 532 | 813 | 579 | 676 |
Net Income | $ 2,276 | $ 2,007 | $ 2,193 | $ 2,189 | $ 2,513 |
Basic Earnings Per Share | $ 0.30 | $ 0.26 | $ 0.29 | $ 0.29 | $ 0.33 |
Diluted Earnings Per Share | $ 0.30 | $ 0.26 | $ 0.29 | $ 0.29 | $ 0.33 |
Weighed Average Shares Outstanding | |||||
Basic | 7,604,515 | 7,606,024 | 7,605,854 | 7,546,086 | 7,545,922 |
Diluted | 7,657,325 | 7,669,225 | 7,644,120 | 7,589,725 | 7,606,002 |
Total Shares Outstanding | 7,571,823 | 7,606,823 | 7,605,854 | 7,605,854 | 7,596,779 |
Six Months Ended | ||
June 30, | June 30, | |
2024 | 2023 | |
Interest Income | ||
Loans | $ 34,831 | $ 27,137 |
Investments | 6,627 | 5,031 |
Total Interest Income | $ 41,458 | $ 32,168 |
Interest Expense | 20,851 | 10,681 |
Net Interest Income | $ 20,607 | $ 21,487 |
Provision for Loan Losses | 325 | 355 |
Noninterest Income | 2,614 | 2,607 |
Noninterest Expense | 17,430 | 16,764 |
Income Before Taxes | $ 5,466 | $ 6,975 |
Provision for Income Taxes | 1,183 | 1,338 |
Net Income | $ 4,283 | $ 5,637 |
Basic Earnings Per Share | $ 0.57 | $ 0.74 |
Diluted Earnings Per Share | $ 0.56 | $ 0.74 |
Weighed Average Shares Outstanding | ||
Basic | 7,605,270 | 7,568,717 |
Diluted | 7,663,209 | 7,668,383 |
Total Shares Outstanding | 7,571,823 | 7,596,779 |
Noninterest Income/Expense Dollars in Thousands | |||||
Three Months Ended | |||||
June 30, | March 31, | December 31, | September 30, | June 30, | |
2024 | 2024 | 2023 | 2023 | 2023 | |
Noninterest Income | |||||
Service charges and fees | $ 166 | $ 138 | $ 138 | $ 142 | $ 389 |
Secondary mortgage income | 356 | 184 | 190 | 137 | 225 |
Merchant and interchange income | 596 | 516 | 541 | 585 | 582 |
Other income | 316 | 342 | 296 | 302 | 285 |
Total noninterest income | $ 1,434 | $ 1,180 | $ 1,165 | $ 1,166 | $ 1,481 |
Noninterest expense | |||||
Salaries and employee benefits | $ 5,247 | $ 5,097 | $ 4,193 | $ 5,272 | $ 5,118 |
Occupancy | 1,000 | 1,036 | 1,048 | 973 | 944 |
Data processing | 630 | 772 | 829 | 674 | 604 |
Other expense | 1,970 | 1,678 | 2,324 | 1,853 | 1,776 |
Total noninterest expense | $ 8,847 | $ 8,583 | $ 8,394 | $ 8,772 | $ 8,442 |
Six Months Ended | ||
June 30, | June 30, | |
2024 | 2023 | |
Noninterest Income | ||
Service charges and fees | $ 304 | $ 517 |
Securities gains, net | - | 3 |
Secondary mortgage income | 540 | 421 |
Merchant and interchange | 1,112 | 1,100 |
Other income | 658 | 566 |
Total noninterest income | $ 2,614 | $ 2,607 |
Noninterest expense | ||
Salaries and employee benefits | $ 10,344 | $ 10,154 |
Occupancy | 2,036 | 1,839 |
Data processing | 1,402 | 1,264 |
Other expense | 3,648 | 3,507 |
Total noninterest expense | $ 17,430 | $ 16,764 |
Balance Sheet Activity
Total assets increased
Total deposits increased
Shareholders' equity totaled
The Company reported 7,571,823 total shares of common stock outstanding as of June 30, 2024. The decrease of 34,031 shares of common stock outstanding during the six months ended June 30, 2024 is due to a share repurchase completed by the Company during the second quarter of 2024, partially offset by the exercise during the period of stock options granted. Tangible book value increased
Balance Sheets | |||||
For the Periods Ended | |||||
June 30, | March 31, | December 31, | September 30, | June 30, | |
2024 | 2024 | 2023 | 2023 | 2023 | |
Cash and Cash Equivalents | $ 136,537 | $ 78,534 | $ 37,200 | $ 24,273 | $ 38,011 |
Investment Securities | 304,930 | 297,287 | 313,681 | 306,334 | 313,202 |
Loans Held for Sale | 3,605 | 1,185 | 949 | 1,345 | 426 |
Loans | |||||
Loans | 1,220,489 | 1,205,453 | 1,184,187 | 1,136,231 | 1,095,316 |
Less Allowance for Loan Losses | (11,184) | (11,038) | (10,863) | (10,463) | (10,462) |
Loans, Net | $ 1,209,305 | $ 1,194,415 | $ 1,173,324 | $ 1,125,768 | $ 1,084,854 |
OREO | |||||
Property, net of accumulated depreciation | $ 23,388 | $ 22,360 | $ 22,290 | $ 22,041 | $ 22,494 |
BOLI | 34,863 | 34,603 | 34,345 | 30,132 | 29,924 |
Goodwill | 5,349 | 5,349 | 5,349 | 5,349 | 5,349 |
Core Deposit Intangible | 232 | 264 | 298 | 375 | 455 |
Other Assets | 28,550 | 35,958 | 34,814 | 35,655 | 30,698 |
Total Assets | $ 1,746,759 | $ 1,669,955 | $ 1,622,250 | $ 1,551,272 | $ 1,525,413 |
Deposits | |||||
Noninterest bearing | $ 321,763 | $ 293,998 | $ 331,933 | $ 344,011 | $ 355,549 |
Interest bearing | 1,090,195 | 1,045,292 | 962,164 | 959,310 | 922,494 |
Total Deposits | $ 1,411,958 | $ 1,339,290 | $ 1,294,097 | $ 1,303,321 | $ 1,278,043 |
Subordinated Debt | 29,703 | 29,673 | 29,642 | 29,611 | 29,580 |
Other Borrowings | 175,000 | 175,000 | 175,000 | 104,000 | 104,900 |
Other Liabilities | 23,052 | 21,120 | 20,557 | 19,414 | 16,304 |
Total Liabilities | $ 1,639,713 | $ 1,565,083 | $ 1,519,296 | $ 1,456,346 | $ 1,428,827 |
Stock with Related Surplus | $ 78,640 | $ 79,027 | $ 78,978 | $ 78,601 | $ 78,483 |
Retained Earnings | 52,237 | 49,961 | 48,711 | 46,517 | 44,329 |
Accumulated Other Comprehensive Income | (23,831) | (24,116) | (24,735) | (30,192) | (26,226) |
Shareholders' Equity | $ 107,046 | $ 104,872 | $ 102,954 | $ 94,926 | $ 96,586 |
Total Liabilities and Shareholders' Equity | $ 1,746,759 | $ 1,669,955 | $ 1,622,250 | $ 1,551,272 | $ 1,525,413 |
Net Interest Margin
Net interest margin remained flat at 2.64 percent for the three months ended June 30, 2024 when compared to the three months ended March 31, 2024. The yield on interest earning assets increased by 14 basis points during the second quarter of 2024 to 5.36 percent from 5.22 percent for the first quarter of 2024, offset by an increase in cost of funds of 14 basis points during the second quarter of 2024 to 2.81 percent from 2.67 percent for the first quarter of 2024.
Net Interest Margin Analysis Dollars in Millions | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||
Balance | Rate | Balance | Rate | Balance | Rate | Balance | Rate | Balance | Rate | ||||||||||
Interest earning assets | |||||||||||||||||||
Loans | $ 1,211 | 5.84 % | $ 1,192 | 5.76 % | $ 1,159 | 5.54 % | $ 1,110 | 5.33 % | $ 1,081 | 5.14 % | |||||||||
Loan fees | 0.01 % | 0.03 % | 0.04 % | 0.09 % | 0.09 % | ||||||||||||||
Loans with fees | $ 1,211 | 5.86 % | $ 1,192 | 5.79 % | $ 1,159 | 5.58 % | $ 1,110 | 5.42 % | $ 1,081 | 5.23 % | |||||||||
Total interest earning assets | $ 1,598 | 5.36 % | $ 1,560 | 5.22 % | $ 1,517 | 5.11 % | $ 1,478 | 4.91 % | $ 1,437 | 4.71 % | |||||||||
Interest-bearing liabilities | |||||||||||||||||||
Total interest bearing deposits | $ 1,056 | 3.23 % | $ 1,005 | 3.10 % | $ 961 | 2.77 % | $ 938 | 2.57 % | $ 920 | 2.15 % | |||||||||
Total interest bearing liabilities | $ 1,261 | 3.45 % | $ 1,209 | 3.33 % | $ 1,121 | 3.10 % | $ 1,069 | 2.88 % | $ 1,046 | 2.46 % | |||||||||
Cost of funds | 2.81 % | 2.67 % | 2.38 % | 2.16 % | 1.86 % | ||||||||||||||
Net interest margin | 2.64 % | 2.64 % | 2.82 % | 2.83 % | 2.92 % | ||||||||||||||
Credit Quality
We continue to see excellent credit quality in our markets through June 30, 2024, with one loan classified as non-accrual, and no loans past due greater than 30 days as of June 30, 2024.
The Company recorded a provision for credit losses of
The Company continues to closely monitor credit quality in light of the continued economic uncertainty due to the prolonged elevated interest rate environment and persistent inflationary pressures in
Credit Quality Analysis | |||||||||
For the Periods Ended | |||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||
LLR to Total Loans | 0.92 % | 0.92 % | 0.92 % | 0.92 % | 0.96 % | ||||
NPAs to Avg Assets | 0.00 % | 0.00 % | 0.00 % | 0.01 % | 0.00 % | ||||
NCOs to Total Loans | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | ||||
Past Due > 30 Days to Total Loans | 0.00 % | 0.00 % | 0.03 % | 0.00 % | 0.00 % | ||||
Total NPAs (thousands) | $ 25 | $ 25 | $ - | $ 156 | $ - | ||||
Performance Ratios | |||||||||
Three Months Ended | |||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||
ROAA | 0.51 % | 0.49 % | 0.55 % | 0.56 % | 0.67 % | ||||
ROAE | 8.23 % | 7.98 % | 9.98 % | 9.65 % | 11.03 % | ||||
Efficiency | 71.14 % | 75.22 % | 70.46 % | 75.32 % | 70.84 % | ||||
NIM | 2.64 % | 2.64 % | 2.82 % | 2.83 % | 2.92 % | ||||
Book Value | $ 14.14 | $ 13.79 | $ 13.54 | $ 12.48 | $ 12.71 | ||||
Tangible Book Value | $ 13.40 | $ 13.05 | $ 12.79 | $ 11.73 | $ 11.95 | ||||
Regulatory Capital Position
The Bank's capital position remains above the regulatory thresholds required to be deemed "well-capitalized," as shown in the table below, with a total risk-based capital ratio of 12.46 percent and leverage ratio of 8.57 percent as of June 30, 2024.
Regulatory Capital Ratios | |||||||||
For the Periods Ended | |||||||||
Bank Only | June 30, | March 31, | December 31, | September 30, | June 30, | ||||
Tier 1 | 11.58 % | 11.62 % | 11.37 % | 11.84 % | 12.00 % | ||||
Leverage | 8.57 % | 8.76 % | 8.84 % | 9.11 % | 9.23 % | ||||
CET-1 | 11.58 % | 11.62 % | 11.37 % | 11.84 % | 12.00 % | ||||
Total | 12.46 % | 12.51 % | 12.24 % | 12.73 % | 12.91 % | ||||
For the Periods Ended | |||||||||
Additional Data | June 30, | March 31, | December 31, | September 30, | June 30, | ||||
Branches | 12 | 12 | 12 | 12 | 12 | ||||
Employees (Full Time Equivalent) | 161 | 161 | 163 | 165 | 170 | ||||
Liquidity and Interest Rate Risk Management
The Company regularly pledges loans and securities to the FRB and the Federal Home Loan Bank ( the "FHLB"), resulting in total net borrowing capacity with the FRB, the FHLB, and correspondent lines of credit of approximately
As part of the Company's ongoing interest rate risk management, the Company has entered into a series of pay-fixed rate, receive-floating cash flow swap transactions ("Pay-Fixed Swap Agreements"). The Pay-Fixed Swap Agreements are designed as an interest rate hedge for matched-term FHLB advances and to hedge the risk of changes in fair value of certain fixed rate loans in the Company's loan portfolio, which converts the hedged loans from a fixed rate to a synthetic floating Secured Overnight Financing Rate (SOFR). The Pay-Fixed Swap Agreements have a total notional value of
About South Atlantic Bancshares, Inc.
South Atlantic Bancshares, Inc. (OTCQX: SABK) is a registered bank holding company based in
Cautionary Statement Regarding Forward-Looking Statements
This press release contains, among other things, certain statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements with references to a future period or statements preceded by, followed by, or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "outlook" or similar terms or expressions. These statements are based upon the current beliefs and good faith expectations of the Company's management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). These risks, uncertainties and other factors may cause the actual results, performance, and achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed in, or implied by, the forward-looking statements. Factors that could cause such differences include, but are not limited to: the impact on us or our customers of a decline in general economic conditions, and any regulatory responses thereto; potential recession in
Information contained herein, other than information as of December 31, 2023, is unaudited. All financial data should be read in conjunction with the notes to the consolidated financial statements of the Company and the Bank as of and for the fiscal year ended December 31, 2023, as contained in the Company's 2023 Annual Report located on the Company's website.
Available Information
The Company maintains an Internet web site at www.southatlantic.bank/about-us/investor-relations. The Company makes available, free of charge, on its web site the Company's annual meeting materials, annual reports, quarterly earnings reports, and other press releases. In addition, the OTC Markets Group maintains an Internet site that contains reports, proxy and information statements, and other information regarding the Company (at www.otcmarkets.com/stock/SABK/overview).
The Company routinely posts important information for investors on its web site (under www.southatlantic.bank and, more specifically, under the Investor Relations tab at www.southatlantic.bank/about-us/investor-relations). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under the OTC Markets Group OTCQX Rules for
The information contained on, or that may be accessed through, the Company's web site is not incorporated by reference into, and is not a part of, this press release.
Contacts: | K. Wayne Wicker, Chairman & CEO, 843-839-4410 |
Matthew Hobert, EVP & CFO 843-839-4945 |
Member FDIC
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SOURCE South Atlantic Bank
FAQ
What were South Atlantic Bancshares' earnings for Q2 2024?
How did South Atlantic Bancshares' net income for the six months ended June 30, 2024 compare to the same period in 2023?
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By how much did South Atlantic Bancshares' deposits grow during the first half of 2024?
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Did South Atlantic Bancshares initiate any share repurchase programs in Q2 2024?
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