South Atlantic Bancshares, Inc. Reports Earnings of $0.43 per Diluted Common Share for the Quarter Ended March 31, 2025
South Atlantic Bancshares (SABK) reported strong Q1 2025 financial results with consolidated net income of $3.3 million, or $0.43 per diluted share, marking a 66.3% increase from Q1 2024. The bank demonstrated robust growth with:
- Total assets increased by $81.4 million to $1.9 billion (4.6% increase)
- Total loans grew by $41.7 million (12.5% annualized)
- Total deposits increased by $107.3 million (29.4% annualized)
- Net interest margin improved by 22 basis points to 3.05%
- Cost of funds declined by 12 basis points to 2.46%
The bank's tangible book value per share rose to $14.91, representing a 4.3% increase from December 2024 and a 14.2% increase year-over-year. Credit quality remained strong across the franchise, with continued growth momentum in all markets.
South Atlantic Bancshares (SABK) ha riportato solidi risultati finanziari nel primo trimestre 2025 con un utile netto consolidato di 3,3 milioni di dollari, pari a 0,43 dollari per azione diluita, segnando un aumento del 66,3% rispetto al primo trimestre 2024. La banca ha mostrato una crescita robusta con:
- Attività totali aumentate di 81,4 milioni di dollari, raggiungendo 1,9 miliardi di dollari (incremento del 4,6%)
- Prestiti totali cresciuti di 41,7 milioni di dollari (12,5% su base annua)
- Depositi totali aumentati di 107,3 milioni di dollari (29,4% su base annua)
- Margine di interesse netto migliorato di 22 punti base, arrivando al 3,05%
- Costo dei fondi diminuito di 12 punti base, scendendo al 2,46%
Il valore contabile tangibile per azione è salito a 14,91 dollari, con un aumento del 4,3% rispetto a dicembre 2024 e del 14,2% su base annua. La qualità del credito è rimasta solida in tutta la rete, con un continuo slancio di crescita in tutti i mercati.
South Atlantic Bancshares (SABK) reportó sólidos resultados financieros en el primer trimestre de 2025 con un ingreso neto consolidado de 3,3 millones de dólares, o 0,43 dólares por acción diluida, lo que representa un aumento del 66,3% respecto al primer trimestre de 2024. El banco mostró un crecimiento robusto con:
- Activos totales aumentaron 81,4 millones de dólares hasta 1,9 mil millones (incremento del 4,6%)
- Préstamos totales crecieron 41,7 millones de dólares (12,5% anualizado)
- Depósitos totales aumentaron 107,3 millones de dólares (29,4% anualizado)
- El margen neto de interés mejoró 22 puntos básicos hasta 3,05%
- El costo de fondos disminuyó 12 puntos básicos hasta 2,46%
El valor tangible en libros por acción subió a 14,91 dólares, lo que representa un aumento del 4,3% desde diciembre de 2024 y un 14,2% interanual. La calidad crediticia se mantuvo sólida en toda la franquicia, con un impulso de crecimiento continuo en todos los mercados.
South Atlantic Bancshares (SABK)는 2025년 1분기에 330만 달러의 연결 순이익을 기록하며 주당 희석 주당순이익 0.43달러를 달성해 2024년 1분기 대비 66.3% 증가한 강력한 재무 실적을 발표했습니다. 은행은 다음과 같은 견고한 성장을 보였습니다:
- 총 자산이 8140만 달러 증가하여 19억 달러(4.6% 증가)
- 총 대출이 4170만 달러 증가(연 환산 12.5%)
- 총 예금이 1억 730만 달러 증가(연 환산 29.4%)
- 순이자마진이 22 베이시스 포인트 상승하여 3.05% 기록
- 자금 비용이 12 베이시스 포인트 하락하여 2.46% 기록
은행의 유형 자산 장부 가치는 주당 14.91달러로 2024년 12월 대비 4.3%, 전년 대비 14.2% 증가했습니다. 신용 품질은 전 지점에서 견고하게 유지되었으며 모든 시장에서 지속적인 성장 모멘텀을 보이고 있습니다.
South Atlantic Bancshares (SABK) a publié de solides résultats financiers pour le premier trimestre 2025 avec un bénéfice net consolidé de 3,3 millions de dollars, soit 0,43 dollar par action diluée, marquant une augmentation de 66,3 % par rapport au premier trimestre 2024. La banque a démontré une croissance robuste avec :
- Les actifs totaux ont augmenté de 81,4 millions de dollars pour atteindre 1,9 milliard (hausse de 4,6 %)
- Les prêts totaux ont crû de 41,7 millions de dollars (12,5 % annualisé)
- Les dépôts totaux ont augmenté de 107,3 millions de dollars (29,4 % annualisé)
- La marge nette d’intérêt s’est améliorée de 22 points de base pour atteindre 3,05 %
- Le coût des fonds a diminué de 12 points de base pour s’établir à 2,46 %
La valeur comptable tangible par action est passée à 14,91 dollars, soit une hausse de 4,3 % depuis décembre 2024 et de 14,2 % sur un an. La qualité du crédit est restée solide dans l’ensemble du groupe, avec un élan de croissance soutenu sur tous les marchés.
South Atlantic Bancshares (SABK) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem konsolidierten Nettogewinn von 3,3 Millionen US-Dollar bzw. 0,43 US-Dollar pro verwässerter Aktie, was einem Anstieg von 66,3 % gegenüber dem ersten Quartal 2024 entspricht. Die Bank verzeichnete ein robustes Wachstum mit:
- Gesamtvermögen stieg um 81,4 Millionen US-Dollar auf 1,9 Milliarden US-Dollar (4,6 % Steigerung)
- Gesamtkredite wuchsen um 41,7 Millionen US-Dollar (annualisiert 12,5 %)
- Gesamteinlagen erhöhten sich um 107,3 Millionen US-Dollar (annualisiert 29,4 %)
- Nettozinsmarge verbesserte sich um 22 Basispunkte auf 3,05 %
- Fremdkapitalkosten sanken um 12 Basispunkte auf 2,46 %
Der materielle Buchwert je Aktie stieg auf 14,91 US-Dollar, was einer Steigerung von 4,3 % seit Dezember 2024 und 14,2 % im Jahresvergleich entspricht. Die Kreditqualität blieb im gesamten Unternehmen stark, mit anhaltendem Wachstum in allen Märkten.
- Net income increased 66.3% year-over-year to $3.3 million
- Strong loan growth of 12.5% annualized
- Robust deposit growth of 29.4% annualized
- Net interest margin improved by 22 basis points to 3.05%
- Cost of funds decreased by 12 basis points to 2.46%
- Tangible book value per share increased 14.2% year-over-year
- Efficiency ratio slightly increased to 67.63% from 67.21%
- Noninterest expense increased 12.5% year-over-year
- Regulatory compliance and FDIC insurance assessment costs increased significantly
First Quarter 2025 Financial Highlights:
- Net income totaled
$3.3 million $169.0 thousand $1.3 million - Total assets increased
$81.4 million $1.9 billion - Total loans grew
$41.7 million - Total deposits grew
$107.3 million - Tangible book value per share at March 31, 2025 increased by
$0.61 $14.91 $1.86 - Net interest margin, calculated on a tax equivalent basis ("net interest margin" or "margin") (non-GAAP) increased by 22 basis points during the first quarter of 2025 to 3.05 percent
- Cost of funds (non-GAAP) declined by 12 basis points during the first quarter of 2025 to 2.46 percent
"We are pleased to report a strong quarter of growth, and another quarter of improving profitability," remarked K. Wayne Wicker, Chairman and CEO of the Company. "The strong momentum we closed 2024 with carried into the first quarter of 2025 with improved balance sheet and income statement metrics. Loan and deposit growth remained robust in all our markets, and our pipelines of both loans and deposits appear poised to deliver continued growth in 2025. After reaching a bottom in 2024, we have experienced a sharp recovery in our net interest margin, with our margin for the quarter increasing by 22 basis points. The recovery in our net interest margin has been driven by continued expansion of interest earning asset yields, as well as a reprieve in funding costs as the Federal Open Market Committee of the Federal Reserve has decreased its targeted Federal Funds Rate. Credit quality across our franchise remains pristine. We continue to closely monitor macroeconomic developments and economic and geopolitical uncertainty, but we remain optimistic despite the uncertainty as economic activity and sentiment in the markets we serve remains high."
Selected Financial Highlights | ||||
For the Periods/Three Months Ended | ||||
March 31, | December 31, | |||
Balance Sheet (000's) | 2025 | 2024 | Change ($) | Change (%)1 |
Total Assets | $ 1,867,705 | $ 1,787,150 | $ 80,555 | 18.0 % |
Cash and Cash Equivalents | 96,195 | 61,370 | 34,825 | 227.0 % |
Total Loans, Net of Unearned Income | 1,380,593 | 1,338,904 | 41,689 | 12.5 % |
Total Deposits | 1,567,932 | 1,460,653 | 107,279 | 29.4 % |
Total Equity | 118,384 | 113,769 | 4,615 | 16.2 % |
March 31, | December 31, | |||
Income Statement and Per Share Data | 2025 | 2024 | Change ($) | Change (%) |
Net Income (000's) | $ 3,337 | $ 3,168 | $ 169 | 5.3 % |
Diluted Earnings Per Share | 0.43 | 0.41 | 0.02 | 4.9 % |
Tangible Book Value Per Share | 14.91 | 14.30 | 0.61 | 4.3 % |
March 31, | December 31, | |||
Selected Financial Ratios | 2025 | 2024 | ||
Return on Average Assets | 0.74 % | 0.71 % | ||
NPAs to Average Assets | 0.00 % | 0.00 % | ||
Efficiency Ratio | 67.63 % | 67.21 % | ||
Net Interest Margin | 3.05 % | 2.83 % | ||
1 Results annualized. | ||||
Earnings Summary
Net interest income increased
Noninterest income increased
Noninterest expense increased
The increase in net interest income of 26.8 percent, for the three months ended March 31, 2025 and the increase in noninterest income of 23.1 percent, partially offset by the increase in noninterest expense of 12.5 percent for the three months ended March 31, 2025 when compared to the same period in 2024, resulted in improvement to the Company's efficiency ratio by 8.34 percent to 67.63 percent for the quarter ended March 31, 2025.
Financial Performance | |||||
Three Months Ended | |||||
March 31, | December 31, | September 30, | June 30, | March 31, | |
2025 | 2024 | 2024 | 2024 | 2024 | |
Interest Income | |||||
Loans | $ 20,097 | $ 19,349 | $ 18,510 | $ 17,637 | $ 17,194 |
Investments | 2,815 | 3,457 | 4,419 | 3,656 | 2,971 |
Total Interest Income | $ 22,912 | $ 22,806 | $ 22,929 | $ 21,293 | $ 20,165 |
Interest Expense | 10,088 | 10,732 | 11,477 | 10,803 | 10,048 |
Net Interest Income | $ 12,824 | $ 12,074 | $ 11,452 | $ 10,490 | $ 10,117 |
Provision for Loan Losses | 397 | 532 | 575 | 150 | 175 |
Noninterest Income | 1,452 | 1,890 | 1,583 | 1,434 | 1,180 |
Noninterest Expense | 9,655 | 9,385 | 8,992 | 8,847 | 8,583 |
Income Before Taxes | $ 4,224 | $ 4,047 | $ 3,468 | $ 2,927 | $ 2,539 |
Provision for Income Taxes | 887 | 879 | 864 | 651 | 532 |
Net Income | $ 3,337 | $ 3,168 | $ 2,604 | $ 2,276 | $ 2,007 |
Basic Earnings Per Share | $ 0.44 | $ 0.42 | $ 0.34 | $ 0.30 | $ 0.26 |
Diluted Earnings Per Share | $ 0.43 | $ 0.41 | $ 0.34 | $ 0.30 | $ 0.26 |
Weighed Average Shares Outstanding | |||||
Basic | 7,572,042 | 7,571,823 | 7,571,823 | 7,604,515 | 7,606,024 |
Diluted | 7,692,154 | 7,669,723 | 7,663,132 | 7,657,325 | 7,669,225 |
Total Shares Outstanding | 7,572,253 | 7,571,823 | 7,571,823 | 7,571,823 | 7,606,823 |
Noninterest Income/Expense Dollars in Thousands | |||||
Three Months Ended | |||||
March 31, | December 31, | September 30, | June 30, | March 31, | |
2025 | 2024 | 2024 | 2024 | 2024 | |
Noninterest Income | |||||
Service charges and fees | $ 194 | $ 188 | $ 195 | $ 166 | $ 165 |
Secondary mortgage income | 348 | 383 | 425 | 356 | 184 |
Merchant and interchange income | 541 | 575 | 646 | 596 | 515 |
Other income | 369 | 744 | 317 | 316 | 316 |
Total noninterest income | $ 1,452 | $ 1,890 | $ 1,583 | $ 1,434 | $ 1,180 |
Noninterest expense | |||||
Salaries and employee benefits | $ 5,236 | $ 5,388 | $ 5,071 | $ 5,147 | $ 4,998 |
Occupancy | 1,134 | 1,177 | 1,148 | 1,000 | 1,074 |
Data processing & Software | 1,134 | 998 | 1,023 | 949 | 967 |
Other expense | 2,151 | 1,822 | 1,750 | 1,751 | 1,544 |
Total noninterest expense | $ 9,655 | $ 9,385 | $ 8,992 | $ 8,847 | $ 8,583 |
Balance Sheet Activity
Total assets increased
Total deposits increased
The Company reported 7,572,253 total shares of common stock outstanding as of March 31, 2025. The increase of 430 shares of common stock outstanding during the three months ended March 31, 2025 was due to the exercise during the period of stock options granted. Tangible book value increased
Balance Sheets | |||||
For the Periods Ended | |||||
March 31, | December 31, | September 30, | June 30, | March 31, | |
2025 | 2024 | 2024 | 2024 | 2024 | |
Cash and Cash Equivalents | $ 96,195 | $ 61,370 | $ 123,637 | $ 136,537 | $ 78,534 |
Investment Securities | 305,261 | 299,592 | 309,245 | 304,930 | 297,287 |
Loans Held for Sale | 1,473 | 1,176 | 3,081 | 3,605 | 1,185 |
Loans | |||||
Loans | 1,380,593 | 1,338,904 | 1,283,190 | 1,220,489 | 1,205,453 |
Less Allowance for Loan Losses | (12,648) | (11,698) | (11,759) | (11,184) | (11,038) |
Loans, Net | $ 1,367,945 | $ 1,327,206 | $ 1,271,431 | $ 1,209,305 | $ 1,194,415 |
OREO | |||||
Property, net of accumulated depreciation | $ 29,192 | $ 27,903 | $ 25,287 | $ 23,388 | $ 22,360 |
BOLI | 35,670 | 35,403 | 35,132 | 34,863 | 34,603 |
Goodwill | 5,349 | 5,349 | 5,349 | 5,349 | 5,349 |
Core Deposit Intangible | 150 | 175 | 203 | 232 | 264 |
Other Assets | 26,470 | 28,976 | 24,976 | 28,550 | 35,958 |
Total Assets | $ 1,867,705 | $ 1,787,150 | $ 1,798,341 | $ 1,746,759 | $ 1,669,955 |
Deposits | |||||
Noninterest bearing | $ 326,681 | $ 315,069 | $ 332,054 | $ 321,763 | $ 293,998 |
Interest bearing | 1,241,251 | 1,145,584 | 1,139,528 | 1,090,195 | 1,045,292 |
Total Deposits | $ 1,567,932 | $ 1,460,653 | $ 1,471,582 | $ 1,411,958 | $ 1,339,290 |
Subordinated Debt | 29,795 | 29,765 | 29,734 | 29,703 | 29,673 |
Other Borrowings | 130,000 | 160,000 | 160,000 | 175,000 | 175,000 |
Other Liabilities | 21,594 | 22,963 | 22,601 | 23,052 | 21,120 |
Total Liabilities | $ 1,749,321 | $ 1,673,381 | $ 1,683,917 | $ 1,639,713 | $ 1,565,083 |
Stock with Related Surplus | $ 78,643 | $ 78,745 | $ 78,693 | $ 78,640 | $ 79,027 |
Retained Earnings | 60,599 | 58,009 | 54,840 | 52,237 | 49,961 |
Accumulated Other Comprehensive Income | (20,858) | (22,985) | (19,109) | (23,831) | (24,116) |
Shareholders' Equity | $ 118,384 | $ 113,769 | $ 114,424 | $ 107,046 | $ 104,872 |
Total Liabilities and Shareholders' Equity | $ 1,867,705 | $ 1,787,150 | $ 1,798,341 | $ 1,746,759 | $ 1,669,955 |
Net Interest Margin
Net interest margin increased 22 basis points to 3.05 percent for the three months ended March 31, 2025, compared to 2.83 percent for the quarter ended December 31, 2024, and compared to 2.64 percent for the three months ended March 31, 2024. The yield on interest earning assets increased by 11 basis points during the first quarter of 2025 to 5.46 percent from 5.35 percent for the fourth quarter of 2024, while cost of funds decreased 12 basis points to 2.46 percent from 2.58 percent for the fourth quarter of 2024.
Net Interest Margin Analysis Dollars in Millions | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | ||||||||||||||||||||||
Average | Related | Yield/ | Average | Related | Yield/ | Average | Related | Yield/ | Average | Related | Yield/ | ||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||
Interest earning assets | |||||||||||||||||||||||||
Loans | $ 1,358 | $ 20.0 | 5.96 % | $ 1,303 | $ 19.5 | 5.94 % | $ 1,243 | $ 18.6 | 5.96 % | $ 1,211 | $ 17.6 | 5.85 % | |||||||||||||
Loan fees | 0.1 | 0.04 % | (0.1) | -0.03 % | (0.1) | -0.03 % | 0.0 | 0.01 % | |||||||||||||||||
Loans with fees | $ 1,358 | $ 20.1 | 6.00 % | $ 1,303 | $ 19.3 | 5.91 % | $ 1,243 | $ 18.5 | 5.92 % | $ 1,211 | $ 17.6 | 5.86 % | |||||||||||||
Total interest earning assets | $ 1,699 | $ 22.9 | 5.46 % | $ 1,697 | $ 22.8 | 5.35 % | $ 1,683 | $ 22.9 | 5.42 % | $ 1,598 | $ 21.3 | 5.35 % | |||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||
Total interest bearing deposits | $ 1,187 | $ 8.3 | 2.84 % | $ 1,143 | $ 8.6 | 2.99 % | $ 1,118 | $ 9.2 | 3.29 % | $ 1,055 | $ 8.5 | 3.23 % | |||||||||||||
Total interest bearing liabilities | $ 1,351 | $ 10.1 | 3.03 % | $ 1,333 | $ 10.7 | 3.20 % | $ 1,318 | $ 11.5 | 3.46 % | $ 1,260 | $ 10.8 | 3.45 % | |||||||||||||
Cost of funds | 2.46 % | 2.58 % | 2.77 % | 2.77 % | |||||||||||||||||||||
Net interest margin | 3.05 % | 2.83 % | 2.71 % | 2.64 % | |||||||||||||||||||||
Credit Quality
We continue to see excellent credit quality in our markets through March 31, 2025, with two loans classified as non-accrual, and no loans past due greater than 30 days as of March 31, 2025.
The Company recorded a provision for credit losses of
The Company continues to closely monitor credit quality in light of the ongoing economic uncertainty caused by, among other factors, the prolonged elevated interest rate environment and the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in
Credit Quality Analysis | |||||||||
For the Periods Ended | |||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||
LLR to Total Loans | 0.92 % | 0.92 % | 0.92 % | 0.92 % | 0.92 % | ||||
NPAs to Avg Assets | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 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 % | 0.00 % | 0.00 % | 0.00 % | ||||
Total NPAs (thousands) | $ 74 | $ 55 | $ 25 | $ 25 | $ 25 | ||||
Performance Ratios | |||||||||
Three Months Ended | |||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||
ROAA | 0.74 % | 0.71 % | 0.58 % | 0.54 % | 0.49 % | ||||
ROAE | 11.50 % | 11.06 % | 9.40 % | 8.62 % | 7.98 % | ||||
Efficiency | 67.63 % | 67.21 % | 68.98 % | 74.19 % | 75.98 % | ||||
NIM | 3.05 % | 2.83 % | 2.71 % | 2.64 % | 2.64 % | ||||
Book Value | $ 15.63 | $ 15.03 | $ 15.11 | $ 14.14 | $ 13.79 | ||||
Tangible Book Value | $ 14.91 | $ 14.30 | $ 14.38 | $ 13.40 | $ 13.05 | ||||
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 11.69 percent and leverage ratio of 8.66 percent as of March 31, 2025. The Company currently operates under the Small Bank Holding Company Policy Statement of the Board of Governors of the Federal Reserve System (the "Federal Reserve") and, therefore, is not currently subject to the Federal Reserve's consolidated capital reporting requirements.
Regulatory Capital Ratios | ||||||||||
For the Periods Ended | ||||||||||
Bank Only | March 31, | December 31, | September 30, | June 30, | March 31, | |||||
Tier 1 | 10.82 % | 10.87 % | 11.14 % | 11.55 % | 11.62 % | |||||
Leverage | 8.66 % | 8.49 % | 8.36 % | 8.55 % | 8.76 % | |||||
CET-1 | 10.99 % | 10.87 % | 11.14 % | 11.55 % | 11.62 % | |||||
Total | 11.69 % | 11.74 % | 12.01 % | 12.43 % | 12.51 % | |||||
For the Periods Ended | ||||||||||
Additional Data | March 31, | December 31, | September 30, | June 30, | March 31, | |||||
Branches | 12 | 12 | 12 | 12 | 12 | |||||
Employees (Full Time Equivalent) | 164 | 159 | 160 | 161 | 161 | |||||
Liquidity and Interest Rate Risk Management
The Company regularly pledges loans and securities to the Federal Reserve Bank of
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, 2024, 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, 2024, as contained in the Company's 2024 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
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