South Atlantic Bancshares, Inc. Reports Earnings of $1.31 per Diluted Common Share for the Year Ended December 31, 2024
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%.
South Atlantic Bancshares (OTCQX: SABK) ha riportato un reddito netto nel quarto trimestre del 2024 di 3,2 milioni di dollari (0,41 dollari per azione diluita), in aumento del 21,7% rispetto al terzo trimestre del 2024 (2,6 milioni di dollari) e del 44,5% rispetto al quarto trimestre del 2023 (2,2 milioni di dollari). Per l'intero anno 2024, il reddito netto ha raggiunto 10,1 milioni di dollari (1,31 dollari per azione diluita) rispetto ai 10,0 milioni di dollari nel 2023.
Tra i principali dati finanziari: il totale degli attivi è aumentato del 10,1% a 1,8 miliardi di dollari nel 2024; il totale dei prestiti è cresciuto del 13,1% a 1,34 miliardi di dollari; i depositi sono aumentati del 12,9% a 1,46 miliardi di dollari; e il valore contabile tangibile per azione è salito dell'11,8% a 14,30 dollari. Il margine di interesse netto della banca è migliorato al 2,83% nel quarto trimestre del 2024, in aumento di 12 punti base rispetto al terzo trimestre, mentre il costo dei fondi è diminuito di 19 punti base a 2,58%, segnando il primo calo trimestrale dal marzo 2022.
La qualità del credito è rimasta forte con minimi attivi non performanti e la banca ha mantenuto uno stato ben capitalizzato con un rapporto di capitale totale basato sul rischio del 11,87%.
South Atlantic Bancshares (OTCQX: SABK) reportó un ingreso neto de 3.2 millones de dólares (0.41 dólares por acción diluida) en el cuarto trimestre de 2024, un aumento del 21.7% respecto al tercer trimestre de 2024 (2.6 millones de dólares) y del 44.5% en comparación con el cuarto trimestre de 2023 (2.2 millones de dólares). Para todo el año 2024, el ingreso neto alcanzó 10.1 millones de dólares (1.31 dólares por acción diluida), frente a los 10.0 millones de dólares en 2023.
Los aspectos financieros más destacados incluyen: los activos totales aumentaron un 10.1% a 1.8 mil millones de dólares en 2024; los préstamos totales crecieron un 13.1% a 1.34 mil millones de dólares; los depósitos aumentaron un 12.9% a 1.46 mil millones de dólares; y el valor contable tangible por acción subió un 11.8% a 14.30 dólares. El margen de interés neto del banco mejoró al 2.83% en el cuarto trimestre de 2024, un aumento de 12 puntos básicos respecto al tercer trimestre, mientras que el costo de los fondos disminuyó en 19 puntos básicos a 2.58%, marcando la primera caída trimestral desde marzo de 2022.
La calidad crediticia se mantuvo fuerte con activos no productivos mínimos y el banco mantuvo un estado bien capitalizado con un ratio de capital total basado en riesgo del 11.87%.
South Atlantic Bancshares (OTCQX: SABK)는 2024년 4분기 순이익이 320만 달러(희석주당 0.41달러)로 보고되었으며, 이는 2024년 3분기(260만 달러) 대비 21.7% 증가하고 2023년 4분기(220만 달러) 대비 44.5% 증가한 수치입니다. 2024년 전체 연도에 대한 순이익은 1010만 달러(희석주당 1.31달러)로, 2023년의 1000만 달러와 비교됩니다.
주요 재무 하이라이트는 다음과 같습니다: 2024년 총 자산이 10.1% 증가하여 18억 달러에 달했으며; 총 대출은 13.1% 증가하여 13.4억 달러에 도달했고; 예금은 12.9% 증가하여 14.6억 달러에 이르렀으며; 주당 유형 장부 가치는 11.8% 증가하여 14.30달러에 상향 조정되었습니다. 은행의 순이자 마진은 2024년 4분기 2.83%로 개선되었으며, 이는 3분기 대비 12bp 증가했으며, 자금 비용은 19bp 감소하여 2.58%를 기록했습니다. 이는 2022년 3월 이후 처음으로 분기 감소를 나타냅니다.
신용 품질은 최소한의 부실 자산으로 강하게 유지되었고, 은행은 11.87%의 총 위험 기반 자본 비율로 잘 자본화된 상태를 유지했습니다.
South Atlantic Bancshares (OTCQX: SABK) a annoncé un bénéfice net de 3,2 millions de dollars (0,41 dollar par action diluée) pour le quatrième trimestre 2024, en hausse de 21,7 % par rapport au troisième trimestre 2024 (2,6 millions de dollars) et de 44,5 % par rapport au quatrième trimestre 2023 (2,2 millions de dollars). Pour l'année entière 2024, le bénéfice net a atteint 10,1 millions de dollars (1,31 dollar par action diluée) contre 10,0 millions de dollars en 2023.
Les points forts financiers incluent : les actifs totaux ont augmenté de 10,1 % pour atteindre 1,8 milliard de dollars en 2024 ; les prêts totaux ont progressé de 13,1 % pour atteindre 1,34 milliard de dollars ; les dépôts ont augmenté de 12,9 % pour s'élever à 1,46 milliard de dollars ; et la valeur comptable tangible par action a augmenté de 11,8 % pour atteindre 14,30 dollars. La marge d'intérêt nette de la banque s'est améliorée à 2,83 % au quatrième trimestre 2024, en hausse de 12 points de base par rapport au troisième trimestre, tandis que le coût des fonds a diminué de 19 points de base pour s'établir à 2,58 %, marquant ainsi la première baisse trimestrielle depuis mars 2022.
La qualité du crédit est restée solide avec un minimum d'actifs non performants et la banque a maintenu un statut de bien capitalisée avec un ratio de capital total basé sur le risque de 11,87 %.
South Atlantic Bancshares (OTCQX: SABK) berichtete für das 4. Quartal 2024 ein Nettoergebnis von 3,2 Millionen Dollar (0,41 Dollar pro verwässerter Aktie), was einem Anstieg von 21,7 % im Vergleich zum 3. Quartal 2024 (2,6 Millionen Dollar) und von 44,5 % im Vergleich zum 4. Quartal 2023 (2,2 Millionen Dollar) entspricht. Für das gesamte Jahr 2024 erreichte das Nettoergebnis 10,1 Millionen Dollar (1,31 Dollar pro verwässerter Aktie) im Vergleich zu 10,0 Millionen Dollar im Jahr 2023.
Wichtige finanzielle Kennzahlen sind: die Gesamtsumme der Vermögenswerte stieg im Jahr 2024 um 10,1 % auf 1,8 Milliarden Dollar; die Gesamtheit der Kredite wuchs um 13,1 % auf 1,34 Milliarden Dollar; die Einlagen erhöhten sich um 12,9 % auf 1,46 Milliarden Dollar; und der substanzielle Buchwert pro Aktie stieg um 11,8 % auf 14,30 Dollar. Die Nettozinsspanne der Bank verbesserte sich im 4. Quartal 2024 auf 2,83 %, was einem Anstieg um 12 Basispunkte gegenüber dem 3. Quartal entspricht, während sich die Kosten der Mittel um 19 Basispunkte auf 2,58 % verringerten, was den ersten vierteljährlichen Rückgang seit März 2022 markiert.
Die Kreditqualität blieb stark mit minimalen notleidenden Aktiva, und die Bank behielt den Status einer gut kapitalisierten Institution mit einem Verhältnis des risikobasierten Gesamtkapitals von 11,87 % bei.
- Net income increased 44.5% YoY to $3.2M in Q4 2024
- Total loans grew 13.1% YoY to $1.34B
- Deposits increased 12.9% YoY to $1.46B
- Net interest margin improved to 2.83%, up 12 basis points QoQ
- Cost of funds decreased 19 basis points to 2.58% in Q4
- Tangible book value per share increased 11.8% YoY to $14.30
- Full-year 2024 EPS slightly decreased to $1.31 from $1.32 in 2023
- Efficiency ratio remained elevated at 67.21% in Q4 2024
Fourth Quarter and Year Ended 2024 Financial Highlights:
- Net income totaled
$3.2 million $564.0 thousand $976.0 thousand - Total assets increased
$164.1 million $1.8 billion - Total loans grew
$55.7 million $154.7 million - Total deposits grew
$166.6 million - Tangible book value per share at December 31, 2024 increased by
$1.51 $14.30 - Net interest margin, calculated on a tax equivalent basis ("net interest margin") (non-GAAP) increased by 12 basis points during the fourth quarter of 2024 to 2.83 percent
- Cost of funds (non-GAAP) declined by 19 basis points during the fourth quarter of 2024, the first quarterly decrease since the beginning of the interest rate tightening cycle by the Federal Open Market Committee of the Federal Reserve in March 2022
"We are pleased to report another quarter of improving financial metrics," remarked K. Wayne Wicker, Chairman and CEO of the Company. "Despite headwinds in the first half of 2024 due to interest rate pressures, we were pleased net income for 2024 surpassed 2023 net income and we closed the year with strong momentum as we move into 2025. Net income increased 21.7 percent over the third quarter of 2024, and second half 2024 net income exceeded first half 2024 net income by 34.8 percent. Outstanding loans grew by
Selected Financial Highlights | ||||
For the Periods/Three Months Ended | ||||
December 31, | September 30, | |||
Balance Sheet (000's) | 2024 | 2024 | Change ($) | Change (%)1 |
Total Assets | $ 1,786,318 | $ 1,798,341 | $ (12,023) | -2.7 % |
Cash and Cash Equivalents | 61,370 | 123,637 | (62,267) | -201.5 % |
Total Loans, Net of Unearned Income | 1,338,904 | 1,283,190 | 55,714 | 17.4 % |
Total Deposits | 1,460,653 | 1,471,582 | (10,929) | -3.0 % |
Total Equity | 113,769 | 114,424 | (655) | -2.3 % |
December 31, | September 30, | |||
Income Statement and Per Share Data | 2024 | 2024 | Change ($) | Change (%) |
Net Income (000's) | $ 3,168 | $ 2,604 | $ 564 | 21.7 % |
Diluted Earnings Per Share | 0.41 | 0.34 | 0.07 | 20.6 % |
Tangible Book Value Per Share | 14.30 | 14.38 | (0.08) | -0.6 % |
December 31, | September 30, | |||
Selected Financial Ratios | 2024 | 2024 | ||
Return on Average Assets | 0.71 % | 0.58 % | ||
NPAs to Average Assets | 0.00 % | 0.00 % | ||
Efficiency Ratio | 67.21 % | 68.98 % | ||
Net Interest Margin | 2.83 % | 2.71 % | ||
For the Periods/Twelve Months Ended | ||||
December 31, | December 31, | |||
Balance Sheet (000's) | 2024 | 2023 | Change ($) | Change (%) |
Total Assets | $ 1,786,318 | $ 1,622,250 | $ 164,068 | 10.1 % |
Total Loans, Net of Unearned Income | 1,338,904 | 1,184,187 | 154,717 | 13.1 % |
Total Deposits | 1,460,653 | 1,294,097 | 166,556 | 12.9 % |
Total Equity | 113,769 | 102,954 | 10,815 | 10.5 % |
December 31, | December 31, | |||
Income Statement and Per Share Data | 2024 | 2023 | Change ($) | Change (%) |
Net Income (000's) | $ 10,055 | $ 10,019 | $ 36 | 0.4 % |
Diluted Earnings Per Share | 1.31 | 1.32 | (0.01) | -0.8 % |
1 Results annualized. | ||||
Earnings Summary
Net interest income increased
For the year ended December 31, 2024, net interest income increased
Noninterest income increased
Noninterest expense increased
For the year ended December 31, 2024, noninterest income increased
Financial Performance | |||||
Dollars in Thousands Except Per Share Data | |||||
Three Months Ended | |||||
December 31, | September 30, | June 30, | March 31, | December 31, | |
2024 | 2024 | 2024 | 2024 | 2023 | |
Interest Income | |||||
Loans | $ 19,349 | $ 18,510 | $ 17,637 | $ 17,194 | $ 16,324 |
Investments | 3,457 | 4,419 | 3,656 | 2,971 | 3,092 |
Total Interest Income | $ 22,806 | $ 22,929 | $ 21,293 | $ 20,165 | $ 19,416 |
Interest Expense | 10,732 | 11,477 | 10,803 | 10,048 | 8,781 |
Net Interest Income | $ 12,074 | $ 11,452 | $ 10,490 | $ 10,117 | $ 10,635 |
Provision for Loan Losses | 532 | 575 | 150 | 175 | 400 |
Noninterest Income | 1,890 | 1,583 | 1,434 | 1,180 | 1,165 |
Noninterest Expense | 9,385 | 8,992 | 8,847 | 8,583 | 8,394 |
Income Before Taxes | $ 4,047 | $ 3,468 | $ 2,927 | $ 2,539 | $ 3,006 |
Provision for Income Taxes | 879 | 864 | 651 | 532 | 813 |
Net Income | $ 3,168 | $ 2,604 | $ 2,276 | $ 2,007 | $ 2,193 |
Basic Earnings Per Share | $ 0.42 | $ 0.34 | $ 0.30 | $ 0.26 | $ 0.29 |
Diluted Earnings Per Share | $ 0.41 | $ 0.34 | $ 0.30 | $ 0.26 | $ 0.29 |
Weighed Average Shares Outstanding | |||||
Basic | 7,571,823 | 7,571,823 | 7,604,515 | 7,606,024 | 7,605,854 |
Diluted | 7,669,723 | 7,663,132 | 7,657,325 | 7,669,225 | 7,644,120 |
Total Shares Outstanding | 7,571,823 | 7,571,823 | 7,571,823 | 7,606,823 | 7,605,854 |
Year Ended | ||
December 31, | December 31, | |
2024 | 2023 | |
Interest Income | ||
Loans | $ 72,690 | $ 58,647 |
Investments | 14,502 | 11,087 |
Total Interest Income | $ 87,192 | $ 69,734 |
Interest Expense | 43,060 | 27,238 |
Net Interest Income | $ 44,132 | $ 42,496 |
Provision for Loan Losses | 1,432 | 755 |
Noninterest Income | 6,087 | 4,938 |
Noninterest Expense | 35,805 | 33,930 |
Income Before Taxes | $ 12,982 | $ 12,749 |
Provision for Income Taxes | 2,927 | 2,730 |
Net Income | $ 10,055 | $ 10,019 |
Basic Earnings Per Share | $ 1.33 | $ 1.32 |
Diluted Earnings Per Share | $ 1.31 | $ 1.32 |
Weighed Average Shares Outstanding | ||
Basic | 7,588,455 | 7,548,410 |
Diluted | 7,661,540 | 7,606,321 |
Total Shares Outstanding | 7,571,823 | 7,605,854 |
Noninterest Income/Expense | |||||
Dollars in Thousands | |||||
Three Months Ended | |||||
December 31, | September 30, | June 30, | March 31, | December 31, | |
2024 | 2024 | 2024 | 2024 | 2023 | |
Noninterest Income | |||||
Service charges and fees | $ 188 | $ 195 | $ 166 | $ 165 | $ 163 |
Secondary mortgage income | 383 | 425 | 356 | 184 | 190 |
Merchant and interchange income | 575 | 646 | 596 | 515 | 541 |
Other income | 744 | 317 | 316 | 316 | 271 |
Total noninterest income | $ 1,890 | $ 1,583 | $ 1,434 | $ 1,180 | $ 1,165 |
Noninterest expense | |||||
Salaries and employee benefits | $ 5,388 | $ 5,071 | $ 5,147 | $ 4,998 | $ 4,093 |
Occupancy | 1,177 | 1,148 | 1,000 | 1,074 | 1,096 |
Data processing & Software | 998 | 1,023 | 949 | 967 | 1,088 |
Other expense | 1,821 | 1,750 | 1,751 | 1,544 | 2,117 |
Total noninterest expense | $ 9,384 | $ 8,992 | $ 8,847 | $ 8,583 | $ 8,394 |
Year Ended | ||
December 31, | December 31, | |
2024 | 2023 | |
Noninterest Income | ||
Service charges and fees | $ 714 | $ 905 |
Secondary mortgage income | 1,348 | 748 |
Merchant and interchange | 2,332 | 2,227 |
Other income | 1,693 | 1,058 |
Total noninterest income | $ 6,087 | $ 4,938 |
Noninterest expense | ||
Salaries and employee benefits | $ 20,604 | $ 19,227 |
Occupancy | 4,399 | 4,046 |
Data processing & Software | 3,937 | 3,604 |
Other expense | 6,866 | 7,053 |
Total noninterest expense | $ 35,806 | $ 33,930 |
Balance Sheet Activity
Total assets increased
Total deposits increased
The Company reported 7,571,823 total shares of common stock outstanding as of December 31, 2024. The decrease of 34,031 shares of common stock outstanding during the twelve months ended December 31, 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 | |||||
Dollars in Thousands | |||||
For the Periods Ended | |||||
December 31, | September 30, | June 30, | March 31, | December 31, | |
2024 | 2024 | 2024 | 2024 | 2023 | |
Cash and Cash Equivalents | $ 61,370 | $ 123,637 | $ 136,537 | $ 78,534 | $ 37,200 |
Investment Securities | 300,898 | 309,245 | 304,930 | 297,287 | 313,681 |
Loans Held for Sale | 1,176 | 3,081 | 3,605 | 1,185 | 949 |
Loans | |||||
Loans | 1,338,904 | 1,283,190 | 1,220,489 | 1,205,453 | 1,184,187 |
Less Allowance for Loan Losses | (12,251) | (11,759) | (11,184) | (11,038) | (10,863) |
Loans, Net | $ 1,326,653 | $ 1,271,431 | $ 1,209,305 | $ 1,194,415 | $ 1,173,324 |
OREO | |||||
Property, net of accumulated depreciation | $ 27,782 | $ 25,287 | $ 23,388 | $ 22,360 | $ 22,290 |
BOLI | 35,403 | 35,132 | 34,863 | 34,603 | 34,345 |
Goodwill | 5,349 | 5,349 | 5,349 | 5,349 | 5,349 |
Core Deposit Intangible | 175 | 203 | 232 | 264 | 298 |
Other Assets | 27,512 | 24,976 | 28,550 | 35,958 | 34,814 |
Total Assets | $ 1,786,318 | $ 1,798,341 | $ 1,746,759 | $ 1,669,955 | $ 1,622,250 |
Deposits | |||||
Noninterest bearing | $ 315,069 | $ 332,054 | $ 321,763 | $ 293,998 | $ 331,933 |
Interest bearing | 1,145,584 | 1,139,528 | 1,090,195 | 1,045,292 | 962,164 |
Total Deposits | $ 1,460,653 | $ 1,471,582 | $ 1,411,958 | $ 1,339,290 | $ 1,294,097 |
Subordinated Debt | 29,765 | 29,734 | 29,703 | 29,673 | 29,642 |
Other Borrowings | 160,000 | 160,000 | 175,000 | 175,000 | 175,000 |
Other Liabilities | 22,131 | 22,601 | 23,052 | 21,120 | 20,557 |
Total Liabilities | $ 1,672,549 | $ 1,683,917 | $ 1,639,713 | $ 1,565,083 | $ 1,519,296 |
Stock with Related Surplus | $ 78,745 | $ 78,693 | $ 78,640 | $ 79,027 | $ 78,978 |
Retained Earnings | 58,009 | 54,840 | 52,237 | 49,961 | 48,711 |
Accumulated Other Comprehensive Income | (22,985) | (19,109) | (23,831) | (24,116) | (24,735) |
Shareholders' Equity | $ 113,769 | $ 114,424 | $ 107,046 | $ 104,872 | $ 102,954 |
Total Liabilities and Shareholders' Equity | $ 1,786,318 | $ 1,798,341 | $ 1,746,759 | $ 1,669,955 | $ 1,622,250 |
Net Interest Margin
Net interest margin increased 12 basis points to 2.83 percent for the three months ended December 31, 2024, compared to 2.71 percent for the quarter ended September 30, 2024, and compared to 2.82 percent for the three months ended December 31, 2023. The yield on interest earning assets decreased by 7 basis points during the fourth quarter of 2024 to 5.35 percent from 5.42 percent for the third quarter of 2024, while cost of funds decreased 19 basis points to 2.58 percent from 2.77 percent for the third quarter of 2024.
Net Interest Margin Analysis | ||||||||||||||||||||
Dollars in Millions | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 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 | $ 1,298 | 5.94 % | $ 1,243 | 5.96 % | $ 1,211 | 5.85 % | $ 1,192 | 5.76 % | $ 1,159 | 5.54 % | ||||||||||
Loan fees | -0.03 % | -0.03 % | 0.01 % | 0.03 % | 0.04 % | |||||||||||||||
Loans with fees | $ 1,298 | 5.91 % | $ 1,243 | 5.92 % | $ 1,211 | 5.86 % | $ 1,192 | 5.79 % | $ 1,159 | 5.58 % | ||||||||||
Total interest earning assets | $ 1,697 | 5.35 % | $ 1,683 | 5.42 % | $ 1,598 | 5.35 % | $ 1,560 | 5.22 % | $ 1,517 | 5.11 % | ||||||||||
Interest-bearing liabilities | ||||||||||||||||||||
Total interest bearing deposits | $ 1,143 | 2.99 % | $ 1,118 | 3.29 % | $ 1,055 | 3.23 % | $ 1,005 | 3.10 % | $ 961 | 2.77 % | ||||||||||
Total interest bearing liabilities | $ 1,333 | 3.20 % | $ 1,318 | 3.46 % | $ 1,260 | 3.45 % | $ 1,209 | 3.33 % | $ 1,121 | 3.10 % | ||||||||||
Cost of funds | 2.58 % | 2.77 % | 2.77 % | 2.67 % | 2.38 % | |||||||||||||||
Net interest margin | 2.83 % | 2.71 % | 2.64 % | 2.64 % | 2.82 % | |||||||||||||||
Credit Quality
We continue to see excellent credit quality in our markets through December 31, 2024, with one loan classified as non-accrual, and no loans past due greater than 30 days as of December 31, 2024.
The Company recorded a provision for credit losses of
The Company continues to closely monitor credit quality in light of the 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 | |||||||||
December 31, | September 30, | June 30, | March 31, | December 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 % | 0.03 % | ||||
Total NPAs (thousands) | $ 55 | $ 25 | $ 25 | $ 25 | $ - | ||||
Performance Ratios | ||||||||||
Three Months Ended | ||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
ROAA | 0.71 % | 0.58 % | 0.54 % | 0.49 % | 0.55 % | |||||
ROAE | 11.06 % | 9.40 % | 8.62 % | 7.98 % | 9.98 % | |||||
Efficiency | 67.21 % | 68.98 % | 74.19 % | 75.98 % | 71.14 % | |||||
NIM | 2.83 % | 2.71 % | 2.64 % | 2.64 % | 2.82 % | |||||
Book Value | $ 15.03 | $ 15.11 | $ 14.14 | $ 13.79 | $ 13.54 | |||||
Tangible Book Value | $ 14.30 | $ 14.38 | $ 13.40 | $ 13.05 | $ 12.79 | |||||
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 11.87 percent and leverage ratio of 8.49 percent as of December 31, 2024.
Regulatory Capital Ratios | ||||||||||
For the Periods Ended | ||||||||||
Bank Only | December 31, | September 30, | June 30, | March 31, | December 31, | |||||
Tier 1 | 10.99 % | 11.14 % | 11.55 % | 11.62 % | 11.37 % | |||||
Leverage | 8.49 % | 8.36 % | 8.55 % | 8.76 % | 8.84 % | |||||
CET-1 | 10.99 % | 11.14 % | 11.55 % | 11.62 % | 11.37 % | |||||
Total | 11.87 % | 12.01 % | 12.43 % | 12.51 % | 12.24 % | |||||
For the Periods Ended | ||||||||||
Additional Data | December 31, | September 30, | June 30, | March 31, | December 31, | |||||
Branches | 12 | 12 | 12 | 12 | 12 | |||||
Employees (Full Time Equivalent) | 159 | 160 | 161 | 161 | 163 | |||||
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
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