SYS-CON MEDIA Authors: Xenia von Wedel, Peter Silva, Glenn Rossman, Ava Smith, Elizabeth White

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South Atlantic Bank Reports First Quarter Earnings

MYRTLE BEACH, S.C., April 21, 2014 /PRNewswire/ -- South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today reported net income of $374,663 or $0.12 per diluted share for the three months ended March 31, 2014, an increase of 1.5% when compared to the $369,175 or $0.12 per diluted share reported for the same period a year ago. The bank's performance in the first quarter continued its string of consecutive quarterly profits that began with the first quarter of 2011.

"The year is off to a good start," said K. Wayne Wicker, South Atlantic Bank chairman and chief executive officer. "We maintained profitability while managing the expenses associated with our expansion efforts of late last year. During the fourth quarter 2013, we added locations in Georgetown and Mount Pleasant, and doubled the size of our mortgage department. We are seeing early signs of success from these new endeavors and we continue to leverage these investments to produce earnings.

"Plans are proceeding well for our new office in Pawleys Island to be located at the corner of Ocean Highway and Lachicotte Road. We expect to move from our existing office in Waverly Place to the new quarters in the fall of this year," Wicker said.

Double digit growth was reported in the balance sheet. Total loans grew 17.3% during the first quarter, from $198.0 million at March 31, 2013 to $232.1 million at March 31, 2014. Total deposits grew 10.6%, from $269.7 million at March 31, 2013 to $298.4 million at March 31, 2014.

South Atlantic Bank's credit quality remains strong with no net charge-offs for the three months ended March 31, 2014. Total assets grew 11.9%, from $295.6 million at March 31, 2013, to $330.7 million at March 31, 2014. The bank's capital ratios continue to exceed regulatory requirements.

About South Atlantic Bank
South Atlantic Bank is a $331.1 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina, with additional full service locations in Murrells Inlet, Pawleys Island, and Georgetown, South Carolina, and a loan production office in Mount Pleasant. South Atlantic Bank offers a wide variety of services for businesses and consumers, including South Atlantic Bank goMobile, its mobile banking app. The bank also offers internet banking, no-fee ATM access, checking, CD, and money market accounts, merchant services, mortgage loans, remote deposit capture, and more.

The bank was named a "Roaring Twenties" winner as one of the best performing large companies in the state of South Carolina by SC Biz News in 2012 and 2013. For more information, visit SouthAtlanticBank.com.

Member FDIC


South Atlantic Bank
Selected Financial Highlights










For the


For the


For the



Three Months

Ended


Twelve Months

Ended


Three Months

Ended



March 31, 2014


December  31, 2013


March 31, 2013








Year End/Quarter End Balances (in thousands)







Total assets

$

330,650

$

318,057

$

295,614

Investment securities


67,846


73,727


61,980

Loans, net of unearned income (total loans)


232,091


218,174


197,937

Deposits


298,363


285,519


269,729

Shareholders' equity


25,653


24,141


25,364








Average Balances (in thousands)







Total assets

$

323,697

$

307,746

$

289,610

Earning assets


301,025


281,908


268,552

Investment securities


70,871


69,880


58,399

Loans, net of unearned income


226,844


199,817


195,308

Deposits


287,413


281,306


263,589

Shareholders' equity


25,063


24,904


25,683








Earnings Breakdown







Total interest income

$

3,143

$

11,291

$

2,683

Total interest expense


314


1,311


330

Net interest income


2,829


9,980


2,352

Total noninterest income


297


1,996


369

Total noninterest expense


2,544


9,154


1,949

Provision for loan losses


150


730


165

Income before taxes


432


2,092


608

Taxes


57


447


238

Net Income


375


1,645


369








Selected % Increases 







Total assets


11.85%


11.61%


23.38%

Total interest earning assets


11.98%


11.93%


24.46%

Total loans


17.26%


14.85%


16.22%

Total deposits


10.62%


10.10%


24.81%

Interest income


17.15%


12.89%


9.18%

Interest expense


(4.89)%


(19.08)%


(16.86)%

Noninterest income


(19.50)%


(24.15)%


28.67%

Noninterest expense


30.52%


14.55%


17.80%








Selected Ratios







Return on assets


0.47%


0.53%


0.52%

Return on equity


6.08%


6.60%


6.14%

Interest income to total average assets


3.94%


3.67%


3.76%

Interest expense to total average assets


0.39%


0.43%


0.46%

Net interest income to total average assets


3.54%


3.24%


3.29%

Loan loss reserve to total loans


1.10%


1.10%


1.20%

Nonperforming assets to total average assets


0.23%


0.13%


0.97%

Net charge-offs to total average loans


0.00%


0.21%


0.05%

Net interest margin


3.87%


3.54%


3.62%

Contact:
Barbara W. Marshall, Vice President and Director of Marketing
[email protected] 
843.839.4948

SOURCE South Atlantic Bancshares, Inc.

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