Mid-year earnings grow 313 percent at South Atlantic Bancshares, Inc.

South Atlantic Bancshares, Inc., parent of South Atlantic Bank, reported net income of $3.1 million, or $0.41 per diluted share, for the six months ended June 30, 2019, compared to $752 thousand, or $0.11 per diluted share, reported for the same six-month period in 2018.  Net income for the three months ended June 30, 2019 was $1.8 million, or $0.24per diluted share, compared to loss of $(49,087), net of merger and conversion expenses of $1.4 million, or $(0.01) per diluted share, reported for the same period a year ago.  Net income increased 313.45 percent for the six months ended June 30, 2019 compared to the same six-month period in 2018.

Financial Highlights

• Return on average equity was 7.66 percent for the six months ended June 30, 2019, compared to 2.28% for the six months ended June 30, 2018.
• Return on average assets was 0.92 percent for the six months ended June 30, 2019, compared to 0.26 percent for the six months ended June 30, 2018.
• The net interest margin, taxable equivalent, was 4.25 percent for the six months ended June 30, 2019, a 5 basis point increase from the same six-month period in 2018.
• Total loans grew 8.04 percent, from $512.0 million at June 30, 2018 to $553.1 million at June 30, 2019.
• Total deposits grew 14.7 percent, from $555.1 million at June 30, 2018 to $636.8 million at June 30, 2019.
• Total assets grew 15.2 percent, from $638.9 million at June 30, 2018 to $736.1 million at June 30, 2019.
• Asset quality continues to be a highlight with non-performing assets to average total assets at 0.06 percent as of the three-month period ended June 30, 2019.