Net income grows 31.1 percent at South Atlantic Bancshares, Inc.
January 31, 2018
South Atlantic Bancshares, Inc., parent of South Atlantic Bank, reported net income of $3,414,260 for the year ended December 31, 2017, compared to $2,603,928 for the same period a year ago. These figures represent a 31.1 percent increase in net income.
Financial Highlights
- Year-end 2017 represents the Company’s best financial performance in its 10-year history.
- Net income per diluted share was $0.62 for the year ended December 31, 2017, compared to $0.47 for the year ended December 31, 2016.
- Credit quality remains strong with net charge-offs to total average assets of just 0.01 percent at December 31, 2017.
- The net interest margin improved to 4.02 percent at year end 2017, compared to 3.86 percent at year end 2016.
- Total loans grew 18.4 percent, to $436.8 million at December 31, 2017, from $369.0 million at December 31, 2016.
- Total deposits grew 14.9 percent, to $439.2 million at December 31, 2017, from $382.3 million at December 31, 2016.
- Total assets grew 16.8 percent, to $519.1 million at December 31, 2017, from $444.5 million at December 31, 2016.
“The Company achieved record profitability while reaching several important goals,” said K. Wayne Wicker, chairman of the board and chief executive officer. “Our double digit increase in net income can be attributed to several factors, including the Bank’s expanded geographic footprint which fueled growth in the commercial loan portfolio, and a record year in production for the Bank’s mortgage loan department. All markets contributed to the Company’s performance in 2017.”
About South Atlantic Bank
South Atlantic Bank, the subsidiary bank of South Atlantic Bancshares, Inc. (OTCQX: SABK), is a $513.3 million financial institution that is locally owned, controlled, and operated. The Myrtle Beach-based bank has five offices along the Grand Strand and two in the Charleston region.
