South Atlantic Bank Announces Solid Growth in Year-End Earnings
March 8, 2015
MYRTLE BEACH, SC – South Atlantic Bancshares, Inc. (the company), parent of South Atlantic Bank, reported net income of $2,004,218 or $0.58per diluted share for the year ended December 31, 2014, an increase of 21.9 percent when compared to the $1,644,650 or $0.49 reported a year ago. At year-end 2014, the bank achieved its fourth consecutive yearly profit.
“It was a busy and productive year at South Atlantic Bank,” said K. Wayne Wicker, chairman of the board and chief executive officer. “During 2014, we moved into our new Pawleys Island office, opened a full service location in Mount Pleasant, and announced plans for a new office in North Myrtle Beach. We further developed our infrastructure by filling key positions in the retail sales, credit, and compliance areas of the bank. Additionally, we implemented a management training program to ensure we have the talent on hand to fill staffing needs as we continue to grow.
Total deposits grew 14.4 percent, from $285.5 million reported at December 31, 2013, to $326.6 million at December 31, 2014. Total loans grew 20.4 percent during 2014, from $218.2 million at December 31, 2013 to $262.6 million at December 31, 2014. Total assets grew 14.2 percent, from $318.0 million at December 31, 2013, to $363.3 million at December 31, 2014.
South Atlantic Bank’s credit quality continues to be strong with net charge-offs to total average assets of 0.07 percent, which compares favorably to state and national figures. The bank has now recorded three consecutive quarters with zero past dues, a significant accomplishment based on a portfolio in excess of $260 million.
The bank’s capital ratios continue to exceed regulatory requirements. The company’s already strong capital position was further bolstered by the completion of the first phase of a private placement offering of its common stock in 2014. The company anticipates completing the second phase by the end of the first quarter 2015. Proceeds from the raise will be used for general corporate purposes and to support the growth and capital position of the bank.
About South Atlantic Bank
South Atlantic Bank is a $359.2 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina, and has additional offices in North Myrtle Beach, Murrells Inlet, Pawleys Island, Georgetown, andMount Pleasant, South Carolina. 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.
