Earnings Grow 16.8% at South Atlantic Bancshares, Inc.
Tuesday, April 24th, 2018
South Atlantic Bancshares, Inc., parent of South Atlantic Bank, reported net income of $801,345 or $0.12 per diluted share for the three months ended March 31, 2018, compared to $686,134 or $0.10 per diluted share reported for the same period a year ago. Net income increased 16.8 percent from March 31, 2017 to March 31, 2018.
Financial Highlights
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Credit quality remains strong with no net charge-offs and nonperforming assets to average total assets of just 0.07 percent as of March 31, 2018.
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Noninterest income grew 12.90 percent for the first quarter.
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The net interest margin improved to 4.07 percent as of March 31, 2018.
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Total loans grew 5.95 percent, from $404.9 million at March 31, 2017 to $428.9 million at March 31, 2018.
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Total deposits grew 12.76 percent, from $414.8 million at March 31, 2017 to $467.7 million at March 31, 2018.
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Total assets grew 10.35 percent, from $482.8 million at March 31, 2017 to $532.8 million at March 31, 2018.
"An improved net interest margin compared to year end 2017 and continued excellent asset quality positioned us for the first quarter performance. Our loan growth for the quarter of 5.95% was down compared to growth in the first quarter of 2017 primarily due to the improved economy, pay off of existing loans and increased cash holdings of borrowers. The increased customer deposits along with deposit rate increases has grown interest-bearing deposits in all markets. Non-interest income, led by our Mortgage Division continues to improve. Anticipated loan growth for the second quarter, improved non-interest income and expense control should fuel our earnings during 2018," K. Wayne Wicker, chairman of the board and chief executive officer of the Company said.
In other news, on April 2, 2018, South Atlantic Bancshares, Inc. closed the acquisition of Atlantic Bancshares, Inc., which was announced in December. The transaction is valued at $17.1 million, and added offices in Bluffton and Hilton Head Island, SC. The Company now has nine offices serving South Carolina's desirable coastal markets.