MYRTLE BEACH, S.C., Jan. 31, 2017 /PRNewswire/ -- South Atlantic Bancshares, Inc. (OTCQX: SABK), parent of South Atlantic Bank, today reported net income of $2,603,928 or $0.66 per diluted share for the year ended December 31, 2016, compared to $2,240,816 or $0.57 per diluted share reported for the same period a year ago. These figures represent a 16.2 percent increase in net income.
Financial Highlights
-- Year-end 2016 represents the company's sixth consecutive profitable
year.
-- Credit quality remains strong with no net charge-offs.
-- Net interest margin improved from 3.80 percent in 2015 to 3.85 percent
in 2016.
-- Total loans grew 17.5 percent in 2016, from $314.0 million at December
31, 2015 to $369.0 million at December 31, 2016.
-- Total deposits grew 13.3 percent, from $337.4 million reported at
December 31, 2015, to $382.3 million at December 31, 2016.
-- Total assets grew 11.1 percent, from $400.2 million at December 31,
2015, to $444.5 million at December 31, 2016.
"In 2016, South Atlantic Bank recorded its best yearly financial performance in the company's nine-year history," said K. Wayne Wicker, chairman of the board and chief executive officer. "Our strong showing is attributed to double digit growth in loans and deposits, along with increased mortgage and merchant services activity. Better economic conditions are fueling interest in expansion and new projects throughout the markets we serve, and all locations in our geographic footprint contributed to the bank's performance.
"Progress continues on the construction of our Charleston regional headquarters located in Mount Pleasant with completion expected in mid to late summer 2017. The new, two-story office building on Johnnie Dodds Boulevard will serve as our home base in the market and is evidence of our strong and enduring commitment to the Lowcountry. We're excited to expand our presence in this dynamic market with its diverse and thriving economy," Wicker said.
About South Atlantic Bank
South Atlantic Bank, the subsidiary bank of South Atlantic Bancshares, Inc. (OTCQX: SABK), is a $449.9 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina, with additional offices in Murrells Inlet, Pawleys Island, Georgetown, North Myrtle Beach, and Mount 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. For more information, visit SouthAtlantic.bank.
Member FDIC
South Atlantic Bank
Selected Financial Highlights
For the For the For the
Twelve Months Ended Twelve Months Ended Twelve Months Ended
December 31, 2016 December 31, 2015 December 31, 2014
----------------- ----------------- -----------------
Year-to-Date Balances (In Thousands)
Total assets $444,533 $400,218 $363,348
Investment securities 43,633 52,784 52,607
Loans, net of unearned income (total loans) 368,991 313,988 262,646
Deposits 382,263 337,362 326,594
Shareholders' equity 37,440 35,645 32,242
Average Balances (In Thousands)
Total assets $430,655 $374,291 $341,288
Earning assets 399,829 348,172 318,590
Investment securities 41,914 51,238 67,306
Loans, net of unearned income 340,892 279,810 239,797
Deposits 382,537 335,849 308,929
Shareholders' equity 37,554 33,961 26,925
Earnings Breakdown (In Thousands)
Total interest income $16,513 $14,137 $13,012
Total interest expense 1,432 1,161 1,188
Net interest income 15,081 12,976 11,825
Total noninterest income 3,005 2,633 1,705
Total noninterest expense 13,873 12,272 10,618
Provision for loan losses 615 230 475
Income before taxes 3,598 3,106 2,437
Taxes 995 865 433
Net income 2,604 2,241 2,004
Diluted earnings per share 0.66 0.57 0.51
Selected % Increases Year Over Year
Total assets 11.07% 10.15% 14.24%
Total interest earning assets 11.97% 10.27% 14.62%
Total loans 17.52% 19.55% 20.38%
Total deposits 13.31% 3.30% 14.39%
Interest income 16.81% 8.64% 15.24%
Interest expense 23.30% (2.21)% (9.40)%
Noninterest income 14.15% 54.37% (14.54)%
Noninterest expense 13.04% 15.58% 15.99%
Net income 16.20% 11.81% 21.86%
Selected Ratios Year Over Year
Return on assets 0.60% 0.60% 0.59%
Return on equity 6.93% 6.60% 7.44%
Interest income to total average assets 4.13% 4.06% 3.81%
Interest expense to total average assets 0.36% 0.33% 0.35%
Net interest income to total average assets 3.77% 3.73% 3.46%
Loan loss reserve to total loans 0.96% 0.90% 1.00%
Nonperforming assets to total average assets 1.07% 1.13% 1.35%
Net charge-offs to total average assets 0.00% 0.00% 0.01%
Net interest margin 3.85% 3.80% 3.79%
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SOURCE South Atlantic Bancshares, Inc.
