South Atlantic Bancshares, Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 22, 2013 at 09:31 am EST
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South Atlantic Bancshares, Inc. announced earnings results for the fourth quarter and full year ended December 31, 2012. Net income for the three months ended December 31, 2012 was $930,072 or $0.31 per diluted share, representing the bank's eighth consecutive quarterly profit.
The company reported net income of $2,562,107 or $0.85 per diluted share for the year ended December 31, 2012. These figures mark the bank's second consecutive year of profitability, and represent a 121.75% improvement in earnings reported for the same period a year ago. Total interest income was $11,113,000 against $9,496,000 and net interest income was $9,493,000 against $7,352,000 reported last year.
South Atlantic Bancshares, Inc. is a bank holding company. The Companyâs banking subsidiary is South Atlantic Bank (Bank). The Bank is a state-chartered commercial bank, and its deposits are insured by the Federal Deposit Insurance Corporation. The principal business activity of the Bank is to provide banking services to domestic markets, principally in Horry, Georgetown, Charleston, and Beaufort counties, South Carolina. It offers loans, including commercial, commercial real estate, consumer and consumer real estate loans. Its deposits include noninterest-bearing transaction accounts, interest-bearing transaction accounts, savings and money market accounts and time deposits. Its personal banking includes checking and money market, savings, and loans and lines of credit. Its mortgage products include mortgage loans, fixed-rate mortgages, adjustable-rate mortgages, and others.
SOUTH ATLANTIC BANCSHARES, INC. 
