South Atlantic Bancshares, Inc. Announces Earnings Results for the Year Ended December 31, 2016
January 31, 2017 at 07:30 am EST
Share
South Atlantic Bancshares, Inc. announced earnings results for the year ended December 31, 2016. For the year, the company reported net interest income of $15,081,000 against $12,976,000 a year ago. Income before taxes was $3,598,000 against $3,106,000 a year ago. Net income was $2,604,000 or $0.66 diluted per share against $2,241,000 or $0.57 diluted per share a year ago. Return on assets was 0.60% against 0.60% a year ago. Return on equity was 6.93% against 6.60% a year ago. Total interest income was $16,513,000 against $14,137,000 a year ago.
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. 
