MYRTLE BEACH — South Atlantic Bancshares, parent of South Atlantic Bank, announced that its income before taxes for the first three quarters of this year was up 43.7 percent to $1,962,060 over the $1.385 million reported in 2012.
Income before taxes for the third quarter was $552,131, or 9.9 percent over 2012’s third quarter pre-tax income of $502,551.
Net income for the three quarters was $1,348,565 or $0.44 per diluted share, and $484,066, or $16 per diluted share, for the third quarter.
The third quarter of this year marked the bank’s 11th consecutive quarterly profit.
Having completed its second consecutive year of profitability on Dec. 31, 2012, the bank became fully taxable beginning in 2013.
Contact STEVE JONES at 444-1765.