South Atlantic Bancshares, parent of South Atlantic Bank, on Friday reported a net income of $1,644,649 or $0.54 per diluted share for the year that ended Dec. 31, the third consecutive yearly profit for the $321 million financial institution headquartered in Myrtle Beach.
The bank had $2,091,822 income before taxes for the year, a 23.5 percent increase compared to a year ago.
K. Wayne Wicker, the banks board chairman and CEO, said in a press release that the numbers are the result of the banks expansion in Georgetown and Mount Pleasant.
Loan growth at the new locations fueled the banks performance in the fourth quarter, providing a strong finish to the year, he said.
Total deposits grew 10.1 percent to $285.5 million during the year. Total loans grew 14.8 percent to $218.2 million while total assets reached $285 million, an 11.6 percent growth.
The banks capital ratios continue to exceed regulatory requirement, according to the report.
Contact STEVE JONES at 444-1765.