Myrtle Beach bank continues string of quarterly profits

04/22/2014 1:44 PM

04/22/2014 1:46 PM

South Atlantic Bancshares, parent of South Atlantic Bank, announced Tuesday first quarter earnings of $374,663 or $0.12 per diluted share, continuing a string of consecutive quarterly earnings that began with the first quarter of 2011.

The first quarter 2014 earnings compare to earnings of $269,175, again $0.12 per diluted share, for the same period last year.

“We maintained profitability while managing the expenses associated with our expansion efforts of late last year,” K. Wayne Wicker, South Atlantic chairman and CEO, said in a press release.

In 2013, the bank added locations in Georgetown and Mount Pleasant and doubled the size of its mortgage department.

Total loans grew 17.3 percent to $232.1 million during the first quarter. Total deposits rose 10.6 percent to $298.4 million.

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