Business

July 24, 2014

South Atlantic Bank net income up 34.4 percent in second quarter

Myrtle Beach-based South Atlantic Bancshares, parent of South Atlantic Bank, reported Thursday that its net income rose 34.4 percent from the first quarter to the second quarter this year to $504,495, or $0.16 per diluted share.

Myrtle Beach-based South Atlantic Bancshares, parent of South Atlantic Bank, reported Thursday that its net income rose 34.4 percent from the first quarter to the second quarter this year to $504,495, or $0.16 per diluted share.

The first quarter net income was $374,663 or $0.12 per diluted share, the bank said in a news release.

South Atlantic Chairman K. Wayne Wicker said the bank’s second quarter performance was due to an improving economy and growth at the bank.

Total loans grew 21.2 percent over the first half of 2013 to $245.6 million on June 30 this year. Total deposits grew 8.1 percent during the year to reach $325.8 million on June 30. Total assets grew to $353.4 million.

The bank announced that it will be moving into a new location in Pawleys Island in the late fall and that it has received state approval and is awaiting federal approval to expand its Mount Pleasant office to a full-service branch.

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