South Atlantic Bancshares, parent of South Atlantic Bank, reported a third quarter income of $603,026 or $0.20 per diluted share, a 19.5 percent increase over the same period a year ago.
Net income year-to-date was $1.5 million or $0.49 per diluted share, according to information from the bank, a 9.9 percent increase over the first nine months of 2013.
The statistics marked South Atlantic’s 15th consecutive quarterly profit.
“Our robust financial performance in the third quarter and year-to-date indicates that the growth initiatives undertaken last year are yielding solid results,” said K. Wayne Wicker, the bank’s chairman and CEO. “Year over year, we experienced loan growth of nearly 21 percent, which is directly attributed to activity in our new markets, along with strong performances from our mature offices.”
Total deposits grew 7.6 percent to $303.3 million at Sept. 30, about $15 million above the same time last year.