Myrtle Beach-based bank reports 18th consecutive quarterly profit

South Atlantic Bancshares, Inc., parent company of Myrtle Beach-based SouthAtlantic Bank, saw its income for the first six months of the year increase by 15.7 percent compared to the same period in 2014, the bank announced Tuesday.

South Atlantic reported a net income of $1,017,339 or 29 cents per diluted share compared to $879,158 or 25 cents per diluted share from the first six months of last year.

The second quarter was the bank’s eighteenth consecutive quarterly profit.

Among the quarter's highlights:

Total loans grew 12.1 percent

Total assets grew 7.2 percent

Total deposits grew 5.7 percent

“Increased net interest income coupled with continued improvement from our merchant services and mortgage banking divisions drove the bank’s earnings in the first half of 2015,” Wayne Wicker, South Atlantic Bank chairman of the board and CEO, said in a news release. “Our success in these areas can be attributed to several factors. An improving economy has brought consumers back into the real estate market as both existing home sales and housing starts are at their highest levels in a number of years. Our revamped mortgage banking division is hitting its stride at the right time, gaining traction in the communities we serve as the market improves. Stronger consumer confidence is also apparent in a robust summer tourist season and has boosted spending.”

This story was originally published July 21, 2015 at 4:21 PM with the headline "Myrtle Beach-based bank reports 18th consecutive quarterly profit."