South Atlantic Bank reports increased earnings, growth

Earnings for South Atlantic Bank grew nearly 9 percent in net income from January through September, representing consecutive profit earnings for the financial institution over nearly five years.

The bank reported a net income for the nine months of $1,612,352 or 45 cents per diluted share, compared to $1,482,184 or 42 cents per diluted share reported during the same period last year.

Net income for the quarter ending Sept. 30 was $595,012 or 17 cents per diluted share, compared to $603,026 or 17 cents per diluted share for the same quarter last year.

“We continue to experience solid loan growth which has contributed to our financial performance year-to-date,” said K. Wayne Wicker, South Atlantic Bank chairman and chief executive officer. “This growth is due to calling officer efforts in our expanded geographic footprint, combined with better economic conditions. Additionally, improvement in mortgage loans and merchant services, along with securities gains, led to increased non-interest income, a key component of our performance.”

Total loans grew from $239.4 million to $288.4 million since Sept. 30, 2014, an increase of more than 20 percent. Meanwhile, total assets grew more than 14 percent to $385.8 million, up from $338.1 million reported in September 2014.

South Atlantic Bancshares common stock was also listed on the OTCQX Marketplace in an effort to improve visibility for investors and provide shareholders with great liquidity, Wicker said.

Audrey Hudson can be reached at 843-444-1765.

This story was originally published October 22, 2015 at 1:25 PM with the headline "South Atlantic Bank reports increased earnings, growth."