South Atlantic Bancshares Inc Stock Price, News & Analysis

South Atlantic Bancshares (SABK) reported strong Q1 2025 financial results with consolidated net income of $3.3 million, or $0.43 per diluted share, marking a 66.3% increase from Q1 2024. The bank demonstrated robust growth with:

- Total assets increased by $81.4 million to $1.9 billion (4.6% increase)
- Total loans grew by $41.7 million (12.5% annualized)
- Total deposits increased by $107.3 million (29.4% annualized)
- Net interest margin improved by 22 basis points to 3.05%
- Cost of funds declined by 12 basis points to 2.46%

The bank's tangible book value per share rose to $14.91, representing a 4.3% increase from December 2024 and a 14.2% increase year-over-year. Credit quality remained strong across the franchise, with continued growth momentum in all markets.

South Atlantic Bancshares (OTCQX: SABK) has announced a cash dividend of $0.10 per share on its common stock. The dividend will be paid on February 28, 2025, to shareholders of record as of February 14, 2025.

This marks the company's third consecutive annual cash dividend since initiating dividend payments in Q1 2023. Chairman and CEO K. Wayne Wicker noted that despite facing headwinds in the first half of 2024, the company finished the year strong and is entering 2025 with solid momentum.

South Atlantic Bancshares (OTCQX: SABK) reported Q4 2024 net income of $3.2 million ($0.41 per diluted share), up 21.7% from Q3 2024 ($2.6 million) and 44.5% from Q4 2023 ($2.2 million). For full-year 2024, net income reached $10.1 million ($1.31 per diluted share) compared to $10.0 million in 2023.

Key financial highlights include: total assets increased 10.1% to $1.8 billion in 2024; total loans grew 13.1% to $1.34 billion; deposits increased 12.9% to $1.46 billion; and tangible book value per share rose 11.8% to $14.30. The bank's net interest margin improved to 2.83% in Q4 2024, up 12 basis points from Q3, while cost of funds decreased by 19 basis points to 2.58%, marking the first quarterly decline since March 2022.

Credit quality remained strong with minimal non-performing assets and the bank maintained well-capitalized status with a total risk-based capital ratio of 11.87%.

K. Wayne Wicker, chairman and CEO of South Atlantic Bank, has been elected treasurer of the 2024-2025 American Bankers Association (ABA) board of directors. Wicker, who has served on the ABA board since 2022, brings over 37 years of banking experience and currently serves on the South Carolina State Board of Financial Institutions. He is also a past chairman of the South Carolina Bankers Association. Wicker holds a B.S. in business administration from The Citadel and completed banking studies at LSU and USC. He is a former South Carolina Air National Guard member and Gulf War veteran.

South Atlantic Bancshares (OTCQX: SABK) reported Q3 2024 net income of $2.6 million, or $0.34 per diluted share, up 14.4% from Q2 2024's $2.3 million. Key highlights include:

- Total assets increased $176.1 million to $1.8 billion (14.5% annualized growth)
- Total loans grew $62.7 million (20.5% annualized)
- Total deposits increased $59.6 million (16.9% annualized)
- Net interest margin improved 7 basis points to 2.71%
- Tangible book value per share rose 22.6% YoY to $14.38

The bank maintains strong credit quality with minimal non-performing assets and capital levels above 'well-capitalized' thresholds, with a total risk-based capital ratio of 12.01%.

K. Wayne Wicker, chairman and CEO of South Atlantic Bank (SABK), has been nominated for treasurer of the American Bankers Association (ABA) board of directors for 2024-2025. Wicker, who has served on the ABA board since 2022, brings over 37 years of banking experience to the role. He currently serves on the South Carolina State Board of Financial Institutions and is a past chairman of the South Carolina Bankers Association.

Wicker's credentials include a B.S. in business administration from The Citadel and completion of prestigious banking programs. The election for this position will take place at the ABA's annual meeting on October 29 in New York City.

South Atlantic Bancshares (OTCQX: SABK) reported consolidated net income of $2.3 million or $0.30 per diluted share for Q2 2024, up from $2.0 million or $0.26 per share in Q1 2024. For the six months ended June 30, 2024, net income was $4.3 million or $0.56 per share, compared to $5.6 million or $0.74 per share in the same period in 2023.

Q2 2024 Highlights: Net income increased by 13.4% QoQ. Total assets rose 15.4% annualized to $1.75 billion, and deposits grew 18.2% annualized to $1.41 billion. Cash and cash equivalents surged 267.0% to $136.5 million, while total loans increased by $36.3 million with an 8.5% yield. Tangible book value per share increased by 12.1% YoY to $13.40. Interest income on loans and investments rose by 5.6% QoQ, while the net interest margin remained flat at 2.64%.

The company repurchased 35,000 shares and executed a stock repurchase program for up to 5% of outstanding shares. Noninterest income decreased by 3.2% YoY. Noninterest expense grew by 4.8% YoY due to higher compensation and employee benefits costs.

South Atlantic Bancshares announced a stock repurchase program on May 20, 2024. The company's board approved the buyback of up to 380,341 shares, totaling approximately $4.4 million. The repurchases can be made through privately negotiated transactions or open market purchases, adhering to Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934. The program will run until April 23, 2025, but the board may amend or terminate it without prior notice. The timing and amount of repurchases will depend on stock performance, market conditions, legal requirements, and fund availability.