South Atlantic Bancshares Inc Stock Price, News & Analysis

South Atlantic Bancshares, Inc. (OTCQX: SABK) reported net income of $3.1 million or $0.41 per diluted share for Q1 2023, marking a 55.7% increase year-over-year. The bank's interest income rose by $5.3 million or 53.0%, driven by growth in loans. Total assets grew to $1.5 billion, a 19.2% annualized increase, while total loans and deposits rose to $1.048 billion and $1.3 billion respectively. The CEO noted strong franchise performance despite economic headwinds and a contracting net interest margin due to increased deposit costs. Although net interest income increased by 19.7% to $11.2 million, noninterest income declined 3.2%. The bank's regulatory capital ratios remain well above required thresholds for being deemed 'well-capitalized.'

South Atlantic Bancshares, Inc. (OTCQX: SABK) reported a consolidated net income of $12.1 million, or $1.57 per diluted share, for the fiscal year ending December 31, 2022, reflecting an 11.5% increase from 2021. The bank's total assets reached $1.4 billion, a year-over-year increase of 14.5%, with gross loans growing 36.6% to $1.0 billion. The fourth quarter net income was $4.0 million, representing a 75% increase compared to the previous year. Despite rising interest rates and inflationary concerns, credit quality remains strong. However, noninterest income declined 48.5% to $5.1 million due to a reduction in secondary mortgage fees.

South Atlantic Bancshares, Inc. (OTCQX: SABK) has declared its first cash dividend of $0.10 per share, marking a significant milestone in the company’s 15-year history. The dividend is scheduled for payment on February 15, 2023, to shareholders of record as of February 1, 2023. Chairman and CEO K. Wayne Wicker emphasized the importance of this milestone, noting it serves as a reward for shareholders who have supported the company’s growth. South Atlantic Bank aims to maximize shareholder value while continuing its focus on growth.

South Atlantic Bancshares, Inc. (OTCQX: SABK) has appointed Travis A. Minter as its new chief operating officer. Minter, who previously served as executive vice president and chief banking officer, brings 25 years of experience in financial services, including 10 years with the company. His focus will be on enhancing operational performance to drive efficiency and support growth. The bank, based in Myrtle Beach, SC, has over $1.4 billion in total assets and operates twelve branches along the South Carolina coast.

South Atlantic Bancshares reported a net income of $3.6 million for Q3 2022, up 44.7% from Q2 2022 and 39.4% year-over-year. Earnings per share rose to $0.47, reflecting a strong loan interest income increase of 43.9% to $10.6 million. Total assets reached $1.4 billion, a 17.9% increase year-over-year, with total loans climbing 33.8% to $948 million. However, noninterest income fell 44.2% due to decreased mortgage fees. Despite concerns over inflation and rising interest rates, the company remains optimistic about continued growth.

K. Wayne Wicker, the chairman and CEO of South Atlantic Bank, has been elected to the American Bankers Association (ABA) board of directors during the ABA annual convention. With over 30 years of banking experience, Wicker also holds positions on the South Carolina State Board of Financial Institutions and as the past chairman of the South Carolina Bankers Association. South Atlantic Bancshares, Inc. (OTCQX: SABK), based in Myrtle Beach, SC, has over $1.4 billion in total assets and offers a range of personalized banking services across coastal South Carolina.

South Atlantic Bancshares (OTCQX: SABK) reported a net income of $2.5 million or $0.33 per diluted share for Q2 2022, reflecting a 25.0% increase from Q1 2022 and 1.3% growth YOY. Key highlights include an 18.5% rise in net interest income to $10.5 million driven by increased loan interest income of 21.2%. Total assets grew 13.9% YTD to $1.4 billion, while total deposits rose 17.1% YTD to $1.3 billion. However, noninterest income fell 33.9% to $1.5 million. The bank navigates rising interest rates effectively with a capital position above regulatory thresholds.