Welcome to our dedicated page for South Atlantic Bancshares news (Ticker: SABK), a resource for investors and traders seeking the latest updates and insights on South Atlantic Bancshares stock.
South Atlantic Bancshares Inc. (SABK) provides comprehensive community banking services across South Carolina's coastal markets through its subsidiary South Atlantic Bank. This news hub offers investors and stakeholders timely access to official updates, financial disclosures, and strategic developments.
Track the company's latest earnings reports, regulatory filings, and operational milestones including deposit growth initiatives, loan portfolio updates, and technology enhancements. Users will find press releases covering new branch openings, leadership changes, and community partnership announcements alongside analysis of interest margin trends and credit quality metrics.
Bookmark this page for direct access to SABK's financial communications, including quarterly results presentations and SEC filings. Check regularly for updates on capital management strategies, digital banking innovations, and market expansion plans that shape this regional institution's growth trajectory.
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.
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.
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