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. (OTCQX: SABK) is the bank holding company for South Atlantic Bank, a full-service community bank based in Myrtle Beach, South Carolina. This news page aggregates company-issued updates and third-party coverage related to SABK, with a focus on its commercial banking activities and financial performance in the coastal South Carolina markets it serves.
Readers can review quarterly and annual earnings releases, where the company reports consolidated net income, diluted earnings per share, loan and deposit growth, net interest income, noninterest income, noninterest expense and net interest margin. These releases also discuss trends in credit quality, funding costs and balance sheet composition, including changes in loans, deposits, investment securities and borrowings.
The news flow for South Atlantic Bancshares also includes capital management announcements, such as cash dividend declarations on its common stock and authorization of stock repurchase programs for a specified number of outstanding shares. In these items, the company explains how repurchases may be executed and the factors that influence decisions about timing and volume.
In addition, South Atlantic Bancshares highlights governance and industry involvement, including the role of the chairman and CEO of South Atlantic Bank on the American Bankers Association board of directors and election to the position of treasurer for designated association years. Such updates provide context on the company’s participation in state and national banking organizations as described in its press releases.
For investors and observers of the commercial banking sector, this SABK news page offers a centralized view of the company’s reported financial results, community banking activities, leadership developments and shareholder-related actions over time.
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.
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