South Atlantic Bancshares Inc Stock Price, News & Analysis

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.

On May 23, 2022, South Atlantic Bancshares, Inc. (OTCQX: SABK) announced the re-authorization of its stock repurchase program, allowing the purchase of up to 5% of outstanding shares. This initiative aims to enhance shareholder value and will be executed through privately negotiated transactions or the open market until May 17, 2023, subject to various market factors. With over $1.2 billion in assets, South Atlantic Bank serves the South Carolina coastal area, providing a wide range of financial services.

South Atlantic Bancshares, Inc. (OTCQX: SABK) has appointed Matthew H. Hobert as the new executive vice president and chief financial officer, bringing nine years of financial experience from FIG Partners. Hobert holds degrees in Accounting and Accountancy from the University of Georgia and is licensed in securities. Richard N. Burch will remain as chief operating officer, overseeing critical operations during the transition. With over $1.2 billion in assets, South Atlantic Bank provides comprehensive banking services across multiple locations in South Carolina.

South Atlantic Bancshares reported a consolidated net income of $10.8 million, or $1.42 per diluted share, for 2021, reflecting a $3.7 million increase year-over-year. In Q4 2021, net income reached $2.3 million, up $411 thousand from the previous year. Notably, net interest income rose to $35.8 million, a 19.2% increase due to Paycheck Protection Program fees and growing securities holdings. While the bank anticipates continued earnings growth in 2022, net interest margin is expected to compress due to the low interest rate environment.

South Atlantic Bancshares, Inc. (OTCQX: SABK) announced on December 17, 2021, the issuance of $30 million in fixed-to-floating rate subordinated notes due 2031. The notes, which qualify as Tier 2 capital, carry a fixed interest rate of 3.25% for the initial period until December 2026, after which the rate will adjust quarterly. The company plans to use the proceeds for strategic opportunities and general corporate purposes. This offering received strong support from institutional investors, signaling confidence in the company's growth potential.

South Atlantic Bancshares reported strong financial results for the nine months ending September 30, 2021, with net income of $8.6 million ($1.12 per diluted share), a notable increase from $5.4 million ($0.71 per diluted share) for the same period in 2020. In Q3 2021, net income reached $2.6 million, up from $2.0 million in Q3 2020. Total assets increased to $1.2 billion, driven by a 15.1% year-over-year growth in loans. Noninterest income also showed a 34.9% increase, totaling $7.9 million. Despite margin compression affecting overall profitability, the company is optimistic about future growth.

South Atlantic Bancshares, Inc. (OTCQX: SABK) reported a consolidated net income of $2.5 million, or $0.32 per diluted share, for Q2 2021, a decline of $1.0 million compared to Q1 2021. However, net income for the first half of 2021 rose to $6.0 million, an increase of $2.6 million from the previous year. Assets grew to $1.1 billion, while deposits exceeded $1 billion. The bank's net interest margin decreased to 3.56% due to reduced loan yields, although overall credit quality remains strong with no nonperforming assets reported.