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. reports news as the registered bank holding company for South Atlantic Bank, a full-service community banking institution serving coastal South Carolina. Company updates center on quarterly and annual earnings, net interest income, loan portfolio activity, deposit and funding costs, and fee income from mortgage, merchant, interchange, service charge, and treasury management activities.
Recurring announcements also cover capital actions such as cash dividends and stock repurchase authorizations, governance changes involving the board and audit committee, and business updates tied to consumer and commercial banking, deposit products, mortgage lending, digital banking, remote deposit capture, and other banking services.
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.
K. Wayne Wicker has been elected chairman of the South Carolina Bankers Association (SCBA) for a one-year term starting July 1, 2021. With over 30 years of banking experience, he is a founding member of South Atlantic Bank, which has $1 billion in assets and 11 offices in South Carolina. Wicker aims to support the state's banking sector as it recovers from economic challenges. He succeeds James Bennett and has recently been appointed to the South Carolina State Board of Financial Institutions.
South Atlantic Bancshares (OTCQX: SABK) announced the re-authorization of a stock repurchase program allowing for the purchase of up to 5% of its outstanding shares. This initiative aims to enhance shareholder value and will be executed through privately negotiated transactions or on the open market, subject to market conditions and regulatory compliance. The program is set to expire on March 31, 2022, but can be amended or terminated by the Board at any time.
The company operates with over $1 billion in total assets across South Carolina, emphasizing community banking services.
South Atlantic Bancshares, Inc. (OTCQX: SABK) reported a net income of $3.5 million or $0.46 per diluted share for Q1 2021, up $1.7 million from Q4 2020. Total assets exceeded $1 billion, driven by PPP loans and increased deposits. Net interest income rose by $692,000 to $8.857 million. Noninterest income saw a substantial increase of $1.3 million due to security gains and mortgage income. The bank efficiently processed 1,013 PPP loans totaling $91.7 million, with significant loan forgiveness anticipated.