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.
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.