By a News Reporter-Staff News Editor at Real Estate Weekly News -- South Atlantic Bancshares, Inc., parent of South Atlantic Bank, reported net income of $504,495 or $0.16 per diluted share for the three months ended June 30, 2014, an increase of 34.4 percent when compared to the $374,663 or $0.12 per diluted share reported for the three months ended March 31, 2014. The second quarter of 2014 marked the bank's fourteenth consecutive quarterly profit.
"Our second quarter performance is attributed to improving economic conditions in the markets we serve and the bank's overall growth," said K. Wayne Wicker, South Atlantic Bank chairman of the board and chief executive officer. "Our new locations in Mount Pleasant and Georgetown, along with an expanded mortgage department, are now making significant contributions to our financial performance in just nine months of operations. Additionally, we experienced solid growth in the loan portfolio and strong performances from the merchant services and mortgage lines of business," he said.
Total loans grew 21.2 percent, from $202.7 million at June 30, 2013 to $245.6 million at June 30, 2014. Total deposits grew 8.1 percent, from $301.4 million at June 30, 2013 to $325.8 million at June 30, 2014. Total assets grew 8.3 percent, from $326.2 million at June 30, 2013, to $353.4 million at June 30, 2014.
During this period of loan growth, South Atlantic Bank's credit quality remained strong with net charge-offs to total average loans of 0.04 percent and zero past dues for the three months ended June 30, 2014. The bank's capital ratios continue to exceed regulatory requirements.
South Atlantic Bank has received approval from the South Carolina State Board of Financial Institutions to expand its Mount Pleasant loan production office to a full-service branch, and is awaiting approval from the FDIC. The bank is also building a new office in Pawleys Island and expects to move from its current office in Waverly Place to the new location in late fall.
Keywords for this news article include: Mortgage, Real Estate, South Atlantic Bancshares Inc.
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