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Earnings Grow 38.1 Percent at South Atlantic Bancshares, Inc.

Myrtle Beach, South Carolina, April 18, 2017 – South Atlantic Bancshares, Inc. (the “Company”) (OTCQX: SABK), parent of South Atlantic Bank, today reported net income of $686,133 or $0.17 per diluted share for the three months ended March 31, 2017, compared to $496,913 or $0.14 per diluted share reported for the same period a year ago. Net income increased 38.1 percent from March 31, 2016 to March 31, 2017.

Financial Highlights

  • The first quarter 2017 was the Company’s 25th consecutive profitable quarter. The streak dates back to the first quarter 2011.
  • Credit quality remains strong with no net charge-offs and nonperforming assets to average total assets of just 0.09 percent as of March 31, 2017.
  • Noninterest income grew 18.7 percent for the first quarter.
  • The net interest margin improved to 3.99 percent as of March 31, 2017.
  • Total loans grew 22.7 percent, from $329.9 million at March 31, 2016 to $404.9 million at March 31, 2017.
  • Total deposits grew 14.3 percent, from $362.8 million at March 31, 2016 to $414.8 million at March 31, 2017.
  • Total assets grew 15.5 percent, from $418.2 million at March 31, 2016 to $482.8 million at March 31, 2017.

“The year is off to a good start for South Atlantic Bank,” said K. Wayne Wicker, chairman of the board and chief executive officer of the Company. “Double digit growth in the loan portfolio, combined with solid gains in mortgage loan and merchant fee income, fueled the 38 percent increase in net income. All branches in our geographic footprint contributed to this outstanding performance,” Wicker said.

In other news, South Atlantic Bank recently received FDIC approval for its seventh full-service location and second in the Charleston market. The new office will open on East Bay Street in late May 2017. Construction continues on the building that will serve as the company’s regional headquarters on Johnnie Dodds Boulevard in Mount Pleasant, with completion expected in July of this year. Additionally, the Company completed a $20 million capital raise on March 29, 2017, with the sale of 1.63 million common shares at $12.25 per share, bringing the total number of common shares outstanding as of March 31, 2017 to 5,463,976.

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South Atlantic Bancshares, Inc. Completes $20 Million Capital Raise

Myrtle Beach, South Carolina, March 29, 2017 – South Atlantic Bancshares, Inc. (OTCQX: SABK) (the “Company”), parent of South Atlantic Bank, today announced the closing of a stock purchase with various investors from which it raised aggregate gross proceeds of $20 million through the issuance of its common stock. The securities offered were not registered under the Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. 

In making the announcement, South Atlantic Bancshares Chairman and Chief Executive Officer, K. Wayne Wicker said, “The capital raise will support the bank’s continued growth and expansion. Since its opening in late 2007, the bank has grown to six offices, all located in some of the fastest-growing areas in the country. Additionally, improving economic conditions are fueling interest in expansion and new projects throughout our markets. Great opportunities for growth lie ahead for the markets we serve and our banking subsidiary. We are pleased to welcome our new shareholders and appreciate the confidence that they have in our Company.”

FIG Partners, LLC, an employee-owned broker/dealer based in Atlanta, Georgia, acted as the Company’s financial advisor in raising the new capital and Hunton & Williams LLP acted as legal counsel to the Company.

About South Atlantic Bank

South Atlantic Bank, the subsidiary bank of South Atlantic Bancshares, Inc. (OTCQX: SABK), is a $474.1 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina, with additional offices in Murrells Inlet, Pawleys Island, Georgetown, North Myrtle Beach, and Mount Pleasant, South Carolina. South Atlantic Bank offers a wide variety of services for businesses and consumers, including South Atlantic Bank goMobile, its mobile banking app. The bank also offers internet banking, no-fee ATM access, checking, CD, and money market accounts, merchant services, mortgage loans, remote deposit capture, and more. For more information, visit SouthAtlantic.bank.

Important Information

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Company's goals and expectations with respect to the private placement, and (ii) statements preceded by, followed by, or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "projects," "outlook" or similar expressions. These statements are based upon the current belief and expectations of the Company’s management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

Net Income Grows 16.2 Percent at South Atlantic Bancshares
2016 Marks Sixth Consecutive Year of Profitability

Myrtle Beach, South Carolina, January 31, 2017 – South Atlantic Bancshares, Inc. (OTCQX: SABK), parent of South Atlantic Bank, today reported net income of $2,603,928 or $0.66 per diluted share for the year ended December 31, 2016, compared to $2,240,816 or $0.57 per diluted share reported for the same period a year ago. These figures represent a 16.2 percent increase in net income.

Financial Highlights

  • Year-end 2016 represents the company’s sixth consecutive profitable year.
  • Credit quality remains strong with no net charge-offs.
  • Net interest margin improved from 3.80 percent in 2015 to 3.85 percent in 2016.
  • Total loans grew 17.5 percent in 2016, from $314.0 million at December 31, 2015 to $369.0 million at December 31, 2016.
  • Total deposits grew 13.3 percent, from $337.4 million reported at December 31, 2015, to $382.3 million at December 31, 2016.
  • Total assets grew 11.1 percent, from $400.2 million at December 31, 2015, to $444.5 million at December 31, 2016.

“In 2016, South Atlantic Bank recorded its best yearly financial performance in the company’s nine-year history,” said K. Wayne Wicker, chairman of the board and chief executive officer. “Our strong showing is attributed to double digit growth in loans and deposits, along with increased mortgage and merchant services activity. Better economic conditions are fueling interest in expansion and new projects throughout the markets we serve, and all locations in our geographic footprint contributed to the bank’s performance.

“Progress continues on the construction of our Charleston regional headquarters located in Mount Pleasant with completion expected in mid to late summer 2017. The new, two-story office building on Johnnie Dodds Boulevard will serve as our home base in the market and is evidence of our strong and enduring commitment to the Lowcountry. We’re excited to expand our presence in this dynamic market with its diverse and thriving economy,” Wicker said.

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