South Atlantic Bank Announces Text Message Alerts for Debit Card

Myrtle Beach, South Carolina, May 16, 2013 – Due to their convenience, debit cards are the payment method of choice for many consumers for bills or purchases. Unfortunately, their popularity also makes them a favorite target of thieves, who use a variety of methods to steal information from the cards.

Now South Atlantic Bank is deploying another new weapon to help deter fraud. It’s a text messaging system called smsGuardian from Jack Henry and Associates, Inc. (JHA), a leading provider of core information processing solutions for community banks. “SMS” stands for “short message service” and it gives cardholders the ability to receive and respond to cell phone text message alerts regarding their debit card activity. This two-way communication can help deter fraud as it happens.

Here’s how the system works. If a transaction meets certain pre-determined characteristics, it will trigger a text message. The cardholder can review the message and has up to 12 hours to respond. After 12 hours, the text message will expire and the transaction is considered legitimate. If the cardholder made the transaction in question, there is nothing he or she needs to do. However, if the cardholder did not make the transaction, he or she must reply to the text message as directed. A fraud case is then opened and the card is blocked from further transactions.

The following types of transactions will trigger a text message: 1) international or out-of-state purchases, 2) fuel purchases, 3) purchases of more than $100, 4) 3 or more transactions in 24 hours, 4) on-line or phone transactions, and 5) declined authorizations.

Customers can enroll up to 10 devices to receive the messages and can also set a “Do-Not-Disturb” window for time periods in which they do not wish to receive messages. There is a nominal monthly fee for the service. South Atlantic Bank also uses the “jhaPassport,” a fraud solution that uses an intelligent risk management system to monitor, detect and prevent on-going debit card fraud.

R. Scott Plyler, president of South Atlantic Bank, said, “We are committed to providing our customers with banking services that offer the latest in security and technology. This new service adds a layer of extra security to our debit card and is an excellent way for customers to keep tabs on their card activity.”

South Atlantic Bank Honors Eight in Art Program

Student Artists:  The winners in South Atlantic Bank's Art Contest smile for the photographer. From left to right are: Jaheem Aliou, Miss Trupiano (art teacher), Darrion Rackley, Juelz Dickerson, Nora Hurt, Daniela Noriega-Cortez, Adrianna Marshall, Amya Sione, and Jasmine Aguirre.
Check Presentation:  South Atlantic Bank presented art teacher Janet Trupiano with a grant for art department programs. From left to right are: Miss Trupiano, art teacher; Mary Jo Rogers, senior vice president, senior lender, and Myrtle Beach regional manager; and Anne Cote, vice president and Main Office branch manager.

Myrtle Beach, South Carolina, April 29, 2013 – South Atlantic Bank recognized eight Myrtle Beach Elementary School students for artistic excellence during a reception held at the school on Thursday, April 25.

The students were honored for their depictions of the bank based on tours they had taken earlier this year.  During the tours, nearly 700 Myrtle Beach Elementary School students saw banking in action at the bank’s main office at 630 29th Avenue North in Myrtle Beach. After the tours, all the students drew pictures of their experiences at the bank. Bank employees then voted on their favorite works of art with eight students receiving a cash award for their work. In addition to the student awards, Janet Trupiano, the Myrtle Beach Elementary School art teacher, received a grant from the bank for future art projects. The winners are:

Grade 2
1st Place:  Adrianna Marshall
2nd Place:  Juelz Dickerson
3rd Place:  Daniela Noriega-Cortez
Honorable Mention:  Jaheem Aliou

Grade 3
1st Place:  Amya Stone
2nd Place:  Nora Hurt
3rd Place:  Darrion Rackley
Honorable Mention:  Jasmine Aguirre

South Atlantic Bank Reports First Quarter Earnings

Myrtle Beach, South Carolina, April 23, 2013 – South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today reported pre-tax net income of $607,530 for the three months ended March 31, 2013, an increase of 31.4% when compared to the $462,353 reported pre-tax for the same period a year ago. Income net of taxes for the three months ended March 31, 2013 was $369,175 or $0.12 per diluted share. Having completed its second consecutive year of profitability at December 31, 2012, the bank became fully taxable beginning in 2013.

The first quarter of 2013 marked the bank’s ninth consecutive profitable quarter,” said K. Wayne Wicker, chief executive officer and chairman. “Overall balance sheet growth and steady performance from lines of business including mortgage and merchant services, along with expense control, led to our strong showing during the quarter,” he said.

Our three banking locations, including our newest office in Pawleys Island, continue to perform well,” Wicker said. “We continue to gain new customers and expand existing customer relationships by providing exemplary customer service along with a robust product menu that meets loan and deposit needs in our community.”

Banks throughout the country, including South Atlantic Bank, continue to experience pressure on their net interest margins. The sustained low interest rate environment, when combined with weak loan demand, higher than normal liquidity levels, and a higher percentage of earning assets in the bond portfolio, is causing compression in the net interest margin. South Atlantic Bank’s net interest margin as of March 31, 2013 was 3.55% compared to 3.68% as of March 31, 2012.

Total loans grew 16.5% during the first quarter, from $170.3 million at March 31, 2012 to $198.4 million at March 31, 2013. Total deposits grew 24.8%, from $216.1 million at March 31, 2012 to $269.7 million at March 31, 2013.

South Atlantic Bank’s credit quality remains strong with net charge-offs to total average loans of 0.05% for the three months ended March 31, 2013. The bank’s capital ratios continue to exceed regulatory requirements. Total assets grew 23.4%, from $239.6 million at March 31, 2012, to $295.6 million at March 31, 2013.

Click Here for Financial Data

Kathy Bougher Joins South Atlantic Bank

Myrtle Beach, South Carolina, April 17, 2013 – South Atlantic Bank has announced that Kathy Bougher has joined the bank as a teller at its Murrells Inlet office at 11019 Tournament Boulevard.

Bougher has seven years of teller experience with local community banks. She attended Catawba College in Salisbury, Noth Carolina. A native of Annapolis, Maryland, Bougher has resided in Pawleys Island for the past eight years.

South Atlantic Bank Earns Seventh Consecutive 5 Star Rating!

Myrtle Beach, South Carolina, March 29, 2013 – BauerFinancial, Inc. the nation’s leading independent bank rating firm, has awarded South Atlantic Bank its seventh consecutive 5-Star Superior rating. The bank’s string of 5-Star ratings dates back to June 30, 2011.

South Atlantic Bank’s most recent 5-Star rating was awarded for the fourth quarter of 2012. Banks can achieve ratings of zero through five stars, with five being the strongest. Once again, South Atlantic Bank was the only Grand Strand-based bank to receive this rating.

We are pleased to be recognized once again for our strength, stability, and security,” said South Atlantic Bank chairman of the board and chief executive officer K. Wayne Wicker. “The award is a tribute to our commitment to the founding principles of our bank – credit quality, sound banking practices, and exemplary customer service. These principles guide our day-to-day operations and our adherence to them is a hallmark of our success.”

BauerFinancial is a leading bank rating firm based in Coral Gables, Florida that has been reporting on the financial industry since 1983.The firm compiles its ratings after a complex analysis of financial criteria including capitalization, asset quality, profitability, liquidity, and risk, based on information that financial institutions report to the federal government quarterly. No bank pays to be rated, nor can financial institutions avoid being rated. Consumers may obtain star-ratings by visiting BauerFinancial.com.

Angela Shultz Joins South Atlantic Bank

Myrtle Beach, South Carolina, March 27, 2013 – Angela Shultz has joined South Atlantic Bank as a customer service representative at the bank’s Pawleys Island office, located at 10593 Ocean Highway in Waverly Place. She will have responsibility for opening new accounts and assisting customers with their financial needs.

Shultz is a graduate of Waccamaw High School and attended Coastal Carolina University. A resident of Murrells Inlet, she brings a strong retail background to her new post at South Atlantic Bank. She was a co-owner and operator of Wallpapers by Lynne from 1993 to 2007 and served as a retail sales manager for Harrington Altman Interiors from 2007 to 2012. She most recently was a sales consultant at Primarily Pine in Pawleys Island.

Karla Marion Joins South Atlantic Bank

Myrtle Beach, South Carolina, March 12, 2013 – South Atlantic Bank has announced that Karla Marion has joined the bank as a teller at its Main Office at 630 29th Avenue North in Myrtle Beach.

A native of Myrtle Beach, Marion brings five years of business experience to her post at South Atlantic Bank. She served as a customer advisor for HTC in Murrells Inlet from 2007 to 2011, and was a customer service representative for SouthCoast Community Bank in Charleston from 2011 to 2012. She resides with her family in Myrtle Beach.

South Atlantic Bank Awards Bicycles for Perfect Attendance

Myrtle Beach, South Carolina, February 15, 2013 – South Atlantic Bank has presented new bicycles to two students who achieved perfect attendance during the fall term at Seaside Elementary School. Jake Handler and Lucy Lee are the proud recipients of the bicycles.

Beth Selander, principal of Seaside Elementary School, said, “We appreciate South Atlantic Bank’s support of this special program in our school to encourage attendance. It generates excitement and enthusiasm among the students and teachers alike and definitely brightens the day of the winning students.”

Doug Arseneau, senior vice president and director of mortgage loans for South Atlantic Bank, said, “We are proud to partner with Seaside Elementary to provide this program. We’re glad to support the schools in our community as they are teaching the leaders of tomorrow.”

South Atlantic Bank has provided the bicycles to the school since its Murrells Inlet office opened in 2008. Two bicycles are awarded each term, fall and spring.

South Atlantic Bank Announces Record Earnings for 2012

Myrtle Beach, South Carolina, January 22, 2013 – South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today announced net income of $2,562,107 or $0.85 per diluted share for the year ended December 31, 2012. These figures mark the bank’s second consecutive year of profitability, and represent a 121.75% improvement in earnings reported for the same period a year ago.

Net income for the three months ended December 31, 2012 was $930,072 or $0.31 per diluted share, representing the bank’s eighth consecutive quarterly profit.

“In 2012, the bank marked its fifth anniversary year with record performance and strong growth,” said chairman of the board and chief executive officer K. Wayne Wicker. “Our established offices in Myrtle Beach and Murrells Inlet continued to perform well and we also successfully launched a new office in the Pawleys Island market. Our financial performance continues to be recognized with accolades nationally, regionally, and locally. We have been designated a 5-Star bank by independent bank rating firm BauerFinancial, Inc. for six consecutive quarters, have been named a “Roaring Twenties” winner by SCBiz News, and received a Community Service Award from the Myrtle Beach Area Chamber of Commerce at its annual meeting,” Wicker said.

The bank’s net interest margin improved to 3.88% for the year ended December 31, 2012, up from the 3.40% reported for the same period a year ago. The improvement in the margin is due to an increase in the yields on interest earning assets.

Total deposits grew 30.9%, from $198.1 million reported at December 31, 2011, to $259.3 million at December 31, 2012. Total loans grew 12.0% during 2012, from $169.6 million at December 31, 2011 compared to $190.0 million at December 31, 2012.

Total assets grew 24.1%, from $229.7 million at December 31, 2011, to $285.0 million at December 31, 2012, and the bank’s capital ratios continue to exceed regulatory requirements. Credit quality, an important barometer of a bank’s financial health, has always been a primary focus at South Atlantic Bank. The bank’s ratio of net charge-offs to average total assets was 0.53% at December 31, 2012, which compares favorably to state and national averages.

Click Here for Financial Data

Sixth Consecutive 5-Star Rating for South Atlantic Bank

Myrtle Beach, South Carolina, January 8, 2013 – South Atlantic Bank is pleased to announce that it has merited a 5-Star Superior rating from BauerFinancial, Inc., for a sixth consecutive quarter, a string which dates back to the second quarter of 2011. The most recent 5-Star rating was awarded for the bank’s financial performance during the third quarter of 2012. The 5-Star rating is the highest rating a bank can receive, and again, South Atlantic Bank was the only Grand Strand-based bank to receive this rating.

South Atlantic Bank chairman of the board and chief executive officer K. Wayne Wicker stated, “We are proud to be recognized by BauerFinancial as one of the strongest banks in our community and the nation. The prestigious 5-star rating recognizes our strong commitment to credit quality, sound banking practices, and exemplary customer service. We have achieved seven consecutive quarters of profitability, now operate three banking locations, and play an important role in our community as an employer and good corporate citizen.”

BauerFinancial is a leading bank ratings firm based in Coral Gables, Florida. The firm compiles its ratings after an independent review of data that financial institutions report to the federal government, including capital ratios, profitability/loss trends, the level of delinquent loans, charge-offs and repossessed assets, market versus book value of the investment portfolio, regulatory supervisory agreements, the community reinvestment rating (CRA), and historical data and liquidity. Banks can achieve rankings of zero through 5 stars, with 5 being the strongest. BauerFinancial has been analyzing and reporting on the financial condition of the banking industry since 1983. Consumers may obtain star-ratings by visiting BauerFinancial.com.