Quarterly Earnings Grow 37 Percent at South Atlantic Bancshares, Inc.
Myrtle Beach, South Carolina, October 25, 2016 – South Atlantic Bancshares, Inc. (OTCQX: SABK), parent of South Atlantic Bank, today reported net income of $815,653 or $0.21 per diluted share for the three months ended September 30, 2016, compared to the $595,015 or $0.15 per diluted share reported for the same period a year ago. These figures represent the company’s best quarterly performance in its nine-year history, and a 37.1 percent increase in net income when compared to the third quarter 2015.
Net income for the nine months ended September 30, 2016, was $1,945,321 or $0.49 per diluted share, compared $1,612,354 or $0.42 per diluted share for the nine months ended September 30, 2015. Year over year, net income grew 20.7 percent.
- Third quarter 2016 represents the company’s 23rd consecutive quarterly profit, dating back to the first quarter 2011
- Credit quality remains strong with no net charge-offs for the nine months ended September 30, 2016
- Net interest margin is 3.67 percent for the quarter and 3.83 percent for the year
- Total loans grew 23.2 percent, to $351.5 million at September 30, 2016 from $285.4 million at September 30, 2015
- Total deposits grew 13.9 percent, to $397.0 million at September 30, 2016 from $348.4 million at September 30, 2015
- Total assets grew 13.2 percent, to $436.9 million at September 30, 2016 from $385.8 million at September 30, 2015
“The company’s historic performance in the third quarter is attributed to growth throughout our geographic footprint,” said South Atlantic Bank chairman and chief executive officer K. Wayne Wicker. “Our established branches and our newer locations have performed well, as shown in deposit market share data recently released by the FDIC. On the strength of five locations along the Grand Strand, South Atlantic Bank now ranks seventh in deposit market share for Horry and Georgetown counties, while our Mount Pleasant region is gaining traction with one office. The Charleston/Mount Pleasant market is one of the fastest growing regions in the country and South Atlantic Bank has a strong commitment there with a new 8,000 square-foot office due to be completed on Johnnie Dodds Boulevard next summer. This new office will be our regional headquarters in the market.”
Additionally, Wicker cited the bank’s mortgage area in the company’s success, stating “Our revamped mortgage operation continued its robust performance, helping to fuel improvement in non-interest income during the third quarter. With an improved economy, our loan originators are seeing increased activity in construction-perm loans, and also in refinancing due to the continued low rate environment,” he said.
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South Atlantic Bank Announces Promotions for Bryant, Minter, Stubbs and Vane
Myrtle Beach, South Carolina, October 25, 2016 – South Atlantic Bank announced the following employee promotions: Yolonda Bryant has been promoted to assistant vice president; Travis Minter has been promoted to executive vice president; Amy Stubbs has been promoted to assistant vice president; and Sharon Vane has been promoted to banking officer.
Bryant serves as a deposit operations specialist and joined the bank when it opened in 2007. Prior to that, she had 11 years of banking experience in the North Myrtle Beach and Myrtle Beach areas. She is a graduate of North Myrtle Beach High School.
Minter serves as director of mortgage banking. He has more than 18 years of banking experience. He previously worked with CresCom Bank in their mortgage division. He is a graduate of Virginia Tech with a B.S. degree.
Stubbs serves a deposit operations specialist and joined the bank when it opened in 2007. Prior to that, she had 12 years of banking experience in the Myrtle Beach area. She is a graduate of Georgetown High School.
Vane serves as a loan servicing specialist and has more than 25 years of business experience, with 17 years in banking. She previously worked with BNC Bank as a loan review specialist and loan operations assistant.
South Atlantic Bank Welcomes Cummins, Slavin, and Steigerwald
Myrtle Beach, South Carolina, October 18, 2016 – South Atlantic Bank is welcoming Amanda Cummins, Tanya Slavin and Sonia Steigerwald to the team. Cummins serves as a teller at the bank’s Myrtle Beach location. Slavin joins the bank as vice president, director of compliance, and Steigerwald is a float teller serving offices from North Myrtle Beach to Georgetown.
Cummins has 10 years of banking experience working as a teller supervisor and teller with Bank of America in Myrtle Beach. She is a graduate of Knoch High School in Saxonburg, PA.
Slavin has 20 years of banking experience and served five years as assistant vice president and compliance specialist with Tidelands Bank in Mt. Pleasant, SC. She is a graduate of Coastal Carolina University with a B.A. degree in sociology and holds a M.A. degree in human resources development and management from Webster University.
Steigerwald most recently worked as a teller at Wells Fargo in Myrtle Beach and in customer service at several area resorts. She is bilingual in Spanish and English and holds a certificate in English to Spanish translation. Steigerwald is a graduate of Instituto Nuestra Senora de Montserrat in Argentina.
South Atlantic Bank Welcomes Murphy and Riegel
Myrtle Beach, South Carolina, October 4, 2016 – South Atlantic Bank is welcoming Lindsay Murphy and Kelly Riegel to the team. Murphy serves as a teller at the bank’s North Myrtle Beach location. Riegel is a part-time teller in the Murrells Inlet office.
Murphy has five years of banking experience having served as head teller and assistant branch manager at area banks. Most recently, she was a teller at Horry County State Bank. She is a graduate of Wingate University with a bachelor’s degree in music and a minor in communications.
Riegel has 11 years of banking experience working as a teller and assistant branch manager. She previously served as an administrative assistant in Baltimore, MD, before relocating to the Grand Strand area this summer. She is a graduate of Harford Community College with a degree in office administration.
Successful Fall Opener for the Grand Strand Miracle Leagues
Myrtle Beach, South Carolina, September 9, 2016 – South Atlantic Bank sponsored the Grand Strand Miracle Leagues’ Baseball and BBQ Fall Opener for the seventh consecutive year. Each year, the bank’s donation to the organization has grown with progressive fundraising. The bank set a new record this year with a donation of $7,116.
The bank’s 75 employees raised money throughout the summer with Dress Down Fridays and collected donations from customers in all of our branches. Employees volunteered at the Fall Opener helping serve BBQ and assisting players on the field.
The event took place Thursday, September 8, at the Pepper Geddings Recreation Center Complex on the James C. Benton Miracle League Field between Oak Street and 33rd Avenue North. South Atlantic Bank’s President Scott Plyler, and Chief Financial Officer Dick Burch, presented Grand Strand Miracle Leagues’ Chairman James Carson Benton and Executive Director Jennifer Averette with the $7,116 check.
The Miracle Leagues organization was founded in 2001 to provide people with special needs the opportunity to play baseball. Using generous community contributions, an ADA approved, adapted baseball field was constructed. The rubberized surface of the field is perfect for wheelchairs and walkers. The rules are simple: Everyone plays. Everyone crosses home plate. Everyone wins! The organization expanded in 2011 to include soccer, and in 2013 added the All-Star Park, an all access playground. New to the organization this year is a golf program.
Richard and Bougher Transition to New Teller Positions
Myrtle Beach, South Carolina, September 6, 2016 – Savannah Richard will now serve as a teller at South Atlantic Bank's Myrtle Beach office. Kathy Bougher will be a part-time teller at the bank's Pawleys Island office, a new position created to help with the growing volume of transactions there.
Richard joined the bank as a float teller for the Grand Strand locations in October 2015, traveling to branches as needed. She is a graduate of the University of South Carolina with a B.A. degree in psychology.
Bougher joined South Atlantic Bank in April 2013 as a part-time teller in the Murrells Inlet office. She has 10 years of teller experience and attended Catawba College in Salisbury, N.C.
Miles and Johnson Transition to New Posts
Myrtle Beach, South Carolina, August 23, 2016 – South Atlantic Bank’s Liz Miles will now serve as a deposit operations specialist. Miles will move from her position as teller supervisor at the Myrtle Beach office.
Stacy Johnson will fill that position, previously serving as a teller at the Myrtle Beach office.
Miles joined the bank as teller supervisor in Myrtle Beach in December 2014. She has more than 17 years of business experience. Prior to South Atlantic Bank, she served as a relationship banker with BB&T. Miles attended Ashford University. She has resided in the Grand Strand area for 18 years.
Johnson joined South Atlantic Bank in January 2015 as a teller at the Myrtle Beach office. She brought with her 13 years of banking experience, most recently working at Bank of America in Myrtle Beach as a sales and service specialist.
South Atlantic Welcomes New Hires
Myrtle Beach, South Carolina, August 23, 2016 – South Atlantic Bank is welcoming Page Moore and Joanna Slider to the team. Moore serves as a teller at the bank’s Murrells Inlet location. Slider is a loan operations specialist for credit cards in the Myrtle Beach office.
Moore has five years of business experience including two years as a teller for BB&T. She is a graduate of Myrtle Beach High School and holds an A.A.S. degree from Horry-Georgetown Technical College in culinary arts.
Slider has 20 years of banking experience. She began her career in New York working as a teller prior to becoming an Internet banking supervisor. She relocated to the Grand Strand area in 2008 where she has worked in electronic banking for Horry County State Bank and as card services manager for Carolina Trust Federal Credit Union.
Earnings Continue Upward Trend at South Atlantic Bancshares
Myrtle Beach, South Carolina, July 20, 2016 – South Atlantic Bancshares, Inc. (OTCQX: SABK), parent of South Atlantic Bank, today reported net income of $1,129,668 or $0.29 per diluted share for the six months ended June 30, 2016, compared to $1,017,339 or $0.26 per diluted share reported for the same period a year ago. Net income for the three months ended June 30, 2016 was $632,756 or $0.16 per diluted share, compared to $534,836 or $0.14 for the same period a year ago. The net income figures represent an 11.0 percent increase for the six months ended June 30, 2016, and an 18.3 percent increase for the three months ended June 30, 2015, when compared to the same periods last year.
Second Quarter and Mid-Year Financial Highlights
- The second quarter of 2016 marked the bank's 22nd consecutive quarterly profit.
- Credit quality continues to be strong with net charge-offs to total average loans of just 0.01 percent.
- Net interest margin is 3.92 percent year to date and 3.81 percent for the quarter.
- Total loans grew 24.3 percent, to $342.0 million at June 30, 2016 from $275.2 million at June 30, 2015.
- Total deposits grew 23.1 percent, to $424.0 million at June 30, 2016 from $344.4 million at June 30, 2015.
- Total assets grew 22.2 percent, to $462.9 million at June 30, 2016 from $379.0 million at June 30, 2015.
"South Atlantic Bank continues to perform well in a very competitive marketplace," said K. Wayne Wicker, chairman of the board and chief executive officer. "Double digit growth in the balance sheet drove our performance for the first six months of the year. Solid growth in the loan portfolio along with continued expansion of core deposits fueled gains in net interest income, with all six locations making significant contributions to profitability.
The bank has also taken an important step to expand its presence as a premier community bank in the Mount Pleasant market, with construction now underway on our new facility on Johnnie Dodds Boulevard. It will be exciting to watch the building take shape in the weeks and months to come. The new office will serve as the bank's Mount Pleasant market headquarters and is being built to accommodate our future growth," Wicker said.
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South Atlantic Welcomes New Hire
Myrtle Beach, South Carolina July 20, 2016 – South Atlantic Bank welcomes Beth Branham as a banking officer and marketing assistant at the Myrtle Beach headquarters.
Branham has more than 10 years of communications experience and began her banking career with Anchor Bank. Branham graduated from Presbyterian College with a B.S. degree in business and holds an M.A. degree in communications from the University of South Carolina. A native of Greenville, she is a resident of Murrells Inlet.
Construction to Start on South Atlantic Bank Mount Pleasant Headquarters
Myrtle Beach, South Carolina, June 17, 2016 – As crews prepare to clear the lot on Johnnie Dodds Boulevard, work will be underway on South Atlantic Bank’s new home base in Mount Pleasant.
The building site is a 1.36 acre parcel in front of the Queensborough Shopping Center that the bank has leased from an affiliate of Charleston-based Jupiter Holdings, LLC.
The new building will resemble the bank’s offices in the Myrtle Beach and Murrells Inlet markets, including pulley-operated ceiling fans, deep porticos, and louvered storm shutters. The 8,000 square-foot, two-story facility will house a full-service branch on the first floor, with space on the second floor to be leased to tenants. ESD Architecture of Charlotte designed the building and Coastal Structures of Georgetown will serve as the contractor.
The design uses a southern coastal color palette, with shades of brown, cream, and mossy green, and includes a brick veneer of rusty red and browns. The metal roof is made of double lock 22 gauge steel in a shade of brown called “Weathered Zinc” and the Bahama Shutters for windows on the first and second floor are black aluminum. Siding and trim work will be in Hardie Board “Sailcloth” and the vertical siding on the second floor is in Hardie Board “Heathered Moss.”
The overall branch design emphasizes easy, convenient service. Customer amenities will include drive-thru lanes, a drive-up automated teller machine (ATM), and a comfortable reception area with free Wi-Fi and hot coffee. The building will use technology to enhance the customer’s banking experience. For example, a user-friendly kiosk will allow customers to learn about the bank’s products and services, including online and mobile banking. At the teller line, a teller pod will streamline the processing of deposits for faster, more efficient service. Additionally, customers will be able to access their safe deposit boxes without assistance from branch personnel via a new biometric access system. To gain entry to the safe deposit room, the customer places his hand on the reader and enters a personal code, then uses his key to open the box.
South Atlantic Bank has had a presence in the market since October 2013, when it opened a loan production office at 1127 Queensborough Boulevard. That location became a full-service banking office in August 2014, upon receipt of approvals from the FDIC and the South Carolina State Board of Financial Institutions. The current location is just minutes from the building site, and will close when the new office opens.
Chairman of the board and chief executive officer K. Wayne Wicker stated, “Our new office will serve as the bank’s headquarters in Mount Pleasant and is being built to accommodate the bank’s growth in the years to come. Our team in Mount Pleasant has done an excellent job in establishing the bank’s presence and reputation and we are looking forward to getting construction underway.”
South Atlantic Welcomes New Hires
Myrtle Beach, South Carolina, May 10, 2016 – South Atlantic Bank welcomes three new hires, Carrie Harris, Kaela Rogers, and Ann Jackson. Harris serves as a senior vice president and the bank’s director of human resources, Rogers operates as a customer service representative in the Pawleys Island branch, and Jackson joined the mortgage operations team.
Harris has more than 20 years of experience including 17 years with Anchor Bank as a staffing manager and Carolina First/TD Bank as a regional human resources manager and recruiter. She is the bank’s first official human resources director and is located at the main office in Myrtle Beach. Harris is a graduate of the University of Northern Iowa with a B. A. degree in management with an emphasis in human resource management and a minor in psychology. In the community, she is a member of the Coastal Organization of Human Resources. She and her family live in Myrtle Beach.
Rogers most recently worked with Broadway Grand Prix as the assistant director of sales. She is a graduate of Florence-Darlington Technical Institute with an associate’s degree in marketing. Rogers is a life-long resident of the Murrells Inlet area.
Jackson joined the staff as a mortgage closer in our Murrells Inlet office. She previously worked as a compliance analyst with Freddie Mac in Virginia before relocating to Myrtle Beach. Jackson has an extensive background working with loans having also served with Aurora Loan Services, a subsidiary of Lehman Brothers Bank, and Chevy Chase Bank, both located in Maryland. Originally fro Maryland, she graduated from Williamsport High School before attending Hagerstown Community College.
Net Income Shows Improvement for South Atlantic Bancshares
Myrtle Beach, South Carolina, April 19, 2016 – South Atlantic Bancshares, Inc. (OTCQX: SABK), parent of South Atlantic Bank, today reported net income of $496,913 or $0.14 per diluted share for the three months ended March 31, 2016, compared to $482,504 or $0.12 per diluted share reported for the same period a year ago. This represents a 3.0% increase in net income year over year.
- The first quarter 2016 was the company's 21st consecutive profitable quarter, continuing a string of strong performances that began with the first quarter 2011.
- Credit quality remains strong with no net charge-offs and nonperforming assets to average total assets of just 0.10 percent.
- Excluding securities gains, pre-tax net income grew 51.6 percent year over year.
- Excluding securities gains, noninterest income grew 21.7 percent year over year.
- Strong performance continued even as the company absorbed the full effect of North Myrtle Beach expansion during the first quarter.
- The net interest margin improved to 4.0 percent.
- Total loans grew 22.5 percent, from $269.3 million at March 31, 2015 to $329.9 million at March 31, 2016.
- Total deposits grew 12.5 percent, from $322.5 million reported at March 31, 2015, to $362.8 million at March 31, 2016.
- Total assets grew 17.2 percent, from $356.7 million at March 31, 2015, to $418.2 million at March 31, 2016.
"Several factors drove the company's financial performance in the first quarter," said K. Wayne Wicker, chairman of the board and chief executive officer. "Loan growth was solid throughout our geographic footprint, fueling gains in net interest income. The net interest margin improved to four percent for the first time in our history. Our mortgage area reported its strongest quarter in the bank's history, reaching highs for both earnings and volume. Additionally, core deposits continued to grow, comprising nearly thirty-three percent of total deposits.
In other news, we will break ground on a new office in Mount Pleasant on Johnnie Dodds Boulevard during the second quarter and expect to occupy the facility by mid-2017. Until then, banking operations will continue at our current location at 1027 Queensborough Boulevard," Wicker said.
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Van Wagner and Byrd Transition to new Posts
Myrtle Beach, South Carolina, March 1, 2016 – South Atlantic Bank’s Alison Van Wagner is now a banking officer and will serve as an assistant branch manager at the Main Office. Van Wagner will move from her position as a customer service representative (CSR) in the Murrells Inlet office. Kelly Byrd will fill that position, transferring from the Pawleys Island office where she served as the primary CSR.
Van Wagner originally joined the bank as a teller in Murrells Inlet in January 2014. Prior to South Atlantic Bank, she served as a personal banker at First Federal. Alison is a graduate of Coastal Carolina University with a B.A. degree in communications. She has resided in Myrtle Beach for the past nine years.
Byrd joined South Atlantic Bank in December 2014 as a teller and secondary customer service representative in Pawleys Island. She brought with her 11 years of business experience, including three years spent at Bank of America. Byrd relocated to Murrells Inlet from Virginia Beach, Virginia in 2008.
South Atlantic Bancshares Net Income up 11.8 Percent Assets Cross $400 Million Mark
Myrtle Beach, South Carolina, January 28, 2016 – South Atlantic Bancshares, Inc. (OTCQX: SABK), parent of South Atlantic Bank, today reported net income of $2,240,817 or $0.63 per diluted share for the year ended December 31, 2015, compared to $2,004,218 or $0.56 per diluted share reported for the same period a year ago. These figures represent an 11.8 percent increase in net income.
- Year-end 2015 represents the company’s fifth consecutive profitable year.
- Credit quality remains strong with net charge-offs to average total assets of 0.01 percent and zero past due loans for 2015.
- Net interest margin is 3.80 percent.
- Total loans grew 19.7 percent in 2015, from $262.6 million at December 31, 2014 to $314.3 million at December 31, 2015.
- Total deposits grew 3.3 percent, from $326.6 million reported at December 31, 2014, to $337.4 million at December 31, 2015.
- Total assets grew 10.2 percent, from $363.3 million at December 31, 2014, to $400.2 million at December 31, 2015.
“It has been a year of outstanding achievement for our company,” said K. Wayne Wicker, chairman of the board and chief executive officer. “Our financial performance continues to improve, fueled by growth in the loan portfolio in all the markets we serve. Additionally, the merchant services and mortgage loan areas of the bank contributed to our results, helping noninterest income grow fifty-four percent this year.
The company also met several goals in 2015. We further developed our branch network with expansion to North Myrtle Beach and plans for a new and larger office in the Mount Pleasant market. We moved our website from the dot com domain to the dot bank domain, which provides greater safeguards for online commerce. We also continued to upgrade customer services including our goMobile banking app,” Wicker said.
Additionally, the company completed a private placement offering for its common stock, raising $4.6 million to be used for general corporate purposes and to support the growth and capital position of the bank. In October, the company’s stock began to trade on the OTCQX Marketplace, creating greater visibility and accessibility. Lastly, a 10 percent stock dividend – the second in the company’s brief history – took place in December.
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Everyone can Protect Themselves Against Fraud
Myrtle Beach, South Carolina, January 6, 2016 – As the holiday season comes to a close, many consumers nationwide have felt the pain that comes with compromised debit cards and fraudulent charges. Debit card fraud can occur in many different ways, the most popular including physical theft of the card, a stolen PIN/card number by an observer from behind, identity theft, hacking, and falsifying or duplicating cards. Cardholders are vulnerable because funds for debit card purchases come directly from their checking accounts.
To help protect consumers from fraud, South Atlantic Bank now offers a free text messaging service to its debit cardholders called smsGuardian®. Senior Vice President and Director of Branch and Deposit Operations Tiffany Suggs says the service is a huge step in the right direction. “Banks are constantly working to prevent fraud. smsGuardian provides cardholders with instant information and easier access to their accounts, helping us stop thieves in their tracks,” explains Suggs.
Here’s how it works: the program sends a text to the mobile device registered with the customer’s account any time specific card transactions are made. This list includes: purchasing fuel; making international, phone, online, and out of state transactions; any declined authorizations; purchases of more than $100; and purchasing more than three items in a 24 hour time period. These sorts of transactions have a higher risk of fraud. The text is sent within seconds of the card swipe and the customer needs to respond to the text only if he or she did not make the transaction in question.
South Atlantic Bank provides this service for free to its debit cardholders.
“We decided to offer the service for free because it’s in everyone’s best interest to deter fraud before it happens. With smsGuardian, we’ve enlisted our customers in the fight. By carefully monitoring their accounts and using a service such as smsGuardian, consumers can help protect themselves,” says Suggs.
The bank employs other safeguards for debit cards including a live, real-time monitoring system that watches for suspicious activity. In the event of fraud, South Atlantic Bank requires customers to provide notification of the transactions within two business days. Customers will lose no more than $50 if someone used their card and/or code without their permission. They will not be liable for any charges if the proper steps have been taken to safeguard the card.
To enroll, visit your local South Atlantic Bank!