MYRTLE BEACH, S.C., Jan. 23, 2025 /PRNewswire/ --
South Atlantic Bancshares, Inc. ("South Atlantic" or the "Company") (OTCQX: SABK), parent of South Atlantic Bank (the "Bank"), reported consolidated net income of $3.2 million, or $0.41 per diluted common share, for the fourth quarter of 2024, compared to $2.6 million, or $0.34 per diluted common share for the third quarter of 2024, and compared to $2.2 million, or $0.29 per diluted common share, for the fourth quarter of 2023. The Company reported $10.1 million, or $1.31 per diluted common share, for the year ended December 31, 2024, compared to $10.0 million, or $1.32 per diluted common share, for the year ended December 31, 2023.
Fourth Quarter and Year Ended 2024 Financial Highlights:
"We are pleased to report another quarter of improving financial metrics," remarked K. Wayne Wicker, Chairman and CEO of the Company. "Despite headwinds in the first half of 2024 due to interest rate pressures, we were pleased net income for 2024 surpassed 2023 net income and we closed the year with strong momentum as we move into 2025. Net income increased 21.7 percent over the third quarter of 2024, and second half 2024 net income exceeded first half 2024 net income by 34.8 percent. Outstanding loans grew by $55.7 million during the fourth quarter of 2024, with the majority of the fundings occurring late in the quarter. For the year, deposit and loan growth were strong across all our markets, with annual deposit growth of 12.9 percent and annual loan growth of 13.1 percent. Our net interest margin expanded by 12 basis points during the fourth quarter of 2024, and we saw welcomed funding cost relief as our cost of funds fell by 19 basis points during the quarter. Our credit quality remains pristine, and we believe we are well positioned to navigate the uncertain interest rate forecast in 2025 as the Federal Open Market Committee of the Federal Reserve continues to balance its dual mandate of stable price levels and maximum employment."
Selected Financial Highlights
| For the Periods/Three Months Ended |
December 31, 2024 |
September 30, 2024 |
Change ($) |
Change (%) |
| Total Assets |
$ 1,786,318 |
$ 1,798,341 |
$ (12,023) |
-2.7 % |
| Cash and Cash Equivalents |
61,370 |
123,637 |
(62,267) |
-201.5 % |
| Total Loans, Net of Unearned Income |
1,338,904 |
1,283,190 |
55,714 |
17.4 % |
| Total Deposits |
1,460,653 |
1,471,582 |
(10,929) |
-3.0 % |
| Total Equity |
113,769 |
114,424 |
(655) |
-2.3 % |
Earnings Summary
Net interest income increased $1.4 million, or 13.5 percent, to $12.1 million for the three months ended December 31, 2024, when compared to $10.6 million for the same period in 2023. The Company experienced an increase in interest income of $3.4 million, or 17.5 percent, during the fourth quarter of 2024 compared to the fourth quarter of 2023, partially offset by a $2.0 million increase in interest expense during the same period.
About South Atlantic Bancshares, Inc.
South Atlantic Bancshares, Inc. (OTCQX: SABK) is a registered bank holding company based in Myrtle Beach, South Carolina with approximately $1.8 billion in total assets as of December 31, 2024. The Company's banking subsidiary, South Atlantic Bank, is a full-service financial institution spanning the entire coastal area of South Carolina. The Bank operates twelve locations in Myrtle Beach, Carolina Forest, North Myrtle Beach, and other areas. The Bank specializes in providing personalized community banking services.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements concerning future events, many of which are beyond the Company's control. These statements should not be construed as guarantees. The Company undertakes no obligation to update any forward-looking statement to reflect changes after the date of this press release.
