South Atlantic Bancshares, Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
January 26, 2012 at 07:56 pm IST
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South Atlantic Bancshares, Inc. announced earnings results for the fourth quarter and full year ended December 31, 2011. Net income for the quarter ended December 31, 2011 was $358,366 or $0.13 per diluted share, representing the bank's fourth consecutive quarterly profit.
For the year, the company reported total interest income of $9,496,000 against $7,955,000 in the same period of last year. Net interest income was $7,352,000 against $5,162,000 in the same period of last year. Income was $1,155,000 against loss of $945,000 in the same period of last year. Net income per diluted share was $0.42. This overall growth, when met with the success of strategies implemented to improve the net interest margin, control expenses, and maintain credit quality, yielded strong results. The bank's net interest margin improved to 3.40% for the year ended December 31, 2011, up from the 2.97% 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 and a decrease in interest costs for deposits, based on market conditions and the current low interest rate environment.
South Atlantic Bancshares, Inc. is a bank holding company. The Companyâs banking subsidiary is South Atlantic Bank (Bank). The Bank is a state-chartered commercial bank, and its deposits are insured by the Federal Deposit Insurance Corporation. The principal business activity of the Bank is to provide banking services to domestic markets, principally in Horry, Georgetown, Charleston, and Beaufort counties, South Carolina. It offers loans, including commercial, commercial real estate, consumer and consumer real estate loans. Its deposits include noninterest-bearing transaction accounts, interest-bearing transaction accounts, savings and money market accounts and time deposits. Its personal banking includes checking and money market, savings, and loans and lines of credit. Its mortgage products include mortgage loans, fixed-rate mortgages, adjustable-rate mortgages, and others.