South Atlantic Bank's parent company, South Atlantic Bancshares Inc., this week reported net income of just over $1.017 million - which translates to 29 cents per diluted share for the six-month period that ended June 30.
In the same period last year, the company's net income was $879,158, or 25 cents per diluted share. This represents a 15.7 percent increase in earnings year-over-year.
“Increased net interest income coupled with continued improvement from our merchant services and mortgage banking divisions drove the bank’s earnings in the first half of 2015,” K. Wayne Wicker, South Atlantic Bank chairman of the board and chief executive officer, said.
Other second quarter and midyear highlights for South Atlantic Bancshares included only one past due loan in the second quarter; no net charge-offs for the second consecutive quarter and a net interest margin that remained steady at 3.85 percent.
A new South Atlantic Bank branch will be constructed soon on Johnnie Dodds Boulevard in Mount Pleasant. Mount Pleasant officials are set to review the floor plan and elevations, and after approval building will begin.