TAKE STOCK
SECOND QUARTER
2022
Loans
$718.0
June 30, 2022
June 30, 2021
$887.7
Assets
$1,403.6
$1,145.8
June 30, 2022
June 30, 2021
Deposits
$1,267.0
$1,027.6
Quarterly Net Income
$2.5
$2.5
June 30, 2022
June 30, 2021
SECOND QUARTER REVIEW
June 30, 2021 June 30, 2022
South Atlantic Bank continued to build on its success
with a strong start to 2022. Financial performance
during the second quarter of 2022 exceeded our
expectations, and our results during the period are
a testament to the investment in our team and
technology.
The Company reported consolidated net income of $2.5 million, or $0.33 per
diluted common share, for the quarter ended June 30, 2022, an increase of
$33 thousand, or $0.01 per diluted common share, compared to the quarter
ended June 30, 2021.
Second Quarter 2022 Financial Highlights:
• Net income for the second quarter of 2022 totaled $2.5 million, a 25.0
percent increase over the î¢rst quarter of 2022 and a 1.3 percent increase
over the second quarter of 2021.
• Loan interest income, excluding fees, for the second quarter of 2022
increased $1.5 million, or 21.2 percent when compared to the same period
in 2021.
• Total assets as of June 30, 2022 equaled $1.4 billion, a 13.9 percent
increase year-to-date and 22.5 percent increase year-over-year.
• Net loans increased to $879.2 million at June 30, 2022, a 21.1 percent
increase year-to-date and 23.7 percent increase year-over-year.
• Total deposits increased to $1.3 billion at June 30, 2022, a 17.1 percent
increase year-to-date and 23.3 percent increase year-over-year.
The Company’s subordinated debt issuance of $30.0 million in December
2021, which occurred prior to the market interest rate increases experienced
in the î¢rst and second quarter of 2022, has provided the Company with a
capital source positioning the Bank for future growth. Our strategic plans
include organic growth with new oces in our coastal footprint to capture
the opportunities in these markets.
With the Federal Open Market Committee of the Board of Governors of the
Federal Reserve System repeatedly raising their target benchmark interest
rate in the î¢rst six months of 2022, resulting in subsequent prime rate
increases of 150 basis point between March and June of 2022, the Company
believes that the Bank’s balance sheet is well suited to navigate the current
rising rate environment, which is expected to continue in light of the
uncertain inationary outlook in the United States and our market areas.
We believe these second quarter 2022 results, along with strength in our
loan pipeline, have us well-positioned for the second half of 2022. Our South
Carolina coastal markets continue to be among the fastest growing in the
country, and we are excited about the prospects this growth brings.
Please refer to our second quarter 2022 earnings release dated July 19,
2022, for detailed information regarding our second quarter performance.
The earnings release can be found on our Investor Relations webpage at
southatlantic.bank. As always, thank you for your support.