TAKE STOCK
FIRST QUARTER
2022
Loans
$691.1
March 31, 2022
March 31, 2021
$773.0
Assets
$1,296.1
$1,036.7
March 31, 2022
March 31, 2021
Deposits
$1,156.2
$921.5
Net Income
$2.0
$3.5
YTD 2022
YTD 2021
FIRST QUARTER REVIEW
March 31, 2021 March 31, 2022
We are very pleased with our nancial performance
during the rst quarter. Building on the best year in
our 14-year history, we continue to see robust growth
in our markets and are encouraged by a strong loan
pipeline to maintain our growth momentum into the
second half of the year.
Consolidated net income for the three months ended March 31, 2022,
was $2.0 million, or $0.26 per diluted common share, a decrease of
$1.5 million, or $0.20 per diluted common share, compared to the
three months ended March 31, 2021.
Our company produced record earnings in 2021. Recognition of de-
ferred loan fees associated with the PPP program and a record year
in our mortgage division enhanced our fee income in 2021. With very
little PPP fees remaining to recognize in 2022, and the upward move-
ments in interest rates, fee income has normalized as anticipated in
the rst quarter of 2022 year-over-year. While we are reecting lower
overall earnings per share during the rst quarter of 2022, earnings
excluding the impacts of PPP fees and mortgage are higher. Interest
income on loans (excluding interest on mortgage loans held for sale)
increased $617,016 or 9.1%, and core1 net interest income increased
$1.4 million or 19.2% when compared to the quarter ended March
31, 2021. Net interest income was $9.3 million for the three months
ended March 31, 2022 compared to $8.9 million for the three months
ended March 31, 2021, an increase of $466 thousand, or 5.3 percent.
Total loans, net of $14.2 million in paydowns and payos of PPP
loans, grew 5.3 percent over the quarter ended March 31, 2022 com-
pared to 1 percent for the quarter ended March 31, 2021.
Total assets increased to $1.3 billion as of March 31, 2022, compared to
$1.0 billion as of March 31, 2021. This increase in total assets during
the three months ended March 31, 2022 was driven primarily by an
increase in net loans of $39.0 million and an increase in investment
securities of $13.6 million, oset by a reduction in mortgage loans
held for sale of $5.9 million.
Total deposits increased $74.1 million in the quarter ended March 31,
2022, of which $9.8 million was noninterest bearing, compared to an
increase of $86.6 million in the three months ended March 31, 2021.
Please refer to our rst quarter 2022 earnings release dated April 19,
2022, for detailed information regarding our rst quarter perfor-
mance. The earnings release can be found on our Investor Relations
webpage at southatlantic.bank. As always, thank you for your support.
(1. Excludes the revenue eect of PPP loan fees and mortgage)
1
ON THE BANKING FRONT
Len Howell has joined the bank as executive vice president,
South Coast regional executive. He oversees the bank’s
commercial relationship managers and regional executives
in the Charleston, Hilton Head Island, Beaufort and Bluton
markets.
Howell has 35 years of banking experience and most recent-
ly served as executive vice president, region executive for
Charleston with Southern First Bank. With his knowledge of
the market and experience, he is ideally suited to guide our
eorts in achieving growth goals and objectives.
Danny Siau, executive vice president, Grand Strand regional executive, has been promoted to
North Coast regional executive and leads our North Coast market executives and commercial re-
lationship managers.
Matt Hobert, CPA, has joined the Company as executive vice president, chief nancial ocer.
Hobert previously served as director of investment banking at FIG Partners/Janney Montgomery
Scott in Atlanta, Georgia, and has nine years of nancial experience.
Dick Burch, executive vice president, will continue as chief operating ocer and will work close-
ly with the Accounting team during this time of transition. He will continue to lead the Deposit
Operations, Loan Operations , Information Technology, and Project Management teams, as well
as serve as the Bank’s information security ocer.
The bank is excited to announce the realignment of our or-
ganizational structure to better t the continuing growth of
our company and to support our strategic plans. The bank
oces are now organized into two regions – North Coast,
which includes the Grand Strand from Georgetown to North
Myrtle Beach, and South Coast, which includes the Charles-
ton and Low Country markets.
New Executive Ocers Announced
Wayne Wicker (center) introduced Matt Hobert
(l) and Len Howell (r) at the Annual Meeting.
Annual Meeting Held
The Annual Meeting of Shareholders was held on April 19, 2022. At the
meeting, K. Wayne Wicker, Miles M. Herring, Martha S. Lewis, Michael C.
Tawes, Sr. and Edgar L. Woods were re-elected to the Company’s board of
directors to serve three-year terms.
The Annual Meeting Presentation included our accomplishments in 2021
and strategic plans for 2022. We see 2022 as a year of investment in our
Company with a focus on hiring experienced bankers and investing in new
technology to support our growth. Technology upgrades include e-sign and
customer relationship software along with enhanced cyber security systems and a formal ex-
pense control system. The presentation is available on the Investor Relations page of the
southatlantic.bank website.
South Atlantic Bancshares, Inc. (OTCQX: SABK) is a registered bank holding company based in Myrtle Beach, South Carolina with $1.3
billion in total assets. The Company’s banking subsidiary, South Atlantic Bank, is a full-service nancial institution spanning the
entire coastal area of South Carolina. The Bank operates eleven oces in Myrtle Beach, Carolina Forest, North Myrtle Beach, Murrells
Inlet, Pawleys Island, Georgetown, Mount Pleasant, Charleston, Bluton, and Hilton Head Island, South Carolina. The Bank specializes
in providing personalized community banking services to individuals, small businesses and corporations. Services include a full range
of consumer and commercial banking products, including treasury management and South Atlantic Bank goMobile, the Bank’s mobile
banking app. The Bank also oers online banking, no-fee ATM access, checking, CD and money market accounts, merchant services,
mortgage loans, remote deposit capture, and more. For additional information, visit www.SouthAtlantic.bank.
Cautionary Statement Regarding Forward-Looking Statements w This document contains, among other things, certain
statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including, without limitation, statements regarding the eects of the ongoing COVID-19 pandemic, statements
with references to a future period or statements preceded by, followed by, or that include the words “may,” “could,” “should,”
“would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “outlook,” or similar terms or expressions.
These statements are based upon the current beliefs and expectations of the Company’s management team and are subject to
signicant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s
control). These risks, uncertainties, and other factors may cause the actual results, performance, and achievements of the Company
to be materially dierent from the anticipated future results, performance, or achievements expressed in, or implied by, the forward-
looking statements. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable,
any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated
in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as
a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be
achieved and readers are cautioned not to place undue reliance on the forward-looking statements contained in this document. All
subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly
qualied in their entirety by the cautionary statements above. Any forward-looking statements contained in this document are
made as of the date hereof, and the Company does not undertake any obligation to update any forward-looking statement to reect
circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
Information contained herein is unaudited, other than information as of December 31, 2021. All nancial data should be read in
conjunction with the notes to the consolidated nancial statements of the Company and the Bank as of and for the scal year ended
December 31, 2021, as contained in the Company’s 2021 Annual Report located on the Company’s website.
Mission Statement w To serve, in a fair, balanced, and superior manner, the interest of shareholders, customers, employees,
and the public through adherence to high standards of nancial soundness, exemplary customer service, employee professionalism,
business ethics, corporate citizenship, and protability.
Registrar and Transfer Agent w Broadridge Shareholder Services...P.O. Box 1342...Brentwood, NY 11717-0718
shareholder@broadridge.com...303.562.9275 or 888.789.8606
DIRECTORS
James Carson Benton, Jr.
Co-Owner and Operator
C.L. Benton and Sons, Inc.
Thomas C. Brittain
Attorney at Law
Brittain Law Firm, P.A.
Richard N. Burch
Executive Vice President
Chief Operating Ocer
South Atlantic Bank
Tony K. Cox
Executive Vice President
Real Estate
Burroughs and Chapin
Company
Miles M. Herring
Commercial Real Estate
Management and Development
Martha S. Lewis
Physical Therapist
R. Scott Plyler
President
South Atlantic Bank
Albert A. Springs, IV
Co-Owner and President
H.B. Springs Company
Jack L. Springs, Jr.
Co-Owner/Broker
Century 21 Barefoot Realty
Michael C. Tawes, Sr.
Partner
Valbridge Property Advisors
Atlantic Appraisals
K. Wayne Wicker
Chairman of the Board
Chief Executive Ocer
South Atlantic Bank
Edgar L. Woods
President/Owner
Palmetto Grain Brokerage, LLC
President
Performance AG, LLC
Take Stock is published quarterly for the shareholders and friends of South Atlantic Bancshares, Inc.
Beth Branham, Editor | bbranham@southatlantic.bank
Address Changes and Additions | To update the U.S. mail and e-mail addresses on le with us,
e-mail us at investorrelations@southatlantic.bank or visit the investor relations area of our website.
Your information will be updated upon receipt.
ABOUT SOUTH ATLANTIC BANK
