South Atlantic Bancshares, Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2022
October 18, 2022 at 04:01 pm EDT
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South Atlantic Bancshares, Inc. reported earnings results for the third quarter ended September 30, 2022. For the third quarter, the company reported net interest income was USD 12.31 million compared to USD 8.91 million a year ago. Net income was USD 3.63 million compared to USD 2.6 million a year ago.
Basic earnings per share from continuing operations was USD 0.48 compared to USD 0.34 a year ago. Diluted earnings per share from continuing operations was USD 0.47 compared to USD 0.34 a year ago.
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.