RSS   Newsletter   Contact   Advertise with us

South Atlantic Bancshares Q3 net income $2.0 million

Christian Fernsby ▼ | October 22, 2020
South Atlantic Bancshares, parent of South Atlantic Bank, reported that net income for the three months ended September 30, 2020 totaled $2.0 million ompared to $1.7 million reported for the same three months ended September 30, 2019.
South Atlantic Bancshares
South Atlantic Bancshares   Net income for the three months ended September 30, 2020 totaled $2.0 million
During the quarter, net income attributable to the Company's participation in the Small Business Administration ("SBA") Paycheck Protection Program ("PPP"), created under the Coronavirus Aid, Relief, and Economic Security Act, was $435 thousand.

Gross origination fees from the PPP loans that we originated are currently expected to total approximately $3.8 million, based on our current expectations with respect to the eligibility of such PPP loans to qualify for loan forgiveness.


 

MORE INSIDE POST