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South Atlantic Bancshares Q3 total loans grew 20.4 percent

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Staff Writer | Wednesday October 24, 2018 5:09AM ET
South Atlantic Bancshares
South Atlantic Bancshares   Net interest margin increased from a year ago

South Atlantic Bancshares announced the results of its operations for the third quarter ended September 30, 2018.


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Net operating return on average assets (non-GAAP) of 0.78 percent for the nine months ended September 30, 2018, the best performance in company history.

Net interest margin, taxable equivalent, of 4.26 percent, a 26 basis point, or 7 percent, increase from a year ago.

Asset quality continues to be a highlight with nonperforming assets to total assets of 0.13 percent.

Total loans grew 20.4 percent, to $512.5 million at September 30, 2018 from $425.6 million at September 30, 2017, primarily due to the acquisition of Atlantic Bancshares in the second quarter of 2018. Organic loan growth from all markets was 9.6 percent for the first nine months of 2018 compared to the first nine months of 2017.

Total deposits grew 18.6 percent, to $527.2 million at September 30, 2018 from $444.5 million at September 30, 2017, primarily due to the acquisition of Atlantic Bancshares.

Organic deposit growth was 3.3 percent for the first nine months of 2018 compared to the first nine months of 2017, with growth in each market we operate.

Total assets grew 20.7 percent to $617.8 million at September 30, 2018 from $511.7 million at September 30, 2017, primarily due to the acquisition of Atlantic Bancshares.

Organic total asset growth was 3.93 percent for the first nine months of 2018 compared to the first nine months of 2017.

 

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