South Atlantic Bancshares Q2 profit rises on loan growth, lower funding costs
SABK•Drivers and outlook
The company said higher net interest income was driven by organic growth in its loan portfolio. Declines in interest expense were primarily due to lower rates on interest-bearing deposits and borrowings.
Total deposits grew 5.2% quarter over quarter, exceeding loan growth for the period.
South Atlantic said it expects loan and deposit pipelines to support continued growth in 2026. The company said it is closely monitoring macroeconomic and geopolitical uncertainty and is optimistic regarding the second half of 2026.
Key figures and analyst view
| Metric | Actual |
|---|---|
| Q2 EPS | $0.61 |
| Q2 net income | $4.70 mln |
| Q2 net interest income | $15.20 mln |
| Q2 net interest margin | 3.36% |
The one available analyst rating on the shares is "buy". The average consensus recommendation for the banks peer group is also "buy". Wall Street's median 12-month price target for South Atlantic Bancshares Inc is $26.25, about 3.2% above its July 22 closing price of $25.44.
Quarterly profit rises on loan and deposit growth
US community bank South Atlantic Bancshares said its second-quarter net income rose 29% year over year, driven by loan and deposit growth.
