South Atlantic Bancshares Q3 net income jumps
SABK•South Atlantic Bancshares reported Q3 net income of $5.2 million and EPS of $0.67. Net interest income was $16.1 million, with a net interest margin of 3.38%.
1. Quarterly results
South Atlantic Bancshares said its Q3 net income and EPS rose both quarter over quarter and year over year. Net income was $5.2 million, EPS was $0.67, net interest income was $16.1 million and net interest margin was 3.38%.
2. Factors behind results
The company said organic loan growth was the primary driver of higher net interest income. Reduced interest expense, mainly from lower rates on interest-bearing deposits and short-term borrowings, also contributed, while noninterest expense rose mainly because of higher salaries and employee benefits.
3. Credit and guidance
The company reported strong credit quality and capital ratios above regulatory thresholds. It did not provide specific financial guidance.
