South Atlantic Bank in Myrtle Beach, South Carolina (SC)
Overview, Financial Summary, Detailed Financial Reports, Branches


South Atlantic Bank - Overview

  • General
  • FDIC Certificate #: 58689
    Status: Active
    Federal Reserve ID: 3637247
    Bank Holding Company (Regulatory Top Holder): South Atlantic Bancshares, Inc. (RSSDID: 3637238, Location: Myrtle Beach, SC)
    Date Established: November 28, 2007
    WWW: http://www.southatlanticbank.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 2 (Domestic: 2, Interstate: No)
    FDIC's unique #: 463026
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: November 28, 2007
    Last Structure Change Effective Date: January 27, 2010
    Last Structure Change Process Date: October 01, 2010
    Last Data Update: October 01, 2010
    Data Source Date: April 05, 2012
  • Location
  • Address: 630 29th Ave North, Myrtle Beach, SC 29577
    County: Horry
    Quarterly Banking Profile Region: Atlanta
    FDIC Geographic Region: Atlanta
    FDIC Supervisory Region: Atlanta
    FDIC Field Office: Columbia Sc
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Southeast
    Metropolitan Statistical Area (MSA): Myrtle Beach, SC (#5330)
    Combined Statistical Area (CSA): Myrtle Beach-Conway-Georgetown, SC (#396)
    Core Based Statistical Area (CBSA): Myrtle Beach-North Myrtle Beach-Conway, SC (#34820)
    CBSA Metro Statistical Area: Myrtle Beach-North Myrtle Beach-Conway, SC (#34820)
  • History of Changes
  • Change in Location
  • Financial Summary
  • Total assets: $229.7 mil
    Equity capital: $22.4 mil
    Deposits held in domestic offices: $198.6 mil
    Return on assets (ROA): 0.61% ($1.4 mil)
    Quarterly return on assets: 0.72% ($1.7 mil)
    Return on Equity (ROE): 6.58% ($1.4 mil)
    Quarterly return on equity: 7.53% ($1.7 mil)
    Net income: $1.4 mil
    Quarterly Net income: $0.4 mil
    Pretax return on assets: 0.41% ($941.8 mil)
    Quarterly Pretax return on assets: -0.10% (-$229.7 mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 35Total employees (full-time equivalent)
  • $229,705Total assets
  • $3,383Cash and due from depository institutions
  • $2,632Interest-bearing balances
  • $37,237Securities
  • $447Federal funds sold & reverse repurchase agreements
  • $167,276Net loans & leases
  • $2,362Loan loss allowance
  • $0Trading account assets
  • $13,783Bank premises and fixed assets
  • $156Other real estate owned
  • $0Goodwill and other intangibles
  • $229,705Life insurance assets
  • $7,423All other assets
  • $207,297Total liabilities and capital
  • $198,598Total liabilities
  • $181,966Total deposits
  • $198,598Interest-bearing deposits
  • $80Deposits held in domestic offices
  • 3500.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $5,000Trading liabilities
  • $0Other borrowed funds
  • $199Subordinated debt
  • $22,408All other liabilities
  • $22,408Total equity capital
  • $22,408Total bank equity capital
  • $0Perpetual preferred stock
  • $13,500Common stock
  • $13,500Surplus
  • $-4,592Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $1,155Income earned, not collected on loans
  • $0Earning assets
  • $895Long-term assets (5+ years)
  • $207,592Average Assets, year-to-date
  • $64,303Average Assets, quarterly
  • $227,277Volatile liabilities
  • $232,804Insider loans
  • $192,702FHLB advances
  • $230,469Loans and leases held for sale
  • $5,009Unused loan commitments
  • $5,009Tier 1 (core) risk-based capital
  • $22,057Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $20,183Restructured Loans and leases
  • $14,297Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $9,496Total interest income
  • $2,144Total interest expense
  • $7,352Net interest income
  • $1,310Provision for loan and lease losses
  • $672Total noninterest income
  • $0Fiduciary activities
  • $94Service charges on deposit accounts
  • $0Trading account gains & fees
  • $578Additional noninterest income
  • $5,949Total noninterest expense
  • $3,324Salaries and employee benefits
  • $936Premises and equipment expense
  • $1,689Additional noninterest expense
  • $765Pre-tax net operating income
  • $169Securities gains (losses)
  • -$463Applicable income taxes
  • $1,397Income before extraordinary items
  • $0Extraordinary gains - net
  • $1,397Net income attributable to bank
  • $0Net charge-offs
  • $1,397Cash dividends
  • $927Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.53%Yield on earning assets
  • 1.02%Cost of funding earning assets
  • 3.51%Net interest margin
  • 0.32%Noninterest income to earning assets
  • 2.84%Noninterest expense to earning assets
  • 0.54%Net operating income to assets
  • 0.61%Return on assets (ROA)
  • 0.41%Pretax return on assets
  • 6.58%Return on equity (ROE)
  • 6.58%Retained earnings to average equity (YTD only)
  • 0.56%Net charge-offs to loans
  • 141.32%Credit loss provision to net charge-offs
  • 2.24%Efficiency ratio
  • 74,140Assets per employee
  • 6.56%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 1.39%Loss allowance to noncurrent loans
  • 204.50%Noncurrent assets plus other real estate owned to assets
  • 0.57%Noncurrent loans to loans
  • 0.68%Net loans and leases to deposits
  • 84.23%Net loans and leases to core deposits
  • 93.58%Equity capital to assets
  • 9.76%Core capital (leverage) ratio
  • 9.57%Tier 1 risk-based capital ratio
  • 11.45%Total risk-based capital ratio
  • Memoranda
  • $13Average assets
  • $227,277Average earning assets
  • $21,239Average equity
  • $209,548Average loans

List of branches

  • 2 South Carolina Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    0463026South Atlantic Bank630 29th Ave North, Myrtle Beach, SC 29577November 28, 2007Full Service Brick and Mortar
    1484702Murrells Inlet Branch11019 Tournament Blvd, Murrells Inlet, SC 29576December 15, 2008Full Service Brick and Mortar

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