South Atlantic Bank in Myrtle Beach, South Carolina (SC)

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South Atlantic Bank
GeneralFDIC 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
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
LocationAddress: 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 ChangesChange in Location
Financial SummaryTotal 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)
Total employees (full-time equivalent)35
Total assets$229,705
Cash and due from depository institutions$3,383
Interest-bearing balances$2,632
Federal funds sold & reverse repurchase agreements$447
Net loans & leases$167,276
Loan loss allowance $2,362
Trading account assets$0
Bank premises and fixed assets$13,783
Other real estate owned$156
Goodwill and other intangibles$0
All other assets$7,423
Life insurance assets$229,705
Total liabilities and capital$207,297
Total liabilities$198,598
Total deposits$181,966
Interest-bearing deposits$198,598
Deposits held in domestic offices$80
% insured (estimated)3500.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$5,000
Other borrowed funds $0
Subordinated debt $199
All other liabilities $22,408
Total equity capital$22,408
Total bank equity capital$22,408
Perpetual preferred stock$0
Common stock$13,500
Undivided profits $-4,592
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $1,155
Earning assets $0
Long-term assets (5+ years) $895
Average Assets, year-to-date $207,592
Average Assets, quarterly $64,303
Volatile liabilities $227,277
Insider loans $232,804
FHLB advances $192,702
Loans and leases held for sale $230,469
Unused loan commitments $5,009
Tier 1 (core) risk-based capital $5,009
Tier 2 risk-based capital $22,057
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $20,183
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $9,496
Total interest expense $2,144
Net interest income $7,352
Provision for loan and lease losses $1,310
Total noninterest income $672
Fiduciary activities $0
Service charges on deposit accounts $94
Trading account gains & fees $0
Additional noninterest income $578
Total noninterest expense $5,949
Salaries and employee benefits $3,324
Premises and equipment expense $936
Additional noninterest expense $1,689
Pre-tax net operating income $765
Securities gains (losses) $169
Applicable income taxes -$463
Income before extraordinary items $1,397
Extraordinary gains - net $0
Net income attributable to bank $1,397
Net charge-offs $0
Cash dividends $1,397
Sale, conversion, retirement of capital stock, net $927
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.53%
Cost of funding earning assets 1.02%
Net interest margin 3.51%
Noninterest income to earning assets 0.32%
Noninterest expense to earning assets 2.84%
Net operating income to assets 0.54%
Return on assets (ROA) 0.61%
Pretax return on assets 0.41%
Return on equity (ROE) 6.58%
Retained earnings to average equity (YTD only) 6.58%
Net charge-offs to loans 0.56%
Credit loss provision to net charge-offs 141.32%
Efficiency ratio2.24%
Assets per employee$74,140
Cash dividends to net income (YTD only)6.56%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 1.39%
Noncurrent assets plus other real estate owned to assets 204.50%
Noncurrent loans to loans 0.57%
Net loans and leases to deposits0.68%
Net loans and leases to core deposits 84.23%
Equity capital to assets 93.58%
Core capital (leverage) ratio 9.76%
Tier 1 risk-based capital ratio 9.57%
Total risk-based capital ratio 11.45%
Average assets$13
Average earning assets$227,277
Average equity $21,239
Average loans $209,548
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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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