South Atlantic Bancshares, Inc. · OTC:SABK
South Atlantic Bancshares — Shareholder Meeting (April 2018)
25 slides from South Atlantic Bancshares's shareholder meeting presentation, Apr 17, 2018
Slide 1: Annual Meeting of Shareholders April 17, 2018
Annual Meeting of Shareholders April 17, 2018
Slide 2: Forward Looking Statement
Forward Looking Statement Forward-looking statements in this presentation, such as statements relating to future plans and expectations, are subject to risks and uncertainties, such as continued economic difficulties at local, national, or global levels, greater than expected noninterest expenses, r
Slide 3: 2017 Highlights
2017 Highlights u $20 Million Capital Raise • Supported our expansion in Charleston • Allowed for the acquisition of Atlantic Community Bank u Opening of Charleston Region offices • East Bay Street office opened in May • Mount Pleasant Regional Headquarters completed in September
Slide 4: 2017 Highlights (Continued)
2017 Highlights (Continued) u South Atlantic Financial Group Formed • Created an alliance with Affluence Financial Group of Charleston • Provides customers access to a variety of investment products • Provides company with additional revenue stream
Slide 5: 2017 Highlights (Continued)
2017 Highlights (Continued) u Celebrated our 10th Anniversary • 10% stock dividend paid u Announced the Acquisition of Atlantic Community Bank • Natural extension for our coastal franchise • More details when we discuss 2018
Slide 6: 2017 Highlights (Continued)
2017 Highlights (Continued) u Record profitability while expanding • Net income grew 31.1% • Total loans up 18.4% u Impressive market share • Horry-Georgetown Counties: 7th with just 5 offices • South Strand: 2nd, up from 4th last year • Murrells Inlet: #1 in the zip code 29576 • Mount Pleasant: nea
Slide 7: 2017 Highlights (Continued)
2017 Highlights (Continued) u Staff Additions • Credit analysts and operations specialists added • Retail sales manager position created to streamline sales and service u Technology Updates • Website redesigned to be mobile friendly • 76% increase in number of goMobile app users
Slide 8: 2017 Financials
2017 Financials South Atlantic Bank
Slide 9: Assets (periods ending December 31, $000)
Assets (periods ending December 31, $000) 16.8% 600.0 á 519.1 500.0 444.5 400.2 363.3 400.0 318.0 300.0 200.0 100.0 0.0 2013 2014 2015 2016 2017
Slide 10: Loans (periods ending as of December 31, $000)
Loans (periods ending as of December 31, $000) 18.4% á 436.8 450.0 369.0 400.0 350.0 314.0 300.0 262.6 218.2 250.0 200.0 150.0 100.0 50.0 0.0 2013 2014 2015 2016 2017
Slide 11: Deposits (periods as of December 31, $000)
Deposits (periods as of December 31, $000) 14.9% á 439.2 450 382.3 400 337.4 326.6 350 285.5 300 250 200 150 100 50 0 2013 2014 2015 2016 2017
Slide 12: Net Income (periods as of December 31, $000)
Net Income (periods as of December 31, $000) 31.1% 3.41 3.50 á 3.00 2.60 2.24 2.50 2.00 2.00 1.64 1.50 1.00 0.50 0.00 2013 2014 2015 2016 2017
Slide 13: Earnings per Share (Diluted, $)
Earnings per Share (Diluted, $) 0.63 0.64 0.62 0.60 0.6 0.59 0.58 0.57 0.56 0.54 0.53 0.52 0.5 0.48 2013 2014 2015 2016 2017
Slide 14: Net Interest Margin (periods ending December 31, %)
Net Interest Margin (periods ending December 31, %) 4.10 4.02 4.00 3.86 3.90 3.79 3.80 3.80 3.70 3.56 3.60 3.50 3.40 3.30 2013 2014 2015 2016 2017
Slide 15: Comparative Income Statement
Comparative Income Statement (at December 31) 2017 2016 Change Total interest income................ $20,136,529 $16,513,097 21.9% Total interest expense.............. 1,692,084 1,431,845 18.2% Net interest income……………… $18,444,445 $15,081,252 22.3% Provision for loan losses…………. 915,000 615,000 48.
Slide 16: Questions about 2017?
Questions about 2017? South Atlantic ———— Bank
Slide 17: First Quarter 2018
First Quarter 2018 South Atlantic Bank
Slide 18: First Quarter 2018 vs. 2017
First Quarter 2018 vs. 2017 10.4% 12.8% á 5.9% á 532.8 600.0 á 467.7 482.8 500.0 428.9 414.8 404.9 400.0 2017 300.0 2018 200.0 100.0 0.0 Loans Deposits Assets
Slide 19: Consecutive Quarters Comparison
Consecutive Quarters Comparison (December 31, 2017 to March 31, 2018) 2.6% 6.5% á (1.8) 600.0 á 519.1 532.8 %â 467.7 500.0 436.8 428.9 439.2 400.0 2017 300.0 2018 200.0 100.0 0.0 Loans Deposits Assets
Slide 20: Comparative Income Statement
Comparative Income Statement (at March 31st) 2018 2017 Change Total interest $ 5,438,187 $ 4,479,415 21.4% income................. Total interest 589,328 403,515 46.1% expense............... Net interest income……………… $ 4,848,859 $ 4,075,900 16.8% Provision for loan losses…………. 50,000 120,000 (58.3%)
Slide 21: 2018 Accomplishments
2018 Accomplishments u Completed the acquisition of Atlantic Community Bank on April 2nd • Adds desirable markets with offices in Bluffton and Hilton Head Island • Increases our asset size to $600 million • We welcome Atlantic Bancshares board member Edgar Woods to our board of directors
Slide 22: Focus in 2018
Focus in 2018 u Continued profitability • Improve net interest income • Increase fee income o Mortgage Loans and Merchant Services o South Atlantic Financial Group • Solid and controlled loan growth • Control expenses u Interest Rate Environment
Slide 23: Focus in 2018
Focus in 2018 u Conversion of Atlantic Community Bank on June 11th and cultivation of new market u Look for expansion opportunities in the greater Charleston market u Continued development of South Atlantic Financial Group u Continue to be an active participant in the communities we serve
Slide 24: Mission Statement
Mission Statement To serve, in a fair, balanced, and superior manner, the interest of shareholders, customers, employees, and the public through adherence to high standards of financial soundness, exemplary customer service, employee professionalism, business ethics, corporate citizenship, and profi
Slide 25: Annual Meeting of Shareholders April 17, 2018
Annual Meeting of Shareholders April 17, 2018
South Atlantic Bancshares — Shareholder Meeting (April 2018) on 6ix