South Atlantic Bancshares, Inc. · OTC:SABK
South Atlantic Bancshares — Shareholder Meeting (April 2024)
23 slides from South Atlantic Bancshares's shareholder meeting presentation, Apr 23, 2024
Slide 1: Annual Meeting of Shareholders
Annual Meeting of Shareholders April 23, 2024
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements preceded by, followed by, or that include the words "may," "could," "shou
Slide 3: 2023 Highlights: Year-End 2023 Results
2023 Highlights Year-End 2023 Results • Net income totaled $10.0 million • Total deposits increased 6.4% to $1.3 billion • Gross loans increased 18.1% to $1.2 billion • Total assets increased 15.1% to $1.6 billion
Slide 4: 2023 Highlights: Cash Dividend Paid
2023 Highlights Cash Dividend Paid • The Company’s first cash dividend of $0.10 paid in February 2023
Slide 5: 2023 Highlights: Market Share
2023 Highlights Market Share • Pawleys Island office • #1 Market Share - 26.9% • Georgetown office • #2 Market Share - 17.15% • Murrells Inlet office • #2 Market Share - 15.96%
Slide 6: 2023 Highlights: New Technology
2023 Highlights New Technology • Upgraded Digital Banking Platform o New look o Added features o Additional Security • Online Account Opening • Contactless Debit Cards
Slide 7: 2023 Highlights: Key Management Positions Added
2023 Highlights Key Management Positions Added ØDirector of Risk Management • Melissa Downs-High ØDirector of Digital and Treasury Services • Alex Clayton Emerging Talent Program Established • Associates trained across departments and branches to prepare for placement within key areas of the Bank
Slide 8: 2023 Highlights: Office Relocation and Construction
2023 Highlights Calhoun Office relocation Beaufort Office under construction Carnes Crossroads Office announced
Slide 9: 2023 Financials
2023 Financials re
Slide 10: Assets
Assets (years ending December 31, $000,000) 15.1% 1,800 á 1,622.2 1,600 1,409.6 1,400 1,232.0 1,200 946.5 1,000 718.4 800 600 400 200 0 2019 2020 2021 2022 2023 ®
Slide 11: Loans
Loans (years ending as of December 31, $000,000) 18.1% á 1,184.2 1200 1,002.6 1000 733.9 800 686.9 575.7 600 400 200 0 2019 2020 2021 2022 2023 ®
Slide 12: Deposits
Deposits (years as of December 31, $000,000) á 6.4% 1,400 1,294.1 1,216.8 1,200 1,082.1 1,000 834.9 800 616.8 600 400 200 0 2019 2020 2021 2022 2023 ®
Slide 13: Net Income
Net Income (years as of December 31, $000,000) 17.2% 12.1 ↓ 13.00 10.8 11.00 10.0 9.00 7.2 7.00 6.1 5.00 3.00 1.00 2019 2020 2021 2022 2023 ®
Slide 14: Earnings per Share (Diluted)
Earnings per Share (Diluted, $) 16.5% ↓ 1.58 1.60 1.43 1.40 1.32 1.20 0.96 1.00 0.80 0.80 0.60 0.40 0.20 0.00 2019 2020 2021 2022 2023 ®
Slide 15: Net Interest Margin
Net Interest Margin (years ending December 31, %) 4.50 4.16 4.00 3.79 3.54 3.52 3.50 2.96 3.00 2.50 2.00 1.50 1.00 2019 2020 2021 2022 2023 ®
Slide 16: Comparative Income Statement
Comparative Income Statement (at December 31) 2023 2022 Change Total interest income................ $69,198,953 $48,832,883 41.7% Total interest expense.............. 26,703,523 4,195,884 536.4% Net interest income……………… $42,495,430 $44,636,999 (4.8%) Provision for credit losses……… 755,000 1,950,00
Slide 17: Questions about 2023?
Questions about 2023? rr
Slide 18: 2024 Focus
2024 Focus
Slide 19: Q1 Accomplishments
Q1 Accomplishments Second $0.10 per Consecutive Cash Dividend share paid Paid in February
Slide 20: Focus in 2024: Growth Strategy
Focus in 2024 Growth Strategy • South Coast Expansion • Greater Charleston market • New Carnes Crossroads location • 13th branch opening Summer 2024
Slide 21: Focus in 2024: Commitment to our Communities
Focus in 2024 Commitment to our Communities • Bank On certification • Community development sponsorships • Financial literacy outreach
Slide 22: 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 23: Annual Meeting of Shareholders
Annual Meeting of Shareholders April 23, 2024
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