South Atlantic Bancshares, Inc. · OTC:SABK
South Atlantic Bancshares — Q2 2024 Earnings Presentation
15 slides from South Atlantic Bancshares's earnings presentation, August 2024
Slide 1: Investor Presentation Second Quarter 2024 Financials
Investor Presentation Second Quarter 2024 Financials TAILOR-MADE FOR THE CAROLINA COAST. OTCQX: SABK CONFIDENTIAL PRESENTATION
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation contains projections, predictions, expectations, and other statements with respect to South Atlantic Bancshares, Inc. (the “Company”) and its subsidiaries as to beliefs, future events, and/or results that are based on current expectations, estimates, and
Slide 3: South Atlantic Profile
SOUTH ATLANTIC PROFILE Why South Atlantic Bancshares, Inc.? • Community bank of choice in the Myrtle Beach, Murrells Inlet, Hilton Head, and Charleston MSAs – Top 3 community bank(1) deposit market share in three of the four markets served • One of South Carolina’s fastest growing banks, successfull
Slide 4: 2nd Quarter 2024 Highlights
2ND QUARTER 2024 HIGHLIGHTS • Net income totaled $2.3 million for the second quarter of 2024, which represents an increase of 13.4 percent quarter-over-quarter • Total assets increased $124.5 million to $1.75 billion during the six months ended June 30, 2024, an increase of 15.4 percent annualized f
Slide 5: Corporate Timeline
CORPORATE TIMELINE Our Mission: 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 citizensh
Slide 6: Experienced Management Team
EXPERIENCED MANAGEMENT TEAM K. Wayne Wicker | Chairman & Chief Executive Officer Mr. K. Wayne Wicker is the Past Chairman of the South Carolina Bankers Association. He is a veteran banker with 37 years of experience in the Myrtle Beach and South Carolina markets. Wicker holds a B.S. degree in busine
Slide 7: Board of Directors
BOARD OF DIRECTORS K. Wayne Wicker Martha S. Lewis Chairman & Chief Executive Officer, South Atlantic Senior Physical Therapist at Next Step Rehabilitation Bancshares, Inc. Director Since 2011 Director Since 2007 R. Scott Plyler James Carson Benton, Jr. President, South Atlantic Bancshares, Inc. Co-
Slide 8: Beneficial Ownership & Management Overview
BENEFICIAL OWNERSHIP & MANAGEMENT OVERVIEW Ownership Summary Ownership Summary Percent of Common Shares Name Number of Shares Outstanding (%) Institutions 3.9% Edgar L. Woods 342,690 4.5 K. Wayne Wicker 240,759 3.2 R. Scott Plyler 139,821 1.8 Public and Other Individuals/Insiders 65.1% 15.7% James C
Slide 9: MSA Highlights
MSA HIGHLIGHTS Tailor-made for the Carolina Coast • 12 full-service branch locations along the coast of South Carolina • Newest branch location in Summerville opened in July 2024; a fast-growing community of Greater Charleston • Branch location in Beaufort opened in late 2022; permanent stand-alone
Slide 10: Strong Market Demographics & Positioning
STRONG MARKET DEMOGRAPHICS & POSITIONING Footprint Demographic Highlights DEPOSIT MARKET SHARE SUMMARY • South Carolina was the fastest growing state Deposits Total Overall Community Bank in the nation during 2023 Market ($M) Branches Rank Rank(2) • In 2023, Horry County was the fastest COUNTY-LEVEL
Slide 11: Shareholder Value Creation
SHAREHOLDER VALUE CREATION Consistent Growth in Tangible Book Value Since 2018 10.1% $16.55 TBV / Share $16.05 (Ex. AOCI) GROWTH CAGR(1) 2018 – 2Q’24 $14.80 $13.15 $13.40 $13.10 $11.69 $12.79 $12.17 $10.72 $11.14 $9.77 $10.88 $9.67 2018 2019 2020 2021 2022 2023 2024YTD TBV / SHARE TBV / SHARE (ex. A
Slide 12: Financial Profile
FINANCIAL PROFILE As Of Or For The Year Ending December 31, As Of Or For The Quarter Ending In $000s except for per share data 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 Consolidated Balance Sheet Total Assets $718,402 $946,541 $1,231,953 $1,409,5
Slide 13: Balance Sheet Trends
BALANCE SHEET TRENDS History of Strong, Disciplined Growth TOTAL ASSETS ($M) TOTAL GROSS LOANS ($M) 20.4% $1,746.8 16.3% CAGR(1) 2018Y – 2Q’24 $1,622.3 CAGR(1) 2018Y – 2Q’24 $1,220.5 $1,184.2 $1,409.6 $1,002.6 $1,232.0 $946.5 $723.6 $743.6 $718.4 $580.6 $630.2 $532.0 2018Y 2019Y 2020Y 2021Y 2022Y 20
Slide 14: Profitability Trends
PROFITABILITY TRENDS RETURN ON AVERAGE ASSETS (%) RETURN ON AVERAGE TANGIBLE COMMON EQUITY (%) 0.98% 14.11% 0.87% 0.89% 0.83% 11.50% 11.14% 0.66% 0.57% 0.51% 8.48% 8.62% 8.11% 5.33% 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024YTD 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024YTD NET INCOME ($M) EFFICIENCY RAT
Slide 15: Asset Quality Highlights
ASSET QUALITY HIGHLIGHTS Stable Profile, with $0 OREO NONPERFORMING ASSETS ($M, EX. TDRs) NPAs / ASSETS (%, Ex. TDRs) 0.09% $0.6 $0.5 0.07% $0.2 0.02% $0.1 $0.0 $0.0 $0.0 0.01% 0.00% 0.00% 0.00% 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2Q'24 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2Q'24 NPLs / LOANS (%) RESE
South Atlantic Bancshares — Q2 2024 Earnings Presentation on 6ix