South Atlantic Bancshares, Inc. Reports Earnings of $0.48 per Diluted Common Share for the Three Months Ended June 30, 2025

Financial Performance - South Atlantic Bancshares, Inc. reported consolidated net income of $3.7 million, or $0.48 per diluted common share, for Q2 2025, an increase of 10.5% from Q1 2025 and a 62.0% increase from Q2 2024 [1][5] - For the six months ended June 30, 2025, net income totaled $7.0 million, or $0.91 per diluted common share, compared to $4.3 million, or $0.56 per diluted common share for the same period in 2024 [1][4] Balance Sheet Highlights - Total assets increased to $1.87 billion as of June 30, 2025, a 0.5% increase from March 31, 2025, and a 7.0% increase from June 30, 2024 [4][14] - Total loans grew by $53.7 million during Q2 2025, a 15.5% increase from Q1 2025, and by $213.8 million, or 17.5%, compared to June 30, 2024 [4][14] - Total deposits increased by $47.6 million in Q2 2025, a 12.1% increase from Q1 2025, and by $203.5 million, or 14.4%, compared to June 30, 2024 [4][15] Interest Income and Expense - Net interest income for Q2 2025 increased by $2.9 million, or 27.5%, to $13.4 million compared to Q2 2024 [7] - For the six months ended June 30, 2025, net interest income rose by $5.6 million, or 27.1%, to $26.2 million compared to the same period in 2024 [8] Noninterest Income and Expense - Noninterest income increased by $322.0 thousand, or 22.5%, in Q2 2025 compared to Q2 2024, driven by higher secondary mortgage income and service charges [9] - Noninterest expense rose by $1.1 million, or 12.0%, in Q2 2025 compared to Q2 2024, primarily due to increased other noninterest expenses [10] Credit Quality - The company reported no loans classified as non-accrual and only one loan past due greater than 30 days as of June 30, 2025 [22] - The provision for credit losses was $625 thousand for Q2 2025, compared to $397 thousand for Q1 2025 [22] Capital Position - Shareholders' equity totaled $121.1 million as of June 30, 2025, an increase of 6.4% from December 31, 2024, primarily due to retained earnings [16] - The company maintains a total risk-based capital ratio of 11.68% and a leverage ratio of 8.73% as of June 30, 2025, indicating a strong capital position [26][27]