South Atlantic Bancshares Posts Strong Second Quarter Gains

The company's financial health showed clear momentum, with total assets climbing by $50.3 million to reach $2.0 billion. This expansion was fueled by a $61.9 million increase in total loans and an $82.2 million boost in total deposits, suggesting sustained economic activity across the bank's South Carolina footprint. Profitability metrics also trended upward, as the net interest margin widened to 3.36% from 3.24% in the first quarter, aided by a six-basis-point decline in the cost of funds.

Chairman and CEO K. Wayne Wicker noted that deposit growth outpaced loan growth during the quarter, providing a stable foundation for the firm's operations. Despite a broader climate of macroeconomic and geopolitical uncertainty, credit quality remains resilient; the bank reported only one loan currently classified as non-accrual. Looking ahead to the second half of 2026, management remains optimistic, citing strong pipelines for both lending and deposits as the primary drivers for continued growth.