South Atlantic Bancshares Q3 net income jumps

South Atlantic Bancshares

Yesterday 21:09

Overview
US community bank's Q3 net income and EPS rose both quarter-over-quarter and year-over-year
Net interest income for Q3 increased, driven by organic loan growth and reduced interest expense
Company reported strong credit quality and capital ratios above regulatory thresholds

Outlook
Company did not provide specific financial guidance for the current or future periods in the press release

Result Drivers
LOAN GROWTH - Co said higher interest income from organic loan growth was primary driver of net interest income increase
LOWER INTEREST EXPENSE - Co said reduced interest expense, mainly from lower rates on interest-bearing deposits and short-term borrowings, contributed to results
HIGHER OPERATING COSTS - Co said noninterest expense rose, mainly due to increased salaries and employee benefits

Company press release: ID:nPncrT7a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 EPS
 
$0.67
 
Q3 Net Income
 
$5.2 mln
 
Q3 Net Interest Income
 
$16.1 mln
 
Q3 Net Interest Margin
 
3.38%
 

Analyst Coverage
The one available analyst rating on the shares is "buy"
The average consensus recommendation for the banks peer group is "hold."
Wall Street's median 12-month price target for South Atlantic Bancshares Inc is $28.00, about 15.6% above its October 21 closing price of $24.22

Reuters Recommended Reads
Oct 21 - Parke Bancorp's Q3 net income rises, helped by loan growth
Oct 21 - First Bancorp Q3 net income rises 17.5%
Oct 19 - ServisFirst Bancshares Q3 profit jumps on loan growth, wider interest margin 

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)