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MYRTLE BEACH, S.C., April 20, 2021 /PRNewswire/ -- South Atlantic Bancshares, Inc. ("South Atlantic" or the "Company") (OTCQX: SABK), parent of South Atlantic Bank (the "Bank"), reported consolidated net income of $3.5 million, or $0.46 per diluted common share, for the three months ended March 31, 2021, an increase of $1.7 million, or $0.22 per diluted common share, compared to the fourth quarter of 2020.
"This was a significant quarter for our Company as we reached over $1 billion in total assets, achieved record earnings, and opened our 11
th branch location in Hilton Head Island, South Carolina," said K. Wayne Wicker, Chairman and Chief Executive Officer of South Atlantic. "As in prior quarters, our bankers continue to assist local businesses through the Small Business Administration's (the "SBA") Paycheck Protection Program (the "PPP"), which continued to drive growth in assets, earnings, and customers in the first quarter of 2021. We have rapidly responded to client needs and have used this opportunity to attract and retain customers and deposits. Our credit quality remains strong and economic activity in our geographic footprint is beginning to recover as COVID-19-related travel restrictions are being relaxed. We believe we remain well positioned to navigate changing economic conditions in our markets."