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Southcoast Announces Six Months Results

MT. PLEASANT, S.C., July 23, 2010 (GLOBE NEWSWIRE) -- Southcoast Financial Corporation (Nasdaq:SOCB) announced that it had unaudited net income of $742,000, or $0.16 per basic share, for the six months ended June 30, 2010. This compares to unaudited net income of $725,000, or $0.16 per basic share, for the six months ended June 30, 2009. The June 30, 2010 earnings per share are based on 4,553,903 basic average shares compared to 4,525,542 basic average shares for the six months ending June 30, 2009.

Total assets as of June 30, 2010 were $498.5 million, compared to $521.4 million as of December 31, 2009; a decrease of 4.4%. Loans, excluding loans held for sale, decreased to $ 343.0 million, down 3.8% from $ 356.9 million as of December 31, 2009. Chairman and Chief Executive Officer L. Wayne Pearson noted, "We continue to focus on reducing our level of nonperforming assets. The Company also continues to seek quality loan opportunities."

As of June 30, 2010, the Bank's Tier One Leverage ratio was 9.77% and its Total Risk Based Capital ratio was 15.95%. Both of these ratios are substantially above the FDIC minimums for well capitalized institutions.

During the first six months of 2010 the Company increased its core deposits and reduced its dependency on brokered deposits. Brokered deposits declined by $21.3 million since December 31, 2009 and $51.2 million since June 30, 2009. "This reduction in wholesale funding has been the result of our new core deposit programs. Our Rewards Checking products have been well received by existing customers, and have attracted significant new banking relationships," said Pearson.

Southcoast Financial Corporation, headquartered in Mt. Pleasant, South Carolina, is the holding company of Southcoast Community Bank. The Bank, which opened for business July 20, 1998, is a state chartered commercial bank operating from its main office at 530 Johnnie Dodds Boulevard in Mt. Pleasant, South Carolina and nine branches in the Charleston, South Carolina area. Trading in Southcoast Financial Corporation's common stock is traded on the NASDAQ Global Market under the symbol SOCB.
 
Southcoast Financial Corporation
SELECTED FINANCIAL DATA
(dollars in thousands, except earnings per share)
       
   Six Months Ended   Three Months Ended
   June 2010    March 2010
   (Unaudited)   (Unaudited)
INCOME STATEMENT DATA      
Net interest income $5,915   $2,882
Provision for loan losses 1,800   1,000
Noninterest income 3,509   1,970
Noninterest expenses 6,644   3,332
Net income $742   $363
       
PER SHARE DATA *      
Net income per share      
Basic $0.16   $0.08
Diluted $0.16   $0.08
       
BALANCE SHEET DATA      
Total assets $498,513   $504,034
Total deposits 350,304   358,153
Total loans (net) 332,763   335,567
Investment securities 72,958   84,635
Other borrowings 88,565   85,843
Junior subordinated debentures 10,310   10,310
Shareholders' equity 46,494   46,021
       
Average shares outstanding      
Basic 4,553,903   4,550,015
Diluted 4,553,903   4,550,015
       
Book value per share $10.20   $10.11
       
Key ratios       
Return on assets* 0.29%   0.29%
Return on equity* 3.27%   3.23%
Equity to asset ratio 9.33%   9.13%
Non-performing assets^ to assets 6.24%   7.01%
Reserve to loans 3.00%   2.98%
Reserve to nonperforming loans 41.61%   39.95%
Net interest margin 2.85%   2.72%
       
* Ratios for less than one year are annualized.
^ Includes nonaccrual loans, loans 90 days past due still accruing interest, and other real estate owned.
       
BANK REGULATORY CAPITAL RATIOS Total Risk- Based 1 Tier 1 Risk- Based 2 Tier 1 Leverage 3
       
June 30, 2010 15.95% 14.68% 9.77%
March 31, 2010 15.22% 13.95% 9.66%
FDIC Well Capitalized Minimum 10.00% 6.00% 5.00%
       
  ¹Total Risk- Based Capital divided by total risk- weighted assets
  ²Tier 1 Capital divided by total risk - weighted assets
  ³Tier 1 Capital divided by average total assets
   
   
  Southcoast Financial Corporation
  Consolidated Balance Sheets
       
   June 30 2010  December 31 2009  June 30 2009
   (Unaudited)  (Audited)  (Unaudited)
Assets      
Cash and due from banks $40,834 $40,790 $10,108
Federal Funds sold 533 109 9
Investments 72,958 65,042 57,328
Loans held for sale 0 320 980
Loans 343,044 356,912 383,701
Less: Allowance for loan losses 10,281 10,042 6,506
       
Net loans 332,763 346,870 377,195
Fixed assets 22,958 22,692 27,635
Other assets 28,467 45,584 46,372
       
Total Assets $498,513 $521,407 $519,627
       
Liabilities & Shareholders' Equity      
Deposits:      
Non-interest bearing $29,167 $25,922 $29,596
Interest bearing 321,137 342,615 330,449
       
Total deposits 350,304 368,537 360,045
Other borrowings 88,565 91,044 89,682
Other liabilities 2,840 6,435 5,301
Junior subordinated debentures 10,310 10,310 10,310
       
 Total liabilities 452,019 476,326 465,338
       
Shareholders' Equity      
Common Stock  53,638 53,583 53,515
Retained Earnings(Deficit) and Accumulated OCI (7,144) (8,502) 774
       
 Total shareholders' equity 46,494 45,081 54,289
       
 Total Liabilities and Shareholders' equity $498,513 $521,407 $519,627
   
   
   Southcoast Financial Corporation
   Consolidated Income Statements
   (Dollars in thousands, except earnings per share)
               
   Six Months Ended    Three Months Ended
  June 30, 2010   June 30, 2009   June 30, 2010   June 30, 2009
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Interest Income              
Interest and fees on loans $9,551   $11,796   $4,777   $5,777
Interest on investments 1,396   1,437   709   724
Interest on Fed funds sold 23   1   9   0
             
Total interest income 10,970   13,234   5,495   6,501
               
Interest expense 5,055   6,604   2,462   3,159
               
Net interest income 5,915   6,630   3,033   3,342
Provision for loan losses 1,800   550   800   450
               
Net interest income after provision 4,115   6,080   2,233   2,892
               
Noninterest income 3,509   2,279   1,578   1,638
               
Total operating income 7,624   8,359   3,811   4,530
               
Noninterest expense               
Salaries and benefits 3,321   3,794   1,657   1,728
Occupancy and equipment  1,439   1,386   672   721
Other expenses 1,884   2,460   1,022   1,621
               
Total noninterest expense 6,644   7,640   3,351   4,070
               
Income before taxes 980   719   460   460
               
Income tax expense  238   -6   81   38
               
Net income  $742   $725   $379   $422
               
Basic net income per share $0.16   $0.16   $0.08   $0.09
               
Diluted net income per share $0.16   $0.16   $0.08   $0.09
               
Average number of shares              
Basic 4,553,903   4,525,542   4,557,748   4,529,153
Diluted 4,553,903   4,525,542   4,557,748   4,529,153
CONTACT:  Southcoast Financial Corporation
          William C. Heslop, Executive Vice President and 
           Chief Financial Officer
          (843) 216-3019

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