This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Southcoast Announces Nine Months Results

MT. PLEASANT, S.C., Oct. 26, 2010 (GLOBE NEWSWIRE) -- Southcoast Financial Corporation (Nasdaq:SOCB) announced that it had unaudited net income of $1,078,000, or $0.24 per basic share, for the nine months ended September 30, 2010. This compares to unaudited net income of $1,029,000, or $0.23 per basic share, for the nine months ended September 30, 2009. The September 30, 2010 earnings per share are based on 4,575,949 basic average shares compared to 4,528,821 basic average shares for the nine months ending September 30, 2009.

Total assets as of September 30, 2010 were $476.0 million, compared to $521.4 million as of December 31, 2009; a decrease of 8.7%. Loans, excluding loans held for sale, decreased to $ 336.7 million, down 5.7% from $ 356.9 million as of December 31, 2009. 

Chairman and Chief Executive Officer L. Wayne Pearson noted, "The level of non-performing assets appears to have stabilized during 2010 and we continue to place a strong emphasis on working out of these problems. The slight increase in the percentage of non-performing assets to total assets since June 30, 2010, is caused by a decline in total assets, not an increase in non-performing assets. The foreclosure process in the Charleston area has gained momentum and the Company sees this as a benefit going into 2011. Mr. Pearson also added, "The Company continues to aggressively market new quality loan opportunities and is reviewing strategies to enhance some of its lending products."

As of September 30, 2010, the Bank's Tier One Leverage ratio was 10.38% and its Total Risk Based Capital ratio was 15.89%. Both of these ratios are substantially above the FDIC minimums for well capitalized institutions. During the quarter, several of the directors and executive officers of the corporation purchased 170,815 shares of common stock at market prices pursuant to a private offering. This offering raised $462,908 of additional capital, net of offering costs. 

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs