This Day On The Street
Continue to site
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

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 -1.04%
FB $118.06 0.54%
GOOG $695.70 0.48%
TSLA $222.56 -4.20%
YHOO $36.00 -0.03%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs