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 Earnings

MT. PLEASANT, S.C., Oct. 15, 2012 (GLOBE NEWSWIRE) -- Southcoast Financial Corporation (Nasdaq:SOCB) announced unaudited net income of $2,590,000, or $.49 per basic share, for the nine months ended September 30, 2012. This compares to an unaudited net loss of $11,678,000, or $2.21 per basic share, for the nine months ended September 30, 2011. The per share amounts are based on 5,326,552 basic average shares compared to 5,280,533 basic average shares for the nine months ended September 30, 2011.

The ratio of nonperforming assets to total assets improved from 7.40% as of December 31, 2011 to 5.08% as of September 30, 2012. The allowance for loan losses as a percentage of loans was 2.59% as of September 30, 2012, compared to 3.34% as of December 31, 2011. The allowance for loan losses as a percentage of total non-performing loans totaled 62.7% as of September 30, 2012, compared to 47.9% as of December 31, 2011.

"The 2012 results were benefited by the reduction in our loan loss provision and expenses associated with other real estate owned, both of which were the result of lower nonperforming assets as compared to the same period of 2011, and increases in the net interest margin and core earnings," said L. Wayne Pearson, Chairman and Chief Executive Officer. "While we continue to work diligently on our non-performing assets, we also continue to focus on improving our profitable core business and maintaining strong capital levels."

The nine months ended September 30, 2011 loss included a $6,623,000 provision for loan losses and $4,397,000 of income tax expense related to a write down of the Company's deferred tax asset. The provision for loan losses for the first nine months of 2012 was $880,000 and there was no deferred tax write-down.

Net interest income for the first nine months of 2012 increased $500,000 to $9,880,000 from $9,380,000 for the same period of 2011. The reduction in interest income, which was due to the decrease in average earning assets and the reduction of yield in those assets, was completely offset by the reduction of interest cost as existing liabilities were repriced. The Company's annualized net interest margin improved by 36 basis points to 3.51% for the nine months of 2012 from 3.15% for the same period of 2011, due to the significant reduction in our cost of funds.

1 of 3

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!
DOW 16,979.13 +59.54 0.35%
S&P 500 1,986.51 +4.91 0.25%
NASDAQ 4,526.4820 -1.0320 -0.02%

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