This Day On The Street
Continue to site right-arrow
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 Year End Earnings

Stocks in this article: SOCB

MT. PLEASANT, S.C., Jan. 17, 2013 (GLOBE NEWSWIRE) -- Southcoast Financial Corporation (Nasdaq:SOCB) announced unaudited net income of $3,519,000, or $.57 per basic share, for the year ended December 31, 2012. This compares to an unaudited net loss of $16,480,000, or $2.71 per basic share, for the year ended December 31, 2011. The basic average shares totaled 6,125,535 and 6,080,066 for the years ended December 31, 2012 and 2011, respectively.

For the quarter ended December 31, 2012, net income was $929,000, or $.15 per basic share. This compares to a net loss of $4,803,000, or $.79 per basic share, for the quarter ended December 31, 2011. The net income (loss) per share is based on 6,143,820 basic average shares for the quarter ended December 31, 2012, compared to 6,102,461 basic average shares for the same period of 2011. The shares for all periods have been adjusted to reflect a stock dividend of 15% paid to shareholders of record as of December 31, 2012.

The ratio of nonperforming assets to total assets improved from 7.16% as of December 31, 2011 to 4.41% as of December 31, 2012. The allowance for loan losses as a percentage of loans was 2.49% as of December 31, 2012, compared to 3.34% as of December 31, 2011. The allowance for loan losses as a percentage of total non-performing loans totaled 83.99% as of December 31, 2012, compared to 50.27% as of December 31, 2011.

"The improvement in 2012 earnings as compared to 2011 was primarily the result of lower nonperforming assets, which led to reductions in our loan loss provision and expenses associated with other real estate owned. Additionally, our Company achieved improvement in our net interest margin due to a lower cost of funds resulting from the downward repricing of our interest bearing liabilities," said L. Wayne Pearson, Chairman and Chief Executive Officer.

1 of 3

Select the service that is right for you!

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 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

  • 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