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Southcoast Announces First Quarter Earnings

Stocks in this article: SOCB

The Company's ratio of nonperforming assets to total assets was 3.90% as of March 31, 2013, compared to 6.71% as of March 31, 2012. The allowance for loan losses as a percentage of loans was 2.41% as of March 31, 2013, compared to 2.96% as of March 31, 2012. The allowance for loan losses as a percentage of total nonperforming loans totaled 74.88% as of March 31, 2013, compared to 43.13% as of March 31, 2012.

The subsidiary bank's capital position as of March 31, 2013 remains substantially in excess of regulatory well-capitalized requirements, with Tier 1 capital to average assets of 10.25%. "We continue to be encouraged by the future direction of our Company given our capital strength and improvement in core operations," concluded Pearson.

About Southcoast Financial Corporation

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. 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)
     
  Three Months Ended
   March 31, 2013  March 31, 2012
   (Unaudited)
INCOME STATEMENT DATA    
Net interest income  $ 3,433  $ 3,177
Provision for loan losses  --  100
Noninterest income 589 906
Noninterest expenses 2,961 2,652
Net income  $ 1,006  $ 1,243
     
PER SHARE DATA     
Net income per share    
Basic  $ 0.16  $ 0.20
Diluted  $ 0.16  $ 0.20
     
BALANCE SHEET DATA    
Total assets  $ 441,835  $ 437,642
Total deposits 320,637 327,768
Total loans (net) 316,365 313,797
Investment securities 45,879 47,177
Other borrowings 72,066 64,500
Junior subordinated debentures 10,310 10,310
Shareholders' equity 35,267 31,807
     
Average shares outstanding 1    
Basic 6,148,152 6,114,128
Diluted 6,148,152 6,114,128
     
Book value per share 1 $5.74 $5.20
     
Key ratios     
Return on assets 2 0.95% 1.17%
Return on equity 2 11.74% 15.97%
Equity to asset ratio 7.98% 7.27%
Nonperforming assets to assets 3 3.90% 6.71%
Reserve to loans 4 2.41% 2.96%
Reserve to nonperforming loans 74.88% 43.13%
Net interest margin 2 3.63% 3.46%
1 Prior period per share amounts adjusted for 15% stock dividend paid during January 2013.
2 Ratios for three months are annualized.
3 Includes nonaccruing loans, loans 90 or more days past due still accruing interest, troubled debt restructures, and other real estate owned.
4 Includes nonaccruing loans, loans 90 or more days past due still accruing interest, and troubled debt restructures.
   
   
  Southcoast Financial Corporation
  Consolidated Balance Sheets
  (Dollars in thousands)
     
   March 31  December 31
  2013 2012
     
Assets    
Cash and cash equivalents $35,097 $21,984
Investments 45,879 48,367
Loans held for sale 776 1,789
Loans 324,172 327,469
Less: Allowance for loan losses 7,807 8,159
     
Net loans 316,365 319,310
Fixed assets 21,539 21,653
Other assets 22,179 25,118
     
 Total Assets $441,835 $438,221
     
Liabilities & Shareholders' Equity    
Deposits:    
 Non-interest bearing $45,777 $38,797
 Interest bearing non-time 128,093 115,245
 Time deposits 146,767 165,590
     
 Total deposits 320,637 319,632
Other borrowings 72,066 69,949
Other liabilities 3,555 4,066
Junior subordinated debentures 10,310 10,310
     
 Total liabilities 406,568 403,957
     
Shareholders' Equity    
 Common Stock  54,484 54,437
 Accumulated deficit  (17,996)  (19,002)
 Accumulated other comprehensive loss  (1,221)  (1,171)
     
 Total shareholders' equity 35,267 34,264
     
 Total Liabilities and Shareholders' equity $441,835 $438,221
 
 
 Southcoast Financial Corporation
 Consolidated Income Statement
 (Dollars in thousands, except share data)
     
     
   Quarter Ended
   March 31,  March 31,
  2013 2012
   (Unaudited)  (Unaudited)
Interest Income    
 Interest and fees on loans $4,201 $4,155
Interest on investments 252 304
Interest on Fed funds sold 6 6
     
Total interest income 4,459 4,465
     
Interest expense 1,026 1,288
     
 Net interest income 3,433 3,177
Provision for loan losses  --  100
     
 Net interest after provision 3,433 3,077
     
Securities gains  --  215
Other noninterest income 589 691
     
Total noninterest income 589 906
     
 Total operating income 4,022 3,983
     
Noninterest expense     
 Salaries and benefits 1,679 1,596
 Occupancy and furniture and equipment 753 735
 Other expenses 529 321
     
 Total noninterest expense 2,961 2,652
     
Income before taxes 1,061 1,331
Income tax expense 55 88
     
Net income $1,006 $1,243
     
Basic net income per common share $0.16 $0.20
     
Diluted net income per common share $0.16 $0.20
     
Average number of common shares    
 Basic 6,148,152 6,114,128
 Diluted 6,148,152 6,114,128
CONTACT: William C. Heslop, Senior Vice President and
         Chief Financial Officer, (843) 216-3019

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