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Southcoast Announces Six Months Earnings

Stocks in this article: SOCB

MT. PLEASANT, S.C., July 17, 2013 (GLOBE NEWSWIRE) -- Southcoast Financial Corporation (Nasdaq:SOCB) announced that it had unaudited net income of $8,041,000, or $1.14 per basic share, for the six months ended June 30, 2013. This compares to unaudited net income of $1,746,000, or $0.25 per basic share, for the six months ended June 30, 2012. The June 30, 2013 income per share is based on 7,072,869 basic average shares compared to 7,037,787 basic average shares for 2012.

The year to date 2013 results include the reversal of the deferred tax asset (DTA) valuation allowance resulting in the recognition of a tax benefit of approximately $6,363,000, or $0.90 per share. The reversal was reflective of sustained profitability and improving credit quality that has led to significantly lower credit related costs supporting the anticipated capacity to utilize the DTA in future periods to reduce income tax payments. The second quarter of 2013 represents the sixth consecutive quarter of net income. The impact of the DTA valuation allowance reversal, coupled with operating earnings, increased the Company's book value to $5.85 per share as of June 30, 2013.

For the quarter ended June 30, 2013, the unaudited net income was $7,035,000, or $0.99 per basic share. This compares to an unaudited net income of $503,000, or $0.07 per basic share for the quarter ended June 30, 2012. The June 30, 2013 income per share is based on 7,074,123 basic average shares compared to 7,044,398 basic average shares for the quarter ended June 30, 2012. The DTA valuation allowance reversal contributed $6,418,000, or $0.91 per basic share, to net income for the quarter.

For the six months ended June 30, 2013, net interest income increased $425,000 from $6,481,000 for the six months of 2012 to $6,906,000 for the six months ended June 30, 2013. The Company's annualized net interest margin improved by 43 basis points to 3.85% for the first six months of 2013 from 3.42% for the first six months of 2012, due to the continued significant reduction in our cost of funds.

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