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Southcoast Financial Corporation Announces Nine Months Earnings

Stocks in this article: SOCB

MT. PLEASANT, S.C., Oct. 8, 2013 (GLOBE NEWSWIRE) -- Southcoast Financial Corporation (Nasdaq:SOCB) announced that it had unaudited net income of $8,735,000, or $1.23 per basic share, for the nine months ended September 30, 2013. This compares to unaudited net income of $2,590,000, or $0.37 per basic share, for the nine months ended September 30, 2012. The September 30, 2013 income per share is based on 7,074,183 basic average shares compared to 7,044,365 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 impact of the DTA valuation allowance reversal, coupled with operating earnings, increased the Company's book value to $5.97 per share as of September 30, 2013, compared to $4.76 per share as of September 30, 2012.

For the nine months ended September 30, 2013, net interest income increased $510,000 from $9,880,000 for the nine months of 2012 to $10,390,000 for the nine months ended September 30, 2012. 

Noninterest income decreased to $1,840,000 for the first nine months of 2013 from $2,550,000 for the first nine months of 2012, primarily due to $626,000 of securities gains and $124,000 of gains on sales of fixed assets during the 2012 period, compared to only $105,000 of gains from sales of securities and $28,000 of gains on sales of fixed assets in the 2013 period.

Noninterest expense levels increased to $9,858,000 for the nine months ended September 30, 2013 from $8,957,000 for the nine months ended September 30, 2012. The first nine months of 2012 included the benefit of $1,042,000 in net gains on sales of other real estate owned compared to only $314,000 for the nine months ended September 30, 2013. 

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