MT. PLEASANT, S.C., Jan. 17, 2014 (GLOBE NEWSWIRE) -- Southcoast Financial Corporation (Nasdaq:SOCB) announced that it had unaudited net income of $9,065,000, or $1.28 per basic share, for the year ended December 31, 2013. This compares to unaudited net income of $3,518,000, or $0.50 per basic share, for the year ended December 31, 2012. The December 31, 2013 income per share is based on 7,076,157 basic average shares compared to 7,044,365 basic average shares for 2012.
The 2013 results included the reversal of the Deferred Tax Asset (DTA) valuation allowance which contributed to a net tax benefit of approximately $6,590,000, or $0.93 per share. The reversal was the result of six quarters of sustained profitability and improving credit quality which indicated an anticipated capacity to utilize the DTA in future periods. The impact of the DTA valuation allowance reversal, coupled with operating earnings, increased the Company's book value to $6.02 per share as of December 31, 2013, compared to $4.86 per share as of December 31, 2012. The 2013 results also reflect decreased levels of nonperforming assets and an improved deposit mix.
For the year ended December 31, 2013, net interest income totaled $13,703,000, an increase of $327,000 from $13,376,000 for the year ended December 31, 2012. The net interest margin increased to 3.63% as of December 31, 2013 from 3.55% as of December 31, 2012.Noninterest income for 2013 decreased to $2,360,000 from $3,277,000 for 2012, primarily due to $626,000 of securities gains and $192,000 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 $13,188,000 for 2013 from $12,118,000 for 2012. Included in 2012 was the benefit of $1,240,000 in net gains on sales of other real estate owned compared to only $339,000 for 2013.
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