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Southcoast Announces 2014 First Quarter Results

Stocks in this article: SOCB

MT. PLEASANT, S.C., April 10, 2014 (GLOBE NEWSWIRE) -- Southcoast Financial Corporation (Nasdaq:SOCB) announced that it had unaudited pretax income of $988,000 and after tax net income of $643,000, or $.09 per basic share, for the quarter ended March 31, 2014. This compares to unaudited pretax income of $1,061,000 and after tax net income of $1,006,000, or $0.14 per basic share, for the quarter ended March 31, 2013. The March 31, 2014 income per share is based on 7,085,818 basic average shares compared to 7,070,375 basic average shares for 2013. The 2014 results include the continued improvement in asset quality, deposit mix and net interest margin.

For the quarter ended March 31, 2014, net interest income totaled $3,630,000, an increase of $197,000 from $3,433,000 for the quarter ended March 31, 2013. The net interest margin increased to 3.81% as of March 31, 2014 from 3.65% as of March 31, 2013.

Noninterest income for 2014 decreased to $488,000 from $589,000 for 2013, primarily due to an $83,000 reduction in mortgage loan and related fees.

Noninterest expense levels increased to $3,130,000 for 2014 from $2,961,000 for 2013. Included in 2013 was the benefit of $288,000 in net gains on sales of other real estate owned compared to only $105,000 in 2014.

Tax expense increased to $345,000 for 2014 from $55,000 for 2013. In the first quarter of 2013, the company was not accruing any Federal income tax due to its deferred tax asset (DTA) valuation allowance. The valuation allowance was reversed later in 2013, requiring tax expense to once again be accrued.

Total assets as of March 31, 2014 were $453.0 million compared to $447.4 million as of December 31, 2013, an increase of 1.26%. Loans, excluding loans held for sale, increased 2.23% to $339.3 million, from $331.9 million as of December 31, 2013. Deposits increased by $15.6 million to $331.5 million at March 31, 2014, from $315.8 million at December 31, 2013. This increase was comprised of an $11.9 million increase in noninterest demand deposits and a $5.5 million increase in time deposits, offset by a $1.8 million decrease in interest bearing nontime deposits. Growth in core deposits is a major strategy incorporated into our 2014 strategic plan.

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