This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Southcoast Announces 2014 First Half Results

MT. PLEASANT, S.C., July 18, 2014 (GLOBE NEWSWIRE) -- Southcoast Financial Corporation (Nasdaq:SOCB) announced that it had unaudited net income of $1,352,000, or $.19 per diluted share, for the six months ended June 30, 2014. This compares to unaudited net income of $8,041,000, or $1.14 per diluted share, for the six months ended June 30, 2013. The difference in net income between the two periods primarily relates to the one-time tax benefit of $6.4 million derived from the recapture of the Company's deferred tax asset in the second quarter of 2013. The June 30, 2014 income per share is based on 7,087,860 diluted average shares compared to 7,072,956 diluted average shares for 2013. Income before income taxes increased 23.7% to $2,076,000 from $1,678,000. The 2014 pretax results were influenced by a growth in loan interest income, reduced funding costs, and reductions in noninterest expenses.

For the six months ended June 30, 2014, net interest income totaled $7,203,000, an increase of $297,000 from $6,906,000 for the six months ended June 30, 2013.

Noninterest income for 2014 decreased to $1,118,000 from $1,280,000 for 2013, primarily due to a $150,000 reduction in fees on mortgage loans sold.

Noninterest expense levels decreased from $6,508,000 for 2013 to $6,245,000 for 2014. Contributing to this decrease were reductions in salaries and benefits, FDIC insurance premiums, and overhead expenses on other real estate owned.

For the quarter ended June 30, 2014, the unaudited net income was $709,000, or $0.10 per diluted share. This compares to an unaudited net income of $7,035,000, or $0.99 per diluted share for the quarter ended June 30, 2013. The net income for the quarter ended June 30, 2013, included a one-time tax benefit of $6,419,000 resulting from the Company's recapture of its deferred tax asset valuation allowance. The June 30, 2014 income per share is based on 7,089,902 diluted average shares compared to 7,074,210 diluted average shares for the quarter ended June 30, 2013.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs