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.
Southcoast Announces 2014 First Half Results
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