Southcoast Financial Corporation (Nasdaq:SOCB) announced that it
had unaudited net income of $3,737,000, or $.53 per basic share,
for the year ended December 31, 2014. This compares to unaudited
net income of $9,065,000, or $1.28 per basic share, for the year
ended December 31, 2013. 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 December 31, 2014 income per share is based on 7,091,361
basic average shares compared to 7,076,157 basic average shares for
2013.
For the year ended December 31, 2014, net interest income
totaled $14,600,000, an increase of $897,000 from $13,703,000 for
the year ended December 31, 2013. The net interest margin increased
to 3.71% as of December 31, 2014 from 3.63% as of December 31,
2013.
Noninterest income for 2014 decreased to $2,146,000 from
$2,360,000 for 2013, primarily due to a $216,000 decrease in fees
on mortgage loans sold.
Noninterest expense levels decreased to $12,004,000 for 2014
from $13,188,000 for 2013. Decreases in salaries and benefits, FDIC
insurance, other real estate expenses, and data processing costs,
coupled with an increase of $302,000 in gains on sales of other
real estate owned, are the main reasons for this 9% decrease.
Total assets as of December 31, 2014 were $476.8 million
compared to $447.4 million as of December 31, 2013, an increase of
6.6%. Loans, excluding loans held for sale, increased to $364.1
million, from $331.9 million as of December 31, 2013, an increase
of 9.7%. Deposits increased by 4.8% to $331.0 million at December
31, 2014, from $315.8 million at December 31, 2013. Additionally,
the Company's deposit mix improved between the two periods, as time
deposits accounted for 36.4% of the Company's deposits at December
31, 2014, compared to 43.2% at December 31, 2013.
The Company's ratio of nonperforming assets to total assets
decreased to 1.94% as of December 31, 2014, compared to 3.47% as of
December 31, 2013. The allowance for loan losses as a
percentage of loans was 1.54% as of December 31, 2014, compared to
1.82% as of December 31, 2013. The allowance for loan losses
as a percentage of total nonperforming loans totaled 100.36% as of
December 31, 2014, compared to 58.88% as of December 31,
2013. The change in these ratios was indicative of improved
credit quality in the loan portfolio.
The subsidiary bank's capital position as of December 31, 2014
remains in excess of regulatory well-capitalized requirements.
"We are proud of our accomplishments in 2014 as they reflect the
hard work of our employees. The 9.7% growth in loans, improvement
in asset quality, increase in net-interest margin, and decrease in
overhead all account for the earnings improvement in our core
business," said L. Wayne Pearson, Chairman and Chief Executive
Officer.
About Southcoast Financial Corporation
Southcoast Financial Corporation, headquartered in Mt. Pleasant,
South Carolina, is the holding company of Southcoast Community
Bank. The Bank, which opened for business July 20, 1998, is a state
chartered commercial bank operating from its main office at 530
Johnnie Dodds Boulevard in Mt. Pleasant, South Carolina and nine
branches in the Charleston, South Carolina area. Southcoast
Financial Corporation's common stock is traded on the NASDAQ Global
Market under the symbol SOCB.
Southcoast Financial
Corporation |
SELECTED FINANCIAL DATA |
(dollars in thousands, except
earnings per share) |
|
|
Year
Ended |
|
December 31, 2014 |
December 31, 2013 |
|
(Unaudited) |
|
INCOME STATEMENT DATA |
|
|
Net interest income |
$14,600 |
$13,703 |
Provision for loan losses |
(600) |
400 |
Noninterest income |
2,146 |
2,360 |
Noninterest expenses |
12,004 |
13,188 |
Income tax expense
(benefit) |
1,605 |
(6,590) |
Net income |
$3,737 |
$9,065 |
|
|
|
PER SHARE DATA |
|
|
Net income per share |
|
|
Basic |
$0.53 |
$1.28 |
Diluted |
$0.53 |
$1.28 |
|
|
|
BALANCE SHEET DATA |
|
|
Total assets |
$476,833 |
$447,384 |
Total deposits |
331,034 |
315,828 |
Total loans (net) |
358,546 |
325,865 |
Investment securities |
39,269 |
43,451 |
Other borrowings |
83,802 |
73,818 |
Junior subordinated
debentures |
10,310 |
10,310 |
Shareholders' equity |
47,305 |
42,569 |
|
|
|
Average shares outstanding1 |
|
|
Basic |
7,091,361 |
7,076,157 |
Diluted |
7,091,361 |
7,076,157 |
|
|
|
Book value per share |
$6.67 |
$6.01 |
|
|
|
Key ratios |
|
|
Return on assets |
0.83% |
2.09% |
Return on equity |
8.32% |
23.60% |
Nonperforming assets1 to
assets |
1.94% |
3.47% |
Reserve to loans |
1.54% |
1.82% |
Reserve to nonperforming
loans2 |
100.36% |
58.88% |
Net interest margin |
3.71% |
3.63% |
|
|
|
1 Includes nonaccruing loans,
loans 90 or more days past due still accruing interest, troubled
debt restructures, and other real estate owned. |
2 Includes nonaccruing loans,
loans 90 or more days past due still accruing interest, and
troubled debt restructures. |
|
|
Southcoast
Financial Corporation |
|
|
Consolidated
Balance Sheets |
|
|
(Dollars in
thousands) |
|
|
|
|
|
December 31 |
December 31 |
|
2014 |
2013 |
|
(Unaudited) |
|
Assets |
|
|
Cash and cash equivalents |
$33,572 |
$28,460 |
Investments |
39,269 |
43,451 |
Loans held for sale |
-- |
271 |
Loans |
364,148 |
331,906 |
Less: Allowance for loan losses |
5,602 |
6,041 |
|
|
|
Net loans |
358,546 |
325,865 |
Fixed assets |
20,455 |
21,150 |
Other assets |
24,991 |
28,187 |
|
|
|
Total Assets |
$476,833 |
$447,384 |
|
|
|
Liabilities & Shareholders' Equity |
|
|
Deposits: |
|
|
Noninterest bearing |
$47,002 |
$40,399 |
Interest bearing nontime |
163,389 |
138,899 |
Time deposits |
120,643 |
136,530 |
|
|
|
Total deposits |
331,034 |
315,828 |
Other borrowings |
83,802 |
73,818 |
Other liabilities |
4,382 |
4,859 |
Junior subordinated debentures |
10,310 |
10,310 |
|
|
|
Total liabilities |
429,528 |
404,815 |
|
|
|
Shareholders' Equity |
|
|
Common Stock |
54,643 |
54,544 |
Accumulated deficit |
(6,200) |
(9,937) |
Accumulated other comprehensive
loss |
(1,138) |
(2,038) |
|
|
|
Total shareholders' equity |
47,305 |
42,569 |
|
|
|
Total Liabilities and
Shareholders' equity |
$476,833 |
$447,384 |
|
|
|
|
Southcoast
Financial Corporation |
|
|
Consolidated
Income Statements |
|
|
(Dollars in
thousands, except earnings per share) |
|
|
|
|
|
Year Ended |
|
December 31, |
December 31, |
|
2014 |
2013 |
|
(Unaudited) |
|
Interest Income |
|
|
Interest and fees on loans |
$17,046 |
$16,425 |
Interest on investments |
1,104 |
1,106 |
Interest on Fed funds sold |
31 |
30 |
|
|
|
Total interest income |
18,181 |
17,561 |
|
|
|
Interest expense |
3,581 |
3,858 |
|
|
|
Net interest income |
14,600 |
13,703 |
Provision for loan losses |
(600) |
400 |
|
|
|
Net interest income after
provision |
15,200 |
13,303 |
|
|
|
Noninterest income |
2,146 |
2,360 |
|
|
|
Total operating income |
17,346 |
15,663 |
|
|
|
Noninterest expense |
|
|
Salaries and benefits |
6,630 |
7,024 |
Occupancy and
equipment |
2,812 |
2,935 |
Other expenses |
2,562 |
3,229 |
|
|
|
|
|
|
Total noninterest expense |
12,004 |
13,188 |
|
|
|
Income before taxes |
5,342 |
2,475 |
|
|
|
Income tax expense (benefit) |
1,605 |
(6,590) |
|
|
|
Net income |
$3,737 |
$9,065 |
|
|
|
|
|
|
Basic net income per share |
$0.53 |
$1.28 |
|
|
|
Diluted net income per share |
$0.53 |
$1.28 |
|
|
|
Average number of shares |
|
|
Basic |
7,091,361 |
7,076,157 |
Diluted |
7,091,361 |
7,076,157 |
CONTACT: William C. Heslop, Senior Vice President and
Chief Financial Officer, (843) 216-3019
Southcoast Financial Corp. (NASDAQ:SOCB)
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