Mount Pleasant’s Southcoast Financial swings to $3.5M profit for 2012
The owner of Southcoast Community Bank finished off a year of improved results with a fourth-quarter profit of $919,000.
Mount Pleasant-based Southcoast Financial Corp. said the gain compared to a loss of $4.8 million for the last three months of 2011. For all of 2012, the company reported net income of $3.52 million, compared to a loss of $16.48 million the previous year
CEO L. Wayne Pearson said the bank owner had to set aside less money to cover losses last year as bad loans and other so-called nonperforming assets fell by 39 percent from 2011.
Also helping the bottom line was that the bank was able to lower its interest payments on deposits and other liabilities, he said.
“We continue to be encouraged by the future direction of our company given our capital strength, the reduction in non-performing assets and our continued improvement in the net interest margin,” Pearson said in a written statement.
Comments { }
Postandcourier.com is pleased to offer readers the enhanced ability to comment on stories. We expect our readers to engage in lively, yet civil discourse. Postandcourier.com does not edit user submitted statements and we cannot promise that readers will not occasionally find offensive or inaccurate comments posted in the comments area. Responsibility for the statements posted lies with the person submitting the comment, not postandcourier.com. If you find a comment that is objectionable, please click "report abuse" and we will review it for possible removal. Please be reminded, however, that in accordance with our Terms of Use and federal law, we are under no obligation to remove any third party comments posted on our website. Read our full Terms and Conditions.