Gains from a real estate deal helped boost the first-quarter profit for the owner of Southcoast Community Bank.
Net income at Mount Pleasant-based Southcoast Financial Corp. more than tripled to about $1.98 million, up from $643,000 from the first three months of 2014.
Income from fees and other “noninterest” sources swelled to $1.28 million from $488,000 from a year ago, driven largely by a $750,000 profit from a unidentified land sale, the bank owner said.
Southcoast’s net interest income — the difference between the interest it took in from loans and paid out on deposits — increased by $385,000, or 10 percent, for the most recent quarter.
Problem assets continued to decline, the bank owner said. Deposits rose by $23.2 million, or 7 percent, to $354.2 million.
“We are proud of the improvements in our company’s performance as they reflect the loyalty of our customers and the dedication of our employees,” Southcoast CEO L. Wayne Pearson said in a written statement.
The bank operates 10 branches in the Charleston region.