Top-line revenue grouwth and lower expenses help fuel a 23 percent gain in second-quarter profits at Southcoast Financial Corp.
The owner of Southcoast Community Bank said Thursday that its net income was $873,000, or 12 cents share, for the April-June period, or $164,000 more than the year-ealier period.
Revenue from all sources was up 8 percent to $3.87 million compared to the second quarter of 2014, an increase of $296,000. At the same time, Mount Pleasant-based Southcoast said it cut expenses by $200,000 to about $3.1 million.
For the first six months of 2015, the company’s bottom line more than doubled to $2.85 million, primarily because of gains in the first quarter from a $750,000 real estate sale and a $900,000 credit from its loan loss reserves.
“Our company’s improved performance for the quarter and year to date reflects steady loan and deposit growth, as well as an improvement in our deposit mix,” CEO L. Wayne Pearson said in a statement.
Southcoast operates 10 branches in the Charleston region.