The owner of Mount Pleasant-based Tidelands Bank reported its sixth consecutive quarterly deficit as it had to set aside $4.2 million to cover bad loans.
Tidelands Bancshares Inc. said it lost nearly $4.5 million from Jan. 1 to March 31, compared to a nearly $2 million loss for the same period in 2010. On a per-share basis, the latest deficit totaled $1.09.
“Those number don’t come as a surprise to us,” said Thomas H. Lyles, acting chief executive officer at Tidelands.
Lyles noted that a turnaround plan the bank filed with industry regulators called for “several more quarter of pain, if you will,” before the economy and the company “turn the corner.”
He added that Tidelands is making steady and better-than-expected improvements in reducing its portfolio of soured loans and other so-called nonperforming assets.
“The positive thing out of this is that the credit indicators are all looking better,” Lyles said.
For more details, see Tuesday’s editions of The Post and Courier.