Southcoast Financial Q2 net income $873,000
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This compares to unaudited net income of $709,000, or $0.10 per basic share, for the quarter ended June 30, 2014.
The company's stock was added to the Russell Microcap Index.
For the quarter ended June 30, 2015, net interest income totaled $3,869,000, an increase of $296,000 from $3,573,000 for the quarter ended June 30, 2014. The net interest margin remained the same for both periods at 3.65%.
Noninterest income for the second quarter of 2015 decreased to $554,000 from $630,000 for the second quarter of 2014, primarily due to a $109,000 decrease in gains on sales of available for sale securities.
Noninterest expense was $3,095,000 for the second quarter of 2015 compared to $3,115,000 for the second quarter of 2014.
For the six months ended June 30, 2015 the company had unaudited net income of $2,851,000, or $0.40 per basic share. This compares to unaudited net income of $1,352,000, or $0.19 per basic share for the six months ended June 30, 2014.
This increase year over year is primarily due to the $750,000 gain on the sale of land and negative loan loss provision of $900,000 recognized during the first quarter.
The company’s ratio of nonperforming assets to total assets was 1.68% as of June 30, 2015, compared to 2.76% as of June 30, 2014. The allowance for loan losses as a percentage of total loans was 1.30% as of June 30, 2015, compared to 1.73% as of June 30, 2014.
The allowance for loan losses as a percentage of total nonperforming loans totaled 87.40% as of June 30, 2015, compared to 76.40% as of June 30, 2014.
Total assets as of June 30, 2015 were $505.7 million compared to $476.8 million as of December 31, 2014, an increase of 6.05%. Loans increased 5.19% to $383.0 million, from $364.1 million as of December 31, 2014. Deposits increased by $30.2 million, or 9.11% to $361.2 million at June 30, 2015, from $331.0 million at December 31, 2014.
This increase was comprised of a $13.8 million increase in noninterest demand deposits, a $9.7 million increase in noninterest bearing non-time deposits, and a $6.7 million increase in time deposits. These increases represented favorable changes to the company’s deposit mix.
The subsidiary bank’s capital position as of June 30, 2015 remains in excess of regulatory well-capitalized requirements.
On June 26, 2015, the company’s stock was added to the Russell Microcap Index. ■