PrintPrintThree banks headquartered in the Charleston area — Bank of South Carolina, Tidelands Bank and SouthCoast Community Bank — recently reported positive earnings for the third quarter of 2009.
Staff Report
Published Nov. 4, 2009
Three banks headquartered in the Charleston area recently reported positive earnings for the third quarter of 2009.
Bank of South Carolina,
The Bank of South Carolina, based in Charleston, announced third-quarter 2009 earnings of $136,521, down 81% from third-quarter 2008 earnings of $712,072.
Year-to-date, Bank of South Carolina has earned about $1.6 million, down from $2.15 million in the same period last year.
“The highlight of the year has been our loan and deposit growth,” said Hugh Lane Jr., president and CEO, in a statement.
Lane said loans have increased about 22% since September 2008, and deposits have grown by nearly 14%.
“This growth alone is reason to strengthen our reserve for loan losses, but when you factor in current economic conditions and the regulatory environment, raising our reserve was the responsible thing to do,” Lane said. “Doing so makes us a stronger bank.”
Total bank assets were $271.5 million at the end of the third quarter, up from $235.3 million at the end of third-quarter 2008.
Tidelands Bank
Tidelands Bancshares Inc., the Mount Pleasant-based holding company for Tidelands Bank, reported earnings of $497,000. For the third quarter of 2008, the bank reported a loss of $2.4 million.
Year-to-date, Tidelands reported a loss of $3.6 million. At Sept. 30 last year, the bank reported losses of $2.9 million.
“During this time of economic uncertainty, Tidelands has remained steadfast in our commitment to our community and our customers by providing a safe and sound financial institution,” said Robert Coffee Jr., president and CEO, in a statement. “We could not be more pleased to announce an improvement in our earnings while also maintaining the credit reserves and capital resources sufficient to thrive within our geographic footprint.”
The bank's total assets were $774.9 million at the end of the third quarter. As of Dec. 31, 2008, the bank's assets totaled $715.2 million.
SouthCoast Community Bank
Mount Pleasant-based SouthCoast Financial Corp., the holding company for SouthCoast Community Bank, reported earnings of $304,000 during the third quarter.
The bank lost $889,000 during the third quarter of 2008.
Year-to-date earnings for SouthCoast Financial Corp. are about $1 million compared to $625,000 through the third quarter of 2008.
The bank’s assets totaled $510.6 million at Sept. 30, down slightly from $541.6 million at the same time last year.
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