By Lauren Ratcliffe
Published April 23, 2012
After suffering losses in 2011, Tidelands Bancshares Inc. announced a net income of $263,000 for the first quarter of 2012.
Net income attributable to shareholders for the Mount Pleasant-based company totaled $24,000 or one cent per share. These earnings compare to a $4.46 million loss or $1.09 per share during the first quarter of 2011.
The bank attributes the turnaround to a reduction in the provision for loan losses and a reduction in noninterest expenses.
Total assets for the company were $547.6 million, an increase of $14.5 million during the first quarter. Net loans outstanding decreased $4.5 million during the first quarter and total deposits increased.