Tidelands Bancshares posts Q3 loss

By Lauren Ratcliffe
lratcliffe@scbiznews.com
Published Nov. 7, 2012

Tidelands Bancshares, the Mount Pleasant-based parent company to Tidelands Bank, has dipped back in the red for the third quarter, continuing a year of up-and-down financial results.

For the three months ended Sept. 30, the company lost $2.6 million in income attributable to shareholders. This compares with a net income of $1.4 million during the same quarter last year.

The third-quarter loss makes up all but $300,000 of the bank’s losses so far this year. Year to date, the bank lost $2.9 million attributable to shareholders.

Year-to-date losses have improved compared with 2011, however. In the first nine months of 2011, Tidelands reported a loss of $9.4 million.

Tidelands CEO Thomas Lyles said he was pleased with the direction the bank was headed in, although he admitted the roller-coaster ride was unlikely to be over.

“I think we will see some more of that up and down stuff before we hit that up for good,” he said.

Previous coverage

Tidelands Bank narrows quarterly loss
Tidelands Bank returns to profitability
Tidelands bank reports 2011 financial losses, improves from 2010

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