By Lauren Ratcliffe
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.