By Lauren Ratcliffe
lratcliffe@scbiznews.com
Published Jan. 31, 2013

Mount Pleasant-based Tidelands Bancshares Inc. reported a net loss of $3.2 million, an improvement of 59% compared with its loss of $9.1 million in 2011.

The 2012 loss was more than $4 million attributable to shareholders after a preferred dividend, the company added, compared with $10.6 million attributable to shareholders in 2011.

The bank attributed its reduction in net losses to a smaller provision for loan losses.

The company operates seven branches in South Carolina. Tidelands today was trading on the over-the-counter market at $0.40 per share.

Previous coverage

Tidelands Bancshares posts Q3 loss
Tidelands Bank narrows quarterly loss
Tidelands Bank returns to profitability
Tidelands bank reports 2011 financial losses, improves from 2010