Tidelands Bancshares announced Friday that its restated earnings for the three months ended June 30 showed a loss of more than $6.1 million, up from the original figure of $3.9 million reported in August.
Tidelands said last week it would restate its earnings for the quarter ended June 30, 2011, due to an approximate $2.2 million increase in its allowance for loan losses and related provision for loan losses.
The restatement came as a result of a recently completed joint examination of subsidiary Tidelands Bank by the Federal Deposit Insurance Corp. and the SC Board of Financial Institutions, according to information filed with the US Securities and Exchange Commission.
As a result, officers with the Mount Pleasant-based company determined last week that the previously issued unaudited consolidated financial statements for the second quarter should no longer be relied upon.
Tidelands reported a loss per share of for the quarter $1.58, compared to the originally reported loss per share of $1.02, according to SEC filings.
For the six months ended June 30, Tidelands lost nearly $10.4 million, up from the original figure of $8.1 million.
The company said its loan-loss provision increased from $3.3 million to $5.5 million for the second quarter.
To date this year, the company has lost nearly $11 million, according to information filed with the US Securities and Exchange Commission.
In addition, Tidelands lost $16.5 million last year and has now posted a deficit of more than $42 million since the start of 2008.
Stock in Tidelands is selling for just 13 cents a share, well below its 52-week high of $1.40.