Tidelands Bancshares Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income available to common shareholders of $264,151 or $0.07 per diluted share on net interest income of $4,895,707 compared to net loss available to common shareholders of $2,437,893 or $0.60 per diluted share on net interest income of $3,921,838 for the same period of last year. Total interest income was $9,077,461 compared to $9,106,000 for the same period of last year. Income before income taxes was $697,241 compared to loss before income taxes of $3,891,121 for the same period of last year. Returns on average assets and equity were 0.25% and 4.11% respectively compared to loss on average assets and equity of 1.49% and 25.21% respectively for the same period a year earlier. Book value as on date was $7.93 per share compared to the $8.86 per share reported for the same quarter of 2008. For the nine months, the company reported net loss available to common shareholders of $4,301,831 or $1.06 per diluted share on net interest income of $12,939,042 compared to net loss available to common shareholders of $2,902,692 or $0.72 per diluted share on net interest income of $10,543,582 for the same period of last year. Total interest income was $26,567,082 compared to $25,710,483 for the same period of last year. Loss before income taxes was $5,535,580 compared to $4,706,400 for the same period of last year. Loss on average assets and equity were 0.61% and 9.80% respectively compared to 0.66% and 9.71% for the same period a year earlier. Book value as on date was $7.93 per share compared to the $8.86 per share reported for the same quarter of 2008.

Tidelands Bancshares Inc. announced that the company's Board of Directors appointed John N. Cagle, III, DMD to serve as Chairman of the Board of Directors. The Board of Directors also appointed Larry W. Tarleton to serve as Vice Chairman and Secretary of the Board of Directors. Dr. Cagle has served on the Board of Directors since the company's formation in 2002. Mr. Tarleton has served on the Board of Directors since 2006. The Board of Directors also accepted the resignation of Chairman Barry I. Kalinsky, Vice Chairman and Secretary Paul J. Kerwin, DVM and Morris Kalinsky from the Board of Directors. Dr. Kerwin resigned on October 16, 2009 and Messrs. Barry Kalinsky and Morris Kalinsky resigned on October 17, 2009. Morris Kalinsky and Barry I. Kalinsky each resigned as a director of Tidelands Bancshares Inc. Morris Kalinsky resigned for health reasons and Barry Kalinsky, Morris' son, resigned due to the increased management and oversight needs of their family business. Mr. Barry Kalinsky also resigned as Chairman of the Board of Directors.

Tidelands Bancshares Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported a loss before income taxes of $5.3 million, net loss of $3.5 million, net loss available to common shareholders of $3.7 million or $0.92 per share on the net interest income of $3.65 million against the loss before income taxes of $0.4 million, net loss of $0.23 million, net loss available to common shareholders of $0.23 million or $0.06 per share on the net interest income of $3.4 million for the same period a year ago. The net loss was the result of credit provisions taken to fortify the balance sheet in this difficult economic environment. For the six months, the company increased interest income to $17.5 million compared to $16.6 million through June 30, 2008, while reducing interest expense to $9.4 million for the six months ending June 30, 2009 from $10.0 million through June 30, 2008. The company reported a loss before income taxes of $6.2 million, net loss of $4.1 million, net loss available to common shareholders of $4.6 million or $1.13 per share on the net interest income of $8.0 million against the loss before income taxes of $0.8 million, net loss of $0.5 million, net loss available to common shareholders of $0.46 million or $0.12 per share on the net interest income of $6.6 million for the same period a year ago. The successful management of these two components of earnings resulted in an overall increase in net interest income before provision expense of $1.4 million. For the six months, book value was $7.73 per share against the $9.25 for the same period a year ago. Return on average assets was negative at 1.05% against the $0.17% for the same period a year ago. Return on average equity was negative at 16.63% against the 2.30% for the same period a year ago. For the quarter, book value was $7.73 per share against the $9.25 for the same period a year ago. Return on average assets was negative at 1.71% against the $0.16% for the same period a year ago. Return on average equity was negative at 29.03% against the 2.30% for the same period a year ago.