Carolina National (NASDAQ:CNCP)
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From Jun 2019 to Jun 2024
COLUMBIA, S.C., Aug. 9 /PRNewswire-FirstCall/ -- Carolina National Corporation, (NASDAQ:CNCP) parent of Carolina National Bank and Trust Company, today announced its consolidated financial results for the second quarter and first six months of 2007:
Unaudited Audited
June 30, 2007 Dec. 31, 2006
Condensed Balance Sheet
($s in thousands)
Assets
Cash equivalents $ 20,453 $ 12,036
Investment Securities 1,276 644
Loans, net 200,406 192,350
Other Assets 3,531 3,882
Total Assets $225,666 $208,912
Liabilities
Deposits $192,462 $175,582
Other Liabilities 1,593 2,737
Total Liabilities $194,055 $178,319
Equity
Shareholders' Equity $ 31,611 $ 30,593
Total Liabilities and
Shareholders' Equity $225,666 $208,912
Unaudited Unaudited
June 30, 2007 June 30, 2006
Year To Date Income Statement
($s in thousands)
Net Interest Income $ 4,292 $ 3,787
Provision for Loan Losses 92 251
Net Interest Income after
Provision for Loan Losses 4,200 3,536
Noninterest Income 183 207
Noninterest Expense 2,835 2,249
Income Tax Expense 561 505
Net Income $ 987 $ 989
Unaudited Unaudited
June 30, 2007 June 30, 2006
Quarter To Date Income Statement
($s in thousands)
Net Interest Income $ 2,143 $ 1,993
Provision for Loan Losses 92 100
Net Interest Income after
Provision for Loan Losses 2,051 1,893
Noninterest Income 81 110
Noninterest Expense 1,446 1,130
Income Tax Expense 246 295
Net Income $ 440 $ 578
Roger Whaley, President and Chief Executive Officer, reported net income that was flat for the first six months and second quarter income for 2007 decreased somewhat as compared to the same periods in 2006. Mr. Whaley stated that the Company was continuing to increase its total deposits and assets in the face of slowing general market conditions that have compressed the net interest margin. We continue to implement our branch network growth strategy and absorb the related marketing and infrastructure costs. The Company has successfully expanded our loan portfolio and we have maintained high quality without the need to increase loan loss reserves.
The Company continues to focus its efforts in the Columbia and Lexington markets of South Carolina and management believes that these markets continue to offer strong growth opportunities. Plans are moving forward to open the Company's fifth full service branch, which will be located in the Lexington market, during the first quarter of 2008.
DATASOURCE: Carolina National Corporation
CONTACT: Roger Whaley of Carolina National Corporation, +1-803-779-0411
Web site: http://www.carolinanationalbank.com/