CNCP Carolina National Corp (MM)

COLUMBIA, S.C., Jan. 23 /PRNewswire-FirstCall/ -- Carolina National Corporation, (NASDAQ:CNCP) parent of Carolina National Bank, is pleased to announce the consolidated financial results for 2005: Unaudited Audited December 31, 2005 December 31, 2004 Balance Sheet ($'s in thousands) Assets Cash equivalents $20,968 $3,382 Investment Securities 3,501 3,361 Loans, net 137,275 88,972 Other Assets 3,113 2,790 Total Assets $164,857 $98,505 Liabilities Deposits $135,746 $86,094 Other Liabilities 2,743 1,486 Total Liabilities $138,489 $87,580 Equity Shareholders Equity $26,368 $10,925 Total Liabilities and Shareholders Equity $164,857 $98,505 Income Statement ($'s in thousands) Net Interest Income $5,072 $2,720 Provision for Loan Loss 550 506 Net Interest Income after Provision for Loan Losses $4,522 $2,214 Non-interest Income 373 272 Non-interest Expense 3,902 3,148 Income Tax Expense (benefit) 346 (229) Net Income $647 $(433) Roger Whaley, President and Chief Executive Officer stated, "We are very pleased with the results of the year's activities. Between the end of 2004 and 2005, loans to our customers increased 54%; deposits increased 58%. Our total revenue increased 100.02% from $4,198,599 in 2004 to $8,398,151 in 2005. We experienced our first profitable full year and our net income for 2005 was more than a $1 million improvement over the net loss reported for 2004. Two important measures of profitability, Net Interest Margin and Efficiency Ratio both improved significantly: the Net Interest Margin increased from 3.34% for the year ended 2004 to 4.01% for the year ended 2005 and the Efficiency Ratio improved from 105.21% to 71.66%." "Also, our capital position grew significantly during the year. We recently completed a successful stock offering of 1,000,000 shares which increased capital by a net amount of $14.8 million. This new capital, combined with Net Income adjusted for Other Comprehensive Losses (net of tax benefits) increased our capital strength by 141%. After the end of 2005, the underwriter of our stock offering exercised an option to purchase an additional 150,000 shares. The net proceeds from this transaction are approximately $2.24 million and will be reported as additional capital in our financial results for the first quarter of 2006," he said. First Call Analyst: FCMN Contact: DATASOURCE: Carolina National Corporation CONTACT: Roger Whaley of Carolina National Corporation, +1-803-779-0411 Web site: http://www.carolinanationalbank.com/

Copyright