CNCP Carolina National Corp (MM)

COLUMBIA, S.C., Feb. 5 /PRNewswire-FirstCall/ -- Carolina National Corporation, (NASDAQ:CNCP) parent of Carolina National Bank and Trust Company, is pleased to announce the consolidated financial results for 2006: Un-audited Audited December 31, 2006 December 31, 2005 Balance Sheet ($s in thousands) Assets Cash equivalents $ 12,036 $ 20,968 Investment Securities 644 3,501 Loans, net 192,350 137,270 Other Assets 3,882 3,118 Total Assets $208,912 $164,857 Liabilities Deposits $175,582 $135,746 Other Liabilities 2,737 2,743 Total Liabilities $178,319 $138,489 Equity Shareholders' Equity $ 30,593 $ 26,368 Total Liabilities and Shareholders' Equity $208,912 $164,857 Year To Date Income Statement ($s in thousands) Net Interest Income $ 8,006 $ 5,072 Provision for Loan Losses 603 550 Net Interest Income after Provision for Loan Losses 7,403 4,522 Non-interest Income 413 373 Non-interest Expense 4,780 3,902 Income Tax Expense 1,107 346 Net Income $ 1,929 $ 647 Quarter To Date Income Statement ($s in thousands) Net Interest Income $ 2,157 $ 1,557 Provision for Loan Losses 264 102 Net Interest Income after Provision for Loan Losses 1,893 1,455 Non-interest Income 113 103 Non-interest Expense 1,318 1,180 Income Tax Expense 277 131 Net Income $ 411 $ 247 Roger Whaley, President and Chief Executive Officer stated that "2006 was a very good year for Carolina National as the company realized a 198% increase in earnings over the prior year, reporting net income of $1,929,000 in 2006 versus $647,200 in 2005. Net interest margin increased in 2006 to 4.42%, an increase of 9% over our 2005 net interest margin. Total assets increased 27% over 2005 to $208,912,000 at December 31, 2006. Total loans increased 40.0% during 2006 to $194,785,000. Mr. Whaley also stated that the fourth quarter results saw an increase in net income of 66% to $411,000 from the $247,000 recognized in the same three month period of 2005. The bank maintained a quality loan portfolio as charge offs for 2006 were $51,000, or 0.03% of total loans, while non-performing loans were $654,000, or 0.34% of total loans. These ratios are well below our peer group. Additionally, the allowance for loan losses was 1.25% of total loans at year end. At December 31, 2006, 60% of total loans were nonresidential mortgage loans while residential mortgage loans, commercial and industrial loans and consumer loans made up 28%, 11% and 1%, respectively, of the loan portfolio. The bank's loan portfolio is primarily funded by the bank's deposits which increased by 29% to $175,582,000 at December 31, 2006. Noninterest bearing demand deposits were 10% of the total while interest bearing demand deposits were 6%, money market deposits and savings accounts were 20%, certificates of deposit under $100,000 were 27% and certificates of deposit of $100,000 and over were 37%. The bank continues to focus its efforts in the Columbia and Lexington markets of South Carolina and opened its fourth full service branch on Garners Ferry Road in Columbia in October 2006. Plans are to continue to open one or more branches each year at targeted locations in our market area over the next several years." Mr. Whaley continued by saying that he was excited about the future of the company and wanted to thank its customers, employees and shareholders for their support and business through the years as they are responsible for the current and future success of Carolina National Corporation. DATASOURCE: Carolina National Corporation CONTACT: Roger Whaley of Carolina National Corporation, +1-803-779-0411 Web site: http://www.carolinanationalbank.com/

Copyright