CNCP Carolina National Corp (MM)

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/

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