Bank of the Carolinas Reports Second Quarter Results
July 23 2004 - 5:54PM
PR Newswire (US)
Bank of the Carolinas Reports Second Quarter Results MOCKSVILLE,
N.C., July 23 /PRNewswire-FirstCall/ -- Bank of the Carolinas
(OTC:BCAR) (BULLETIN BOARD: BCAR) , today reported operating
results for the second quarter ended June 30, 2004. The Bank
reported net income of $376,081 or $.15 per share on a diluted
basis for the second quarter compared to $323,672 or $.16 per share
on a diluted basis for the same period in 2003. This represents a
14.9% increase in operating profit. Net interest income increased
13.1% during the second quarter compared to the corresponding
period in 2003; non-interest income increased 30.5% and
non-interest expense increased 12.0%. The Bank reserved $310,000
for possible loan losses compared to $120,000 for the same period
in 2003. At the end of the quarter total assets were $243.8
million, an increase of $32.9 million. When compared to June 30,
2003, this is an increase of 15.6%. Net loans increased $21.4
million or 12.7% while deposits grew $23.9 million or 13.5% for the
same period. Bank of the Carolinas is a state chartered bank
headquartered in Mocksville, NC with offices in Advance, Asheboro,
Carthage, Cleveland, Harrisburg, Landis, and has made application
to state and federal regulators to open a full service office at
119 West Center Street in Lexington, NC. The opening of this office
is anticipated in September 2004. Common stock of the bank is
traded on the OTC Bulletin Board under the Symbol BCAR. Market
Makers include Scott & Stringfellow, Inc., Monroe Securities,
and Baird, Patrick and Company. This press release contains
forward-looking statements as defined by federal securities laws.
These statements may address issues that involve significant risks,
uncertainties, estimates and assumptions made by management. Actual
results could differ materially from current projections. Bank of
the Carolinas undertakes no obligation to revise these statements
following the date of this press release. Additional information
about Bank of the Carolinas is available on its website at
http://www.bankofthecarolinas.com/ . For further information
contact: J. A. Bush Chief Financial Officer Bank of the Carolinas
135 Boxwood Village Drive Mocksville, North Carolina 27028 (336)
751-5755 DATASOURCE: Bank of the Carolinas CONTACT: J. A. Bush,
Chief Financial Officer of Bank of the Carolinas, +1-336-751-5755
Web site: http://www.bankofthecarolinas.com/
Copyright