Carolina National Corporation, Based in Columbia, SC Announces Results for the Year End 2005
23 Janvier 2006 - 11:02PM
PR Newswire (US)
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
Carolina National (NASDAQ:CNCP)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Carolina National (NASDAQ:CNCP)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
Real-Time news about Carolina National Corp (MM) (NASDAQ): 0 recent articles
Plus d'articles sur Carolina National (MM)