Carolina National Corporation Announces Results for the Third Quarter 2007
25 Octobre 2007 - 11:19PM
PR Newswire (US)
COLUMBIA, S.C., Oct. 25 /PRNewswire-FirstCall/ -- Carolina National
Corporation (NASDAQ:CNCP), parent of Carolina National Bank and
Trust Company, announced today that total assets grew by 16.2% from
$196.2 million on September 30, 2006, to $228.0 million on
September 30, 2007. Growth in assets is attributable primarily to
the growth of gross loans to $204.5 million, an increase of 16.1%
for September 30, 2007 compared to September 30, 2006. Deposits
also increased from $163.7 million at September 30, 2006 to $194.3
million at September 30, 2007, an increase of 18.7%. Roger Whaley,
president and CEO of Carolina National, said, "We are pleased with
our increase in both the deposit and loan base for the past twelve
months. We believe it demonstrates that we are experiencing true
core growth within our consumer and small business customer base."
Carolina National management believes that its pending merger with
First National Bancshares, Inc., which still requires regulatory
and shareholder approval and is anticipated to be completed during
the first quarter of 2008, will bring additional resources, making
the resulting company even more appealing to its targeted small
business and consumer segments in the market. Despite the growth in
assets, loans and deposits, net income for the quarter and nine
months ended September 30, 2007 declined $274,000 and $345,000,
respectively, when compared to the same periods of 2006. The
decline in net income for the periods is due primarily to strategic
infrastructure expense and non-recurring merger related expenses.
Other contributors to the reduction of net income were the net
interest margin which decreased by 45 basis points in the third
quarter of 2007 and nonperforming assets which grew in the third
quarter to 1.29% of total assets or $2.96 million. "Based on our
evaluation, the company expects minimal losses on the non-
performing assets," said Whaley. "There were no charged-off loans
in the third quarter of the year and the bank has raised its
reserve for loan losses since December 31, 2006 from $2.4 million
to $2.6 million to cover estimated losses. We have adequate capital
and loan loss reserve to support our assets." Carolina National is
expanding its presence in the Midlands through the construction of
a new branch in Lexington, SC, which is anticipated to open in the
second quarter of 2008. Unaudited Unaudited Audited September 30,
September 30, December 31, 2007 2006 2006 Condensed Balance Sheet
($s in thousands) Assets Cash equivalents $21,188 $ 18,112 $ 12,036
Investment Securities 1,276 644 644 Loans, net 201,880 173,932
192,350 Other Assets 3,682 3,493 3,882 Total Assets $228,026
$196,181 $208,912 Liabilities Deposits $194,328 $163,690 $175,582
Other Liabilities 1,669 2,330 2,737 Total Liabilities $195,997
$166,020 $178,319 Equity Shareholders' Equity $32,209 $ 30,161 $
30,593 Total Liabilities and Shareholders' Equity $228,026 $196,181
$208,912 Unaudited Unaudited September 30, September 30, 2007 2006
Year To Date Income Statement ($s in thousands) Net Interest Income
$6,410 $5,849 Provision for Loan Losses 209 340 Net Interest Income
after Provision for Loan Losses 6,201 5,509 Noninterest Income 284
300 Noninterest Expense 4,539 3,461 Income Tax Expense 703 830 Net
Income $1,173 $1,518 Unaudited Unaudited September 30, September
30, 2007 2006 Quarter To Date Income Statement ($s in thousands)
Net Interest Income $2,118 $2,062 Provision for Loan Losses 118 89
Net Interest Income after Provision for Loan Losses 2,000 1,973
Noninterest Income 101 93 Noninterest Expense 1,704 1,212 Income
Tax Expense 142 325 Net Income $255 $529 ADDITIONAL INFORMATION
ABOUT THE MERGER AND WHERE TO FIND IT In connection with the
proposed merger, First National has filed a preliminary joint proxy
statement/prospectus on a Form S-4 registration statement with the
Securities and Exchange Commission (the "SEC") on October 9, 2007.
INVESTORS AND SHAREHOLDERS OF BOTH COMPANIES ARE ADVISED TO READ
THE PRELIMINARY JOINT PROXY STATEMENT/PROSPECTUS AND ANY APPLICABLE
AMENDMENTS OR SUPPLEMENTS AS THEY BECOME AVAILABLE BECAUSE THESE
DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Shareholders may
obtain a free copy of the final joint proxy statement/prospectus
(when available), as well as other filings containing information
about First National and Carolina National at the SEC's internet
site (http://www.sec.gov/). Free copies of the final joint proxy
statement/prospectus and each company's filings with the SEC may
also be obtained from the respective companies. Free copies of
First National's filings may be obtained by directing a request to
First National Bancshares, Inc., 215 N. Pine Street, Spartanburg,
South Carolina, 29302, Attention: Jerry L. Calvert. Free copies of
Carolina National's filings may be obtained by directing a request
to Carolina National Corporation, 1350 Main Street, Columbia, South
Carolina 29201, Attention: Roger B. Whaley. PARTICIPANTS IN THE
SOLICITATION First National, Carolina National, and their
respective directors and executive officers may be soliciting
proxies from their respective shareholders in favor of the merger.
Information regarding First National's directors and executive
officers is available in its 2007 definitive proxy statement (form
type DEF 14A) available at http://www.sec.gov/. Information
regarding Carolina National's directors and executive officers is
available in its 2007 definitive proxy statement (form type DEF
14A) available at http://www.sec.gov/. More recent information
regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security
holdings or otherwise, is contained in the preliminary joint proxy
statement/prospectus filed with the SEC which may be found at the
SEC's internet site
(http://www.sec.gov/Archives/edgar/data/1095274/000104746907007458/0001047469-
07-007458-index.htm) and other relevant materials to be filed with
the SEC when they become available. (Due to the length of this URL,
it may be necessary to copy and paste this hyperlink into your
Internet browser's URL address field. Remove the space if one
exists) 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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