Carolina Fincorp, Inc. Announces Fourth Quarter Results.ROCKINGHAM, N.C.--(BUSINESS WIRE)--Aug. 5, 1999-- Carolina Fincorp, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CFNC CFNC College Foundation of North Carolina CFNC Coalescence Filtration Nanomaterials Consortium ) (the "Company"), the parent holding company for Richmond Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , Inc., SSB SSB Statistisk Sentralbyrå (Statistics Norway) SSB Super Smash Bros (video game) SSB Space Studies Board SSB Single Side Band SSB Single Stranded DNA-Binding Protein SSB Salomon Smith Barney (the "Bank"), announced consolidated net income for fiscal year ended June 30, 1999 of $933,000, or $.54 per share, as compared to consolidated net income of $1,069,000, or $.61 per share, for fiscal year 1998. Net earnings for the fiscal year were primarily affected by a lower level of net interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin as a result of the one-time special cash dividend of $11.4 million ($6.00) paid on June 19, 1998. Consolidated net income for the quarter ending June 30, 1999 was $235,000, or $.14 per share, compared to net income of $356,000, or $.20 per share, for the fourth quarter of 1998. Net income for the quarter ending June 30, 1999 was affected primarily by a lower level of net interest earning assets as a result of the one-time special cash dividend of $11.4 million ($6.00 per share) paid to shareholders on June 19, 1998. During the current 12 month period, the Bank incurred additional operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. related to the full service branch office opened in Laurinburg, North Carolina Laurinburg is a mid-sized city in Scotland County, North Carolina, United States. It is the county seat of Scotland CountyGR6. Located in southern North Carolina near the South Carolina state border, Laurinburg is southwest of Fayetteville and is home , implementation of telephone banking and debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. banking services and computer hardware and software installation and conversion relating to Year 2000 upgrades. Investments in the full service branch office in Laurinburg and additional banking services affect current earnings, but will produce both future earnings and enhance franchise value. Additional steps to enhance shareholder value were taken with the April 8, 1999 announcement of the Company's Stock Repurchase Plan stock repurchase plan 1. See buyback. 2. See self-tender. which authorizes the repurchase of up to 5% of the Company's common stock. Consolidated total assets increased to $119.2 million at June 30, 1999 from total assets of $113.9 million at June 30, 1998, an increase resulting primarily from growth in customer deposits. Loans receivable increased from $84.7 million at June 30, 1998 to $89.3 million at June 30, 1999. Deposits increased from $90.3 at June 30, 1998 to $102 million at June 30, 1999. Total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was $15.8 million at June 30, 1999 as compared with $15.4 million at June 30, 1998. The common stock of Carolina Fincorp, Inc. is qualified for quotation on the Nasdaq National Market under the symbol "CFNC". -0-
Carolina Fincorp, Inc.
Unaudited Financial Highlights
Three Months Ended June 30,
1999 1998
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Net income $ 235,000 $ 359,000
Net income per share $ 0.14 $ 0.20
Year Ended June 30,
1999 1998
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Net income $ 933,000 $ 1,069,000
Net income per share $ 0.54 $ 0.61
June 30, 1999 June 30, 1998
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Total assets $ 119,155,000 $ 113,911,000
Loans receivable 89,326,000 84,680,000
Deposits 101,998,000 93,415,000
Total net worth 15,756,000 15,388,000
Book value per share $ 8.41 $ 8.08
Net worth to assets ratio 13.23% 13.51%
Nonperforming assets to
total assets 0.15% 0.14%
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