Carolina Fincorp, Inc. Announces Third Quarter Results.ROCKINGHAM, N.C.--(BUSINESS WIRE)--April 16, 1999-- Carolina Fincorp, Inc. (Nasdaq: CFNC CFNC College Foundation of North Carolina CFNC Coalescence Filtration Nanomaterials Consortium ), 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 , announced consolidated net income of $208,000, or $ .12 per share, for the quarter ended March 31, 1999 compared to net income of $25,000, or $. 01 per share, for the quarter ended March 31, 1998. Net income for quarter ending March 31, 1998 was reduced approximately $236,000, net of applicable income taxes, as a result of nonrecurring costs incurred upon the initial grant of shares under the Management Recognition Plan (MRP (Material Requirements Planning) An information system that determines what assemblies must be built and what materials must be procured in order to build a unit of equipment by a certain date. ) which was approved at the 1997 Annual Shareholders' Meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. . Net income for the quarter ended March 31, 1999 was 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 per share) paid on June 19, 1998 and 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 on September 28, 1998 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 . Consolidated net income for the nine months ended March 31, 1999 was $698,000, or $ .40 per share, as compared to net income of $710,000, also $ .40 per share, for the same period in 1998. The reduction in MRP costs described above was offset by a decline in net interest income attributable to the lower level of interest earning assets as a result of the one-time special cash dividend of $11.4 million ($6.00 per share) paid on June 19, 1998. During the current nine month period, the Bank has also incurred additional operating expenses related to the full service branch office opened on September 28, 1998 in Laurinburg, North Carolina, and computer hardware and software installation and conversion expenses in the 2nd quarter related to Year 2000 upgrades. Consolidated total assets increased to $118.5 million at March 31, 1999 from total assets of $116.5 million at December 31, 1998, an increase resulting primarily from growth in customer deposits. Loans receivable declined $86.5 million at December 31, 1998 to $85.9 million at March 31, 1999. Deposits increased from $99.6 million at December 31, 1998 to $101.4 million at March 31, 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 $15.9 million at March 31, 1999 as compared with $15.4 million at June 30, 1998 and $15.8 million at December 31, 1998. The common stock of Carolina Fincorp, Inc. is qualified for quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish. 2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. on the Nasdaq National Market under the symbol "CFNC".
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CAROLINA FINCORP, INC.
UNAUDITED FINANCIAL HIGHLIGHTS
Three Months Ended March 31,
1999 1998
Net earnings $ 208,000 $ 25,000
Earnings per share $ 0.12 $ 0.01
Nine Months Ended March 31,
1999 1998
Net earnings $ 698,000 $ 710,000
Earnings per share $ 0.40 $ 0.40
At Mar 31, At Jun 30, At Mar 31,
1999 1998 1998
Total assets $118,516,000 $113,911,000 $118,468,000
Loans receivable 85,871,000 84,680,000 83,457,000
Deposits 101,399,000 93,415,000 90,305,000
Total stockholders' equity 15,913,000 15,388,000 26,479,000
Book value per share $8.35 $8.08 $13.90
Ratio of stockholders'
equity to assets 13.43% 13.51% 22.35%
Ratio of nonperforming
assets to total assets .21% .14% .19%
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