Carolina Fincorp Inc. announces third quarter results.ROCKINGHAM, N.C.--(BUSINESS WIRE)--May 12, 1997--Carolina Fincorp Fincorp was an Australian property and investment company that collapsed in March 2007. The company promised investors a return of up to 9.25% p.a., but, upon collapse, owed 8100 investors over AU$200 million. External links
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 ), which began operations on November 22, 1996 and which is 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 $335,000 for the quarter ended March 31, 1997. Richmond Savings had net income of $157,000 for same quarter in 1996. The increase in earnings was attributable to the significantly higher level of interest-earnings assets during the quarter as a result of investment of net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale of common stock during the prior quarter. Consolidated net income for the nine months ended March 31, 1997 was $412,000 as compared to Richmond Savings' net income of $464,000 for same period in 1996. The decrease in year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings was a result of a September 30, 1996 special insurance assessment by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. on SAIF insured deposits in financial institutions. The special assessment reduced the Company's after tax earnings approximately $343,000. Without this SAIF special assessment, consolidated net income for the nine months ended March 31, 1997 would have been approximately $775,000. Consolidated total assets increased to $108.7 million at March 31, 1997 from total assets of $107.2 million at December 31, 1996. This increase in assets was primarily attributable to growth in loans. Deposits increased by $1.7 million during the quarter to $81.4 million at March 31, 1997. During the quarter ended March 31, 1997, the Company's bank subsidiary completed construction on and occupied two new branch offices, replacing existing locations in Rockingham and Ellerbe. 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. -0-
CAROLINA FINCORP, INC.
UNAUDITED FINANCIAL HIGHLIGHTS
Three Months Ended March 31,
1997 1996
Net earnings $ 335,000 $ 157,000
Earnings per share (1) $ 0.18 n/a
Weighted average shares
outstanding (1) 1,827,500 n/a
Nine Months Ended March 31,
1997 1996
Net Earnings $ 412,000 $ 464,000
Earnings per share (1) 0.27 n/a
Weighted average shares
outstanding (1) 1,831,622 n/a
March 31, 1997 June 30, 1996
Total assets $108,680,000 $ 94,110,000
Loans receivable 74,506,000 68,358,000
Deposits 81,355,000 83,715,000
Total stockholders' equity 25,760,000 8,641,000
Book value per share 13.91 n/a
Ratio of stockholders' equity
to assets 23.70% 9.18%
Ratio of nonperforming assets to
total assets .28% .06%
(1) Earnings per share and weighted average shares outstanding
are only presented for periods subsequent to November 22, 1996, the
date of the company's initial public offering.
CONTACT: Carolina Fincorp, Inc. R. Larry Campbell Larry W. Campbell, MBA (born February 28 1948, in Brantford, Ontario) is the former Mayor of Vancouver, British Columbia, Canada and a Member of the Canadian Senate. Election , 910/997-6245 |
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