Printer Friendly

CAROLINA FIRST ANNOUNCES EARNINGS

 CAROLINA FIRST ANNOUNCES EARNINGS
 GREENVILLE, S.C., April 14 /PRNewswire/ -- Carolina First


(NASDAQ-NMS: CAFC) today announced a 17 percent increase in corporate earnings during the first quarter of 1992. Net income increased from $353,000 in the first quarter of 1991 to $413,000 for the same period in 1992. This represents the twenty-first consecutive quarterly increase in earnings for the company. Earnings per share followed the same favorable trend ending at $0.14 per share, for a 17 percent increase over the $0.12 earned for the same quarter of 1991.
 As of March 31, 1992 total assets increased 25 percent to $458,749,000 from $367,366,000 in the first quarter of 1991, while deposits increased 24 percent to $406,634,000 from $327,124,000 in the same quarter of 1991. The Company also continues to experience good loan growth, both in its commercial bank and its thrift, with a 24 percent increase in 1992 compared to the first quarter of 1991.
 Mack I. Whittle, Jr., President and Chief Executive Officer, commented that Carolina First's strong first quarter results continue to reinforce the validity and timeliness of its overall business strategy. "We are pleased with our first quarter earnings, which are 17 percent higher than last year. Given our growth and earnings progress in the most recent quarter, we are optimistic and enthusiastic about the prospects for our future. In our judgement, the State of South Carolina needs a major statewide commercial bank, a bank not controlled by out-of-state banks, but a bank truly headquartered in South Carolina. This is the mission we established for our Company over five years ago and a role that Carolina First intends to play. We believe that this basic long-range strategy is in the best interest of both the shareholders and the State."
 "During these continuing turbulent economic times, Carolina First has never missed a beat, providing increased earnings every quarter since its inception in December of 1986. This quarter was especially rewarding; it allowed us to successfully complete the integration of our four new Myrtle Beach branches, which we purchased from another financial institution in December 1991, into our banking system. We announced our fourth 5 percent stock dividend for shareholders of record on April 1, 1992. This is our fourth consecutive year for such dividends."
 "In addition, we opened our fifth Greenville branch in February on South Pleasantburg Drive. We are excited about extending our high quality, personalized service to this new market. We believe that our strategy of providing a full range of banking services while concentrating on personalized customer service is working. During the remainder of 1992, we will continue to explore additional opportunities to expend our services into new markets."
 "This first quarter performance continues to reinforce the validity of our strategic plan of becoming the premier bank headquartered in South Carolina by continuing to take advantage of all of the opportunities afforded us due to the many mergers that have taken place in our state."
 Whittle also reported that, as a result of Carolina First's emphasis on high quality loans, non-performing assets and charge-offs remain low. "Carolina First's asset quality remains well above average for Southeastern banking companies -- a ratio we are quite proud of."
 Carolina First Corporation, a $459 million asset financial institution holding company with $33 million in equity, offers a broad range of commercial and consumer financial services through its two subsidiaries, Carolina First Bank and Carolina First Savings Bank. Carolina First Bank is a state chartered commercial bank that operates eight branches principally in northwestern South Carolina. Carolina First Savings Bank, headquartered in Georgetown, is a federally chartered savings bank with eight branches in coastal South Carolina.
 An initial public offering, held in October 1986, raised $15 million in capital to organize the Company. This public offering earned Carolina First the distinction of being the largest bank holding company created in South Carolina. Its stock is traded in the Nasdaq National Market under the trading symbol CAFC. Market makers of Carolina First Corporation include J.C. Bradford & Co., Interstate/Johnson Lane Securities, PaineWebber Incorporated, and Robinson-Humphrey Company, Inc.
 CAROLINA FIRST CORPORATION AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS
 (All amounts, except per share data, in 000's)
 (Unaudited)
 Pct.
 Three months ended 3/31/91 3/31/92 Chg.
 Income statement
 Net interest income $ 2,753 $ 3,869 40.56
 Provision for loan losses 186 262 40.86
 Other income, excluding
 securities transactions 273 587 114.85
 Securities transactions --- --- ---
 Other expenses 2,385 3,605 51.15
 Net income 353 413 17.07
 Return on average assets 0.40 pct. 0.37 pct. (7.50)
 Return on average equity 4.64 5.05 8.84
 Per share data(a)
 Net income $ 0.12 $ 0.14 16.67
 Book value (March 31) 10.35 10.94 5.71
 Pct.
 At March 31 1991 1992 Chg.
 Balance Sheet
 Total assets $367,366 $458,749 24.88
 Total deposits 327,124 406,634 24.31
 Loans net of unearned income 284,234 353,147 24.25
 Allowance for loan losses 2,554 3,806 49.01
 Investment securities 51,255 51,961 1.38
 Total earning assets 341,814 418,661 22.48
 Stockholders' equity 30,587 32,595 6.57
 (a) Per share data has been restated to reflect the 5 percent stock dividend.
 -0- 4/14/92
 /CONTACT: William S. Hummers, III, Carolina First Corporation, 803-255-7900/
 (CAFC) CO: Carolina First Corporation ST: South Carolina IN: FIN SU: ERN


CM -- CH007 -- 5933 04/14/92 14:51 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 14, 1992
Words:922
Previous Article:NEVADA POWER ANNOUNCES RESULTS FROM COMMON STOCK OFFERING
Next Article:RECORD CALLS FLOOD TWA RESERVATIONS CENTERS


Related Articles
CAROLINA FIRST CORPORATION ANNOUNCES FOURTH QUARTER RESULTS
CAROLINA FIRST CORPORATION APPROVES 5 PERCENT STOCK DIVIDEND
CP&L REPORTS FIRST QUARTER EARNINGS Earnings, Revenues and Sales Up
FIRST UNION ANNOUNCES MERGER AGREEMENT AND ISSUES SECOND QUARTER EARNINGS ESTIMATE
CAROLINA FIRST CORPORATION REPORTS THIRD QUARTER EARNINGS
CAROLINA FIRST REPORTS RECORD EARNINGS; NET INCOME INCREASED 62 PERCENT FOR 1992
CAROLINA FIRST BANCSHARES REPORTS RESULTS
CAROLINA FIRST REPORTS RECORD EARNINGS; 1993 NET INCOME INCREASED 82%
CAROLINA FIRST REPORTS EARNINGS; NET INCOME UP 55% 5% COMMON STOCK DIVIDEND DECLARED
Air Transportation Holding Company, Inc. Reports First Quarter Fiscal 1997 Earnings

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters