Printer Friendly

CAROLINA FIRST BANCSHARES REPORTS RESULTS

 CAROLINA FIRST BANCSHARES REPORTS RESULTS
 LINCOLNTON, N.C., July 15 /PRNewswire/ -- Carolina First BancShares,


Inc., Lincolnton, N.C. reported consolidated net income of $994,847 or $.83 per share for the six months ended June 30, as compared to $519,476 or $.43 per share, for the same period a year ago.
 This 91.51 percent increase in earnings resulted primarily from the company's growth in short-term deposit accounts and, thus, lower cost of funds. Net income for the quarter ending June 30 was $543,913 or 98.94 percent above income for the same period in 1991.
 At June 30, Carolina First had consolidated assets of $265.1 million, a 9.59 percent increase over June 30, 1991. Deposits increased 10.4 percent to $237.5 million, while gross loans began to respond to improved economic conditions and increased 2.4 percent to $170.3 million over the previous period.
 Non-performing assets fell to $2.8 million, or 1.05 percent of the total assets compared to 1.32 percent at June 30, 1991. The company's allowance for loan losses was 1.19 percent of outstanding loans at June 30, compared to .97 percent a year earlier.
 Carolina First completed the merger with Cabarrus Savings Bank, Concord, N.C. on Jan. 30, 1992. This merger was accounted for as a pooling of interest, and therefore, historical results have been restated to reflect the combined entity as if the merger had been effected during the periods indicated.
 Carolina First is the parent company of Lincoln Bank of North Carolina and Cabarrus Savings Bank. Its stock is traded over the counter.
 -0- 7/15/92
 /CONTACT: James E. Burt III of Carolina First BancShares, 704-732-2222/ CO: Carolina First BancShares, Inc. ST: North Carolina IN: FIN SU: ERN


BR-BN -- AT015 -- 9763 07/15/92 17:35 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:Jul 15, 1992
Words:305
Previous Article:AMERICAN STOCK EXCHANGE DAILY REPORT
Next Article:J.B. HUNT TRANSPORT SERVICES, INC. REPORTS REVENUES AND EARNINGS FOR SECOND QUARTER 1992
Topics:


Related Articles
CAROLINA FIRST BANCSHARES CHAIRMAN EXCHANGES SHARES OF CABARRUS COMMON STOCK
CAROLINA FIRST BANCSHARES REPORTS RESULTS
FIRST CITIZENS REPORTS INCREASED EARNINGS FOR THIRD QUARTER
Carolina First BancShares Announces Third Quarter Earnings
First Citizens Reports Earnings For First Quarter 1998
Carolina First BancShares Reports Earnings.
Carolina First BancShares Earnings up 17%.
/ C O R R E C T I O N -- Carolina First BancShares, Inc. (Nasadq: CFBI)/.
Carolina First Reports 22% Earnings Increase.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters