CAROLINA FINANCIAL (CARO) has reported 42.70 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $5.15 million, or $0.41 a share in the quarter, compared with $3.61 million, or $0.36 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $5.76 million, or $0.46 a share compared with $3.52 million or $0.35 a share, a year ago. Revenue during the quarter grew 22.54 percent to $21.57 million from $17.60 million in the previous year period. Net interest income for the quarter rose 32.09 percent over the prior year period to $14.66 million. Non-interest income for the quarter rose 6.24 percent over the last year period to $6.91 million.
Net interest margin improved 28 basis points to 3.87 percent in the quarter from 3.59 percent in the last year period.
"We are pleased to report increases in net income of 42.7% and operating earnings of 63.9% for the fourth quarter of 2016 over the comparable prior year quarter. These strong results are attributable to excellent earnings of CresCom Bank with improved performance of Crescent Mortgage Company. During 2016, we continued to experience exceptional organic loan and deposit growth, completed our Congaree Bancshares, Inc. merger, announced our Greer Bancshares, Inc. merger, and opened our second branch in Wilmington, NC." stated Jerry Rexroad, chief executive officer.
Liabilities outpace assets growthTotal assets stood at $1,684.18 million as on Dec. 31, 2016, up 19.47 percent compared with $1,409.67 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,520.99 million as on Dec. 31, 2016, up 19.78 percent from $1,269.81 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $1,167.58 million as on Dec. 31, 2016, up 27.94 percent compared with $912.58 million on Dec. 31, 2015. Deposits stood at $1,258.26 million as on Dec. 31, 2016, up 21.98 percent compared with $1,031.53 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $229.90 million or 18.27 percent of total deposits on Dec. 31, 2016, compared with $163.05 million or 15.81 percent of total deposits on Dec. 31, 2015.
Investments stood at $339.34 million as on Dec. 31, 2016, up 3.70 percent or $12.11 million from year-ago. Shareholders equity stood at $163.19 million as on Dec. 31, 2016, up 16.68 percent or $23.33 million from year-ago.
Return on average assets moved up 19 basis points to 1.25 percent in the quarter from 1.06 percent in the last year period. At the same time, return on average equity decreased 18 basis points to 12.80 percent in the quarter from 12.98 percent in the last year period.
Nonperforming assets moved up 1.90 percent or $0.13 million to $6.80 million on Dec. 31, 2016 from $6.68 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.40 percent in the quarter, down from 0.47 percent in the last year period.
Book value per share was $13.23 for the quarter, up 10.99 percent or $1.31 compared to $11.92 for the same period last year.
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