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18.01.2017 22:05:00

Carolina Financial Corporation Reports Results for Fourth Quarter of 2016

CHARLESTON, S.C., Jan. 18, 2017 /PRNewswire/ -- Carolina Financial Corporation (NASDAQ: CARO) today announced financial results for the fourth quarter of 2016. Highlights at and for the three months ended December 31, 2016, include:

  • Net income for the fourth quarter 2016 increased 42.7% to $5.2 million, or $0.41 per diluted share from $3.6 million, or $0.36 per diluted share for the fourth quarter of 2015.
  • Operating earnings for the fourth quarter of 2016, which excludes certain non-operating income and expenses, increased 63.9% to $5.8 million, or $0.46 per diluted share, from $3.5 million, or $0.35 per diluted share, from the fourth quarter of 2015. Non-operating income and expenses for the quarter ended December 31, 2016 include:
    • $1.7 million loss on extinguishment of debt related to the prepayment of a $20.0 million advance with a 4% fixed interest rate and a remaining term of 4.1 years
    • $1.0 million fair value adjustment gain on interest rate swaps marked to market
    • $260,000 in merger related costs
    • $65,000 gain on sale of securities
  • Loans receivable, excluding acquired loans, grew at an annualized rate of 20.2% or $185.9 million since December 31, 2015 and 15.9% or $45.0 million since September 30, 2016.
  • Nonperforming assets to total assets of 0.40% as of December 31, 2016 compared to 0.47% at December 31, 2015.
  • Total deposits, excluding acquired deposits, increased $143.5 million since December 31, 2015. Core deposits, excluding acquired deposits, increased $114.0 million since December 31, 2015.
  • In November 2016, Carolina Financial Corporation announced the acquisition of Greer Bancshares Incorporated, a $381 million bank holding company that operates four banking locations in the Greenville-Anderson-Mauldin, South Carolina MSA.
  • In December 2016, the Company opened its second branch in the Wilmington Market.

"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.             

Financial Results

Carolina Financial Corporation

  • The Company reported net income for the three months ended December 31, 2016 of $5.2 million, or $0.41 per diluted share, as compared to $3.6 million, or $0.36 per diluted share, for the three months ended December 31, 2015. Net income for the year ended December 31, 2016 totaled $17.6 million, or $1.42 per diluted share, compared to net income of $14.4 million, or $1.48 per diluted share for year ended December 31, 2015. Included in net income for the year ended December 31, 2016 were pretax merger related expense of $3.2 million
  • Operating earnings for the fourth quarter of 2016 increased 63.9% to $5.8 million, or $0.46 per diluted share, from $3.5 million, or $0.35 per diluted share, from the fourth quarter of 2015.  Operating earnings for the year ended December 31, 2016 increased 34.7% to $20.2 million, or $1.64 per diluted share, from $15.0 million, or $1.54 per diluted share, for the year ended December 31, 2015.
  • During the fourth quarter of 2016, the Company paid off a $20.0 million borrowing with a 4.0% fixed interest rate and a remaining term of approximately 4.1 years, incurring a $1.7 million loss on extinguishment of debt. In addition, the Company recognized a $1.0 million gain on fair value adjustments related to interest rate swaps that are marked to market.
  • The Company's net interest margin-tax equivalent increased to 3.87% for the fourth quarter of 2016 compared to 3.59% for the fourth quarter of 2015.
  • The Company reported book value per common share of $13.23 and $11.92 as of December 31, 2016 and December 31, 2015, respectively. Tangible book value per common share was $12.59 and $11.66 as of December 31, 2016 and December 31, 2015, respectively.
  • At December 31, 2016, the Company's regulatory capital ratios exceeded the minimum levels currently required. Stockholders' equity totaled $163.2 million as of December 31, 2016 compared to $139.9 million at December 31, 2015.

    CresCom Bank

    • The Bank's net income (excluding Crescent Mortgage Company) increased 40.1% to $4.6 million for the three months ended December 31, 2016 compared to $3.3 million for the three months ended December 31, 2015. Net income for the year ended December 31, 2016 increased 30.5% to $14.9 million compared to net income of $11.4 million for the year ended December 31, 2015. Included in net income for the year ended December 31, 2016 were pretax merger related expense of $3.1 million
    • No provision for loan loss was recorded during the three and twelve month periods ended December 31, 2016 or 2015. This was primarily due to continued excellent asset quality as well as net recoveries of $547,000 and $1.1 million for the year ended December 31, 2016 and 2015, respectively.
    • The Bank's non-performing assets were 0.40% and 0.47% of total assets at December 31, 2016 and December 31, 2015, respectively.
    • Loans receivable increased to $1.2 billion at December 31, 2016 compared to $922.7 million at December 31, 2015. The increase in loans receivable primarily relates to the completed acquisition of Congaree State Bank ("Congaree") as well as the Bank's continuing focus on commercial lending and residential mortgage lending.
    • The number of checking accounts increased at an annualized rate of 9.2%, excluding Congaree checking accounts acquired, since December 31, 2015. Total deposits, excluding acquired deposits from the Congaree acquisition, increased $143.5 million since December 31, 2015. As of December 31, 2016 and December 31, 2015, core deposits, defined as checking, savings and money market, comprised approximately 60.6% and 56.7%, respectively, of total deposits.
    • The Bank's retail mortgage conforming loan originations increased to $29.1 million for the three months ended December 31, 2016 compared to $23.2 million for the three months ended December 31, 2015. For the year ended December 31, 2016, retail mortgage conforming loan originations increased to $97.1 million compared to $73.6 million for the year ended December 31, 2015. As a result of the increased originations, retail mortgage banking noninterest income increased to $476,000 and $2.1 million for the three months and year ended December 31, 2016, respectively, compared to $424,000 and $1.7 million for the three months and year ended December 31, 2015, respectively. Mortgage banking income consists primarily of gain on sale of loans and related fees as well as fair value changes in mortgage banking derivatives.

    Crescent Mortgage Company

    • Net income for Crescent Mortgage Company, a wholly-owned subsidiary of the Bank, was $806,000 for the three months ended December 31, 2016 compared to $525,000 for the three months ended December 31, 2015. Net income for the year ended December 31, 2016 was $3.5 million compared to $3.8 million for the year ended December 31, 2015.
    • The increase in net income of Crescent Mortgage Company during fourth quarter of 2016 is primarily attributable to an increase in margin during the period. Originations for the three months ended December 31, 2016 and 2015 were $234.9 million and $217.0 million, respectively. Originations for the year ended December 31, 2016 and 2015 were $875.4 million and $986.7 million, respectively. The percentage of originations attributable to refinances were 37.5% for 2016 compared to 34.3% for 2015.

    Conference Call

    A conference call will be held at 2:00 p.m., Eastern Time on January 19, 2017. The conference call can be accessed by dialing (855) 218-6998 or (615) 247-5963 and requesting the Carolina Financial Corporation earnings call. The conference ID number is 42947387. Listeners should dial in 10 minutes prior to the start of the call. The live webcast and presentation slides will be available on www.haveanicebank.com under Investor Relations, "Investor Presentations."

    A replay of the webcast will be available on www.haveanicebank.com under Investor Relations, "Investor Presentations" shortly following the call. A replay of the conference call can be accessed approximately three hours after the call by dialing (855) 859-2056 or (404) 537-3406 and requesting conference number 42947387.

    About Carolina Financial Corporation

    Carolina Financial Corporation ("Carolina Financial" or the "Company") is the holding company of CresCom Bank, which also owns and operates Atlanta-based Crescent Mortgage Company.  Carolina Financial trades on NASDAQ under the symbol CARO. As of December 31, 2016, Carolina Financial had approximately $1.7 billion in total assets and Crescent Mortgage Company originated loans in 45 states and partners with community banks, credit unions and mortgage brokers. In June 2016, Carolina Financial completed its previously announced acquisition of Congaree Bancshares, Inc. and its wholly-owned subsidiary, Congaree State Bank. In November 2016, Carolina Financial announced its entry into an agreement to acquire Greer Bancshares Incorporated, a $381 million bank holding company that operates four banking locations in the Greenville-Anderson-Mauldin, South Carolina MSA.

    Addendum to News Release – Use of Certain Non-GAAP Financial Measures and Forward-Looking Statements

    This news release contains financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). Such statements should be read along with the accompanying tables, which provide a reconciliation of non-GAAP measures to GAAP measures. This news release and the accompanying tables discuss financial measures, such as core deposits, tangible book value, operating earnings and net income related to segments of the Company, which are non-GAAP measures. We believe that such non-GAAP measures are useful because they enhance the ability of investors and management to evaluate and compare the Company's operating results from period to period in a meaningful manner. Non-GAAP measures should not be considered as an alternative to any measure of performance as promulgated under GAAP. Investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.

    Please refer to the Non-GAAP reconciliation tables later in this release for additional information.

    Forward-Looking Statements

    Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements include but are not limited to statements with respect to our plans, objectives, expectations and intentions and other statements that are not historical facts, and other statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," and "projects," as well as similar expressions. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved.

    The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the Company's loan portfolio and allowance for loan losses; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) the risk that the preliminary financial information reported herein and our current preliminary analysis will be different when our review is finalized; (5) changes in the U.S. legal and regulatory framework including, but not limited to, the Dodd-Frank Act and regulations adopted thereunder; (6) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could have a negative impact on the Company; (7) the business related to acquisitions may not be integrated successfully or such integration may take longer to accomplish than expected; (8) the expected cost savings and any revenue synergies from acquisitions may not be fully realized within expected timeframes; and (9) disruption from acquisitions may make it more difficult to maintain relationships with clients, associates, or suppliers. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC's Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

     

    CAROLINA FINANCIAL CORPORATION

    CONDENSED CONSOLIDATED BALANCE SHEETS






















    December 31, 2016


    December 31, 2015










    (Unaudited)


    (Audited)










    (Dollars in thousands)

    ASSETS










    Cash and due from banks





    $                      9,761


    10,206


    Interest-bearing cash





    14,591


    16,421



    Cash and cash equivalents





    24,352


    26,627


    Securities available-for-sale





    335,352


    306,474


    Securities held-to-maturity 





    -


    17,053


    Federal Home Loan Bank stock, at cost




    11,072


    9,919


    Other investments





    1,768


    1,760


    Derivative assets






    2,219


    1,945


    Loans held for sale





    31,569


    41,774


    Loans receivable, gross





    1,178,266


    922,723


    Allowance for loan losses





    (10,688)


    (10,141)



    Loans receivable, net





    1,167,578


    912,582














    Premises and equipment, net





    37,054


    32,562


    Accrued interest receivable





    5,373


    4,333


    Real estate acquired through foreclosure, net



    1,179


    2,374


    Deferred tax assets, net





    8,782


    5,273


    Mortgage servicing rights





    15,032


    11,433


    Cash value life insurance





    28,984


    28,082


    Core deposit intangible





    3,658


    2,961


    Goodwill






    4,266


    -


    Other assets






    5,939


    4,517



    Total assets






    $               1,684,177


    1,409,669













    LIABILITIES AND STOCKHOLDERS' EQUITY






    Liabilities:










    Noninterest-bearing deposits





    $                  229,905


    163,054


    Interest-bearing deposits





    1,028,355


    868,474



    Total deposits






    1,258,260


    1,031,528


    Short-term borrowed funds





    203,000


    120,000


    Long-term debt






    38,465


    103,465


    Derivative liabilities





    342


    306


    Drafts outstanding





    6,223


    2,154


    Advances from borrowers for insurance and taxes



    1,058


    641


    Accrued interest payable





    327


    333


    Reserve for mortgage repurchase losses




    2,880


    3,876


    Dividends payable to stockholders




    502


    361


    Accrued expenses and other liabilities




    9,930


    7,146



    Total liabilities





    1,520,987


    1,269,810

    Commitments and contingencies








    Stockholders' equity:









    Preferred stock






    -


    -


    Common stock






    125


    120


    Additional paid-in capital





    66,156


    56,418


    Retained earnings





    98,451


    82,859


    Accumulated other comprehensive (loss) income, net of tax 



    (1,542)


    462



    Total stockholders' equity





    163,190


    139,859


    Total liabilities and stockholders' equity




    $               1,684,177


    1,409,669

     

    CAROLINA FINANCIAL CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited)




















    For the Three Months


    For the Twelve Months







    Ended December 31,


    Ended December 31,







    2016


    2015


    2016


    2015*







    (In thousands, except share data)

    Interest income











    Loans




    $               14,346


    10,747


    51,137


    41,020


    Investment securities


    2,439


    2,145


    9,274


    8,176


    Dividends from Federal Home Loan Bank stock

    86


    90


    374


    328


    Federal funds sold



    -


    -


    5


    -


    Other interest income


    32


    20


    124


    80



    Total interest income


    16,903


    13,002


    60,914


    49,604

    Interest expense











    Deposits



    1,523


    1,273


    5,972


    4,367


    Short-term borrowed funds


    189


    114


    509


    331


    Long-term debt



    529


    515


    2,272


    1,906



    Total interest expense


    2,241


    1,902


    8,753


    6,604

    Net interest income



    14,662


    11,100


    52,161


    43,000

    Provision for loan losses


    -


    -


    -


    -


    Net interest income after provision for loan losses

    14,662


    11,100


    52,161


    43,000

    Noninterest income











    Mortgage banking income


    4,259


    3,543


    17,226


    17,417


    Deposit service charges


    976


    858


    3,688


    3,496


    Net loss on extinguishment of debt

    (1,694)


    (36)


    (1,868)


    (1,251)


    Net gain on sale of securities


    65


    34


    706


    1,493


    Fair value adjustments on interest rate swaps

    998


    142


    590


    (1,111)


    Net increase in cash value life insurance

    219


    196


    903


    726


    Mortgage loan servicing income


    1,510


    1,357


    5,748


    5,313


    Other 




    576


    409


    2,304


    1,596



    Total noninterest income


    6,909


    6,503


    29,297


    27,679

    Noninterest expense











    Salaries and employee benefits


    8,169


    7,176


    31,475


    28,629


    Occupancy and equipment


    2,106


    1,896


    7,942


    7,228


    Marketing and public relations


    284


    287


    1,428


    1,434


    FDIC insurance



    175


    158


    702


    698


    Provision for mortgage loan repurchase losses

    (250)


    (250)


    (1,000)


    (1,000)


    Legal expense



    121


    60


    306


    407


    Other real estate expense, net


    17


    24


    (20)


    138


    Mortgage subservicing expense


    504


    398


    1,857


    1,634


    Amortization of mortgage servicing rights

    653


    526


    2,312


    1,986


    Merger related expenses


    260


    -


    3,245


    -


    Other




    2,034


    1,961


    7,793


    8,045



    Total noninterest expense


    14,073


    12,236


    56,040


    49,199

    Income before income taxes


    7,498


    5,367


    25,418


    21,480

    Income tax expense



    2,348


    1,758


    7,848


    7,060


    Net income



    $                 5,150


    3,609


    17,570


    14,420














    Earnings per common share:










    Basic




    $                   0.42


    0.37


    1.45


    1.51


    Diluted



    $                   0.41


    0.36


    1.42


    1.48

    Weighted average common shares outstanding:









    Basic




    12,336,420


    9,888,030


    12,080,128


    9,537,358


    Diluted



    12,585,518


    10,103,966


    12,352,246


    9,718,356



























    * Derived from audited financial statements.








     

    CAROLINA FINANCIAL CORPORATION

    (Unaudited)

    (Dollars in thousands)























    At or for the Three Months Ended

    Selected Financial Data:



    December 31,
    2016


    September 30,
    2016


    June 30,
    2016


    March 31,
    2016


    December 31,
    2015
















    Selected Average Balances:












    Total assets




    $     1,651,653


    1,626,717


    1,482,963


    1,412,778


    1,364,772

    Investment securities




    326,485


    345,385


    335,105


    335,929


    330,364

    Loans receivable, net




    1,138,120


    1,093,669


    978,337


    935,438


    876,445

    Loans held for sale




    32,951


    32,196


    24,467


    25,454


    31,212

    Deposits





    1,288,665


    1,291,567


    1,170,860


    1,069,451


    1,052,192

    Stockholders' equity




    160,991


    157,311


    145,656


    141,311


    111,189
















    Performance Ratios (annualized):












    Return on average stockholders' equity 


    12.80%


    15.11%


    7.79%


    10.31%


    12.98%

    Return on average assets 



    1.25%


    1.46%


    0.76%


    1.03%


    1.06%

    Average earning assets to average total assets


    93.21%


    92.94%


    93.44%


    93.08%


    92.23%

    Average loans receivable to average deposits


    88.32%


    84.68%


    83.56%


    87.47%


    83.30%

    Average stockholders' equity to average assets


    9.75%


    9.67%


    9.82%


    10.00%


    8.15%

    Net interest margin-tax equivalent (1)


    3.87%


    3.75%


    3.64%


    3.53%


    3.59%

    Net charge-offs  (recovery) to average loans












    receivable




    (0.12)%


    (0.02)%


    (0.03)%


    (0.04)%


    (0.11)%

    Nonperforming assets to period end loans












    receivable




    0.58%


    0.62%


    0.67%


    0.59%


    0.72%

    Nonperforming assets to total assets


    0.40%


    0.42%


    0.45%


    0.39%


    0.47%

    Nonperforming loans to total loans



    0.48%


    0.37%


    0.37%


    0.48%


    0.47%

    Allowance for loan losses as a percentage of












    gross loans receivable (end of period) (2)


    0.91%


    0.91%


    0.96%


    1.06%


    1.10%

    Allowance for loan losses as a percentage












    of nonperforming loans (2)



    190.01%


    247.72%


    262.68%


    223.38%


    235.67%
















    Nonperforming Assets:













    Loans 90 days or more past due and still












    accruing




    $                 -


    -


    -


    -


    -

    Nonaccrual loans




    5,625


    4,174


    3,920


    4,581


    4,303


    Total nonperforming loans



    5,625


    4,174


    3,920


    4,581


    4,303

    Real estate acquired through foreclosure, net (3)


    1,179


    2,843


    3,272


    1,091


    2,374


    Total nonperforming assets



    $            6,804


    7,017


    7,192


    5,672


    6,677














































    (1) Net interest margin-tax equivalent reflects tax-exempt income on a tax-equivalent basis.
















    (2) Acquired loans represent 10.5%, 11.4%, 12.2%, 6.4%, and 7.0% of gross loans receivable at December 31, 2016, September 30, 2016, June 30, 2016, March 31, 2016, and December 31, 2015, respectively.  
















    (3)  Real estate acquired through foreclosure, net at December 31, 2016 includes $941,000 related to the Congaree merger.



     

    Segment Information















    (Unaudited)















    (Dollars in thousands)




























    For the Three Months


    For the Twelve Months


    Increase (Decrease)







    Ended December 31,


    Ended December 31,


    Three


    Twelve







    2016


    2015


    2016


    2015


    Months


    Months

    Segment net income:















    Community banking




    $                  4,565


    3,258


    14,874


    11,402


    1,307


    3,472

    Wholesale mortgage banking



    806


    525


    3,529


    3,832


    281


    (303)

    Other 





    (232)


    (207)


    (902)


    (867)


    (25)


    (35)

    Eliminations




    11


    33


    69


    53


    (22)


    16

    Total net income




    $                  5,150


    3,609


    17,570


    14,420


    1,541


    3,150
























    For the Three Months Ended









    December 31,
    2016


    September 30,
    2016


    June 30,
    2016


    March 31,
    2016


    December 31,
    2015



    Segment net income:















    Community banking 




    $                  4,565


    4,734


    2,162


    3,413


    3,258



    Wholesale mortgage banking



    806


    1,402


    919


    401


    525



    Other 





    (232)


    (228)


    (253)


    (188)


    (207)



    Eliminations




    11


    33


    8


    17


    33



    Total net income




    $                  5,150


    5,941


    2,836


    3,643


    3,609






























































































    For the Three Months Ended December 31,







    Loan Originations


    Mortgage Banking Income


    Margin







    2016


    2015


    2016


    2015


    2016


    2015

    Additional segment information:














    Community banking




    $                29,121


    23,161


    476


    424


    1.63%


    1.83%

    Wholesale mortgage banking



    234,915


    216,971


    3,783


    3,119


    1.61%


    1.44%

    Total mortgage banking income



    $              264,036


    240,132


    4,259


    3,543


    1.61%


    1.48%
























    For the Twelve Months Ended December 31,







    Loan Originations


    Mortgage Banking Income


    Margin







    2016


    2015


    2016


    2015


    2016


    2015

    Additional segment information:














    Community banking




    $                97,062


    73,591


    2,063


    1,656


    2.13%


    2.25%

    Wholesale mortgage banking



    875,360


    986,650


    15,163


    15,761


    1.73%


    1.60%

    Total mortgage banking income



    $              972,422


    1,060,241


    17,226


    17,417


    1.77%


    1.64%

     

    Reconciliation of Non-GAAP Financial Measures














    (Unaudited)

















    (In thousands, except share data)
































    At December 31,


    At December 31, 

















    2016


    2015






























    Core deposits:

















    Noninterest-bearing demand accounts


    $              229,905


    163,054











    Interest-bearing demand accounts



    191,851


    158,581











    Savings accounts




    48,648


    39,147











    Money market accounts



    292,639


    223,906












    Total core deposits (Non-GAAP)


    763,043


    584,688






























    Certificates of deposit:

















    Less than $250,000




    467,937


    428,067











    $250,000 or more




    27,280


    18,773












    Total certificates of deposit



    495,217


    446,840











    Total deposits




    $           1,258,260


    1,031,528























































    At December 31,


    At December 31, 

















    2016


    2015






























    Tangible book value per share: 
















    Total stockholders' equity



    $              163,190


    139,859











    Less intangible assets




    (7,924)


    (2,961)











    Tangible common equity (Non-GAAP)


    $              155,266


    136,898






























    Issued and outstanding shares



    12,548,328


    12,023,557











    Less nonvested restricted stock awards


    (211,908)


    (285,805)











    Period end dilutive shares 



    12,336,420


    11,737,752






























    Total stockholders equity



    $              163,190


    139,859











    Divided by period end dilutive shares 


    12,336,420


    11,737,752











    Common book value per share 



    $                  13.23


    11.92






























    Tangible common equity (Non-GAAP)


    $              155,266


    136,898











    Divided by period end dilutive shares


    12,336,420


    11,737,752











    Tangible common book value per share (Non-GAAP)

    $                  12.59


    11.66































    Reconciliation of Non-GAAP Financial Measures














    (Unaudited)

















    (In thousands, except share data)
































    For the Three Months Ended


    For the Twelve Months Ended

    Operating Earnings:




    December 31
    2016


    September 30,
    2016


    June 30,
    2016


    March 31,
    2016


    December 31,
    2015


    December 31,
    2016


    December 31, 
      2015

    Income before income taxes



    $                  7,498


    8,939


    3,700


    5,281


    5,367


    25,418


    21,480

    Gain on sale of securities



    (65)


    (111)


    (113)


    (417)


    (34)


    (706)


    (1,493)

    Net loss on extinguishment of debt



    1,694


    118


    47


    9


    36


    1,868


    1,251

    Fair value adjustments on interest rate swaps


    (998)


    (99)


    226


    281


    (142)


    (590)


    1,111

    Merger related costs




    260


    -


    2,799


    186


    -


    3,245


    -

    Operating earnings before income taxes


    8,389


    8,847


    6,659


    5,340


    5,227


    29,235


    22,349

    Tax expense (1)




    2,627


    2,967


    1,555


    1,656


    1,712


    9,027


    7,346

    Operating earnings (Non-GAAP)



    $                  5,762


    5,880


    5,104


    3,684


    3,515


    20,208


    15,003




















    Average equity




    160,991


    157,311


    145,656


    141,311


    111,189


    151,346


    101,896

    Average assets




    1,651,653


    1,626,717


    1,482,963


    1,412,778


    1,364,772


    1,537,654


    1,303,402

    Operating return on average assets (Non-GAAP)


    1.40%


    1.45%


    1.38%


    1.04%


    1.03%


    1.31%


    1.15%

    Operating return on average equity (Non-GAAP)


    14.32%


    14.95%


    14.02%


    10.43%


    12.64%


    13.35%


    14.72%




















    Weighted average common shares outstanding:
















    Basic





    12,336,420


    12,327,921


    11,908,282


    11,746,574


    9,888,030


    12,080,128


    9,537,358


    Diluted




    12,585,518


    12,535,551


    12,076,878


    11,978,801


    10,103,966


    12,352,246


    9,718,356

    Operating earnings per common share:
















    Basic (Non-GAAP)



    $                    0.47


    0.48


    0.43


    0.31


    0.36


    1.67


    1.57


    Diluted (Non-GAAP)



    $                    0.46


    0.47


    0.42


    0.31


    0.35


    1.64


    1.54







































    As Reported:

















    Income before income taxes



    $                  7,498


    8,939


    3,700


    5,281


    5,367


    25,418


    21,480

    Tax expense




    2,348


    2,998


    864


    1,638


    1,758


    7,848


    7,060

    Net Income




    $                  5,150


    5,941


    2,836


    3,643


    3,609


    17,570


    14,420




















    Average equity




    160,991


    157,311


    145,656


    141,311


    111,189


    151,346


    101,896

    Average assets




    1,651,653


    1,626,717


    1,482,963


    1,412,778


    1,364,772


    1,537,654


    1,303,402

    Return on average assets



    1.25%


    1.46%


    0.76%


    1.03%


    1.06%


    1.14%


    1.11%

    Return on average equity



    12.80%


    15.11%


    7.79%


    10.31%


    12.98%


    11.61%


    14.15%




















    Weighted average common shares outstanding:
















    Basic





    12,336,420


    12,327,921


    11,908,282


    11,746,574


    9,888,030


    12,080,128


    9,537,358


    Diluted




    12,585,518


    12,535,551


    12,076,878


    11,978,801


    10,103,966


    12,352,246


    9,718,356

    Earnings per common share:

















    Basic





    $                    0.42


    0.48


    0.24


    0.31


    0.37


    1.45


    1.51


    Diluted




    $                    0.41


    0.47


    0.23


    0.30


    0.36


    1.42


    1.48




















    (1)  Tax expense is determined using the effective tax rate reflected in the accompanying income statement for the applicable reporting period.

     

    Reconciliation of Non-GAAP Financial Measures















    (Unaudited)

















    (In thousands, except share data)
































    For the Three Months Ended


    For the Twelve Months Ended







    December 31,
    2016


    September 30,
    2016


    June 30,
    2016


    March 31,
    2016


    December 31,
    2015


    December 31,
    2016


    December 31,
    2015

    Segment net income:

















    Community banking




    $                  4,565


    4,734


    2,162


    3,413


    3,258


    $          14,874


    11,402

    Wholesale mortgage banking



    806


    1,402


    919


    401


    525


    3,529


    3,832

    Other





    (232)


    (228)


    (253)


    (188)


    (207)


    (902)


    (867)

    Eliminations




    11


    33


    8


    17


    33


    69


    53

    Total net income




    $                  5,150


    5,941


    2,836


    3,643


    3,609


    $          17,570


    14,420




















    Community banking segment operating earnings:















    Income before income taxes



    $                  6,545


    6,975


    2,785


    4,953


    4,842


    $          21,258


    16,744

    Tax expense (1)




    1,980


    2,241


    623


    1,540


    1,584


    6,384


    5,342

    Bank segment net income



    $                  4,565


    4,734


    2,162


    3,413


    3,258


    $          14,874


    11,402




















    Weighted average common shares outstanding:
















    Basic





    12,336,420


    12,327,921


    11,908,282


    11,746,574


    9,888,030


    12,080,128


    9,537,358


    Diluted




    12,585,518


    12,535,551


    12,076,878


    11,978,801


    10,103,966


    12,352,246


    9,718,356




















    Earnings per common share:

















    Basic





    $                    0.37


    $              0.38


    $              0.18


    $              0.29


    $              0.33


    $              1.23


    $           1.20


    Diluted




    $                    0.36


    $              0.38


    $              0.18


    $              0.28


    $              0.32


    $              1.20


    $           1.17




















    Bank segment income before taxes



    $                  6,545


    6,975


    2,785


    4,953


    4,842


    $          21,258


    $       16,744

    Gain on sale of securities



    (65)


    (111)


    (113)


    (417)


    (34)


    (706)


    (1,493)

    Net loss on extinguishment of debt



    1,693


    118


    47


    9


    36


    1,868


    1,251

    Fair value adjustments on interest rate swaps


    (998)


    (99)


    226


    281


    (142)


    (590)


    1,111

    Merger related costs (2)



    254


    -


    2,697


    186


    -


    3,137


    -

    Operating earnings before income taxes


    7,429


    6,883


    5,642


    5,012


    4,702


    24,967


    17,613

    Tax expense (1)




    2,247


    2,211


    1,262


    1,558


    1,538


    7,498


    5,619

    Operating bank segment earnings (Non-GAAP)


    $                  5,182


    4,672


    4,380


    3,454


    3,164


    $          17,469


    $       11,994




















    Operating bank segment earnings per common share:
















    Basic (Non-GAAP)



    $                    0.42


    $              0.38


    $              0.37


    $              0.29


    $              0.32


    $              1.45


    $           1.26


    Diluted (Non-GAAP)



    $                    0.41


    $              0.37


    $              0.36


    $              0.29


    $              0.31


    $              1.41


    $           1.23




















    (1)  Tax expense is determined using the effective tax rate computed for the applicable business segment.
























    (2)  Remaining merger related costs were incurred within the category "Other" segment earnings.                       





     

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/carolina-financial-corporation-reports-results-for-fourth-quarter-of-2016-300392624.html

    SOURCE Carolina Financial Corporation

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