MidCarolina Financial Corporation Announces 42% Increase in 1st Quarter Net Income Available to Common Shareholders23 April 2006
MidCarolina Financial Corporation (OTC Bulletin Board: MCFI) today reported operating results for the first quarter ended March 31, 2006. MidCarolina reported net income available to common shareholders of $710,000 for the quarter ended March 31, 2006, an increase of 42% when compared to the $500,000 reported for the first quarter of 2005. Diluted earnings per common share increased to $0.21 for first quarter 2006, compared to $0.15 in 2005.
MidCarolina reported total assets of $398.1 million at March 31, 2006, an increase of $91.5 million, or 30%, when compared to the $306.6 million reported at March 31, 2005. Total loans, net of mortgage loans held-for-sale, were $301.8 million at March 31, 2006, an increase of $67.4 million, or 29%, from levels at March 31, 2005. Deposit totals at the end of the quarter were $324.3 million, an increase of $76.3 million, or 31%, when compared to 2005 quarter-end balances.
Commenting on these results, Randolph J. Cary, Jr., President and CEO, said, "The Board of Directors and management are very pleased to report record operating results for the first quarter of 2006. We are very proud of the growth MidCarolina achieved in our existing markets of Alamance and Guilford counties. Our client base continues to expand as commercial and retail businesses choose MidCarolina as their financial partner."
MidCarolina Bank provides a complete line of banking services to individuals and businesses through its five full-service banking offices and two limited-service offices located in the cities of Burlington, Graham and Greensboro, North Carolina. MidCarolina Bank, a wholly owned subsidiary of MidCarolina Financial Corporation, also provides the Bank's markets with personalized full brokerage services for stocks, bonds, mutual funds and an array of insurance products.
MidCarolina Bank is insured by the FDIC and is an equal housing lender.
This press release contains forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections. For further information and other factors which could affect the accuracy of forward-looking statements, please see MidCarolina's reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 which are available at the SEC's website (http://www.sec.gov) or MidCarolina's website (http://www.midcarolinabank.com). Readers are cautioned not to place undue reliance on theses forward-looking statements, which reflect management's judgments only as of the date hereof. MidCarolina Financial Corporation undertakes no obligation to revise these statements following the date of this press release.
PERFORMANCE SUMMARY
MIDCAROLINA FINANCIAL CORPORATION
(Dollars in thousands, except per
share and share data)
For the
Three Months Ended March 31,
2006 2005 %
(Unaudited) (Unaudited) Change
SUMMARY STATEMENTS OF OPERATIONS
Interest income $6,098 $3,835 59.0 %
Interest expense 2,957 1,504 96.6 %
Net interest income 3,141 2,331 34.8 %
Provision for loan losses 232 271 -14.4 %
Net interest income after
provision for loan losses 2,909 2,060 41.2 %
Noninterest income 494 789 -37.4 %
Noninterest expense 2,135 2,091 2.1 %
Income before income tax expense 1,268 758 67.3 %
Provision for income taxes 454 258 76.0 %
Net income 814 500 62.8 %
Dividends on preferred stock (104) - -
Net income available to common
shareholders $710 $500 42.0 %
PER SHARE DATA
Earnings per share, basic $0.23 $0.16 43.8 %
Earnings per share, diluted 0.21 0.15 40.0 %
PERFORMANCE AND ASSET QUALITY RATIOS
Return on average assets 0.87% 0.68%
Return on average common equity 15.24% 11.96%
Net yield on earning assets
(taxable equivalent) 3.52% 3.40%
Average equity to average assets 6.28% 5.70%
Allowance for loan losses as a
percentage of total loans, end of
period 1.44% 1.34%
Non-performing assets to total
assets, end of period 1.02% 0.69%
Ratio of net charge-offs to
average loans outstanding 0.00% 0.00%
As of March 31,
2006 2005 %
(Unaudited) (Unaudited) Change
SELECTED BALANCE SHEET DATA
End of period balances
Total loans, net of mortgages
held-for-sale $301,775 $234,380 28.8 %
Allowance for loan losses 4,328 3,134 38.1 %
Loans, net of allowance for loan
losses 297,447 231,246 28.6 %
Securities, available for sale 60,536 40,090 51.0 %
Securities, held to maturity 250 250 0.0 %
Total Assets 398,111 306,584 29.9 %
Deposits:
Noninterest-bearing deposits 33,437 29,699 12.6 %
Interest-bearing demand
and savings 73,700 60,106 22.6 %
CD's and other time deposits 217,173 158,250 37.2 %
Total Deposits 324,310 248,055 30.7 %
Borrowed Funds 39,000 31,500 23.8 %
Trust Preferred Securities 8,764 8,764 0.0 %
Total interest-bearing liabilities 662,947 248,110 167.2 %
Shareholders' Equity 23,719 16,637 42.6 %
Source: prnewswire
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