CNCP Carolina National Corp (MM)

COLUMBIA, S.C., Nov. 13 /PRNewswire-FirstCall/ -- Carolina National Corporation (NASDAQ:CNCP), the bank holding company for Carolina National Bank and Trust Company, today reported net income for the three months period ended September 30, 2006, was $529,202, or $0.20 per diluted share, an increase of 114.1% over the $247,201, or $0.16 per diluted share reported for the same period of 2005. Net income for the nine months ended September 30, 2006, was $1,518,355, or $0.58 per diluted share compared $399,914, or $0.27 per diluted share, an increase of 279.7% over the same period last year. Total assets ended the quarter at $196.2 million. During the first nine months of 2006 total assets increased $31.3 million or 19.0%. Total loans increased $37.0 million, or 26.6%, during the first nine months of 2006. Total deposits ended the third quarter of 2006 at $163.7 million compared to $ 135.6 million as of December 31, 2005; an increase of 20.6%. Roger Whaley, President and CEO, said, "The bank continued to experience strong loan and deposit growth as well as a significant increase in market share during the first nine months of 2006. The growth realized in these areas was the major contributor to the increased earnings for the first nine months and third quarter of 2006 over the same periods reported for 2005." "In the third quarter of 2006 our salary and benefits expense increased substantially as we invested in the future by hiring and training the staff for our new Garners Ferry Branch which opened in October. That investment is already beginning to payoff in new business at the branch." He continued, "I am particularly pleased that earnings per share for the 2006 periods increased compared to the same periods of 2005 even though there were approximately 1,150,000 more shares outstanding in the 2006 periods than the 2005 periods as the result of the stock offering we completed in January 2006." Carolina National Bank recently celebrated its fourth anniversary and is now operating four full service branches in the greater Columbia area. Whaley added, "We are committed to expanding our branch network throughout the Columbia and Lexington communities so that we may better provide service and convenience to our existing customer base as well as to new customers. Again, we appreciate the support of our customers and shareholders, and continue to be excited about our prospects for future growth as a result of their support." DATASOURCE: Carolina National Corporation CONTACT: Roger Whaley for Carolina National Corporation, +1-803-779-0411 Web site: http://www.carolinanationalbank.com/

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