SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report: October 20, 1998
COMMISSION FILE NUMBER 0-17939
CAROLINA FIRST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
NORTH CAROLINA 56-165582
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
402 East Main Street
Lincolnton, North Carolina 28092
(Address of principal executive office) (Zip Code)
704-732-2222
(Registrant's telephone number, including area code)
Item 5. Other Events
See the following press release, dated October 20, 1998, announcing the
earnings the quarter ended September 31, 1998.
PRESS RELEASE
FOR RELEASE: October 20, 1998
CONTACT: James E. Burt, III
(704) 732-2222
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Carolina First BancShares, Inc., Lincolnton, NC reported consolidated
net income of $1,925,226 or $.43 diluted per share of common stock for the
quarter ended September 30, 1998 as compared to $1,563,219 or $.37 diluted per
share for the same period in 1997, an increase of 23%. Third quarter earnings
were supported by continued growth in non-interest income as well as continued
strength in net interest income produced by increased earning assets.
At September 30, 1998, Carolina First had consolidated assets of $582.9
million, a 17.4% increase over September 30, 1997. Deposits increased 15.1% to
$516.1 million, while gross loans continued to reflect the strong Carolina
economy and increased to $384.6 million, a 15.5% increase over the same period
of the previous period.
Non-performing assets remained at a very acceptable level of .26% of
total assets compared to .31% at September 30, 1997. The Company's allowance for
loan losses was 1.46% of outstanding loans at September 30, 1998 and 1997.
The pending acquisition of Community Bank & Trust Co., Marion, NC has
been delayed due to certain charges brought against one of the Company's
officials who is on voluntary suspension, however management is hopeful the
merger will be completed this quarter. The Company's third quarter earnings
include $375,000 of pre-tax expenses for merger-related contingencies and
possible settlement of litigation.
Carolina First is the parent company of Lincoln Bank of North Carolina
and Cabarrus Bank of North Carolina with 23 offices serving the heart of
Carolina. Its stock is listed in The Charlotte Observer under the Interdealer
stock section and carries the symbol CAFP in the over-the-counter market (pink
sheets). Visit our web site at www.lincolnbanknc.com and www.cabarrusbank.com.
CAROLINA FIRST BANCSHARES, INC.
FINANCIAL HIGHLIGHTS
At September 30, 1998 1997
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TOTAL ASSETS ............................... 582,945,035 496,587,900
GROSS LOANS ................................ 384,559,115 333,038,946
ALLOWANCE FOR LOAN LOSSES .................. 5,602,778 4,872,689
NON-PERFORMING ASSETS ...................... 1,506,003 1,552,877
DEPOSITS ................................... 516,071,861 448,401,290
SHAREHOLDERS EQUITY ........................ 51,548,950 39,270,565
THREE MONTHS ENDED: SEPTEMBER 30
NET INCOME ................................. 1,925,226 1,563,219
NET INCOME PER SH - BASIC .................. 0.44 0.38
NET INCOME PER SH - DILUTED ................ 0.43 0.37
CASH DIVIDENDS PAID PER SHARE .............. 0.08 0.08
PROVISION FOR LOAN LOSSES .................. 370,000 242,000
NINE MONTHS ENDED: SEPTEMBER 30
NET INCOME ................................. 5,549,032 4,499,848
NET INCOME PER SH - BASIC .................. 1.27 1.09
NET INCOME PER SH - DILUTED ................ 1.24 1.08
PROVISIONS FOR LOAN LOSSES ................. 880,000 740,333
ROA - ANNUALIZED ........................... 1.34 1.30
ROE - ANNUALIZED ........................... 15.88 15.88
BASIC AVG SHARES O/S FOR QTR ............... 4,410,064 4,120,128
DILUTED AVG SHARES O/S ..................... 4,521,794 4,184,152
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CAROLINA FIRST BANCSHARES, INC.
(Registrant)
Date: October 20, 1998 By: /s/ Jan H. Hollar
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Jan H. Hollar
Principal Accounting Officer