Exhibit 99
FOR IMMEDIATE RELEASE
January 23, 2006
Contact: Roger Whaley
(803) 779-0411
Carolina National Corporation, based in Columbia, SC Announces results for the
year end 2005.
Columbia, SC, January 23, 2006 - Carolina National Corporation, (NASDAQ: CNCP)
parent of Carolina National Bank, is pleased to announce the consolidated
financial results for 2005:
Unaudited Audited
December 31, 2005 December 31, 2004
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Balance Sheet ($'s in thousands)
Assets
Cash equivalents ............................................................ $ 20,968 $ 3,382
Investment Securities ....................................................... 3,501 3,361
Loans, net .................................................................. 137,275 88,972
Other Assets ................................................................ 3,113 2,790
Total Assets .............................................................. $164,857 $ 98,505
Liabilities
Deposits .................................................................... $135,746 $ 86,094
Other Liabilities ........................................................... 2,743 1,486
Total Liabilities ......................................................... $138,489 $ 87,580
Equity
Shareholders Equity ......................................................... $ 26,368 $ 10,925
Total Liabilities and
Shareholders Equity ................................................ $164,857 $ 98,505
Income Statement ($'s in thousands)
Net Interest Income ......................................................... $ 5,072 $ 2,720
Provision for Loan Loss ..................................................... 550 506
Net Interest Income after
Provision for Loan Losses .......................................... $ 4,522 $ 2,214
Non-interest Income ......................................................... 373 272
Non-interest Expense ........................................................ 3,902 3,148
Income Tax Expense (benefit) ................................................ 346 (229)
Net Income ......................................................... $ 647 $ (433)
Roger Whaley, President and Chief Executive Officer stated, "We are very pleased
with the results of the year's activities. Between the end of 2004 and 2005,
loans to our customers increased 54%; deposits increased 58%. Our total revenue
increased 100.02% from $4,198,599 in 2004 to $8,398,151 in 2005. We experienced
our first profitable full year and our net income for 2005 was more than a $1
million dollar improvement over the net loss reported for 2004. Two important
measures of profitability, Net Interest Margin and Efficiency Ratio both
improved significantly: the Net Interest Margin increased from 3.34% for the
year ended 2004 to 4.01% for the year ended 2005 and the Efficiency Ratio
improved from 105.21% to 71.66%."
"Also, our capital position grew significantly during the year. We recently
completed a successful stock offering of 1,000,000 shares which increased
capital by a net amount of $14.8 million. This new capital, combined with Net
Income adjusted for Other Comprehensive Losses (net of tax benefits) increased
our capital strength by 141%. After the end of 2005, the underwriter of our
stock offering exercised an option to purchase an additional 150,000 shares. The
net proceeds from this transaction are approximately $2.24 million and will be
reported as additional capital in our financial results for the first quarter of
2006," he said.