Published:
MidCarolina Financial Corporation Announces Results for 2nd Quarter 2008
BURLINGTON, N.C., July 18 /PRNewswire-FirstCall/ -- MidCarolina Financial
Corporation (OTC Bulletin Board: MCFI) today reported record total assets of
$514.4 million at June 30, 2008, an increase of $63.7 million, or 14%, when
compared to the $450.7 million reported at June 30, 2007. Total loans, net of
mortgage loans held-for-sale, were a record $406.9 million at June 30, 2008,
an increase of $59.7 million, or 17%, from the level a year ago. Total
deposits at the end of the quarter were $438.7 million, an increase of $68.1
million, or 18%, when compared to 2007 second quarter balances.
MidCarolina reported net income available to common shareholders of
$962,000 for the quarter ended June 30, 2008, a decrease of 5% when compared
to the $1,013,000 reported for the second quarter of 2007. Diluted earnings
per common share decreased to $0.19 for second quarter 2008, compared to $0.21
in 2007.
For the six-month period ended June 30, 2008, MidCarolina reported net
income available for common shareholders of $1.8 million, a decrease of 5%
compared to $1.9 million reported for the same six-month period in 2007.
Diluted earnings per common share decreased to $0.36 for the first six-months
of 2007, compared to $0.39 for the same six-month period in 2007.
Commenting on these results, Charles T. Canaday, Jr., President and CEO,
said, "The Bank's performance and asset quality remain sound in spite of the
general market conditions of the local and national economy. Our loan quality
has remained strong and growth of our in-market loans has continued at our
planned rate. Due to the weakness in the economy and in particular the real
estate sector, we have chosen to increase our provision to loan loss reserves
by $450,000 for the first six-months of 2008 compared to the first six-months
of 2007. Considering the challenging economic environment with which we are
faced, we are proud of the growth MidCarolina has achieved in our existing
markets ofAlamance andGuilford 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 six full-service banking offices and
two limited-service offices located in the cities ofBurlington, Graham
Greensboro andMebane, North Carolina. MidCarolina Bank, a wholly owned
subsidiary of MidCarolina Financial Corporation, also provides the Bank's
markets with access to personalized full brokerage services through a separate
registered broker dealer for stocks, bonds and mutual funds and an array of
insurance products.
MidCarolina Bank is insured by the FDIC and is an equal housing lender.
Statements in this Report and its exhibits relating to plans, strategies,
economic performance and trends, projections of results of specific activities
or investments, expectations or beliefs about future events or results, and
other statements that are not descriptions of historical facts, may be
forward-looking statements as defined in Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking
information is inherently subject to risks and uncertainties, and actual
results could differ materially from those currently anticipated due to a
number of factors which include, but are not limited to, factors discussed in
our Annual Report on Form 10-K and in other documents we file with the
Securities and Exchange Commission from time to time. Copies of those reports
are available directly through the SEC's Internet website at www.sec.gov or
through our Internet website at www.midcarolinabank.com . Forward-looking
statements may be identified by terms such as "may," "will," "should,"
"could," "expects," "plans," "intends," "anticipates," "believes,"
"estimates," "predicts," "forecasts," "potential" or "continue," or similar
terms or the negative of these terms, or other statements concerning opinions
or judgments of our management about future events. Factors that could
influence the accuracy of forward-looking statements include, but are not
limited to, the financial success or changing strategies of our customers,
actions of government regulators, the level of market interest rates, and
changes in general economic conditions and real estate values in our banking
market (particularly changes that affect our loan portfolio, the abilities of
our borrowers to repay their loans, and the values of loan collateral).
Although we believe that the expectations reflected in the forward-looking
statements are reasonable, they represent our management's judgments only as
of the date they are made, and we cannot guarantee future results, levels of
activity, performance or achievements. As a result, readers are cautioned not
to place undue reliance on these forward-looking statements. All
forward-looking statements attributable to us are expressly qualified in their
entirety by the cautionary statements in this paragraph. We have no
obligation, and do not intend, to update these forward-looking statements.
PERFORMANCE SUMMARY
MIDCAROLINA FINANCIAL CORPORATION
(Dollars in thousands, except per share and share data)
For the
Three Months Ended June 30,
2008 2007 %
(Unaudited) (Unaudited) Change
SUMMARY STATEMENTS OF OPERATIONS
Interest income $7,291 $7,669 -4.9%
Interest expense 3,815 4,374 -12.8%
Net interest income 3,476 3,295 5.5%
Provision for loan losses 225 -
Net interest income after
provision for loan losses 3,251 3,295 -1.3%
Noninterest income 756 759 -0.4%
Noninterest expense 2,438 2,458 -0.8%
Income before income tax expense 1,569 1,596 -1.7%
Provision for income taxes 503 479 5.0%
Net income 1,066 1,117 -4.6%
Dividends on preferred stock (104) (104) -
Net income available to common
shareholders $962 $1,013 -5.0%
PER SHARE DATA
Earnings per common share, basic $0.20 $0.22
Earnings per common share, diluted 0.19 0.21
For the
Six Months Ended June 30,
2008 2007 %
(Unaudited) (Unaudited) Change
SUMMARY STATEMENTS OF OPERATIONS
Interest income $14,876 $14,974 -0.7%
Interest expense 8,133 8,476 -4.1%
Net interest income 6,743 6,498 3.8%
Provision for loan losses 450 -
Net interest income after
provision for loan losses 6,293 6,498 -3.2%
Noninterest income 1,487 1,336 11.3%
Noninterest expense 4,826 4,846 -0.4%
Income before income tax expense 2,954 2,988 -1.1%
Provision for income taxes 972 904 7.5%
Net income 1,982 2,084 -4.9%
Dividends on preferred stock (208) (208) -
Net income available to common
shareholders $1,774 $1,876 -5.4%
PER SHARE DATA
Earnings per common share, basic $0.36 $0.42
Earnings per common share, diluted 0.36 0.39
PERFORMANCE AND ASSET QUALITY RATIOS
Return on average assets 0.89% 1.01%
Return on average common equity 12.72% 16.33%
Net yield on earning assets
(taxable equivalent) 2.89% 3.14%
Equity to assets ratio, end of period 6.81% 6.49%
Allowance for loan losses as a
percentage of total loans, end of
period 1.19% 1.22%
Non-performing assets to total
assets, end of period 0.38% 0.58%
Ratio of net charge-offs to
average loans outstanding 0.02% 0.00%
As of June 30,
2008 2007 %
(Unaudited) (Unaudited) Change
SELECTED BALANCE SHEET DATA
End of period balances
Total loans, net of mortgages
held-for-sale $406,864 $347,147 17.2%
Allowance for loan losses 4,824 4,226 14.2%
Loans, net of allowance for loan
losses 402,040 342,921 17.2%
Securities, available for sale 71,513 71,355 0.2%
Total Assets 514,407 450,733 14.1%
Deposits:
Noninterest-bearing deposits 40,380 36,172 11.6%
Interest-bearing demand and
savings 79,197 89,624 -11.6%
CDs and other time deposits 319,095 244,805 30.4%
Total deposits 438,672 370,601 18.4%
Borrowed Funds 38,764 48,764 -20.5%
Total interest-bearing liabilities 437,056 383,193 14.1%
Shareholders' Equity 35,063 29,253 19.9%
SOURCE MidCarolina Financial Corporation
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
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