Carolina Financial Corporation CARO Income Statement

Carolina financial corporation (CARO)

Income statement / Quarterly

Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13
Interest income
Loans
37,769	38,604	36,571	34,977	35,213	33,623	32,753	31,663	27,092	18,960	18,280	14,968	14,346	13,826	11,880	11,085	10,747	10,345	10,465	9,463	9,352	7,975	7,157	6,833	6,753	6,894	7,005	7,079
Investment securities
6,216	6,745	7,108	7,355	7,244	6,912	6,359	5,707	4,966	3,761	3,661	2,553	2,388	2,264	2,470	2,152	2,145	2,058	2,079	1,894	1,571	1,465	1,526	1,521	1,461	1,230	1,205	1,103
Dividends from Federal Home Loan Bank stock
279	331	331	262	253	313	263	175	145	135	115	101	86	83	108	97	90	93	67	78	55	34	35	34	25	26	31	29
Federal Funds sold
-	-	-	-	-	-	-	-	-	-	-	-	-	3	2	0	-	0	0	-	-	-	-	-	-	-	-	-
Other interest income
122	134	125	187	210	137	102	131	165	70	67	48	38	32	33	26	20	16	22	22	28	22	25	23	3	46	40	18
Total interest income
44,386	45,814	44,135	42,781	42,920	40,985	39,477	37,676	32,368	22,926	22,123	17,670	16,853	16,208	14,493	13,360	13,002	12,512	12,633	11,457	11,006	9,496	8,743	8,411	8,242	8,196	8,281	8,229
Interest expense
Deposits
6,882	7,125	6,796	6,303	5,808	5,029	4,248	3,642	3,175	2,422	2,098	1,692	1,523	1,570	1,512	1,367	1,273	1,122	1,011	961	876	894	898	815	819	812	842	866
Short-term borrowed funds
1,652	1,931	2,429	2,316	1,577	1,529	1,705	1,253	663	441	429	355	189	124	91	105	114	75	76	66	60	30	11	5	1	43	80	115
Long-term debt
539	575	627	691	644	544	619	650	613	514	498	353	529	558	570	615	515	426	492	473	476	514	512	511	527	546	546	521
Total interest expense
9,073	9,631	9,852	9,310	8,029	7,102	6,572	5,545	4,451	3,377	3,025	2,400	2,241	2,252	2,173	2,087	1,902	1,623	1,579	1,500	1,412	1,438	1,421	1,331	1,347	1,401	1,468	1,502
Net interest income
35,313	36,183	34,283	33,471	34,891	33,883	32,905	32,131	27,917	19,549	19,098	15,270	14,612	13,956	12,320	11,273	11,100	10,889	11,054	9,957	9,594	8,058	7,322	7,080	6,895	6,795	6,813	6,727
Provision for loan losses
580	620	680	700	-	750	559	-	779	0	0	0	-	0	0	0	0	0	0	0	0	0	0	0	20	-180	-700	0
Net interest income after provision for loan losses
34,733	35,563	33,603	32,771	34,141	33,133	32,346	32,131	27,138	19,549	19,098	15,270	14,612	13,956	12,320	11,273	11,100	10,889	11,054	9,957	9,594	8,058	7,322	7,080	6,875	6,975	7,513	6,727
Noninterest income
Mortgage banking income
5,527	6,063	4,318	3,418	3,594	3,685	4,215	3,801	3,618	3,625	4,289	3,608	4,259	5,605	4,187	3,175	3,543	4,753	5,104	4,017	2,734	3,294	3,426	2,454	3,026	5,339	10,199	11,350
Deposit service charges
1,727	1,742	1,678	1,667	1,659	2,084	1,988	2,024	1,715	1,072	998	858	976	953	897	862	858	915	883	840	597	520	517	431	443	426	371	318
Net loss on extinguishment of debt
-	-70	-31	-	-	-	-	-	-	-	-	-	-1,694	-118	-47	-9	-36	0	-1,215	0	-	-38	-31	-	-	0	-19	-
Net gain (loss) on sale of securities
0	756	1,941	1,194	346	-849	-746	-697	-241	368	621	185	65	111	113	417	34	1,017	-29	471	391	213	164	316	-742	-337	-62	16
Fair value adjustments on interest rate swaps
872	-996	-2,164	-1,371	-2,222	628	451	803	419	90	-69	-58	998	99	-226	-281	142	-1,246	588	-595	-596	-56	-263	-255	229	-64	263	0
Net gain on sale of servicing assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1	0	0	776	5,489	0	0	0
Net increase in cash value life insurance
395	400	398	398	377	378	385	390	357	267	281	211	218	226	229	229	196	172	180	178	180	178	187	186	187	186	0	1
Mortgage loan servicing income
2,413	2,490	2,566	2,638	2,624	2,313	2,090	2,025	1,968	1,652	1,604	1,566	1,510	1,437	1,413	1,388	1,357	1,330	1,318	1,308	1,284	1,262	1,254	1,277	1,288	1,967	1,836	1,492
Debit card income, net
1,501	1,148	1,215	975	1,529	1,086	1,267	927	-	459	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
934	1,183	1,310	952	614	975	1,377	775	320	342	1,081	861	-562	560	623	495	409	381	435	371	223	134	195	184	240	221	217	206
Total noninterest income
13,292	12,716	11,231	9,871	8,521	10,300	11,027	10,048	10,005	7,875	8,805	7,231	6,959	8,873	7,189	6,276	6,503	7,322	7,264	6,590	4,823	5,507	5,449	5,369	10,160	7,738	12,805	13,383
Noninterest expense
Salaries and employee benefits
13,558	13,634	13,159	13,471	12,857	13,451	13,541	13,668	11,340	8,623	9,255	8,609	8,169	8,481	7,675	7,150	7,176	7,204	7,286	6,963	6,584	5,865	5,515	5,344	5,510	5,372	6,248	6,460
Occupancy and equipment
4,379	4,286	4,116	4,121	4,102	4,113	4,094	3,652	3,218	2,508	2,439	2,182	2,106	2,067	1,927	1,842	1,896	1,821	1,727	1,784	1,584	1,239	1,051	984	939	850	847	814
Marketing and public relations
308	432	448	426	320	312	322	376	235	385	416	381	284	374	385	385	287	378	367	402	390	290	297	274	318	272	263	235
FDIC insurance
0	0	247	255	285	285	265	255	341	205	75	100	175	180	179	168	158	190	185	165	156	162	136	127	96	79	157	256
Recovery of mortgage loan repurchase losses
-100	-100	-100	-100	-150	-150	-150	-150	-225	-225	-225	-225	-250	-250	-250	-250	-250	-250	-250	-250	-250	-250	-250	0	-	766	-	692
Legal expense
66	159	127	86	95	94	157	76	134	157	151	65	121	80	56	49	60	97	73	177	-171	248	191	170	228	258	290	150
Other real estate expense (income), net
538	-36	106	-186	-199	-13	105	94	13	-5	26	20	57	-96	39	20	24	4	43	67	256	75	60	247	129	82	335	76
Mortgage subservicing expense
694	702	770	706	695	640	568	565	501	494	505	486	504	462	468	423	398	418	423	395	343	360	326	363	376	551	469	466
Amortization of mortgage servicing rights
1,571	1,572	1,342	1,236	1,239	1,099	889	979	884	748	665	669	653	586	541	532	526	515	485	460	451	431	441	472	472	641	738	593
Impairment of mortgage servicing rights
-	1,800	1,300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of core deposit intangible
706	720	735	749	706	778	849	806	-	170	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Merger related expenses
-	484	-	-	0	0	506	14,710	6,392	311	279	1,319	5,858	0	-2,799	186	0	0	0	0	-	-	-	-	-	-	-	-
Settlement of employment agreements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	686	51	119	1,783
Other
3,015	3,182	3,228	3,011	3,099	3,393	3,225	2,755	2,813	2,085	2,304	1,980	1,627	2,006	1,990	1,763	1,961	2,004	2,068	2,012	2,770	1,813	1,724	1,625	1,065	1,623	2,139	1,498
Total noninterest expense
26,560	26,907	25,478	24,147	23,237	24,002	24,371	37,598	26,513	15,456	15,890	15,586	14,073	13,890	15,809	12,268	12,236	12,381	12,407	12,175	12,113	10,233	9,491	9,606	10,799	10,545	11,605	13,023
Income before income taxes
21,465	21,372	19,356	18,495	19,425	19,431	19,002	4,581	10,630	11,968	12,013	6,915	7,498	8,939	3,700	5,281	5,367	5,830	5,911	4,372	2,304	3,332	3,280	2,843	6,236	4,168	8,713	7,087
Income tax expense
4,972	4,744	4,282	3,950	3,981	4,227	4,036	525	4,302	3,975	2,673	2,011	2,348	2,998	864	1,638	1,758	1,949	1,994	1,359	587	931	1,031	899	2,174	1,368	3,180	2,664
Net income
16,493	16,628	15,074	14,545	15,444	15,204	14,966	4,056	6,328	7,993	9,340	4,904	5,150	5,941	2,836	3,643	3,609	3,881	3,917	3,013	1,717	2,401	2,249	1,944	4,062	2,800	5,533	4,423
Earnings per common share:
Basic
0.74	0.75	0.68	0.66	0.72	0.67	0.70	0.19	0.32	0.50	0.58	0.35	0.42	0.48	0.24	0.31	0.37	0.41	0.41	0.32	0.14	0.26	0.24	0.25	-0.77	0.37	1.44	1.15
Diluted
0.74	0.74	0.67	0.65	0.71	0.66	0.70	0.19	0.31	0.49	0.58	0.35	0.42	0.47	0.23	0.30	0.36	0.40	0.41	0.31	0.13	0.25	0.24	0.25	-0.79	0.36	1.40	1.15
Dividends declared per common share
0.10	0.09	0.09	0.08	0.07	0.07	0.06	0.05	0.05	0.04	0.04	0.04	-	0.03	0.03	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted average common shares outstanding:
Basic
22,139	22,149	22,189	22,193	22,196	22,678	21,243	20,908	19,291	16,029	16,029	13,919	12,337	12,327	11,908	11,746	9,885	9,463	9,434	9,366	10,893	9,344	9,314	7,702	15,391	7,668	3,832	3,837
Diluted
22,450	22,336	22,372	22,381	22,419	22,898	21,454	21,119	19,694	16,187	16,180	14,139	12,817	12,535	12,076	11,978	9,990	9,674	9,595	9,612	11,125	9,548	9,483	7,872	16,110	7,785	3,935	3,837