Carolina Financial Corporation CARO Income Statement

Carolina financial corporation (CARO)

Income statement / TTM

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
147,921	145,365	140,384	136,566	133,252	125,131	110,468	95,995	79,300	66,554	61,420	55,020	51,137	47,538	44,057	42,642	41,020	39,625	37,255	33,947	31,317	28,718	27,637	27,485	27,731	0	0	0
Investment securities
27,424	28,452	28,619	27,870	26,222	23,944	20,793	18,095	14,941	12,363	10,866	9,675	9,274	9,031	8,825	8,434	8,176	7,602	7,009	6,456	6,083	5,973	5,738	5,417	4,999	0	0	0
Dividends from Federal Home Loan Bank stock
1,203	1,177	1,159	1,091	1,004	896	718	570	496	437	385	378	374	378	388	347	328	293	234	202	158	128	120	116	111	0	0	0
Federal Funds sold
-	-	-	-	-	-	-	-	-	-	-	-	-	5	2	0	-	0	0	-	-	-	-	-	-	-	-	-
Other interest income
568	656	659	636	580	535	468	433	350	223	185	151	129	111	95	84	80	88	94	97	98	73	97	112	107	0	0	0
Total interest income
177,116	175,650	170,821	166,163	161,058	150,506	132,447	115,093	95,087	79,572	72,854	65,224	60,914	57,063	53,367	51,507	49,604	47,608	44,592	40,702	37,656	34,892	33,592	33,130	32,948	0	0	0
Interest expense
Deposits
27,106	26,032	23,936	21,388	18,727	16,094	13,487	11,337	9,387	7,735	6,883	6,297	5,972	5,722	5,274	4,773	4,367	3,970	3,742	3,629	3,483	3,426	3,344	3,288	3,339	0	0	0
Short-term borrowed funds
8,328	8,253	7,851	7,127	6,064	5,150	4,062	2,786	1,888	1,414	1,097	759	509	434	385	370	331	277	232	167	106	47	60	129	239	0	0	0
Long-term debt
2,432	2,537	2,506	2,498	2,457	2,426	2,396	2,275	1,978	1,894	1,938	2,010	2,272	2,258	2,126	2,048	1,906	1,867	1,955	1,975	2,013	2,064	2,096	2,130	2,140	0	0	0
Total interest expense
37,866	36,822	34,293	31,013	27,248	23,670	19,945	16,398	13,253	11,043	9,918	9,066	8,753	8,414	7,785	7,191	6,604	6,114	5,929	5,771	5,602	5,537	5,500	5,547	5,718	0	0	0
Net interest income
139,250	138,828	136,528	135,150	133,810	126,836	112,502	98,695	81,834	68,529	62,936	56,158	52,161	48,649	45,582	44,316	43,000	41,494	38,663	34,931	32,054	29,355	28,092	27,583	27,230	0	0	0
Provision for loan losses
2,580	2,750	2,689	0	-	2,088	1,338	-	779	0	0	0	-	0	0	0	0	0	0	0	0	20	-160	-860	-860	0	0	0
Net interest income after provision for loan losses
136,670	136,078	133,648	132,391	131,751	124,748	111,164	97,916	81,055	68,529	62,936	56,158	52,161	48,649	45,582	44,316	43,000	41,494	38,663	34,931	32,054	29,335	28,252	28,443	28,090	0	0	0
Noninterest income
Mortgage banking income
19,326	17,393	15,015	14,912	15,295	15,319	15,259	15,333	15,140	15,781	17,761	17,659	17,226	16,510	15,658	16,575	17,417	16,608	15,149	13,471	11,908	12,200	14,245	21,018	29,914	0	0	0
Deposit service charges
6,814	6,746	7,088	7,398	7,755	7,811	6,799	5,809	4,643	3,904	3,785	3,684	3,688	3,570	3,532	3,518	3,496	3,235	2,840	2,474	2,065	1,911	1,817	1,671	1,558	0	0	0
Net loss on extinguishment of debt
-	0	0	-	-	-	-	-	-	-	-	-	-1,868	-210	-92	-1,260	-1,251	-1,253	-1,284	0	-	0	0	-	-	0	0	-
Net gain (loss) on sale of securities
3,891	4,237	2,632	-55	-1,946	-2,533	-1,316	51	933	1,239	982	474	706	675	1,581	1,439	1,493	1,850	1,046	1,239	1,084	-49	-599	-825	-1,125	0	0	0
Fair value adjustments on interest rate swaps
-3,659	-6,753	-5,129	-2,514	-340	2,301	1,763	1,243	382	961	970	813	590	-266	-1,611	-797	-1,111	-1,849	-659	-1,510	-1,170	-345	-353	173	428	0	0	0
Net gain on sale of servicing assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	775	6,265	6,265	6,265	5,489	0	0	0
Net increase in cash value life insurance
1,591	1,573	1,551	1,538	1,530	1,510	1,399	1,295	1,116	977	936	884	902	880	826	777	726	710	716	723	731	738	746	559	374	0	0	0
Mortgage loan servicing income
10,107	10,318	10,141	9,665	9,052	8,396	7,735	7,249	6,790	6,332	6,117	5,926	5,748	5,595	5,488	5,393	5,313	5,240	5,172	5,108	5,077	5,081	5,786	6,368	6,583	0	0	0
Debit card income, net
4,839	4,867	4,805	4,857	4,809	3,739	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
4,379	4,059	3,851	3,918	3,741	3,447	2,814	2,518	2,604	1,722	1,940	1,482	1,116	2,087	1,908	1,720	1,596	1,410	1,163	923	736	753	840	862	884	0	0	0
Total noninterest income
47,110	42,339	39,923	39,719	39,896	41,380	38,955	36,733	33,916	30,870	31,868	30,252	29,297	28,841	27,290	27,365	27,679	25,999	24,184	22,369	21,148	26,485	28,716	36,072	44,086	0	0	0
Noninterest expense
Salaries and employee benefits
53,822	53,121	52,938	53,320	53,517	52,000	47,172	42,886	37,827	34,656	34,514	32,934	31,475	30,482	29,205	28,816	28,629	28,037	26,698	24,927	23,308	22,234	21,741	22,474	23,590	0	0	0
Occupancy and equipment
16,902	16,625	16,452	16,430	15,961	15,077	13,472	11,817	10,347	9,235	8,794	8,282	7,942	7,732	7,486	7,286	7,228	6,916	6,334	5,658	4,858	4,213	3,824	3,620	3,450	0	0	0
Marketing and public relations
1,614	1,626	1,506	1,380	1,330	1,245	1,318	1,412	1,417	1,466	1,455	1,424	1,428	1,431	1,435	1,417	1,434	1,537	1,449	1,379	1,251	1,179	1,161	1,127	1,088	0	0	0
FDIC insurance
502	787	1,072	1,090	1,090	1,146	1,066	876	721	555	530	634	702	685	695	701	698	696	668	619	581	521	438	459	588	0	0	0
Recovery of mortgage loan repurchase losses
-400	-450	-500	-550	-600	-675	-750	-825	-900	-925	-950	-975	-1,000	-1,000	-1,000	-1,000	-1,000	-1,000	-1,000	-1,000	-750	266	0	0	-	0	-	0
Legal expense
438	467	402	432	422	461	524	518	507	494	417	322	306	245	262	279	407	176	327	445	438	837	847	946	926	0	0	0
Other real estate expense (income), net
422	-315	-292	-293	-13	199	207	128	54	98	7	20	20	-13	87	91	138	370	441	458	638	511	518	793	622	0	0	0
Mortgage subservicing expense
2,872	2,873	2,811	2,609	2,468	2,274	2,128	2,065	1,986	1,989	1,957	1,920	1,857	1,751	1,707	1,662	1,634	1,579	1,521	1,424	1,392	1,425	1,616	1,759	1,862	0	0	0
Amortization of mortgage servicing rights
5,721	5,389	4,916	4,463	4,206	3,851	3,500	3,276	2,966	2,735	2,573	2,449	2,312	2,185	2,114	2,058	1,986	1,911	1,827	1,783	1,795	1,816	2,026	2,323	2,444	0	0	0
Impairment of mortgage servicing rights
-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of core deposit intangible
2,910	2,910	2,968	3,082	3,139	2,603	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Merger related expenses
-	0	-	-	15,216	21,608	21,919	21,692	8,301	7,767	7,456	4,378	3,245	-2,613	-2,613	186	0	0	0	0	-	-	-	-	-	-	-	-
Settlement of employment agreements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,639	0	0	0
Other
12,436	12,520	12,731	12,728	12,472	12,186	10,878	9,957	9,182	7,996	7,917	7,603	7,386	7,720	7,718	7,796	8,045	8,854	8,663	8,319	7,932	6,227	6,037	6,452	6,325	0	0	0
Total noninterest expense
103,092	99,769	96,864	95,757	109,208	112,484	103,938	95,457	73,445	61,005	59,439	59,358	56,040	54,203	52,694	49,292	49,199	49,076	46,928	44,012	41,443	40,129	40,441	42,555	45,972	0	0	0
Income before income taxes
80,688	78,648	76,707	76,353	62,439	53,644	46,181	39,192	41,526	38,394	35,365	27,052	25,418	23,287	20,178	22,389	21,480	18,417	15,919	13,288	11,759	15,691	16,527	21,960	26,204	0	0	0
Income tax expense
17,948	16,957	16,440	16,194	12,769	13,090	12,838	11,475	12,961	11,007	10,030	8,221	7,848	7,258	6,209	7,339	7,060	5,889	4,871	3,908	3,448	5,035	5,472	7,621	9,386	0	0	0
Net income
62,740	61,691	60,267	60,159	49,670	40,554	33,343	27,717	28,565	27,387	25,335	18,831	17,570	16,029	13,969	15,050	14,420	12,528	11,048	9,380	8,311	10,656	11,055	14,339	16,818	0	0	0
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