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Spartanburg bank reports 45% jump in income

Staff Report
Published Nov. 7, 2012

Spartanburg-based Carolina Alliance Bank said Wednesday that net income for the first nine months of the year increased 45.5% from the prior-year period to $1.14 million.

Total assets declined 2.8% to $247.1 million, while gross loans grew 5.9% to $173 million, the bank said. Total deposits decreased 1.5% to $206.6 million.

Nonperforming assets were $2.9 million at Sept. 30, which is 1.16% of total assets, and higher than a year prior, when nonperforming assets were $1.8 million, or 0.71% of total assets. The allowance for loan losses was $3.5 million, which is 2.02% of gross loans.

“We are proud to report positive results, both for our financial performance and capital position,” Chairman Terry L. Cash said in a news release. “Given the ongoing challenges we all face in this unfavorable economy, we are encouraged by another positive quarter.”

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