Spartanburg-based Carolina Alliance Bank reported a $200,000 year-over-year increase in net income for the first six months of 2017.
For the first six months of 2017, the bank reported $2.1 million of net income compared to $1.9 million it reported for the first six months of 2016.
The bank said the increase was due to non-interest income and a decrease in income tax expenses.
Carolina Alliance reported a year-over-year increase in its gross loans and leases of $35.5 million to $510.8 million and a $17.1 million increase in total deposits to $544.2 million.
“We are focused on quality loan growth and managing our net interest margin,” said John Kimberly, Carolina Alliance Bank president and CEO, in a news release. “Both have been impacted by challenging market interest rates on loans and deposits and competition.”
The bank’s total assets had a year-over-year increase of $39.6 million to $673.1 million and non-performing assets of the bank were 0.69%, or $4.7 million.