CAB Financial Corp. reports income increase

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CAB Financial Corp., holding company for Spartanburg-based Carolina Alliance Bank, reports a 2018 second quarter increase in net income over the same period last year.

Net income was $2.3 million, or 31 cents per diluted common share, for the six months ended June 30, compared to net income of $2.1 million, or 29 cents per diluted common share, for the six months ended June 30, 2017. For the three months ended June 30, net income was $1.2 million, or 16 cents per diluted common share, compared to $1.1 million, or 15 cents per diluted common share, for the three months ended June 30, 2017, according to a news release.

Gross loans and leases increased by $56.2 million to $567 million on June 30, from $510.8 million on June 30, 2017; and total assets increased by $57.6 million to $730.7 million on June 30 from $673.1 million on June 30, 2017. Total deposits increased to $599.7 million on June 30 from $544.2 million on June 30, 2017, an increase of $55.5 million, the release said.

“Loan growth continued at a pace similar to what we experienced in the first quarter,” said John Kimberly, president and CEO of Carolina Alliance Bank, in the release. “Outstanding loan balances have grown about 15% on an annualized basis so far this year. The increase in loan balances and their average rates this year have served to offset the impact of the increase in deposit rates we experienced in this current rising rate environment.”