CAB Financial Corporation reports its second quarter 2018 results
August 9, 2018
CAB Financial Corporation, holding company for Carolina Alliance Bank, reported its second quarter 2018 consolidated financial results. Net income was $2.3 million, or $0.31 per diluted common share, for the six months ended June 30, 2018, as compared to net income of $2.1 million, or $0.29 per diluted common share, for the six months ended June 30, 2017. For the three months ended June 30, 2018, net income was $1.2 million, or $0.16 per diluted common share, as compared to $1.1 million, or $0.15 per diluted common share, for the three months ended June 30, 2017.
Gross loans and leases increased by $56.2 million to $567.0 million on June 30, 2018 from $510.8 million on June 30, 2017, and total assets increased by $57.6 million to $730.7 million at June 30, 2018 from $673.1 million at June 30, 2017. Total deposits increased to $599.7 million on June 30, 2018 from $544.2 million on June 30, 2017, an increase of $55.5 million.
Total shareholders’ equity was 10.8% and 11.3% of total assets, or $78.9 million and $75.9 million, as of June 30, 2018 and 2017, respectively. Book value per common share was $10.96 as of June 30, 2018, compared to $10.58 as of June 30, 2017.
The Bank’s capital levels continue to exceed the levels required by regulatory standards to be classified as “well capitalized,” which is the highest of the five regulator-defined capital categories used to describe an institution’s capital position.
