MidCarolina sees net income of $940,000 during fourth quarter
MidCarolina Financial Corp., the Burlington-based parent of MidCarolina Bank, reported earnings of $940,000 for the fourth quarter, an increase of 56 percent compared to the final quarter of 2005.
The bank's quarterly and annual earnings grew as loans increased and deposits climbed - both by more than 10 percent compared to 2005. The bank's annual earnings last year surpassed $3.47 million, a 54 percent increase over net income of $2.26 million for all of 2005.
Earnings per share for the year were $0.73, up from $0.48 during the 12 months ending Dec. 31, 2005. Fourth-quarter earnings increased to $0.19, up from $0.14 during the final quarter of 2005. All diluted earnings per share are adjusted for a stock dividend implemented as a 25 percent stock split Jan. 19.
As of Dec. 31, MidCarolina's total assets totaled $420.9 million, up from $370.4 million at the end of 2005.
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