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CAB Financial Corporation Reports its Third Quarter 2018 Results

SPARTANBURG, S.C. – (October 30) CAB Financial Corporation (OTCQX: CABF) (the “Corporation”), holding company for Carolina Alliance Bank, today reported its third quarter 2018 consolidated financial results. Net income was $3.6 million, or $0.49 per diluted common share, for the nine months ended September 30, 2018, as compared to net income of $3.0 million, or $0.42 per diluted common share, for the nine months ended September 30, 2017. For the three months ended September 30, 2018, net income was $1.3 million, or $0.18 per diluted common share, as compared to $0.9 million, or $0.13 per diluted common share, for the three months ended September 30, 2017.

Gross loans and leases increased by $62.5 million to $577.8 million on September 30, 2018 from $515.3 million on September 30, 2017, and total assets increased by $58.7 million to $744.6 million at September 30, 2018 from $685.9 million at September 30, 2017. Total deposits increased to $618.3 million on September 30, 2018 from $557.3 million on September 30, 2017, an increase of $61.0 million.

“We are very pleased with our strong performance this year, both in loan growth, which has continued at a steady pace, and interest rate management in a challenging rising rate environment,” said John Kimberly, President and Chief Executive Officer. “In addition, we are excited about our upcoming merger with Park National Corporation, which was announced in September. We believe this merger will offer enhanced opportunities and value for our customers, shareholders, and communities.”

Total shareholders’ equity was 10.9% and 11.2% of total assets, or $81.1 million and $76.9 million, as of September 30, 2018 and 2017, respectively. Book value per common share was $10.99 as of September 30, 2018, compared to $10.69 as of September 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.

Non-performing assets were $2.9 million, or 0.39% of total assets, at September 30, 2018, as compared to $3.2 million, or 0.46% of total assets, at September 30, 2017.

The allowance for loan and lease losses stood at $5.7 million, or 0.98% of gross loans at September 30, 2018 as compared to $5.4 million, or 1.04% of gross loans at September 30, 2017. Net loan charge-offs for the nine months ended September 30, 2018 were $46,265 as compared to net loan recoveries of $18,966 for the nine months ended September 30, 2017.

View a PDF of the news release.

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