Non-performing assets as a percentage of total assets at September 30, 2016 decreased to 0.40% from a year prior at 0.68%. Non-performing assets were $2.5 million at September 30, 2016, as compared to $3.0 million at September 30, 2015.At September 30, 2016, the allowance for loan and lease losses stood at $4.8 million, which is 1.01% of gross loans. During the nine months ended September 30, 2016, recoveries of loans charged off exceeded charge-offs by $62,000. "This summer our employees have been immersed in a bank-wide efficiency initiative," said John S. Poole, Carolina Alliance Chief Executive Officer. "We are very pleased with the results so far and anticipate these efficiencies to translate to both cost savings and revenue enhancements in the future." For other information about Carolina Alliance, please call (864) 208-BANK (2265) or visit our website. Note:Certain statements in this release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as an economic downturn nationally or in the local markets we serve; competitive pressures among depository and other financial institutions; the rate of delinquencies and amounts of charge-offs; the level of allowance for loan loss; the rates of loan growth or adverse changes in asset quality in the bank's loan portfolios; and changes in the U.S. legal and regulatory framework, including the effect of recent financial reform legislation on the banking industry, any of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
CONTACTS: John S. Poole(864) 542-2615John D. Kimberly(828) 255-5711