Profile: Carolina Financial Corp (CARO.PH)
22 May 2019
Carolina Financial Corporation, incorporated on February 14, 1996, is a bank holding company. The Company operates through CresCom Bank (the Bank), a state-chartered commercial bank. The Company operates through three segments: community banking, wholesale mortgage banking (mortgage banking) and other. The Company's community banking segment provides traditional banking services offered through CresCom Bank. The Company's mortgage banking segment provides mortgage loan origination and servicing offered through Crescent Mortgage Company (Crescent Mortgage). The other segment provides managerial and operational support to the other business segments through Carolina Services and Carolina Financial. CresCom Bank provides a range of commercial and retail banking financial services to meet the financial needs of its customers through its branch network in South Carolina and North Carolina.
The Company provides a range of lending services, including commercial and residential real estate mortgage loans, real estate construction loans, commercial and industrial loans, and consumer loans. The Company's customers are individuals, small to medium-sized businesses and professional firms that are located in or conduct a substantial portion of their business in its market areas. The Company's lending activities primarily focuses on the professional market, including doctors, dentists, small business to medium sized owners and commercial real estate developers.
The Company originates and holds short-term and long-term first mortgages and traditional second mortgage residential real estate loans. It offers fixed and adjustable rate residential real estate loans with terms of up to 30 years. It offers fixed and adjustable rate residential and commercial construction loan financing to builders and developers and to consumers who build their own home. It makes loans for commercial purposes in various lines of businesses, including the manufacturing industry, service industry and professional service areas. It makes a range of loans to individuals for personal and household purposes, including secured and unsecured installment loans and revolving lines of credit. As of December 31, 2016, the Company's total net loans receivable were $1.16 billion.
The Company's investment activities include available-for-sale investment portfolio, such as the United States agency securities, municipal securities, mortgage-backed securities (agency and non-agency), collateralized loan obligations and trust preferred securities. As of December 31, 2016, the Company's total available-for-sale securities were $335.35 million.
Sources of Funds
The Company provides a range of deposit services, including noninterest-bearing demand accounts, interest-bearing demand and savings accounts, money market accounts and time deposits. As of December 31, 2016, the Company's total deposits were $1.3 billion. The Company utilizes borrowing facilities, including the Federal Home Loan Bank of Atlanta (FHLB) advance window, the Board of Governors of the Federal Reserve System (the Federal Reserve) and federal funds purchased.
The Company competes with SunTrust, Bank of America, Wells Fargo and BB&T.
Carolina Financial Corp
288 Meeting St
CHARLESTON SC 29401-1570