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Bank of the Carolinas reports $5,000 Q1 net loss

Bank of the Carolinas has reported net loss of $5,000 for the first quarter of 2008, compared to net income of $780,000 for the first quarter of 2007.

The diluted earnings per share were $0 for the first quarter of 2008, compared to $0.20 per diluted share for the same period in 2007. According to the bank, its first quarter results were significantly affected by the further compression of the company’s net interest margin, increased provision for loan losses and higher levels of non-interest expense compared to the first quarter of 2007.

For the three months ended March 31, 2008, the company’s net interest margin declined to 2.77% compared to 3.31% for the first quarter of 2007. Total assets at March 31, 2008 amounted to $513.4 million, an increase of 8.6% when compared to $472.8 million for the same period of 2007.

The non-interest income for the first quarter of 2008 grew 5.4%; while non-interest expense increased $594,000 or 21.3% over the first quarter of 2007. Non-interest expense for the current quarter was impacted by the addition of two full-service offices opened during 2007.