GREENVILLE, S.C. -- Carolina First Corp., the largest independent bank in South Carolina, reported a 53% increase in earnings for the third quarter.
The $2 million in profits, which generated 28 cents per common share, were attributed to a strong net interest margin, growth in noninterest income, and more earning assets.
The eight-year-old bank grew by 41% in the past year to $1.1 billion in assets.
The bank will continue to grow, since it is acquiring Aiken County National Bank, Aiken, S.C., a $42 million-asset institution with two offices. The stock swap is subject to regulatory and shareholder approval and is expected to be completed in the first quarter.
Carolina First's loan volume increased 52% to $816 million.