In Brief: Carolina First Says Its Profits Soared 55%

GREENVILLE, S.C. - million for the first quarter, a 55% jump from last year. The bank said the income increase came primarily from a 51% increase in noninterest income relating to credit card securitization. Earnings were also buttressed by an improvement in operational efficiencies and by a 30% jump in total assets. The $1.1 billion-asset bank also just completed its acquisition of Aiken County National Bank, and another deal, with $43 million-asset Midlands National Bank, is set to close in the second quarter. Returns on assets and equity were 0.84% and 11.54%, respectively, compared with 0.72% and 9.37% last year. Nonperforming assets increased 12%, to $1.4 million.