Bank of the Carolinas Corp. said yesterday that it had net income of $470,000 in the third quarter, compared with a loss of $2.7 million in the third quarter of 2008.
Diluted earnings were 12 cents a share, compared with a loss of 69 cents a share a year ago.
The bank's profit was lowered by a $312,000 preferred-stock dividend payment to the U.S. Treasury as part of its participation in the capital-purchase program.
The bank said that the biggest factor in its profit was a 36 percent increase in income from loans to $4.1 million.
The bank said that because it resolved several nonperforming loans in the quarter, its nonperforming assets fell by $6.3 million to $15.5 million -- nearly the same level as a year ago. Its provision for loan losses was about $1 million on Sept. 30, compared with $3.1 million on Sept. 30, 2008.
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