Business briefs

Bank of Carolina reports $8.8 million loss

Bank of the Carolinas Corp. said Friday it had a loss of $8.8 million in the fourth quarter compared with a loss of $7.1 million in the third quarter and a loss of $2.5 million a year ago.

The bank had an earnings loss of $2.26 a share compared with a loss of $1.82 a share a year ago and 65 cents a year ago.

The loss was $8.6 million when excluding $233,000 committed as a preferred-dividend payment to the U.S. Treasury for the bank's participation in the capital-purchase component of the Troubled Asset Relief Program. Bank of the Carolinas said in February 2011 that it was deferring those payments.

The bank said it "aggressively worked" during the fourth quarter to reduce problem assets, including foreclosed real estate. The bank's provision for loan losses was at $3 million compared with $5.6 million in the third quarter and $3.6 million a year ago.

Net charge-offs were $3.6 million in the fourth quarter, essentially unchanged from the third quarter and up from $3.1 million a year ago.

Nonperforming assets were at $27.6 million on Dec. 31 compared with $28.9 million on Sept. 30 and $33 million on Dec. 31, 2010.

In June, its board of directors hired a consultant to explore "strategic alternatives" that include selling the bank. Officials did not provide an update on the strategy Friday.

Richard Craver

Jobs in state rise by 0.5 percentage points

North Carolina had a net gain of 19,600 jobs during 2011, up 0.5 percentage points from 2010, according to a report released Friday by South by North Strategies Ltd., a research firm specializing in economic and social policy.

The state had a net gain of 29,400 jobs in the private sector, primarily in the hospitality and leisure sector. It also lost 9,800 local and state government jobs.

"North Carolina netted more jobs in 2011, but the growth was insufficient to recover much of the ground lost during the recession," said John Quinterno, a principal with South by North.

The group said that since December 2007, the number of working-age North Carolinians has increased by 362,100. Taking into account the jobs that should have been created over the last four years but were not, the gap facing the state is 518,000 positions.

To close that gap by December 2015, holding everything else equal, North Carolina would need to net 14,389 jobs a month for the next 36 months.

"At no point since 1990 has North Carolina sustained such a level of growth over so long a period," Quinterno said.

Richard Craver

Chiquita enters next phase of hiring

The Charlotte Works economic-development group said Friday that Chiquita Brands International Inc. is proceeding with the next phase of hiring for its new Charlotte headquarters.

Chiquita said on Nov. 29 it was moving its global headquarters from Cincinnati to Charlotte and transferring at least 375 high-paying jobs after a N.C. economic development panel approved an incentives deal worth more than $22 million.

The company projected that along with research and development laboratories, it eventually will have about 417 jobs in Charlotte as part of an overall investment of about $14 million. The jobs are projected to pay an average of about $107,000.

The company has developed a website — www.chiquitacharlotte.com — to streamline the applicant process for jobs in finance and administration, customer service in logistics and administrative support.

Richard Craver

Snyder's-Lance posts fourth-quarter profit

Snack food maker Snyder's-Lance Inc. swung to a profit in the fourth quarter Friday as it moved away from costs tied to the acquisition that combined the two companies.

Lance Inc. and Snyder's of Hanover Inc. combined in 2010 in an all-stock deal. The new company took on the name Snyder's-Lance and has its headquarters in Charlotte.

The company reported net income of $22.4 million, or 33 cents a diluted share, compared with a loss of $19.4 million, or 48 cents a share, a year earlier.

Excluding merger-related costs and other items, earnings were 20 cents a share. That fell short of the 26 cents per share that analysts polled by FactSet expected.

Revenue rose 45 percent to $412.1 million from $285.1 million.

For the year, Snyder's-Lance earned $38.3 million compared with $2.5 million in 2010.

The company projected 2012 earnings ranging from 91 cents to $1.02 a share and revenue of $1.59 billion to $1.63 billion.

The Associated Press

Former Austin-Ross partner opens new firm

Suzanne Banzet, formerly the founding partner of Austin-Ross Financial Inc., has opened ClearView Financial LLC in Winston-Salem.

The firm's headquarters is at 4400 Silas Creek Parkway, Suite 106.

ClearView Financial is an independent financial services firm. It offers financial education, customized financial planning, portfolio management and investment strategies. The firm provides guidance for 401(k) rollovers, IRAs, severance package optimization, stock options, tax-efficient generation of income for retirees and estate planning.

Ashley Edwards is the firm's registered assistant and client service manager. For more information, go to www.ClearViewInvest.net or contact Banzet at (336) 331-3229 or Suzanne@ClearViewInvest.net.

Fran Daniel

Strata Solar plans solar farm in Chapel Hill

A Chapel Hill green energy developer has chosen its home base to build one of the state's largest solar energy plants, according to the News & Observer of Raleigh.

If approved by the N.C. Utilities Commission, Strata Solar's proposed 40-acre solar farm in Chapel Hill would be the biggest solar farm in the Triangle.

It's one of two 5-megawatt projects the company proposed this week and among more than a dozen Strata Solar has developed or planned to date.

The state's largest solar farm, in Davidson County, is 15.5 megawatts, three times bigger than the Strata Solar proposals.

McClatchy-Tribune