Carolina Bank Holdings, Inc. Reports Second Quarter Results
GREENSBORO, N.C., Aug. 2, 2010 (GLOBE NEWSWIRE) -- Carolina Bank Holdings, Inc. (Nasdaq:CLBH) today reported second quarter 2010 results with highlights as follows:
Second Quarter 2010 Financial Highlights
- Assets increased 4.3% to $704.3 million at June 30, 2010 from $675.2 million at June 30, 2009. Assets increased 1.0% during the first six months of 2010.
- Carolina Bank, the only subsidiary of Carolina Bank Holdings, Inc., continued to maintain "Well Capitalized" status, the highest regulatory capital measure.
- Net interest income, computed on a fully taxable basis, reached an all time quarterly high of $5.75 million in the second quarter of 2010, up 19.7% from the second quarter of 2009.
- The net interest margin, computed on a fully taxable basis, increased to 3.50% in the second quarter of 2010 compared to 3.15% in the second quarter of 2009.
- The mortgage division earned $0.52 million in the second quarter and $0.93 million in the first six months of 2010 due to lower interest rates and an expanding market.
- Net loss was $1.57 million in the second quarter of 2010 compared to net income of $0.34 million in the second quarter of 2009.
- Net loss allocable to common stockholders was $1.86 million, or ($0.55) per diluted share, in the second quarter of 2010 compared net income available to shareholders of $0.05 million, or $0.02 per diluted share, in the second quarter of 2009.
- Provision for loan losses increased to $4.7 million in the second quarter of 2010 from $2.0 million in the same quarter of 2009. Asset impairments were $0.96 million and $0.51 million in the second quarters of 2010 and 2009, respectively.
Net loss allocable to common stockholders was $1.84 million, or ($0.54) per diluted common share, in the first six months of 2010 compared to net income available to common shareholders of $0.46 million, or $0.14 per diluted common share, in first half of 2009. Robert T. Braswell, President and CEO of Carolina Bank Holdings, commented, "We continued to increase our net interest income, which reached an all-time high in the second quarter, through our emphasis on building profitable relationships with our customers. Our mortgage division is performing at a very high level and earned $0.52 million in the second quarter and $0.93 million in the first six months of 2010. With the softness in interest rates, a recent major increase in applications signals a strong third quarter for the mortgage division. It is also a pleasure to welcome Michelle Roten, former CEO and owner of Hallmark Residential Mortgage, and her team who joined the bank on July 1, 2010. Michelle and her team will help facilitate the growth of our retail market share in the Triad through an expanded retail mortgage presence."
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