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CORRECTION -- Carolina Bank Holdings, Inc. Reports Second Quarter Results

GREENSBORO, N.C., Aug. 5, 2010 (GLOBE NEWSWIRE) -- In a release issued by Carolina Bank Holdings, Inc. (Nasdaq:CLBH) on August 2, 2010 under the same headline, please note that in the Consolidated Balance Sheets, the numbers in the rows "Total stockholders' equity" and "Total liabilities and stockholders' equity" were incorrect, as originally stated. The corrected numbers, including the entire Consolidated Balance Sheets, follows:

Carolina Bank Holdings, Inc. and Subsidiary      
Consolidated Balance Sheets      
At June 30, 2010 and 2009 and December 31, 2009      
  (unaudited)  
  June 30, December 31, 
  2010 2009 2009
       
ASSETS      
Cash and due from banks  $ 6,038  $ 17,256  $ 6,416
Short-term investments and interest-earning deposits  30,942  21  34,039
Total cash and cash equivalents  36,980  17,277  40,455
       
Securities available for sale, at fair value  48,572  55,149  52,924
Securities held-to-maturity, at amortized cost  681  933  770
       
Loans held for sale  46,207  36,606  29,388
Loans  533,486  532,954  530,606
Allowance for loan losses  (10,270)  (7,560)  (10,081)
Net loans  523,216  525,394  520,525
       
Premises and equipment, net  18,965  19,415  19,351
Other assets  29,719  20,418  33,639
       
Total assets  $ 704,340  $ 675,192  $ 697,052
       
LIABILITIES AND STOCKHOLDERS' EQUITY      
LIABILITIES      
Deposits:      
Noninterest-bearing  $ 42,132  $ 31,754  $ 39,261
Interest-bearing  584,395  527,036  578,210
Total deposits  626,527  558,790  617,471
       
Short-term borrowings  5,240  2,138  683
Federal Home Loan Bank advances  2,744  41,821  7,783
Subordinated debentures  19,377  19,302  19,360
Other liabilities  4,093  4,199  3,807
Total liabilities  657,981  626,250  649,104
       
STOCKHOLDERS' EQUITY      
Preferred stock, no par, authorized 1,000,000 shares; issued and outstanding 16,000 shares in 2010 and 2009  14,639  14,313  14,473
Common stock, $1 par value, 20,000,000 shares authorized; issued  and outstanding -- 3,387,045 shares in 2010 and 2009  3,387  3,387  3,387
Common stock warrants  1,841  1,841  1,841
Additional paid-in capital  15,817  15,780  15,799
Retained earnings  9,603  13,355  11,445
Stock in director rabbi trust  (608)  (758)  (874)
Directors deferred fees obligation  608  758  874
Accumulated other comprehensive income   1,072  266  1,003
Total stockholders' equity  46,359  48,942  47,948
       
Total liabilities and stockholders' equity  $ 704,340  $ 675,192  $ 697,052
CONTACT:  Carolina Bank Holdings, Inc. 
          Robert T. Braswell, President and CEO 
          336-286-8740
          b.braswell@carolinabank.com

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