Carolina Bank Holdings, Inc. Reports Third Quarter Results
GREENSBORO, N.C., Nov. 2, 2010 (GLOBE NEWSWIRE) -- Carolina Bank Holdings, Inc. (Nasdaq:CLBH) today reported third quarter 2010 results with highlights as follows:
Third Quarter 2010 Financial Highlights
- Assets increased 3.5% to $700.2 million at September 30, 2010 from $676.8 million at September 30, 2009. Assets increased 0.5% during the first nine 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 $6.06 million in the third quarter of 2010, up 16.8% from the third quarter of 2009.
- The net interest margin, computed on a fully taxable basis, increased to 3.70% in the third quarter of 2010 compared to 3.25% in the third quarter of 2009.
- The mortgage division earned $0.75 million in the third quarter and $1.68 million in the first nine months of 2010 due to lower interest rates and an expanding market.
- Net loss was $1.80 million in the third quarter of 2010 compared to net income of $0.17 million in the third quarter of 2009.
- Net loss allocable to common stockholders was $2.09 million, or ($0.62) per diluted share, and $0.11 million, or ($0.03) per diluted share, in the third quarter of 2010 and 2009, respectively.
- Provision for loan losses increased to $6.6 million in the third quarter of 2010 from $1.7 million in the same quarter of 2009. Asset impairments were $0.44 million and $0.09 million in the third quarters of 2010 and 2009, respectively.
Net loss allocable to common stockholders was $3.93 million, or ($1.16) per diluted common share, in the first nine months of 2010 compared to net income available to common shareholders of $0.35 million, or $0.10 per diluted common share, in first nine months 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 third quarter, through our emphasis on building profitable relationships with our customers. Our mortgage division continued to perform at a very high level, earning $0.75 million in the third quarter, an increase of 81.3% from the third quarter of 2009. We expect a strong fourth quarter in our mortgage division based on current applications and low interest rates."
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