This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,399.67 +19.26 0.12%
S&P 500 1,904.01 +17.25 0.91%
NASDAQ 4,316.0740 +57.6360 1.35%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs