Carolina Bank Holdings, Inc. Reports Fourth Quarter EPS Of $0.12
GREENSBORO, N.C., Feb. 2, 2011 (GLOBE NEWSWIRE) -- Carolina Bank Holdings, Inc. (Nasdaq:CLBH) today reported fourth quarter 2010 results with highlights as follows:
Fourth Quarter 2010 Financial Highlights
- Net income available to common shareholders was $392,000 in the fourth quarter of 2010 compared to a net loss allocable to common shareholders of $1.80 million in the fourth quarter of 2009.
- Diluted net income (loss) per common share was $0.12 and $(0.53) in the fourth quarter of 2010 and 2009, respectively.
- Carolina Bank, the subsidiary of Carolina Bank Holdings, Inc., continued to maintain 'Well Capitalized' status, the highest regulatory capital measure. Capital ratios improved during the fourth quarter of 2010 due to retained net income and a reduction in assets.
- Net interest income, computed on a fully taxable basis, reached an all time quarterly high of $6.25 million in the fourth quarter of 2010, up 11.4% from the fourth quarter of 2009.
- The net interest margin, computed on a fully taxable basis, increased to a ten year high of 3.80% in the fourth quarter of 2010 compared to 3.41% in the fourth quarter of 2009.
- Provision for loan losses decreased to $1.83 million in the fourth quarter of 2010 from $5.55 million in the same quarter of 2009. Asset impairments were $1.44 million and $0.12 million in the fourth quarters of 2010 and 2009, respectively.
Net loss allocable to common stockholders was $3.54 million, or ($1.04) per diluted common share, in 2010 compared to $1.45 million, or ($0.43) per diluted common share, in 2009. Robert T. Braswell, President and CEO of Carolina Bank Holdings, commented, "We are pleased with our return to profitability in the fourth quarter of 2010. Our record net interest income and record non-interest income from our mortgage division are commendable. Carolina Bank continues to be 'Well Capitalized' and strengthened its capital ratios from retained income and a planned reduction in assets during the fourth quarter."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV