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Carolina Bank Holdings, Inc. Reports Record Net Income Of $7.5 Million In 2012; EPS Of $1.85 In 2012 Increases 413% From 2011

Stocks in this article: CLBH

GREENSBORO, N.C., Jan. 31, 2013 (GLOBE NEWSWIRE) -- Carolina Bank Holdings, Inc. (Nasdaq:CLBH) today reported record 2012 net income with highlights as follows:

Fourth Quarter and 2012 Financial Highlights

  • Net income was $7,502,000 in 2012, up 213.0% from $2,397,000 in 2011. Net income increased 112.1% in the fourth quarter of 2012 to $2,187,000 from $1,031,000 in the fourth quarter of 2011.
  • Net income available to common shareholders was $6,276,000 in 2012, an increase of 413.2% from $1,223,000 in 2011. Net income available to common shareholders increased 158.4% to $1,884,000 in the fourth quarter of 2012 from $729,000 in the fourth quarter of 2011.
  • Diluted net income per common share increased 413.9% to $1.85 in 2012 from $0.36 in 2011. Diluted net income per common share rose 150% to $0.55 in the fourth quarter of 2012 from $0.22 in the fourth quarter of 2011.
  • The net interest margin, computed on a fully taxable basis, decreased to 4.01% in the fourth quarter of 2012 compared to 4.14% in the fourth quarter of 2011.
  • Residential mortgage loan originations rose to a record $1.23 billion in 2012 from $784 million in 2011.
  • Carolina Bank, the subsidiary of Carolina Bank Holdings, Inc., continued to maintain 'Well Capitalized' status, the highest regulatory capital measure. Capital ratios at December 31, 2012 for Carolina Bank improved to 9.23% for Tier 1 leverage, 11.27% for Tier 1 risk-based, and 14.18% for Total risk-based.
  • Non-interest bearing demand deposits increased 27.1% in 2012 to $73,032,000 at December 31, 2012.
  • Non-performing assets to total assets declined to 2.75% at December 31, 2012 from 4.40% at December 31, 2011.
  • CLBH stock increased 200% to $7.35 at December 31, 2012 from $2.45 at December 31, 2011.

Robert T. Braswell, President and CEO of Carolina Bank Holdings, Inc. commented, "We are pleased to report record profitability in 2012. Our outstanding financial performance resulted from improved credit quality, stable interest rate margins, and strong results by our mortgage division. Our stock price, which increased 200% during 2012, was one of the best performers in our industry and reflects our outstanding results."

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