GREENSBORO, N.C., July 29, 2013 (GLOBE NEWSWIRE) -- Carolina Bank Holdings, Inc. (Nasdaq:CLBH) today reported second quarter 2013 results with highlights as follows:
Second Quarter 2013 Financial Highlights
- Carolina Bank, the subsidiary of Carolina Bank Holdings, Inc., continued to maintain 'Well Capitalized' status, the highest regulatory capital measure. Capital ratios at June 30, 2013 for Carolina Bank improved to 9.39% for Tier 1 leverage, 12.67% for Tier 1 risk-based, and 15.79% for total risk-based.
- The warrant to purchase 357,675 shares of common shares was repurchased from the U. S. Treasury in April 2013.
- $5 million of the $16 million in outstanding preferred stock is scheduled to be retired in August 2013.
- Average non-interest-bearing demand deposits increased 31.3% in the first six months of 2013 from the first six months of 2012.
- Net loan charge-offs declined to $208,000, or 0.20% of average loans (annualized), in the second quarter of 2013 from $1,379,000, or 1.18% of average loans (annualized), in the second quarter of 2012.
- Non-performing assets to total assets decreased to 3.07% at June 30, 2013 from 4.16% at June 30, 2012
- Diluted net income per common share decreased to $0.75 for the six months ended June 2013 from $0.85 for the same period in 2012. Diluted net income per common share was $0.34 and $0.58 for the second quarters of 2013 and 2012, respectively.
- Net income was $3,188,000 for the six months ended June 30, 2013 compared to $3,496,000 for the six months ended June 30, 2012. Net income was $1,470,000 and $2,268,000 in the second quarters of 2013 and 2012, respectively.
- Net income available to common shareholders was $1,164,000 in the second quarter of 2013 compared to $1,961,000 in the second quarter of 2012.
- The net interest margin, computed on a fully taxable basis, was 3.65% in the second quarter of 2013 compared to 3.86% in the second quarter of 2012.
"We continued our goal of building shareholder value in 2013 by increasing our capital and by strengthening our relationships with customers. We plan to retire $5 million of our $16 million in preferred stock in August 2013 which should be accretive to earnings per share," said President and Chief Executive Officer Robert T. Braswell. "Average loans declined during the first six months of 2013 due to a challenging commercial lending environment, but we continued our focus on increasing our commercial relationships as evidenced by a 31.3% increase in average non-interest-bearing demand deposits in the first six months of 2013 from the same period in 2012. Our commercial loan pipeline appears to be strengthening."