This Day On The Street
Continue to site
ADVERTISEMENT
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

Carolina Bank Holdings, Inc. Reports EPS Of $0.75 For The Six Months Ended June 30, 2013

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."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs