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Carolina Bank Holdings, Inc. Reports EPS Of $0.98 For The Nine Months Ended September 30, 2013

GREENSBORO, N.C., Oct. 28, 2013 (GLOBE NEWSWIRE) -- Carolina Bank Holdings, Inc. (Nasdaq:CLBH) today reported third quarter 2013 results with highlights as follows:

Third 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 September 30, 2013 for Carolina Bank were 8.81% for Tier 1 leverage, 11.67% for Tier 1 risk-based, and 14.76% for total risk-based.
  • $5 million of the $16 million in outstanding preferred stock was repurchased in August 2013 which should be $0.12 accretive to diluted earnings per common share in 2014 based on current interest rates.
  • Non-interest bearing demand deposits increased 39.5% in the past year to $87.8 million at September 30, 2013.
  • Loans held for investment increased $12.6 million during the third quarter to $430.7 million at September 30, 2013.
  • In response to a decline in mortgage banking income, twelve administrative positions were eliminated late in the third quarter resulting in annual savings of approximately $450,000.
  • Non-performing assets to total assets decreased to 3.54% at September 30, 2013 from 3.87% at September 30, 2012.
  • Diluted net income per common share decreased to $0.98 for the nine months ended September 2013 from $1.30 for the same period in 2012. Diluted net income per common share was $0.23 and $0.44 for the third quarters of 2013 and 2012, respectively.
  • Net income was $4,211,000 for the nine months ended September 30, 2013 compared to $5,315,000 for the nine months ended September 30, 2012. Net income was $1,023,000 and $1,819,000 in the third quarters of 2013 and 2012, respectively.
  • Net income available to common shareholders was $776,000 in the third quarter of 2013 compared to $1,505,000 in the third quarter of 2012.
  • The net interest margin, computed on a fully taxable basis, was 3.46% in the third quarter of 2013 compared to 3.71% in the third quarter of 2012.

"We continued our goal of building shareholder value in the third quarter of 2013 by repurchasing $5 million in preferred stock and by strengthening our relationships with customers as evidenced by an increase in non-interest bearing demand deposits and loans held for investment, primarily commercial loans. We are focusing on continuing our growth in both of these important areas in the coming months to improve our net interest margin," said President and Chief Executive Officer Robert T. Braswell.

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