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 $0.98 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.

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,154.81 +113.27 0.63%
S&P 500 2,119.43 +15.23 0.72%
NASDAQ 5,080.8240 +48.0730 0.96%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs