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Carolina Bank Holdings, Inc. Reports EPS Of $0.85 For 2013

GREENSBORO, N.C., Jan. 30, 2014 (GLOBE NEWSWIRE) -- Carolina Bank Holdings, Inc. (Nasdaq:CLBH) today reported 2013 results with highlights as follows:

2013 and 4 th Quarter 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 December 31, 2013 for Carolina Bank were 8.86% for Tier 1 leverage, 11.19% for Tier 1 risk-based, and 13.85% 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.
  • Average non-interest bearing demand deposits increased 32.5% in 2013 from 2012. Average non-interest bearing demand deposits increased 35.1% in the fourth quarter of 2013 from the fourth quarter of 2012.
  • Loans held for investment increased $13.4 million during the fourth quarter to $444.1 million at December 31, 2013.
  • In response to a decline in mortgage banking activity and income, the number of full-time equivalent employees was reduced to 191 at December 31, 2013 from 208 at December 31, 2012.
  • Net income for 2013 was the second highest in our history at $4,010,000 compared to a record $7,502,000 in 2012.
  • Diluted net income per common share decreased to $0.85 in 2013 from $1.85 in 2012. Diluted net income (loss) per common share was $(0.12) and $0.55 for the fourth quarters of 2013 and 2012, respectively.
  • Net income available to common stockholders was $2,928,000 in 2013 compared to $6,276,000 in 2012. Net income (loss) available (allocable) to common stockholders was $(425,000) and $1,884,000 for the fourth quarters of 2013 and 2012, respectively.
  • The net interest margin, computed on a fully taxable basis, was 3.59% in 2013 compared to 3.89% in 2012.
  • Our Winston–Salem office was relocated to Stratford Road, the most desirable shopping area, in December 2013.

"We continued our goal of building shareholder value in the fourth quarter by strengthening our relationships with customers as evidenced by an increase in average non-interest bearing demand deposits of 32.5% and by increasing our loans held for investment, primarily commercial loans, for the past two quarters in a row. 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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