Carolina Bank Holdings, Inc. Reports A 55.6% Increase In First Quarter EPS To $0.42

GREENSBORO, N.C., April 29, 2013 (GLOBE NEWSWIRE) -- Carolina Bank Holdings, Inc. (Nasdaq:CLBH) today reported first quarter 2013 results with highlights as follows:

First Quarter 2013 Financial Highlights
  • Diluted net income per common share increased 55.6% to $0.42 in the first quarter of 2013 from $0.27 in the first quarter of 2012.
  • Net income for the first quarter of 2013 was $1,718,000, an increase of 39.9% from net income of $1,228,000 reported in the first quarter of 2012.
  • Net income available to common shareholders was $1,413,000 in the first quarter of 2013 compared to $926,000 in the first quarter of 2012.
  • The net interest margin, computed on a fully taxable basis, decreased to 3.94% in the first quarter of 2013 compared to 3.98% in the first quarter of 2012.
  • Mortgage banking revenues increased 22.9% to $3,895,000 in the first quarter of 2013 from $3,169,000 in the first quarter of 2012.
  • Carolina Bank, the subsidiary of Carolina Bank Holdings, Inc., continued to maintain 'Well Capitalized' status, the highest regulatory capital measure. Capital ratios at March 31, 2013 for Carolina Bank improved to 9.34% for Tier 1 leverage, 12.23% for Tier 1 risk-based, and 15.28% for total risk-based.
  • Average non-interest-bearing demand deposits increased 34.0% in the first quarter of 2013 from the same quarter in 2012.
  • Net loan charge-offs declined to $105,000, or 0.09% of average loans (annualized), in the first quarter of 2013 from $762,000, or 0.64% of average loans (annualized), in the first quarter of 2012.
  • Non-performing assets to total assets decreased to 2.72% at March 31, 2013 from 4.62% at March 31, 2012

"We continued our goal of building shareholder value in 2013 by increasing net income and by strengthening our relationships with customers despite a challenging lending environment," said President and Chief Executive Officer Robert T. Braswell. "Average loans declined during the first quarter of 2013 due to irrational terms being offered by some of our competitors and lackluster demand by borrowers, but we continued our focus on increasing our commercial relationships as evidenced by a 34% increase in average non-interest-bearing demand deposits in the first quarter of 2013 from the first quarter of last year."

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