GREENSBORO, N.C., Feb. 2, 2011 (GLOBE NEWSWIRE) -- Carolina Bank Holdings, Inc. (Nasdaq:CLBH) today reported fourth quarter 2010 results with highlights as follows:
Fourth Quarter 2010 Financial Highlights
- Net income available to common shareholders was $392,000 in the fourth quarter of 2010 compared to a net loss allocable to common shareholders of $1.80 million in the fourth quarter of 2009.
- Diluted net income (loss) per common share was $0.12 and $(0.53) in the fourth quarter of 2010 and 2009, respectively.
- Carolina Bank, the subsidiary of Carolina Bank Holdings, Inc., continued to maintain 'Well Capitalized' status, the highest regulatory capital measure. Capital ratios improved during the fourth quarter of 2010 due to retained net income and a reduction in assets.
- Net interest income, computed on a fully taxable basis, reached an all time quarterly high of $6.25 million in the fourth quarter of 2010, up 11.4% from the fourth quarter of 2009.
- The net interest margin, computed on a fully taxable basis, increased to a ten year high of 3.80% in the fourth quarter of 2010 compared to 3.41% in the fourth quarter of 2009.
- Provision for loan losses decreased to $1.83 million in the fourth quarter of 2010 from $5.55 million in the same quarter of 2009. Asset impairments were $1.44 million and $0.12 million in the fourth quarters of 2010 and 2009, respectively.
Net loss allocable to common stockholders was $3.54 million, or ($1.04) per diluted common share, in 2010 compared to $1.45 million, or ($0.43) per diluted common share, in 2009. Robert T. Braswell, President and CEO of Carolina Bank Holdings, commented, "We are pleased with our return to profitability in the fourth quarter of 2010. Our record net interest income and record non-interest income from our mortgage division are commendable. Carolina Bank continues to be 'Well Capitalized' and strengthened its capital ratios from retained income and a planned reduction in assets during the fourth quarter."
Non-performing loans to total loans held for investment increased to 5.39% at December 31, 2010 from 5.20% at September 30, 2010. Non-performing assets to total assets increased to 5.55% at December 31, 2010 from 5.25% at September 30, 2010. Braswell commented, "Reducing the elevated level of non-performing assets is a top priority of our team in 2011. We hope that the economy will improve and help facilitate our plan of substantially reducing non-performing assets." The bank had net loan charge-offs of $12.86 million and $6.20 million in 2010 and 2009, respectively. The allowance for loan losses was 2.40% and 1.90% of loans held for investment at December 31, 2010 and 2009, respectively.
About the Company
Carolina Bank, the banking subsidiary of Carolina Bank Holdings, Inc. began banking operations on November 25, 1996. The parent company is a North Carolina corporation organized in 2000. The bank is engaged in lending and deposit gathering activities in the Piedmont Triad of North Carolina, with operations in four counties: Guilford, Alamance, Forsyth and Randolph. The bank has eight full-service banking locations, four in Greensboro, one in Asheboro, one in High Point, one in Burlington, and one in Winston-Salem, North Carolina. A mortgage loan production office was opened in Burlington in July 2010. The Company's stock is listed on the NASDAQ Global Market under the symbol CLBH. Further information is available on the Company's web site: .
This press release contains forward-looking statements regarding future events. These statements are only predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include risks of managing our growth, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other financial institutions, and changes in real estate values and the real estate market. Additional information concerning factors that could cause actual results to be materially different from those in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission. Carolina Bank Holdings, Inc. undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Carolina Bank Holdings, Inc. Robert T. Braswell, President and CEO 336-286-8740 firstname.lastname@example.org