GREENSBORO, N.C., May 2, 2011 (GLOBE NEWSWIRE) -- Carolina Bank Holdings, Inc. (Nasdaq:CLBH) today reported first quarter 2011 results with highlights as follows:
First Quarter 2011 Financial Highlights
- Net income available to common shareholders was $324,000 in the first quarter of 2011 compared to $14,000 in the first quarter of 2010.
- Diluted net income per common share was $0.10 and $0.00 in the first quarter of 2011 and 2010, 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 first quarter of 2011 and fourth quarter of 2010 due to retained net income and a reduction in assets.
- Net interest income, computed on a fully taxable basis, was $6.00 million in the first quarter of 2011, up 7.1% from the first quarter of 2010.
- The net interest margin, computed on a fully taxable basis, increased to a ten year high of 3.88% in the first quarter of 2011 compared to 3.54% in the first quarter of 2010.
- Provision for loan losses decreased to $1.70 million in the first quarter of 2011 from $1.99 million in the same quarter of 2010. No asset impairment charges were realized in the first quarter of 2011 compared to $0.51 million in the first quarter of 2010.
- Net income was $612,000 and $299,000 in the first quarter of 2011 and 2010, respectively.
Robert T. Braswell, President and CEO of Carolina Bank Holdings, Inc., commented, "We are pleased to report another consecutive profitable quarter after the challenging second and third quarters of 2010. Carolina Bank continues to be 'Well Capitalized' and strengthened its capital ratios from retained income and a planned reduction in assets during the first quarter of 2011 and fourth quarter of 2010."
Non-performing loans to total loans held for investment increased to 5.71% at March 31, 2011 from 5.39% at December 31, 2010. Non-performing assets to total assets increased to 6.00% at March 31, 2011 from 5.55% at December 31, 2010. Braswell commented, "Reducing the elevated level of non-performing assets is a top priority of our Bank in 2011. Our seasoned loan workout team and an improving economy will hopefully provide the keys to reducing our non-performing assets." The bank had net loan charge-offs of $1.65 million and $1.37 million in the first quarter of 2011 and 2010, respectively. The allowance for loan losses was 2.47% and 2.40% of loans held for investment at March 31, 2011 and December 31, 2010, 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 Telephone: 336-286-8740 Email: firstname.lastname@example.org