GREENSBORO, N.C., Oct. 13 /PRNewswire-FirstCall/ -- Carolina Bank Holdings, Inc., (Nasdaq: CLBH) announces third quarter earnings results. The company also reports an improvement in its loan quality.
Robert T. Braswell, CEO, stated, "We are pleased that our company continues to report strong results. Comparing the third quarter of 2005 with the same quarter of 2004, we find that total assets grew 24 percent to $331.4 million, net loans increased 15 percent to $236.4 million, total deposits grew 26 percent to $276.9 million, and earnings-per-share increased 20 percent on both a basic and diluted basis to $.24.
"During the second quarter of 2005, the company reported an increase in non-performing loans and bank owned real estate. Recently, the company has undertaken successful remediation measures by selling some properties and charging off others. As of September 30, 2005, the company reports only $37,000 in bank-owned real estate; non-accruing loans are down by more than $1.1 million since June 30, 2005. The company hopes to further reduce the amount of non-accruing loans by the end of 2005."
Previously, the company announced the opening of a new Loan Production Office in Burlington, N.C. under the leadership of Keith Strickland. Mr. Strickland will assume duties as the company's Market Executive. He has more than 25 years of banking experience, almost 14 years in Burlington with his former bank employer. The company intends to open a full service office in Burlington during 2006.
The company has previously announced its intention to open a full-service office in High Point, N.C. However, construction has been delayed because of technical deficiencies in the title to the property. Those deficiencies have been corrected and the company now plans to finalize the property purchase during October 2005. The office will likely be ready for business late in the fourth quarter 2006. The new office will be located in the Deep River Shopping Center, a site on Wendover Avenue midway between Greensboro, N.C. and High Point, N.C.
Carolina Bank Holdings, Inc. operates Carolina Bank as a wholly owned subsidiary. The bank has three branches in Greensboro, N.C. and one in Asheboro, N.C. In addition, the bank operates a loan production office in Burlington, N.C. Further information is available on the bank's Web site, http://www.carolinabank.com.
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. Please see the attached table, "Selected Financial Information." It is an integral part of this communication.
CAROLINA BANK HOLDINGS, INC.
Selected Financial Information
2005
Third Second First
(in thousands, except per share) Quarter Quarter Quarter
OPERATING INCOME SUMMARY
Interest income $4,794 $4,365 $4,176
Interest expense 2,218 1,960 1,765
Net interest income 2,576 2,405 2,411
Provision for loan losses 245 450 280
Non-interest inc. bfr securities/REO inc. 279 310 304
Securities/REO gains (losses), net - 6 4
Non-interest expenses 1,695 1,654 1,634
Income before income taxes 915 617 805
Income taxes 367 215 273
Net income $548 $402 $532
PER COMMON SHARE *
Basic $0.24 $0.18 $0.24
Diluted 0.24 0.17 0.23
Book Value (on outstanding shares) 9.90 9.68 9.47
ASSET QUALITY
Allowance for loan losses $2,944 $3,196 $3,076
Loans on nonaccrual 3,252 4,410 3,039
Repossessed assets 37 652 691
Net loan charge offs (recoveries) 497 330 12
Allowance for loan losses to loans 1.23% 1.38% 1.36%
Nonaccrual loans+repossessions to assets 0.99% 1.56% 1.19%
AVERAGE BALANCES
Loans $239,340 $234,975 $228,085
Earning assets 309,921 304,047 302,690
Total assets 323,485 317,208 315,891
AT PERIOD END
Loans before allowance $239,294 $232,180 $225,793
Total assets 331,359 324,524 313,498
Deposits 276,893 270,229 259,922
Stockholders' Equity 22,453 21,949 21,471
RATIOS ANNUALIZED
Net yield - avg interest earning assets 3.32% 3.16% 3.19%
Return on average assets 0.68% 0.51% 0.67%
Net charge-offs (YTD annl) to avg. loans 0.48% 0.30% 0.02%
Efficiency ratio (excl security/REO trans.) 0.59 0.61 0.60
Note: All quarterly information is unaudited.
* All Per Common Share Information has been presented or restated to
reflect the effect of the six-for-five stock split with a record
date of April 20, 2004
CAROLINA BANK HOLDINGS, INC.
Selected Financial Information
2004
Fourth Third
(in thousands, except per share) Quarter Quarter
OPERATING INCOME SUMMARY
Interest income $3,842 $3,338
Interest expense 1,478 1,130
Net interest income 2,364 2,208
Provision for loan losses 220 236
Non-interest inc. bfr securities/REO inc. 331 286
Securities/REO gains (losses), net - -
Non-interest expenses 1,749 1,561
Income before income taxes 726 697
Income taxes 249 246
Net income $477 $451
PER COMMON SHARE *
Basic $0.21 $0.20
Diluted 0.21 0.20
Book Value (on outstanding shares) 9.37 9.23
ASSET QUALITY
Allowance for loan losses $2,808 $2,628
Loans on nonaccrual 882 772
Repossessed assets 857 891
Net loan charge offs (recoveries) 40 44
Allowance for loan losses to loans 1.26% 1.26%
Nonaccrual loans+repossessions to assets 0.56% 0.62%
AVERAGE BALANCES
Loans $217,712 $203,085
Earning assets 278,410 246,103
Total assets 292,474 259,840
AT PERIOD END
Loans before allowance $223,470 $208,653
Total assets 311,537 267,237
Deposits 258,155 219,337
Stockholders' Equity 21,110 20,779
RATIOS ANNUALIZED
Net yield - avg interest earning assets 3.40% 3.59%
Return on average assets 0.65% 0.69%
Net charge-offs (YTD annl) to avg. loans 0.07% 0.09%
Efficiency ratio (excl security/REO trans.) 0.65 0.63
Note: All quarterly information is unaudited.
* All Per Common Share Information has been presented or restated to
reflect the effect of the six-for-five stock split with a record
date of April 20, 2004
CAROLINA BANK HOLDINGS, INC.
Selected Financial Information
Years Ended
(in thousands, except per share) 2004 2003 2002
OPERATING INCOME SUMMARY
Interest income $12,775 $9,844 $9,085
Interest expense 4,460 3,583 4,151
Net interest income 8,315 6,261 4,934
Provision for loan losses 769 692 685
Non-interest inc. bfr securities/REO inc. 1,263 1,454 911
Securities/REO gains (losses), net - (100) (9)
Non-interest expenses 6,336 5,199 4,238
Income before income taxes 2,473 1,724 913
Income taxes 840 574 312
Net income $1,633 $1,150 $601
PER COMMON SHARE *
Basic $0.73 $0.52 $0.47
Diluted 0.71 0.51 0.46
Book Value (on outstanding shares) 9.37 8.70 8.28
ASSET QUALITY
Allowance for loan losses $2,808 $2,150 $1,661
Loans on nonaccrual 882 228 37
Repossessed assets 857 126 648
Net loan charge offs (recoveries) 111 204 393
Allowance for loan losses to loans 1.26% 1.25% 1.25%
Nonaccrual loans+repossessions to assets 0.56% 0.16% 0.36%
AVERAGE BALANCES
Loans $197,384 $151,733 $121,446
Earning assets 242,095 189,513 155,420
Total assets 255,374 201,550 163,337
AT PERIOD END
Loans before allowance $223,470 $172,575 $133,045
Total assets 311,537 227,011 189,871
Deposits 258,155 183,569 154,878
Stockholders' Equity 21,120 19,564 18,344
RATIOS ANNUALIZED
Net yield - avg interest earning
assets 3.43% 3.30% 3.17%
Return on average assets 0.64% 0.57% 0.37%
Net charge-offs (YTD annl) to avg. loans 0.06% 0.13% 0.32%
Efficiency ratio (excl security/REO trans.) 0.66 0.67 0.73
Note: All quarterly information is unaudited.
* All Per Common Share Information has been presented or restated to
reflect the effect of the six-for-five stock split with a record
date of April 20, 2004
SOURCE Carolina Bank Holdings, Inc.
CONTACT: Mr. Robert T. Braswell, President and CEO of Carolina Bank Holdings, Inc., +1-336-286-8740, or b.braswell@carolinabank.com
© PR Newswire
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