Carolina Bank Holdings, Inc. Announces Increase in Third Quarter Earnings.GREENSBORO Greensboro, city (1990 pop. 183,521), seat of Guilford co., N central N.C.; inc. 1829. The city is a financial, insurance, and distribution center for the region. , N.C. -- Carolina Carolina (kärōlē`nä), city (1990 pop. 177,806), Puerto Rico. Located 7 mi (11 km) SE of San Juan, it is a residential suburb of the capital, as well as a commercial and industrial center. Bank Holdings, Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CLBH) announces third quarter earnings results. The company also reports an improvement in its loan quality. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. T. Braswell, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , 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 di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis to $.24. "During the second quarter of 2005, the company reported an increase in non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. and bank owned real estate. Recently, the company has undertaken successful remediation measures by selling some properties and charging off others. As of September September: see month. 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 June: see month. 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 Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. , N.C. under the leadership of Keith Keith may refer to: People with the given name Keith:
William 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 full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. 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 fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... the property purchase during October October: see month. 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 shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into , a site on Wendover For other places with the same name, see Wendover (disambiguation). Avenue midway Midway, island group (2 sq mi/5.2 sq km), central Pacific, c.1,150 mi (1,850 km) NW of Honolulu, comprising Sand and Eastern islands with the surrounding atoll. Discovered by Americans in 1859, Midway was annexed in 1867. A cable station was opened in 1903. between Greensboro, N.C. and High Point, N.C. Carolina Bank Holdings, Inc. operates Carolina Bank as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . The bank has three branches in Greensboro, N.C. and one in Asheboro Asheboro (ăsh`bərə), town (1990 pop. 16,362), seat of Randolph co., central N.C., in the Piedmont; inc. 1796. Manufactures include transportation equipment, furniture, small appliances, apparel, shoes, and lumber. , 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, www.carolinabank.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. 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 2004
--------------------------- ------------------
Third Second First Fourth Third
(in thousands, except Quarter Quarter Quarter Quarter Quarter
per share)
----------------------------------------------------------------------
OPERATING INCOME SUMMARY
Interest income $ 4,794 $ 4,365 $ 4,176 $ 3,842 $ 3,338
Interest expense 2,218 1,960 1,765 1,478 1,130
Net interest
income 2,576 2,405 2,411 2,364 2,208
Provision for loan
losses 245 450 280 220 236
Non-interest inc. bfr
securities/REO inc. 279 310 304 331 286
Securities/REO gains
(losses),net - 6 4 - -
Non-interest expenses 1,695 1,654 1,634 1,749 1,561
Income before
income taxes 915 617 805 726 697
Income taxes 367 215 273 249 246
Net income $ 548 $ 402 $ 532 $ 477 $ 451
PER COMMON SHARE (a)
Basic $ 0.24 $ 0.18 $ 0.24 $ 0.21 $ 0.20
Diluted 0.24 0.17 0.23 0.21 0.20
Book Value (on
outstanding shares) 9.90 9.68 9.47 9.37 9.23
ASSET QUALITY
Allowance for loan
losses $ 2,944 $ 3,196 $ 3,076 $ 2,808 $ 2,628
Loans on nonaccrual 3,252 4,410 3,039 882 772
Repossessed assets 37 652 691 857 891
Net loan charge offs
(recoveries) 497 330 12 40 44
Allowance for loan
losses to loans 1.23% 1.38% 1.36% 1.26% 1.26%
Nonaccrual
loans+repossessions to
assets 0.99% 1.56% 1.19% 0.56% 0.62%
AVERAGE BALANCES
Loans $239,340 $234,975 $ 228,085 $217,712 $ 203,085
Earning assets 309,921 304,047 302,690 278,410 246,103
Total assets 323,485 317,208 315,891 292,474 259,840
AT PERIOD END
Loans before allowance $239,294 $232,180 $ 225,793 $223,470 $ 208,653
Total assets 331,359 324,524 313,498 311,537 267,237
Deposits 276,893 270,229 259,922 258,155 219,337
Stockholders' Equity 22,453 21,949 21,471 21,110 20,779
RATIOS ANNUALIZED
Net yield - avg
interest earning
assets 3.32% 3.16% 3.19% 3.40% 3.59%
Return on average
assets 0.68% 0.51% 0.67% 0.65% 0.69%
Net charge-offs (YTD
annl) to avg. loans 0.48% 0.30% 0.02% 0.07% 0.09%
Efficiency ratio (excl
security/REO trans.) 0.59 0.61 0.60 0.65 0.63
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 (a)
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.
(a) 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
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