Carolina Bank Holdings, Inc. Announces Most Profitable Quarter in Company History.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) has achieved its most profitable quarter in the company's history. The results were announced by 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, President and 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. , who said, "For the twenty-ninth consecutive quarter, I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in pleased to announce that our company can report solid success, having realized good results in deposit generation and loan growth. Comparing the quarter ending March 31, 2005, with the quarter ending March 31, 2004, our company reports net loans, after allowance, increased 21 percent to $222.7 million; total deposits increased 32 percent to $259.9 million; total assets increased 31 percent to $313.5 million. "Contributing significantly to our success is the very positive growth in non-interest fee income. This growth is the result of the company's newly formed Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. operation, which offers trust services as well as non-bank, alternative financial market products. This area of the bank is directed by Tom Wray v. t. 1. To reveal; to disclose. To no wight thou shalt this counsel wray. - Chaucer. , an experienced financial services advisor," Braswell concluded. Comparing the quarter ending March 31, 2004, to March 31, 2005, the company reports that Earnings per Share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) increased more than 50 percent to $0.24 basic and $0.23 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. ; actual earnings increased from $357,000 to $532,000. The company has put under contract a new branch location 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 and High Point. Braswell said of the new office, "This area is growing very rapidly, and we expect it will be a great addition to our current network of offices. Considering there will be typical weather and construction delays, we anticipate it will open in the first quarter of 2006." During the fourth quarter of 2004, the company began the process of documenting and testing its internal controls over financial reporting as required by Section 404 of the Sarbanes-Oxley Act See SOX. . To further enhance accounting controls, the company hired Phyllis Phyllis is a character in Greek mythology. Daughter of Lycurgus, King of Thrace, she married Demophoon, son of Theseus, while he stopped in Thrace on his journey home from the Trojan war. Rainey Rai·ney , Gertrude Pridgett Known as "Ma Rainey." 1886-1939. American singer considered the first great blues vocalist. , C.P.A., as Vice President and Controller. Rainey will have responsibilities for all relevant compliance regulations. The company 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 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 January January: see month. of 2005, the bank announced free checking and free Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the bill pay for individuals and companies. In March of 2005, the bank announced a fixed-rate second mortgage along with a home equity line of credit that features a fixed rate for the first twelve months. 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 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
-------- ---------------------------------------
(in thousands, First Fourth Third Second First
except per share) Quarter Quarter Quarter Quarter Quarter
---------------------------------------------------------------------
OPERATING INCOME SUMMARY
Interest income $ 4,176 $ 3,842 $ 3,338 $ 2,855 $ 2,741
Interest expense 1,765 1,478 1,130 960 893
Net interest
income 2,411 2,364 2,208 1,895 1,848
Provision for
loan losses 280 220 236 133 180
Non-interest inc.
before securities/
REO inc. 308 331 286 351 295
Securities/REO
gains (losses), net - - - - -
Non-interest expenses 1,634 1,749 1,561 1,589 1,437
Income before income
taxes 805 726 697 524 526
Income taxes 273 249 246 176 169
Net income $ 532 $ 477 $ 451 $ 348 $ 357
PER COMMON SHARE(a)
Basic $ 0.24 $ 0.21 $ 0.20 $ 0.15 $ 0.16
Diluted 0.23 0.21 0.20 0.15 0.15
Book Value (on
outstanding shares) 9.47 9.37 9.23 8.83 8.92
ASSET QUALITY
Allowance for loan
losses $ 3,076 $ 2,808 $ 2,628 $ 2,436 $ 2,316
Loans on nonaccrual 3,039 882 772 327 322
Repossessed assets 691 857 891 714 126
Net loan chargeoffs
(recoveries) 12 40 44 13 14
Allowance for loan
losses to loans 1.36% 1.26% 1.26% 1.25% 1.25%
Nonaccrual loans +
repossessions
to assets 1.19% 0.56% 0.62% 0.42% 0.19%
AVERAGE BALANCES
Loans $228,085 $217,712 $ 203,085 $189,452 $179,288
Earning assets 302,501 278,410 246,103 229,555 214,310
Total assets 315,791 292,474 259,840 242,497 226,685
AT PERIOD END
Loans before
allowance $225,793 $223,470 $ 208,653 $194,141 $185,994
Total assets 313,498 311,537 267,237 245,002 239,302
Deposits 259,922 258,155 219,337 200,932 197,514
Stockholders'
Equity 21,471 21,110 20,779 19,876 20,051
RATIOS ANNUALIZED
Net yield - avg
interest earning
assets 3.19% 3.40% 3.59% 3.30% 3.45%
Return on
average
assets 0.67% 0.65% 0.69% 0.57% 0.63%
Net charge-offs to
average loans 0.02% 0.07% 0.09% 0.03% 0.03%
Efficiency ratio
(excl. security/REO
trans.) 0.60 0.65 0.63 0.71 0.67
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. before 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 chargeoffs (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 to average 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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