Carolina Bank Holdings, Inc. Reports Results for the Second Quarter of 2016
July 28 2016 - 4:30PM
Carolina Bank Holdings, Inc. (Nasdaq:CLBH) today reported second
quarter 2016 results with highlights as follows:
2nd Quarter 2016 Financial Highlights
- Net income available to common shareholders, excluding merger
expenses and related tax benefits, increased to $1,739,000, or
$0.34 per diluted common share, in the second quarter of 2016 from
$1,572,000, or $0.32 per diluted common share, in the second
quarter of 2015. (1.)
- Including merger expenses and related tax benefits, net income
was $1,243,000, or $0.25 per diluted common share, in the second
quarter of 2016.
- Book value per common share increased to $12.71 at June 30,
2016 from $12.18 at December 31, 2015 and $11.72 at June 30,
2015.
- Loans held for investment increased 4.8% during the second
quarter of 2016 and are up 2.4% year-to-date.
- Average non-interest bearing demand deposits increased 19.0% in
the second quarter of 2016 from average non-interest bearing demand
deposits in the second quarter of 2015.
- Net interest margin on a fully-taxable basis increased to 3.73%
in the second quarter of 2016 from 3.65% in the second quarter of
2015.
- Nonperforming assets declined to $9.3 million, or 1.32% of
assets, at June 30, 2016 from $17.1 million, or 2.5% of assets, at
June 30, 2015. Net loan loss charge-offs were $351,000 and
$1,694,000 in the second quarters of 2016 and 2015,
respectively.
- The Mortgage Division had net income of $285,000 in the second
quarter of 2016 compared to net income of $649,000 in the second
quarter of 2015.
- Carolina Bank Holdings, Inc. (Nasdaq:CLBH) entered into a
definitive merger agreement with First Bancorp (Nasdaq:FBNC) on
June 21, 2016. CLBH stockholders are scheduled to receive either
1.002 shares of FBNC common stock or $20 in cash for each share of
CLBH common stock, subject to total consideration being 75%
stock/25% cash. Closing of the merger is contingent upon the
receipt of required regulatory and shareholder approvals.
(1.) Net income available to common shareholders and diluted
earnings per share, excluding merger expenses and related tax
benefits, are not recognized under United States generally accepted
accounting principles. These measures are calculated by excluding
direct merger expenses, net of any reduction in income taxes, from
net income.
Robert T. Braswell, President and CEO, commented, “I am pleased
with our progress in building and improving our relationships with
customers as evidenced by our growth in loans and non-interest
bearing deposits during the second quarter. Excluding the impact of
merger expenses, our net income in the second quarter of 2016, was
the highest quarterly net income in three and a half years.”
“We have also made substantial improvements in our credit
quality over the past few years which eliminated the need to make a
provision for loan losses during the first six months of 2016. We
believe that our strong credit culture and commitment to
exceptional customer service compliment the similar efforts at
First Bank. We are looking forward to a smooth merger with First
Bank late this year or early next year and already see many future
benefits for our customers and shareholders,” said Braswell.
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, three in Greensboro, one in
Asheboro, one in High Point, one in Burlington, and two in
Winston-Salem. Residential mortgage loan production offices are
located in Burlington, Chapel Hill, and Sanford in addition to a
wholesale residential mortgage operation in Greensboro. 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: www.carolinabank.com.
The information as of and for the quarter ended June 30, 2016 is
unaudited. This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are not
guarantees of future performance or determinations 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, completion of our pending merger and successful merger
integration, 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.
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Carolina Bank Holdings, Inc. and Subsidiary |
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Consolidated Balance
Sheets |
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June 30, |
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December 31, |
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2016 |
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2015 |
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(unaudited) |
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(in thousands, except share data) |
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Assets |
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Cash and
due from banks |
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$ |
6,869 |
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$ |
6,559 |
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Interest-bearing deposits with banks |
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45,352 |
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|
69,233 |
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Bank term
deposits |
|
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18,847 |
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|
16,604 |
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Securities
available-for-sale, at fair value |
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|
45,610 |
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|
47,360 |
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Securities
held-to-maturity (fair values of $14,988 in 2016 and $15,226 in
2015) |
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|
14,370 |
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|
|
14,954 |
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Loans held
for sale |
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|
57,432 |
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|
|
39,583 |
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|
|
Loans |
|
|
|
476,783 |
|
|
|
465,804 |
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Less
allowance for loan losses |
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|
(5,618 |
) |
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|
(5,872 |
) |
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Net loans |
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|
471,165 |
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|
|
459,932 |
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Premises
and equipment, net |
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|
18,618 |
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|
|
19,007 |
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|
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Other real
estate owned |
|
|
4,212 |
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|
|
4,592 |
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|
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Bank-owned
life insurance |
|
|
12,024 |
|
|
|
11,843 |
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Other
assets |
|
|
11,996 |
|
|
|
11,131 |
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|
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Total assets |
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$ |
706,495 |
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$ |
700,798 |
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Liabilities and Stockholders' Equity |
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Deposits |
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Non-interest bearing demand |
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$ |
140,717 |
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$ |
125,189 |
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NOW, money
market and savings |
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|
337,313 |
|
|
|
349,815 |
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Time |
|
|
121,118 |
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|
|
132,303 |
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|
|
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Total deposits |
|
|
599,148 |
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|
|
607,307 |
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|
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|
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Advances
from the Federal Home Loan Bank |
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|
12,627 |
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|
|
2,681 |
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Securities
sold under agreements to repurchase |
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|
47 |
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|
47 |
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Subordinated debentures |
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|
19,610 |
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|
|
19,610 |
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Other
liabilities and accrued expenses |
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|
10,943 |
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|
10,014 |
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Total liabilities |
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642,375 |
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|
639,659 |
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Stockholders' equity |
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Preferred
stock, no par value, authorized 1,000,000 shares; |
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Series A preferred
stock - none issued and outstanding |
|
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- |
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- |
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Series B convertible
preferred stock - none issued and outstanding |
|
|
- |
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|
- |
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Common
stock, $1 par value; authorized 20,000,000 shares; issued |
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|
|
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and outstanding
5,043,108 in 2016 and 5,021,330 in 2015 |
|
|
5,043 |
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|
5,021 |
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Additional
paid-in capital |
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|
29,448 |
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|
29,234 |
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Retained
earnings |
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|
28,518 |
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|
|
26,174 |
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Stock in
directors' rabbi trust |
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|
(2,015 |
) |
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|
(1,831 |
) |
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Directors'
deferred fees obligation |
|
|
2,015 |
|
|
|
1,831 |
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Accumulated
other comprehensive income |
|
|
1,111 |
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|
|
710 |
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|
|
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Total stockholders’
equity |
|
|
64,120 |
|
|
|
61,139 |
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|
|
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Total liabilities and
stockholders’ equity |
|
$ |
706,495 |
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|
$ |
700,798 |
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|
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Carolina Bank Holdings, Inc. and Subsidiary |
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Consolidated Statements of Income (unaudited) |
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Three Months |
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Six Months |
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Ended June
30, |
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Ended June
30, |
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2016 |
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2015 |
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2016 |
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2015 |
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|
|
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(in thousands, except per share
data) |
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
6,153 |
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|
$ |
6,025 |
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|
$ |
11,983 |
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|
$ |
12,017 |
|
|
|
|
Investment
securities, taxable |
|
|
325 |
|
|
|
325 |
|
|
|
717 |
|
|
|
663 |
|
|
|
|
Investment
securities, non taxable |
|
|
115 |
|
|
|
125 |
|
|
|
233 |
|
|
|
247 |
|
|
|
|
Interest
from deposits in banks |
|
|
140 |
|
|
|
65 |
|
|
|
294 |
|
|
|
126 |
|
|
|
|
|
Total interest
income |
|
|
6,733 |
|
|
|
6,540 |
|
|
|
13,227 |
|
|
|
13,053 |
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Interest expense |
|
|
|
|
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NOW, money
market, savings |
|
|
227 |
|
|
|
237 |
|
|
|
466 |
|
|
|
476 |
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|
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|
Time
deposits |
|
|
246 |
|
|
|
287 |
|
|
|
508 |
|
|
|
599 |
|
|
|
|
Other
borrowed funds |
|
|
231 |
|
|
|
151 |
|
|
|
453 |
|
|
|
303 |
|
|
|
|
|
Total interest
expense |
|
|
704 |
|
|
|
675 |
|
|
|
1,427 |
|
|
|
1,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
|
6,029 |
|
|
|
5,865 |
|
|
|
11,800 |
|
|
|
11,675 |
|
|
|
Provision
for loan losses |
|
|
- |
|
|
|
535 |
|
|
|
- |
|
|
|
835 |
|
|
|
Net
interest income after provision for loan losses
|
|
6,029 |
|
|
|
5,330 |
|
|
|
11,800 |
|
|
|
10,840 |
|
|
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
Service
charges |
|
|
307 |
|
|
|
312 |
|
|
|
598 |
|
|
|
615 |
|
|
|
|
Mortgage
banking income |
|
|
2,879 |
|
|
|
3,721 |
|
|
|
4,582 |
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|
|
6,628 |
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|
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|
Gain on
sale of SBA loans |
|
|
- |
|
|
|
53 |
|
|
|
237 |
|
|
|
53 |
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Other |
|
|
83 |
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|
|
42 |
|
|
|
141 |
|
|
|
115 |
|
|
|
|
|
Total non-interest
income |
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|
3,269 |
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|
|
4,128 |
|
|
|
5,558 |
|
|
|
7,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
Salaries
and benefits |
|
|
4,443 |
|
|
|
4,582 |
|
|
|
8,680 |
|
|
|
8,900 |
|
|
|
|
Occupancy
and equipment |
|
|
699 |
|
|
|
759 |
|
|
|
1,448 |
|
|
|
1,535 |
|
|
|
|
Foreclosed
property expense |
|
|
43 |
|
|
|
155 |
|
|
|
88 |
|
|
|
24 |
|
|
|
|
Professional fees |
|
|
507 |
|
|
|
454 |
|
|
|
922 |
|
|
|
903 |
|
|
|
|
Outside
data processing |
|
|
277 |
|
|
|
265 |
|
|
|
551 |
|
|
|
539 |
|
|
|
|
FDIC
insurance |
|
|
108 |
|
|
|
130 |
|
|
|
201 |
|
|
|
261 |
|
|
|
|
Advertising
and promotion |
|
|
213 |
|
|
|
160 |
|
|
|
490 |
|
|
|
353 |
|
|
|
|
Stationery,
printing and supplies |
|
|
160 |
|
|
|
147 |
|
|
|
291 |
|
|
|
298 |
|
|
|
|
Merger
expense |
|
|
585 |
|
|
|
- |
|
|
|
585 |
|
|
|
- |
|
|
|
|
Other |
|
|
419 |
|
|
|
449 |
|
|
|
828 |
|
|
|
830 |
|
|
|
|
|
Total non-interest
expense |
|
|
7,454 |
|
|
|
7,101 |
|
|
|
14,084 |
|
|
|
13,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
1,844 |
|
|
|
2,357 |
|
|
|
3,274 |
|
|
|
4,608 |
|
|
|
Income tax
expense |
|
|
601 |
|
|
|
691 |
|
|
|
930 |
|
|
|
1,313 |
|
|
|
Net
income |
|
|
1,243 |
|
|
|
1,666 |
|
|
|
2,344 |
|
|
|
3,295 |
|
|
|
Dividends
and accretion on preferred stock |
|
|
- |
|
|
|
94 |
|
|
|
- |
|
|
|
341 |
|
|
|
Net
income available to common stockholders |
|
$ |
1,243 |
|
|
$ |
1,572 |
|
|
$ |
2,344 |
|
|
$ |
2,954 |
|
|
|
Net
income per common share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.25 |
|
|
$ |
0.38 |
|
|
$ |
0.47 |
|
|
$ |
0.78 |
|
|
|
|
Diluted |
|
$ |
0.25 |
|
|
$ |
0.32 |
|
|
$ |
0.46 |
|
|
$ |
0.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carolina
Bank Holdings, Inc. |
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|
Consolidated Financial
Highlights |
|
|
|
|
Second Quarter 2016 |
|
|
|
|
(unaudited) |
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|
|
Quarterly |
|
Years Ended |
|
|
|
2nd Qtr |
1st Qtr |
4th Qtr |
3rd Qtr |
2nd Qtr |
|
|
|
|
|
($ in thousands except
for share data) |
|
|
2016 |
|
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
|
6,029 |
|
|
5,771 |
|
|
6,081 |
|
|
5,889 |
|
|
5,865 |
|
|
|
23,645 |
|
|
|
23,257 |
|
|
Provision for loan losses |
$ |
|
- |
|
|
- |
|
|
(200 |
) |
|
450 |
|
|
535 |
|
|
|
1,085 |
|
|
|
1,436 |
|
|
NonInterest income |
$ |
|
3,269 |
|
|
2,289 |
|
|
2,591 |
|
|
3,641 |
|
|
4,128 |
|
|
|
13,643 |
|
|
|
9,413 |
|
|
NonInterest expense |
$ |
|
7,454 |
|
|
6,630 |
|
|
7,276 |
|
|
7,015 |
|
|
7,101 |
|
|
|
27,934 |
|
|
|
27,004 |
|
|
Net income |
$ |
|
1,243 |
|
|
1,101 |
|
|
1,036 |
|
|
1,436 |
|
|
1,666 |
|
|
|
5,767 |
|
|
|
3,346 |
|
|
Net income available to common
stockholders |
$ |
|
1,243 |
|
|
1,101 |
|
|
1,036 |
|
|
1,436 |
|
|
1,572 |
|
|
|
5,426 |
|
|
|
2,413 |
|
|
Basic earnings per common
share |
$ |
|
0.25 |
|
|
0.22 |
|
|
0.21 |
|
|
0.29 |
|
|
0.38 |
|
|
|
1.24 |
|
|
|
0.70 |
|
|
Diluted earnings per common
share |
$ |
|
0.25 |
|
|
0.22 |
|
|
0.21 |
|
|
0.29 |
|
|
0.32 |
|
|
|
1.17 |
|
|
|
0.70 |
|
|
Average common shares
outstanding |
|
|
5,038,723 |
|
|
5,036,150 |
|
|
5,008,301 |
|
|
4,990,163 |
|
|
4,099,303 |
|
|
|
4,389,086 |
|
|
|
3,431,385 |
|
|
Average diluted common shares
outstanding |
|
|
5,042,626 |
|
|
5,041,038 |
|
|
5,019,056 |
|
|
5,000,352 |
|
|
4,988,938 |
|
|
|
4,620,411 |
|
|
|
3,433,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Return on average assets * |
|
|
0.71 |
% |
|
0.63 |
% |
|
0.59 |
% |
|
0.83 |
% |
|
0.96 |
% |
|
|
0.84 |
% |
|
|
0.50 |
% |
|
Return on average common equity
** * |
|
|
7.89 |
% |
|
7.14 |
% |
|
6.79 |
% |
|
9.59 |
% |
|
11.38 |
% |
|
|
9.96 |
% |
|
|
6.05 |
% |
|
Net interest margin (fully-tax
equivalent) * |
|
|
3.73 |
% |
|
3.61 |
% |
|
3.79 |
% |
|
3.74 |
% |
|
3.65 |
% |
|
|
3.73 |
% |
|
|
3.80 |
% |
|
Efficiency ratio (excluding merger
expenses) |
|
|
72.89 |
% |
|
80.98 |
% |
|
83.05 |
% |
|
72.94 |
% |
|
70.38 |
% |
|
|
74.18 |
% |
|
|
81.78 |
% |
|
Efficiency ratio
(excluding mortgage div/merger X) |
|
67.93 |
% |
|
71.95 |
% |
|
75.06 |
% |
|
73.29 |
% |
|
69.79 |
% |
|
|
71.72 |
% |
|
|
71.73 |
% |
|
# full-time equivalent employees -
period end |
|
|
187 |
|
|
190 |
|
|
192 |
|
|
190 |
|
|
192 |
|
|
|
192 |
|
|
|
189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
Equity to period-end assets |
|
|
9.08 |
% |
|
8.88 |
% |
|
8.72 |
% |
|
8.72 |
% |
|
8.55 |
% |
|
|
8.72 |
% |
|
|
7.75 |
% |
|
Common tangible equity to
assets |
|
|
9.08 |
% |
|
8.88 |
% |
|
8.72 |
% |
|
8.72 |
% |
|
8.55 |
% |
|
|
8.72 |
% |
|
|
6.13 |
% |
|
Tier 1 leverage capital ratio -
Bank |
|
|
9.94 |
% |
|
9.74 |
% |
|
9.71 |
% |
|
9.65 |
% |
|
9.24 |
% |
|
|
9.71 |
% |
|
|
9.11 |
% |
|
Tier 1 risk-based capital ratio -
Bank |
|
|
12.20 |
% |
|
12.62 |
% |
|
12.09 |
% |
|
11.66 |
% |
|
11.23 |
% |
|
|
12.09 |
% |
|
|
11.42 |
% |
|
Total risk-based capital ratio -
Bank |
|
|
13.82 |
% |
|
14.40 |
% |
|
13.81 |
% |
|
13.90 |
% |
|
13.21 |
% |
|
|
13.81 |
% |
|
|
13.67 |
% |
|
Book value per common share |
$ |
|
12.71 |
|
|
12.45 |
|
|
12.18 |
|
|
12.04 |
|
|
11.72 |
|
|
|
12.18 |
|
|
|
12.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY |
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries) |
$ |
|
351 |
|
|
(97 |
) |
|
1,495 |
|
|
(1,321 |
) |
|
1,694 |
|
|
|
1,733 |
|
|
|
2,579 |
|
|
Net charge-offs (recoveries) to
average loans * |
|
|
0.30 |
% |
|
-0.08 |
% |
|
1.29 |
% |
|
-1.15 |
% |
|
1.45 |
% |
|
|
0.37 |
% |
|
|
0.56 |
% |
|
Allowance for loan losses |
$ |
|
5,618 |
|
|
5,969 |
|
|
5,872 |
|
|
7,567 |
|
|
5,795 |
|
|
|
5,872 |
|
|
|
6,520 |
|
|
Allowance for loan losses to loans
held invst. |
|
|
1.18 |
% |
|
1.31 |
% |
|
1.26 |
% |
|
1.62 |
% |
|
1.26 |
% |
|
|
1.26 |
% |
|
|
1.38 |
% |
|
Nonperforming loans |
$ |
|
5,101 |
|
|
3,519 |
|
|
3,110 |
|
|
8,964 |
|
|
11,716 |
|
|
|
3,110 |
|
|
|
6,458 |
|
|
Performing restructured loans |
$ |
|
9,486 |
|
|
12,078 |
|
|
9,687 |
|
|
9,317 |
|
|
9,450 |
|
|
|
9,687 |
|
|
|
9,774 |
|
|
Other real estate owned |
$ |
|
4,212 |
|
|
4,587 |
|
|
4,592 |
|
|
5,073 |
|
|
5,352 |
|
|
|
4,592 |
|
|
|
5,610 |
|
|
Nonperforming loans to loans held
for investment |
|
|
1.07 |
% |
|
0.77 |
% |
|
0.67 |
% |
|
1.92 |
% |
|
2.54 |
% |
|
|
0.67 |
% |
|
|
1.37 |
% |
|
Nonperforming assets to total
assets |
|
|
1.32 |
% |
|
1.15 |
% |
|
1.10 |
% |
|
2.04 |
% |
|
2.50 |
% |
|
|
1.10 |
% |
|
|
1.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
END OF PERIOD
BALANCES |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
|
706,495 |
|
|
705,704 |
|
|
700,798 |
|
|
688,974 |
|
|
683,685 |
|
|
|
700,798 |
|
|
|
679,263 |
|
|
Total loans held for
investment |
$ |
|
476,783 |
|
|
455,139 |
|
|
465,804 |
|
|
465,889 |
|
|
461,000 |
|
|
|
465,804 |
|
|
|
472,189 |
|
|
Total deposits |
$ |
|
599,148 |
|
|
601,073 |
|
|
607,307 |
|
|
596,489 |
|
|
592,719 |
|
|
|
607,307 |
|
|
|
594,898 |
|
|
Stockholders' equity |
$ |
|
64,120 |
|
|
62,687 |
|
|
61,139 |
|
|
60,098 |
|
|
58,460 |
|
|
|
61,139 |
|
|
|
52,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
|
706,633 |
|
|
702,473 |
|
|
692,522 |
|
|
684,917 |
|
|
699,101 |
|
|
|
689,842 |
|
|
|
664,812 |
|
|
Total earning assets |
$ |
|
663,082 |
|
|
657,915 |
|
|
646,158 |
|
|
633,304 |
|
|
654,317 |
|
|
|
643,031 |
|
|
|
620,996 |
|
|
Total loans held for
investment |
$ |
|
470,021 |
|
|
466,301 |
|
|
463,285 |
|
|
459,538 |
|
|
465,914 |
|
|
|
465,163 |
|
|
|
462,870 |
|
|
Total non interest-bearing demand
deposits |
$ |
|
141,092 |
|
|
129,367 |
|
|
125,279 |
|
|
119,074 |
|
|
118,577 |
|
|
|
118,355 |
|
|
|
94,618 |
|
|
Common stockholders' equity |
$ |
|
63,349 |
|
|
61,979 |
|
|
60,522 |
|
|
59,384 |
|
|
55,414 |
|
|
|
54,479 |
|
|
|
39,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
annualized for all periods presented |
|
|
|
|
|
|
|
|
|
|
|
**return
on average common equity is computed using net income available to
common stockholders |
|
|
|
|
|
|
|
|
|
|
|
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Carolina Bank Holdings, Inc.
T. Allen Liles, EVP and CFO
Telephone: 336-286-8746
Email: a.liles@carolinabank.com
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