Carolina Bank Holdings Inc. (CLBH, Financial) filed Quarterly Report for the period ended 2009-06-30.
CAROLINA BANK HOLDING specializes in lending to entrepreneur-owned businesses and professional associations. Carolina Bank offers an array of value-priced banking products and a seasoned professional corps of commercial bankers. A hallmark of the bank is fast responsive decision-making. Customers may access their accounts with a 24-hour telephone banking system and though the Internet. The bank provides customers free ATM access by rebating foreign ATM transaction costs. Carolina Bank Holdings Inc. has a market cap of $13.2 million; its shares were traded at around $3.9 with a P/E ratio of 7.8 and P/S ratio of 0.4. Carolina Bank Holdings Inc. had an annual average earning growth of 17% over the past 5 years.
Liabilities. Total deposits increased by $60.7 million, or 12.2%, from $498.1 million at December 31, 2008, to $558.8 million at June 30, 2009. NOW, money market and savings accounts increased $80.8 million while time deposits declined $22.4 million during the first half of 2009. We plan to continue our efforts to gain deposits through quality service, convenient locations, and competitive pricing. Our continued branching activities are designed to enhance customer convenience and related deposit gathering activities as well as provide new sources for loans. While deposit growth is an ongoing goal, wholesale sources of funding such as Federal Home Loan Bank advances and repurchase borrowings, may be utilized where cost beneficial and when necessary to meet liquidity requirements. Federal Home Loan Bank advances declined $15.0 million during the first six months to $41.8 million at June 30, 2009. We had approximately $30.2 million in out-of-market time deposits from other institutions and $52.2 million in brokered time deposits at June 30, 2009, an increase of $21.0 million in these two types of accounts from December 31, 2008.
General. Net income for second quarter of 2009 was $335,000 compared to $608,000 in the second quarter of 2008. Net income available to common stockholders for the three months ended June 30, 2009 and 2008, amounted to $51,000, or $0.02 per diluted share and $608,000, or $0.18 per diluted share, respectively. Net income available to common stockholders represents net income less preferred stock dividends and related discount accretion. The decrease in net income available to common shareholders was primarily due to an impairment charge on an investment security and a higher provision for loan losses as credit conditions deteriorated in our markets during the second quarter of 2009.
Non-interest expense. Total non-interest expense amounted to $5,514,000 for the three months ended June 30, 2009, as compared to $3,600,000 for the three months ended June 30, 2008. Excluding an impairment charge on an investment security of $514,000 during the second quarter of 2009 and increased FDIC insurance premiums of $458,000, non-interest expenses increased $942,000, or 26.2% in 2009 from 2008. The additional FDIC premiums resulted from a special assessment in the second quarter of 2009, higher assessment rates by the FDIC on quarterly deposits, and from growth in deposits during 2009. Higher salaries and employee benefits, occupancy and equipment expenses, and other expenses resulted primarily from growth in our wholesale mortgage division, from our new corporate headquarters and banking office in downtown Greensboro, and from an expanded office in Winston-Salem.
General. Net income for the six months ended June 30, 2009 and 2008, amounted to $1,000,000 and $1,310,000, respectively. Net income available to common stockholders for the six months ended June 30, 2009 and 2008, amounted to $462,000, or $0.14 per diluted share and $1,310,000, or $0.38 per diluted share, respectively. The decrease in net income available to common shareholders was primarily due to an impairment charge on an investment security and a higher provision for loan losses as credit conditions deteriorated in our markets during the second quarter of 2009.
Non-interest expense. Total non-interest expense amounted to $9,991,000 for the six months ended June 30, 2009, as compared to $6,693,000 for the six months ended June 30, 2008, an increase of 49.3%. Excluding an impairment charge on an investment security of $765,000 and increased FDIC insurance premiums of $478,000, non-interest expenses increased $2,055,000, or 30.7% in 2009 from 2008. Higher expenses resulted primarily from growth in our wholesale mortgage division, from our new corporate headquarters and banking branch in downtown Greensboro, and from an expanded office in Winston-Salem.
Read the The complete Report
CAROLINA BANK HOLDING specializes in lending to entrepreneur-owned businesses and professional associations. Carolina Bank offers an array of value-priced banking products and a seasoned professional corps of commercial bankers. A hallmark of the bank is fast responsive decision-making. Customers may access their accounts with a 24-hour telephone banking system and though the Internet. The bank provides customers free ATM access by rebating foreign ATM transaction costs. Carolina Bank Holdings Inc. has a market cap of $13.2 million; its shares were traded at around $3.9 with a P/E ratio of 7.8 and P/S ratio of 0.4. Carolina Bank Holdings Inc. had an annual average earning growth of 17% over the past 5 years.
Highlight of Business Operations:
Assets. Our total assets increased by $58.6 million, or 9.5%, from $616.6 million at December 31, 2008, to $675.2 million at June 30, 2009. During the six month period ended June 30, 2009, cash and due from banks increased by $11.3 million, while investment securities decreased by $4.8 million. Loans held for sale increased 91.0% during the first half of 2009 to $36.6 million at June 30, 2009 due to strong originations by our wholesale loan division. Loans held for investment increased by $31.5 million or 6.3% during the first six months of 2009. We continue to experience good commercial and consumer loan demand in our primary lending markets, Guilford, Randolph, Alamance and Forsyth Counties, North Carolina. The rate of growth in loans held for investment slowed during the first six months of 2009, primarily due to a more challenging credit environment.Liabilities. Total deposits increased by $60.7 million, or 12.2%, from $498.1 million at December 31, 2008, to $558.8 million at June 30, 2009. NOW, money market and savings accounts increased $80.8 million while time deposits declined $22.4 million during the first half of 2009. We plan to continue our efforts to gain deposits through quality service, convenient locations, and competitive pricing. Our continued branching activities are designed to enhance customer convenience and related deposit gathering activities as well as provide new sources for loans. While deposit growth is an ongoing goal, wholesale sources of funding such as Federal Home Loan Bank advances and repurchase borrowings, may be utilized where cost beneficial and when necessary to meet liquidity requirements. Federal Home Loan Bank advances declined $15.0 million during the first six months to $41.8 million at June 30, 2009. We had approximately $30.2 million in out-of-market time deposits from other institutions and $52.2 million in brokered time deposits at June 30, 2009, an increase of $21.0 million in these two types of accounts from December 31, 2008.
General. Net income for second quarter of 2009 was $335,000 compared to $608,000 in the second quarter of 2008. Net income available to common stockholders for the three months ended June 30, 2009 and 2008, amounted to $51,000, or $0.02 per diluted share and $608,000, or $0.18 per diluted share, respectively. Net income available to common stockholders represents net income less preferred stock dividends and related discount accretion. The decrease in net income available to common shareholders was primarily due to an impairment charge on an investment security and a higher provision for loan losses as credit conditions deteriorated in our markets during the second quarter of 2009.
Non-interest expense. Total non-interest expense amounted to $5,514,000 for the three months ended June 30, 2009, as compared to $3,600,000 for the three months ended June 30, 2008. Excluding an impairment charge on an investment security of $514,000 during the second quarter of 2009 and increased FDIC insurance premiums of $458,000, non-interest expenses increased $942,000, or 26.2% in 2009 from 2008. The additional FDIC premiums resulted from a special assessment in the second quarter of 2009, higher assessment rates by the FDIC on quarterly deposits, and from growth in deposits during 2009. Higher salaries and employee benefits, occupancy and equipment expenses, and other expenses resulted primarily from growth in our wholesale mortgage division, from our new corporate headquarters and banking office in downtown Greensboro, and from an expanded office in Winston-Salem.
General. Net income for the six months ended June 30, 2009 and 2008, amounted to $1,000,000 and $1,310,000, respectively. Net income available to common stockholders for the six months ended June 30, 2009 and 2008, amounted to $462,000, or $0.14 per diluted share and $1,310,000, or $0.38 per diluted share, respectively. The decrease in net income available to common shareholders was primarily due to an impairment charge on an investment security and a higher provision for loan losses as credit conditions deteriorated in our markets during the second quarter of 2009.
Non-interest expense. Total non-interest expense amounted to $9,991,000 for the six months ended June 30, 2009, as compared to $6,693,000 for the six months ended June 30, 2008, an increase of 49.3%. Excluding an impairment charge on an investment security of $765,000 and increased FDIC insurance premiums of $478,000, non-interest expenses increased $2,055,000, or 30.7% in 2009 from 2008. Higher expenses resulted primarily from growth in our wholesale mortgage division, from our new corporate headquarters and banking branch in downtown Greensboro, and from an expanded office in Winston-Salem.
Read the The complete Report
