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Carolina Bank Holdings, Inc. (NASDAQ:CLBH) today reported third quarter 2015 results with highlights.
Third Quarter 2015 Financial Highlights
– Net income of $1,436,000 in the third quarter of 2015 increased 41.9% from $1,012,000 in the third quarter of 2014. Net income for the nine months ended September 30, 2015 and September 30, 2014 was $4,731,000 and $2,027,000, respectively, an increase of 133.4% in the 2015 period.
– Net income available to common shareholders increased 88.0% to $1,436,000 in the third quarter of 2015 from $764,000 in the third quarter of 2014. Net income available to common shareholders increased 227.4% to $4,390,000 in the nine months ended September 30, 2015 from $1,341,000 in the nine months ended September 30, 2014. Series A preferred stock of $11.0 million was retired in May of 2015 which eliminated scheduled preferred stock dividends of approximately $248,000 in the third quarter of 2015.
– Diluted net income per common share was $0.29 in the third quarter of 2015 compared to $0.22 in the third quarter of 2014.
– The number of common stock shares outstanding increased to 4,992,380 at September 30, 2015 from 3,434,680 at December 31, 2014, primarily due to convertible preferred stock issued on March 31, 2015 which was converted into 1,550,000 shares of common stock on May 22, 2015.
– Average non-interest bearing demand deposits increased 23.7% in the third quarter of 2015 from the third quarter of 2014.
– Non-performing assets were $14.0 million, or 2.04% of assets, at September 30, 2015 compared to $15.9 million, or 2.40% of assets, at September 30, 2014.
– The Mortgage Division realized net income of $563,000 in the third quarter of 2015 compared to a loss of $160,000 in the third quarter of 2014.
Robert T. Braswell, President and CEO, commented, “I am pleased to report that our diluted earnings per share was $1.32 over the last four quarters and increased 31.8% to $0.29 in the third quarter of 2015 from the third quarter of 2014 . Mortgage banking has also experienced a turnaround in 2015 as our mortgage division recorded higher net income due to increased originations.”
“Our outstanding loans held for investment and non-interest bearing demand deposits grew during the third quarter. The growth of over 23.7% in our average non-interest bearing demand accounts in the past year validates that our emphasis on exceptional customer service has enhanced our relationships with customers,” said Braswell.
