Carolina Bank Holdings, Inc. Reports First Quarter 2001 Results

Apr 24, 2001, 01:00 ET from Carolina Bank Holdings, Inc.

    GREENSBORO, N.C., April 24 /PRNewswire Interactive News Release/ --
     Carolina Bank Holdings, Inc., (OTC Bulletin Board:   CLBH) the holding
 company for Carolina Bank, announced operating results for the quarter ending
 March 31, 2001.  Compared with the quarter ending one year ago, earnings per
 share declined 35% to $.015; net loans grew 35% to $88,276,000; deposits
 increased 44% to $102,858,000; total assets grew by 44% to $122,579,000; and
 book value increased 8.2% to $10.02 per share.
     Regarding the decline in earnings from March 31, 2000, the company notes
 that at that time the company had only one office and considerably fewer
 staff.  However, for comparison, at the quarter ending December 31, 2000, the
 company posted earnings per share of $0.13.  Therefore, the current quarter
 earnings of $.15 is 115% better than the quarter ending December 31, 2000.
     Robert T. Braswell, President and CEO, stated, "I believe the improvement
 in earnings of this quarter over the immediately preceding quarter
 demonstrates improvement in the company's ability to cover additional
 overhead."  He also noted that book value increased 8.2% to $10.02 per share
 after the adjustment for the stock dividend paid last year.
     The company also reported a successful $3,000,000 private placement of
 Trust Preferred Securities during the first quarter.  This financing option
 was undertaken to provide for future growth. The private placement was non-
 dilutive to shareholders and offered substantially lower financing costs to
 the company.
     Braswell, commenting on the company's performance, concluded, "The company
 continues to do well.  It enjoys strong growth and demonstrates good ability
 to absorb overhead.  The new Jefferson Village office will soon add to the
 company's revenue stream.  The loan portfolio exhibits a robustness that comes
 from the underlying strength of our borrowers.  Consequently, the Board of
 Directors and Management remain pleased with the company's performance in this
 competitive marketplace."
     Carolina Bank Holdings, Inc., operates Carolina Bank as a wholly owned
 subsidiary.  The bank, opened November 25, 1996, is Greensboro's only full-
 service community bank.  The bank specializes in lending to entrepreneurial-
 owned businesses and professional associations.  A hallmark of the bank's
 business practice is fast, responsive decision-making.  The bank offers an
 array of value-priced banking products and a seasoned, professional corps of
 commercial bankers who are more than willing to accommodate clients' busy
 schedules.  Customers may access their accounts with a 24-hour telephone
 banking system.  The bank provides customers free ATM access by rebating
 foreign ATM transaction costs.  Internet banking is planned for third quarter
 2001.
 
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SOURCE Carolina Bank Holdings, Inc.
    GREENSBORO, N.C., April 24 /PRNewswire Interactive News Release/ --
     Carolina Bank Holdings, Inc., (OTC Bulletin Board:   CLBH) the holding
 company for Carolina Bank, announced operating results for the quarter ending
 March 31, 2001.  Compared with the quarter ending one year ago, earnings per
 share declined 35% to $.015; net loans grew 35% to $88,276,000; deposits
 increased 44% to $102,858,000; total assets grew by 44% to $122,579,000; and
 book value increased 8.2% to $10.02 per share.
     Regarding the decline in earnings from March 31, 2000, the company notes
 that at that time the company had only one office and considerably fewer
 staff.  However, for comparison, at the quarter ending December 31, 2000, the
 company posted earnings per share of $0.13.  Therefore, the current quarter
 earnings of $.15 is 115% better than the quarter ending December 31, 2000.
     Robert T. Braswell, President and CEO, stated, "I believe the improvement
 in earnings of this quarter over the immediately preceding quarter
 demonstrates improvement in the company's ability to cover additional
 overhead."  He also noted that book value increased 8.2% to $10.02 per share
 after the adjustment for the stock dividend paid last year.
     The company also reported a successful $3,000,000 private placement of
 Trust Preferred Securities during the first quarter.  This financing option
 was undertaken to provide for future growth. The private placement was non-
 dilutive to shareholders and offered substantially lower financing costs to
 the company.
     Braswell, commenting on the company's performance, concluded, "The company
 continues to do well.  It enjoys strong growth and demonstrates good ability
 to absorb overhead.  The new Jefferson Village office will soon add to the
 company's revenue stream.  The loan portfolio exhibits a robustness that comes
 from the underlying strength of our borrowers.  Consequently, the Board of
 Directors and Management remain pleased with the company's performance in this
 competitive marketplace."
     Carolina Bank Holdings, Inc., operates Carolina Bank as a wholly owned
 subsidiary.  The bank, opened November 25, 1996, is Greensboro's only full-
 service community bank.  The bank specializes in lending to entrepreneurial-
 owned businesses and professional associations.  A hallmark of the bank's
 business practice is fast, responsive decision-making.  The bank offers an
 array of value-priced banking products and a seasoned, professional corps of
 commercial bankers who are more than willing to accommodate clients' busy
 schedules.  Customers may access their accounts with a 24-hour telephone
 banking system.  The bank provides customers free ATM access by rebating
 foreign ATM transaction costs.  Internet banking is planned for third quarter
 2001.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X19386040
 
 SOURCE  Carolina Bank Holdings, Inc.