Carolina Bank Holdings (CLBH) has reported 16.22 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $1.20 million, or $0.24 a share in the quarter, compared with $1.04 million, or $0.21 a share for the same period last year.
Revenue during the quarter dropped 5.30 percent to $8.40 million from $8.87 million in the previous year period. Net interest income for the quarter dropped 1.18 percent over the prior year period to $6.01 million. Non-interest income for the quarter fell 7.64 percent over the last year period to $2.39 million.
Net interest margin contracted 11 basis points to 3.68 percent in the quarter from 3.79 percent in the last year period. Efficiency ratio for the quarter improved to 77.18 percent from 83.05 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Robert T. Braswell, president and chief executive officer, commented, "I am pleased with our progress in building and improving our relationships with customers as evidenced by our 8.85% growth in loans held for investment during 2016 and 19.29% increase in average non-interest-bearing deposits during 2016. We continued to improve our credit quality as evidenced by lower non-performing and classified assets and by a sharp reduction in loan charge-offs in 2016."
Assets, liabilities remain almost stableTotal assets stood at $705.33 million as on Dec. 31, 2016, up 0.65 percent compared with $700.80 million on Dec. 31, 2015. On the other hand, total liabilities stood at $639.02 million as on Dec. 31, 2016, down 0.10 percent from $639.66 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $501.32 million as on Dec. 31, 2016, up 9 percent compared with $459.93 million on Dec. 31, 2015. Deposits stood at $598.11 million as on Dec. 31, 2016, down 1.51 percent compared with $607.31 million on Dec. 31, 2015.
Investments stood at $51.21 million as on Dec. 31, 2016, down 17.83 percent or $11.11 million from year-ago. Shareholders equity stood at $66.32 million as on Dec. 31, 2016, up 8.47 percent or $5.18 million from year-ago.
Return on assets moved up 8 basis points to 0.67 percent in the quarter from 0.59 percent in the last year period. At the same time, return on equity increased 47 basis points to 7.26 percent in the quarter from 6.79 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 1.05 percent in the quarter, down from 1.10 percent in the last year period.
Book value per share was $13.13 for the quarter, up 7.80 percent or $0.95 compared to $12.18 for the same period last year.
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