Tuesday, August 16, 2016

CBC National Bank’s Mortgage Division Surpasses $13 Billion Loan Production Milestone, Earns Additional Accolades



FERNANDINA BEACH, Fla., Aug. 16, 2016 – CBC National Bank, headquartered in Fernandina Beach and with branches in Fernandina Beach, Ocala and The Villages, Fla., and Beaufort and Port Royal, S.C., and with its mortgage banking division headquartered in Atlanta, today announced that in June its mortgage division surpassed the $13 billion mark in loan production.

CBC’s mortgage division began operations in September 2007 utilizing a conservative, risk-averse business model, originating primarily full-documentation, conforming mortgage loans pre-sold into the secondary market. The division passed the $1 billion mark in loan production in June 2009 and passed the $10 billion mark in June 2015. During the second quarter of 2016, the mortgage division continued to achieve robust funding and profitability, with more than $551.7 million in residential mortgage loans funded and $16.4 million in mortgage banking income during the quarter.

In addition to reaching the $13 billion loan production milestone, CBC’s mortgage division was earlier named by the Atlanta Journal-Constitution one of the “Best Places to Work – Atlanta” for the second consecutive year. For 2016 CBC ranked 54th out of the 150 companies receiving this honor; in 2015 it ranked 63rd.

And CBC recently learned that six of its mortgage bankers have been recognized individually as among the Scotsman Guide’s Top Originators 2015 across categories including Top VA Volume (ranking No. 13, 19, 46 and 58), Most Loans Closed (ranking No. 263) and Top Dollar Volume (ranking No. 327).

“Our continued growth and recognition is a testament to the quality of all of our associates during our almost 9 years in business,” said Brynn Stensrud, executive vice president and head of the mortgage division. “Our knowledgeable mortgage professionals continue to share CBC’s overall passion and commitment to offering our customers the best products and service available. We remain committed to the residential markets in our home communities in Fernandina Beach, Ocala and The Villages, Beaufort and Port Royal, and Atlanta, and we will continue to meet the purchase and refinance needs of our customers while meeting their demands for great service and products into the future. We likewise remain proud of the mortgage division’s significant contributions to CBC National Bank’s earnings over the years.”

About CBC National Bank
CBC National Bank, headquartered in Fernandina Beach, Fla., provides a full range of consumer and business banking services through full-service banking offices in Fernandina Beach, Ocala and The Villages, Fla., and Beaufort and Port Royal, S.C. The company’s residential mortgage banking division, headquartered in Atlanta, includes traditional retail and wholesale lending, as well as a National Retail Group that has lending offices in Florida, Georgia, Maryland, Michigan, Indiana, Illinois and Ohio. The company’s government guaranteed lending division originates SBA loans primarily in Jacksonville, Ft. Myers, Tampa and Vero Beach, Fla., Greensboro, N.C., Atlanta and Beaufort. For more information, please visit CBC National Bank’s website, www.cbcnationalbank.com.

Thursday, August 11, 2016

Coastal Banking Company Inc. Appoints Thomas Flournoy as Chief Financial Officer


Coastal Banking Company Inc. Appoints 
Thomas Flournoy as Chief Financial Officer



BEAUFORT, S.C., Aug. 11, 2016 – Coastal Banking Company Inc. (OTCQX:CBCO), the holding company of CBC National Bank, which operates branches in Fernandina Beach, Ocala and The Villages, Fla., and Beaufort and Port Royal, S.C., has appointed Thomas J. Flournoy as chief financial officer of the company.

Flournoy is a career banker with 35 years of community bank leadership of finance/accounting, audit and risk, operations and information technology teams. He will oversee all financial functions, including accounting, treasury, financial reporting and budgeting, among other duties.

“Tom Flournoy is a veteran chief financial officer who has extensive experience helping growing community banks manage all the fiscal and regulatory complexities of the marketplace, as well as the executive leadership and interpersonal skills to flourish in the position,” said Michael G. Sanchez, chairman and chief executive officer. “Tom’s deep experience in mortgage banking and his focused risk management expertise make him an exceptional fit for Coastal. His experience will be a valuable resource as we continue to focus on growing our company and enhancing shareholder value.”

Flournoy has served as CFO or chief operating officer of five community banks in Georgia, Indiana and Kentucky for the past 14 years, following a 14-year tenure as controller of a large regional bank in Indiana.

Most recently, Flournoy served as senior vice president and CFO of First Bank of Georgia and Georgia-Carolina Bancshares, Inc., based in Augusta, Ga.

Flournoy earned a bachelor’s degree in accounting from Ball State University, and he is a certified public accountant.

More Info at www.coastalbanking.com

Monday, August 8, 2016

Coastal Banking Company Reports Second Quarter 2016 Earnings




Coastal Banking Company Reports Second Quarter 2016 Earnings

BEAUFORT, S.C., Aug. 8, 2016 – Coastal Banking Company Inc. (OTCQX:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Ocala, and The Villages, Fla., today reported net income of $1.5 million, or earnings per diluted common share of $0.46, for the quarter ended June 30, 2016.

This compares to net income of $1.6 million, or diluted earnings per common share of $0.51, in the second quarter of 2015, a year-over-year decrease of $56,000, or diluted earnings per common share of $0.05.   

On a linked-quarter basis, net income in the second quarter of 2016 represents an increase of $328,000, or earnings per diluted common share of $0.02, from net income of $1.2 million, or earnings per diluted common share of $0.44, in the first quarter of 2016.

Key highlights from the second quarter of 2016 include:
  • Completion of the acquisition of First Avenue National Bank. 
  • Continued strong profitability growth, with second quarter net income increasing by 26.9 percent over the first quarter.
  • Non-interest bearing demand deposits grew $27.5 million, or 62.6 percent, over the first quarter. 
  • Driven by strong earnings over the last four quarters, common tangible book value has risen to $12.48 per share at June 30, 2016, an increase of $1.63 per share, or 15 percent, during the last year from $10.85 per share at June 30, 2015.
  • Continuation of robust mortgage banking funding and profitability, with more than $551.7 million in residential mortgage loans funded and $16.4 million in mortgage banking income during the quarter.
  • Balance sheet expansion continued during the quarter, up by $140.8 million, or 29.7 percent, with total assets reaching $615.6 million, driven by rising balances of SBA portfolio loans, residential mortgage loans available for sale and the related loan sales receivable, as well as completing the acquisition of First Avenue National Bank. 
  • Improving net interest margin for the second quarter at 3.95 percent, up 6 basis points from the first quarter of 2016.
  • Other real estate owned (OREO) of $5.1 million decreased by $1.2 million, or 19.0 percent, during the quarter and $1.9 million, or 27.1 percent, from June 30, 2015.
  • Capital ratios at CBC National Bank remained strong, with a total risk-based capital ratio of 19.96 percent and a Tier 1 risk-based capital ratio of 18.70 percent.

For the full text of the earnings release and complete unaudited interim financial results


For More Information:
Randy E. Graber                                                        Michael G. Sanchez                                       
Controller                                                                    Chairman & Chief Executive Officer
Coastal Banking Company Inc.                                  Coastal Banking Company Inc.
904-321-2913                                                              904-321-0400







Wednesday, July 27, 2016

Chief Financial Officer Paul Garrigues Resigns





BEAUFORT, S.C., July 27, 2016 – Coastal Banking Company Inc. (OTCQX:CBCO), the holding company of CBC National Bank, which operates branches in Fernandina Beach, Ocala and The Villages, Fla., and Beaufort and Port Royal, S.C., announced that Paul R. Garrigues has resigned as chief financial officer, effective August 5, to pursue other opportunities.

Garrigues joined Coastal Banking Company Inc. as chief financial officer in September 2007 as a 30-year financial, accounting and banking professional. Over his long career, Garrigues has served as chief financial officer for eight financial institutions across the country. Immediately prior to joining Coastal, Garrigues served as senior vice president of secondary marketing at Seacoast National Bank in Stuart, Fla., which acquired Big Lake National Bank in 2006, where he served as CFO.

Garrigues earned a bachelor’s degree in accounting from the University of Southern California. He is a certified public accountant and is a member of the American Institute of Certified Public Accountants.

“Paul Garrigues served Coastal with distinction for nine years as chief financial officer, helping the company navigate a period of both stellar growth and positive financial results, and also through the very difficult period of the Great Recession,” said Michael G. Sanchez, chief executive officer. “His decades of experience and financial acumen were a valuable resource to the company throughout his tenure. We wish him nothing but the best in his future endeavors.”

For More Information:
Michael G. Sanchez
Chairman & Chief Executive Officer
Coastal Banking Company Inc.
904-321-0400

Tuesday, May 31, 2016

Coastal Banking Company Inc. Shareholders Approve Slate of Directors, Appoint Lead Independent Director




BEAUFORT, S.C., May 31, 2016 – Coastal Banking Company Inc. (OTCQX:CBCO), the holding company of CBC National Bank, which operates branches in Fernandina Beach, Ocala and The Villages, Fla, and Beaufort and Port Royal, S.C., announced that at its May 25th shareholders’ meeting in Beaufort, shareholders approved a slate of directors and appointed a new lead independent director.

The Coastal shareholders elected Kenneth Ausley, Suellen Garner, Mark Heles, and Ladson Howell Class II Directors with terms expiring in 2019 and John Adams II and Charles Wagner Class III Directors with terms expiring in 2017.

The Coastal Board, at the behest of the Governance Committee, elected Ladson Howell as Lead Independent Director and Vice Chairman of the Board. Howell previously held the title of Vice Chairman.

Tuesday, May 10, 2016

Coastal Banking Company Reports First Quarter 2016 Earnings






BEAUFORT, S.C., May 9, 2015 – Coastal Banking Company Inc. (OTCQX:CBCO), the holding company of CBC National Bank, which operates branches in Fernandina Beach, Ocala and The Villages, Fla, and Beaufort and Port Royal, S.C., today reported net income of $1,218,000, or earnings per diluted common share of $0.44, for the quarter ended March 31, 2016. This represents a $47,000 improvement from the net income of $1,171,000, or earnings per diluted common share of $0.35, for the first quarter of 2015.

On a linked-quarter basis, net income in the first quarter of 2016 represents a decrease of $215,000, or earnings per diluted common share of $0.13, from net income of $1,433,000, or earnings per diluted common share of $0.48, in the final quarter of 2015.

Key highlights from the first quarter of 2016 include:
  • Continuation of strong, recurring quarterly earnings which has averaged in excess of $1 million over the past eight consecutive quarters.
  • Driven by these strong earnings, common tangible book value has grown to $12.36 per share at March 31, 2016, an increase of $2.03 per share, or 19.7 percent, during the last year, from $10.33 per share at March 31, 2015. 
  • Mortgage banking funding and profitability remained strong, with more than $400 million in residential mortgage loans funded and $12.3 million in mortgage banking income earned during the quarter.
  • Asset quality costs of $84,000 for the quarter were down 75 percent, or $253,000, from costs of $337,000 incurred during the first quarter of 2015.
  • Stable net interest margin in the first quarter at 3.89 percent, unchanged from the first quarter of 2015, and a decrease of 1 basis point from the prior quarter end.
  • Nonaccrual loans ended the quarter at $1.9 million, a decrease of $542,000, or 21.9 percent, from the prior quarter end, and down by $2.7 million from March 31, 2015.
  • Other real estate owned (OREO) of $6.3 million increased by 3.9 percent during the quarter but was down by $633,000, or 9.1 percent, from March 31, 2015.
  • Capital ratios at CBC National Bank remained strong, with a total risk-based capital ratio of 23.61 percent and a Tier 1 risk-based capital ratio of 22.34 percent.

For the full text of the earnings release and complete unaudited interim financial results, please click the links below or visit the company's website at


For More Information:
Paul R. Garrigues                                                        Michael G. Sanchez               
Chief Financial Officer                                               Chief Executive Officer
Coastal Banking Company Inc.                                  Coastal Banking Company Inc.
904-491-9833                                                              904-321-0400


Friday, May 6, 2016

CBC National Bank Named Top SBA Community Bank Lender in North Florida for Fiscal Year 2015


FERNANDINA BEACH, Fla., May 10, 2016 – CBC National Bank, headquartered in Fernandina Beach and with branches in Fernandina Beach, Ocala and The Villages, Fla., and Beaufort and Port Royal, S.C., today announced that the bank has again been recognized as the No. 1 ranked community bank U.S. Small Business Administration (SBA) lender in the north Florida district in total dollar volume and number of loans (and was ranked No. 2 in the state).

“I want to thank and congratulate the lenders that have made outstanding contributions in the North Florida area,” said Wilfredo J. Gonzalez, North Florida District Director. “We have increased lending in the district over the past few years, and I hope to see that growth continue. Our lenders help small businesses create and maintain jobs, and that has a direct impact on local communities.”

Fiscal Year 2015 Lender Award Winners were recognized at the 24th Annual Small Business Week Celebration on May 5, 2016, in Jacksonville at the University of North Florida’s University Center. The event was hosted by the Small Business Development Center.

In October, the U.S. Small Business Administration named the bank’s SBA lending division among the 100 most active SBA 7(a) lenders of fiscal year 2015. CBC National Bank ranked 69th nationally in lending volume, funding 48 loans totaling $57,860,500.

The bank also launched a new Georgia SBA lending operation in October to serve the needs of the growing market for SBA loans in the metropolitan Atlanta and Georgia markets, and will continue to ramp up that operation throughout 2016.

“Our SBA lending division continues to demonstrate outstanding performance in meeting the vital needs of small-business customers,” said Charles Wagner, president of CBC National Bank. “Being named again as the top community bank SBA lender in North Florida and among the 100 most active SBA lenders for fiscal year 2015 is well-deserved recognition for our organization.”

About CBC National Bank
CBC National Bank, headquartered in Fernandina Beach, Fla., provides a full range of consumer and business banking services through full-service banking offices in Fernandina Beach, Ocala and The Villages, Fla., and Beaufort and Port Royal, S.C. The company’s residential mortgage banking division, headquartered in Atlanta, includes traditional retail and wholesale lending, as well as a National Retail Group that has lending offices in Arizona, Florida, Georgia, Maryland, Michigan, Indiana, Illinois and Ohio. The company’s government guaranteed lending division originates SBA loans primarily in Jacksonville, Ft. Myers, Tampa and Vero Beach, Fla., Greensboro, N.C., Atlanta and Beaufort. For more information, please visit CBC National Bank’s website, www.cbcnationalbank.com.

About Coastal Banking Company Inc.

Coastal Banking Company Inc., headquartered in Beaufort, S.C., which had assets of $464.7 million as of Dec. 31, 2015, is the bank holding company of CBC National Bank. Total pro forma assets will be nearly $590 million at March 31, 2016, after including Q1 loan growth and the assets from the previously announced acquisition of First Avenue National Bank. The company's common stock is publicly traded on the OTCQX Markets under the symbol CBCO. The company was been named to the OTCQX® Best 50 in both 2015 and 2016, an annual ranking of the top 50 U.S. and international companies traded on the OTCQX Best Market, based on the combined one-year total return on market value and average growth in daily dollar trading volume. For more information, please visit the company's website, www.coastalbanking.com.