Thursday, October 29, 2015

Coastal Banking Company Reports Third Quarter 2015 Earnings, Declares Preferred Stock Dividend


BEAUFORT, S.C., Oct. 29, 2015 – Coastal Banking Company Inc. (OTCQX:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., and Fernandina Beach, Fla., today reported net income of $1.6 million, or earnings per diluted common share of $0.51, for the quarter ended Sept. 30, 2015.

This compares to net income of $796,000, or diluted earnings per common share of $0.21, in the third quarter of 2014, a year-over-year increase in net income of $833,000, or diluted earnings per common share of $0.30.   

On a linked-quarter basis, net income in the third quarter of 2015 was unchanged from net income of $1.6 million, or earnings per diluted common share of $0.51, in the second quarter of 2015.

On Oct. 28, 2015, the Board of Directors of CBCO declared a dividend of $22.50 per share of its outstanding Series A Cumulative Perpetual Preferred Stock. The dividend will be payable on Nov. 15, 2015, to shareholders of record on Nov. 5, 2015.  The dividend rate of 9% annually results in a total quarterly dividend payment of $223,875.

Key highlights from the third quarter of 2015 include:
  • Continued strong profitability, with third quarter net income increasing by 104.7 percent year-over-year.
  • Driven by strong earnings, common tangible book value has risen to $11.38 per share at Sept. 30, 2015, an increase of $1.71 per share, or 17.7 percent, during the last year, from $9.67 per share at Sept. 30, 2014.
  • Third consecutive quarter of record mortgage banking funding and profitability, with more than $400 million in residential mortgage loans funded and $13.4 million in mortgage banking revenue during the quarter.
  • Other real estate owned (OREO) of $6.3 million declined by $693,000, or 9.9 percent, during the third quarter, and was down by $1.5 million, or 19.6 percent, from Sept. 30, 2014.
  • Asset quality costs related to OREO and nonperforming loans continued to decline, reaching $481,000 in the quarter, a year-over-year reduction of $224,000, or 31.8 percent. Through the third quarter of 2015, asset quality costs of $1.04 million were less than half of the $2.12 million incurred during the same period in 2014.
  • Balance sheet returned to a more typical level of $438.7 million in total assets as the balance of mortgage loans available for sale and related loan sales receivable contracted from the temporary spike upward at the end of the prior quarter.
  • Net interest margin for the quarter was 3.98 percent, down by 3 basis points from the prior quarter but up by 16 basis points from the third quarter of 2014.  
  • Nonaccrual loans ended the quarter at $3.5 million, down by $692,000, or 16.6 percent, from the prior quarter end, but up by $603,000 from Sept. 30, 2014. Despite the year-over-year increase, the overall long-term trends in asset quality continue to be positive.
  • Capital ratios at CBC National Bank remained strong, with a total risk-based capital ratio of 23.77 percent and a Tier 1 risk-based capital ratio of 22.50 percent.

For the full text of the earnings release and complete unaudited interim financial results, please visit the company's website at http://www.coastalbanking.com/reports--news---filings.html


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


Tuesday, October 27, 2015


U.S. Small Business Administration Names CBC National Bank Among the 100 Most Active SBA Lenders of 2015

FERNANDINA BEACH, Fla., Oct. 27, 2015 – CBC National Bank, which operates branches in Fernandina Beach, Beaufort and Port Royal, S.C., today announced that the U.S. Small Business Administration (SBA) has named the bank’s Small Business Administration lending division among the 100 most active SBA 7(a) lenders of fiscal year 2015.

CBC National Bank was ranked No. 69 by lending volume by the SBA, with 48 loans during fiscal year 2015 totaling $57,860,500.

CBC National Bank’s Small Business Administration lending division originates SBA loans primarily in Jacksonville, Ft. Myers, Tampa and Vero Beach, Fla., Greensboro, N.C., and Beaufort. Earlier this month, the bank announced that it has hired Atlanta SBA industry veteran Joy Manbeck to expand its new Georgia SBA lending franchise.

“It is gratifying as a community bank to be ranked among the top 100 most active SBA lenders,” said Durand Childers, executive vice president and managing director of CBC’s SBA lending division. “We have built a very strong SBA lending franchise in Florida, where CBC National Bank has been the No. 1 SBA lender among community banks headquartered in the state for the past three years, and we’re looking to replicate that success in Georgia.”

“Across the states and major metropolitan areas in which we operate, we have a network of dedicated, highly skilled SBA lenders who will continue to serve the needs of the growing marketplace for SBA loans,” said Childers.
  
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, 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 Small Business Administration lending division originates SBA loans primarily in Jacksonville, Ft. Myers, Tampa and Vero Beach, Fla., Greensboro, N.C., and Beaufort. Parent company Coastal Banking Company Inc.’s common stock is publicly traded on the OTCQX Markets under the symbol CBCO.  For more information, please visit the company's website, www.cbcnationalbank.com.

Tuesday, October 20, 2015





CBC National Bank Hires Industry Veteran Joy Manbeck to Expand its New Georgia SBA Lending Franchise



 FERNANDINA BEACH, Fla., Oct. 13, 2015 – CBC National Bank, which operates branches in Fernandina Beach, Beaufort and Port Royal, S.C., and with its residential mortgage banking division headquartered in Atlanta, today announced that CBC National Bank has hired Atlanta SBA industry veteran Joy Manbeck to expand its new Georgia SBA lending franchise.

The new SBA lending operation will be based in the Alpharetta, Ga., campus that houses the bank’s residential mortgage division. Manbeck will build and manage a team of SBA lenders whose focus will be on serving the needs of the growing market for SBA loans in the metropolitan Atlanta and Georgia markets.

“Our aim is to replicate the very successful SBA lending franchise we have built in Florida, where CBC National Bank has been the No. 1 SBA lender among community banks headquartered in the state for the past three years,” said Durand Childers, executive vice president and head of CBC’s SBA lending division.

“Joy Manbeck brings over 30 years of commercial banking experience, a majority of that in SBA lending, most recently with State Bank & Trust,” continued Childers. “With her deep SBA industry and Atlanta market knowledge, small business acumen, seasoned banking skills and proven leadership capabilities, Joy is the ideal person to build and manage our Georgia SBA franchise. As the senior vice president heading up the operation, she will be working to hire a team of seasoned professionals who will begin ramping up our SBA lending in Georgia.

  
Manbeck has deep business and social roots in the Atlanta area. She is a Youth leader in the Alpharetta United Methodist Church, a National Association of Government Guaranteed Lenders (NAGGL) Region IV Committee Member, and a member of several other business and professional organizations, including the Rotary Club of North Fulton, Georgia Quality Lender’s Circle, Atlanta Commercial Board of Realtors, North Atlanta Professional Group, and CREW (Commercial Real Estate Women). 

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, 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 Small Business Administration lending division originates SBA loans primarily in Jacksonville, Ft. Myers, Tampa and Vero Beach, Fla., Greensboro, N.C., and Beaufort. Parent company Coastal Banking Company Inc.’s common stock is publicly traded on the OTCQX Markets under the symbol CBCO.  For more information, please visit the company's website, www.cbcnationalbank.com.