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
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Paul R. Garrigues Michael G. Sanchez
Chief Financial Officer Chief Executive Officer
Coastal Banking Company Inc. Coastal Banking Company Inc.