Coastal Banking Company Reports Strong Fourth Quarter and Record 2017 Earnings.
The Company reported net income of $1.72 million, or $0.45 diluted earnings per common share, for the three months ended Dec. 31, 2017. This compares to $2.21 million, or $0.59 in diluted earnings per common share, for the fourth quarter of 2016, a decrease of $490,000. The fourth quarter of 2016 represented the highest earnings quarter in the Company's history. On a linked-quarter basis, the $1.72 million of net income in the fourth quarter of 2017 was comparable to the third quarter 2017 net income of $1.71 million, or $0.45 diluted earnings per common share.
Continued strong profitability. Annual 2017 results continued to feature more balanced net income and solid contributions from all three of the Company's operating segments as compared to 2016: Community Banking earned $3.59 million in 2017, up from $2.20 million in 2016. SBA Lending earned $2.02 million in 2017, up from $891,000 earned in 2016. And Mortgage Banking earned $3.87 million in 2017.
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