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
