Tuesday, August 30, 2016
Coastal Banking Company Inc. Elects Charles Wagner President and Thomas Flournoy EVP and Chief Financial Officer
Coastal Banking Company Inc. Elects Charles Wagner President and Thomas Flournoy EVP and Chief Financial Officer
BEAUFORT, S.C., Aug. 30, 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 announced that its board of directors has elected Charles Wagner president of the company and Thomas J. Flournoy executive vice president and chief financial officer.
Wagner has been president of CBC National Bank since June 2015 and directly oversees the bank’s mortgage division, human resources, information technology and operations, marketing, and strategic planning. He joined the company in 2007 as a founding leader of the bank’s mortgage division. Wagner also is a member of both the Coastal and CBC National Bank boards of directors.
Michael G. Sanchez remains chief executive officer of both Coastal Banking Company Inc. and CBC National Bank, and chairman of both boards.
“The Coastal board’s management succession committee and governance committee spent 18 months planning the company’s management succession process before naming Charles Wagner president of CBC National Bank more than a year ago,” said Sanchez. “Since that time, Charles has continued to ably demonstrate the acumen and proven performance that led to our decision. Naming him president of Coastal Banking Company Inc. is a further step in the succession plan toward him assuming overall leadership of the company at the appropriate time.”
Flournoy recently joined Coastal as chief financial officer. He is a career banker with 35 years of community bank leadership of finance/accounting, audit and risk, operations and information technology teams.
“Tom Flournoy is a veteran chief financial officer who adds to the overall management strength of our company,” said Sanchez. “His deep experience, working in tandem with Charles Wagner, will serve as a valuable resource as we continue to focus on growing our company and enhancing shareholder value.”
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
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