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
