Monday, July 31, 2017

Coastal Banking Company Reports Strong Second Quarter 2017 Earnings




BEAUFORT, S.C., July 31, 2017 – Coastal Banking Company Inc. (OTCQX:CBCO) (the “Company”), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., and in Fernandina Beach, Ocala, and The Villages, Fla., today reported net income of $2.11 million, or $0.55 diluted earnings per common share, for the three months ended June 30, 2017. This compares to $1.54 million, or $0.46 in diluted earnings per common share, for the second quarter of 2016, an increase of $570,000. The diluted earnings per common share for both quarters reflect the acquisition of First Avenue National Bank (“FANB”) in Ocala, Florida, in early April 2016.

On a linked-quarter basis, the $2.11 million of net income in the second quarter of 2017 increased significantly from first quarter 2017 net income of $1.45 million, or $0.38 diluted earnings per common share.


For the first six months ending June 30, 2017, the Company reported net income of $3.56 million, or $0.94 diluted earnings per common share, an increase of $790,000 over the net income for the first six months of 2016 of $2.77 million, or $0.90 diluted earnings per common share.