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.
