Coastal Banking Company Reports Strong Third Quarter 2017 Earnings
BEAUFORT, SC / ACCESSWIRE / October 30, 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 $1.71 million, or $0.45 diluted earnings per common share, for the three months ended Sept. 30, 2017.
This compares to $1.99 million, or $0.54 in diluted earnings per common share, for the third quarter of 2016, a decrease of $280,000. On a linked-quarter basis, the $1.71 million of net income in the third quarter of 2017 decreased from second quarter 2017 net income of $2.11 million, or $0.55 diluted earnings per common share. The third quarter of 2016 and the second quarter of 2017 represented two of the three highest net income quarters in the Company's history.
For the first nine months ending Sept. 30, 2017, the Company reported net income of $5.27 million, or $1.38 diluted earnings per common share, an increase of $520,000 over the net income for the first nine months of 2016 of $4.75 million, or $1.45 diluted earnings per common share. The increase in 2017 year-to-date earnings over 2016, and the slight decline in diluted earnings per share, reflect the effects of the Company's April 2016 acquisition of First Avenue National Bank in Ocala, Florida.
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About Coastal Banking Company Inc. Coastal Banking Company Inc. is the $650.8 million-asset bank holding company of CBC National Bank, headquartered in Fernandina Beach, Fla., which 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 both traditional retail and wholesale lending groups, which together have lending offices in Florida, Georgia, Maryland, South Carolina, North Carolina, Illinois, Ohio, and Tennessee. The company's SBA lending division operates under SBA's delegated authority, originating SBA, USDA and FSA loans throughout the southeastern United States. Headquartered in Fernandina Beach, its offices are located in Jacksonville, Ft. Myers, Tampa and Vero Beach, Fla., Greensboro, NC, Atlanta and Tifton, Ga., and Beaufort. The company's common stock is publicly traded on the OTCQX Best Market under the symbol CBCO. The company was named to the OTCQX® Best 50 in both 2015 and 2016, an annual ranking of the top 50 U.S. and international companies traded on the OTCQX Best Market, based on equal weighting of one-year return and average daily dollar volume growth.
