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CBCO FINRA Deleted Symbol
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"Shareholders of Coastal Banking Company, Inc. (CBCO) will receive $21.50 for each share of Coastal Banking Company, Inc."
This stock is going to fly to $15 before you know it. Company stock purchasing will happen on Sept. 30/Oct. 1 and that alone will drive the price to stay in the $13-14 range, IMO.
Coastal Banking Company Reports First Quarter 2009 Earnings
May 12, 2009 5:28:00 PM
2009 GlobeNewswire, Inc.
Email Story Discuss on ZenoBank
View Additional ProfilesBEAUFORT, S.C., May 12, 2009 (GLOBE NEWSWIRE) -- Coastal Banking Company Inc. (OTCBB:CBCO), the holding company of CBC National Bank, which operates divisions including Lowcountry National Bank in Beaufort, S.C., and First National Bank of Nassau County in Fernandina Beach, Fla., today reported a net loss of $1.9 million, or a loss of $0.81 per diluted share, for the quarter ended March 31, 2009.
The results include a non-recurring charge of $507,366 from the full write-down of securities the company held in Silverton Financial Services, Inc., the holding company of Silverton Bank, N.A., which was closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation on May 1, 2009. The charge increased the company's loss per diluted share by $0.20. Known as a "bankers' bank" or correspondent bank, Silverton Bank provided credit and deposit services to more than 1,500 banks nationwide.
The first quarter 2009 results compare to net income of $387,773, or $0.14 per diluted share, for the first quarter of 2008, which included a non-recurring, pre-tax gain of $207,000 from the sale of securities, and a net loss of $4.9 million, or a loss of $1.93 per diluted share, for the previous quarter ended Dec. 31, 2008.
"We continued to generate growth in loans, deposits and wholesale lending during the first quarter of 2009, though, as in the previous quarter, these increases are not reflected in our net income due to significant additions we made to our allowance for loan losses as a prudent hedge against an ongoing recession," said Michael G. Sanchez, chief executive officer. "The extremely weak economic environment continued to place pressure on the ability of our borrowers to meet their loan obligations. Despite this fact, we are encouraged by positive trends that are emerging in a number of areas including our expanding net interest margin, declining credit costs and significantly improved noninterest income. These trends bode well for the rest of 2009."
Highlights from the first quarter include:
* Capital levels at the holding company remained strong with a total
risk based capital ratio of 15.46 percent, and a ratio of tangible
common equity to total tangible assets of 6.5 percent.
* Available liquidity increased to $130.9 million from $88.2 million
at the end of 2008.
* Net loan charge-offs declined by 65 percent from the prior quarter.
* Net interest income was $2.4 million, up from $2.2 million in the
prior quarter.
* Net interest margin expanded by 19 basis points from the prior
quarter to 2.21 percent.
* Wholesale mortgage banking loan volume increased 93 percent
compared to the prior quarter to $236.0 million.
* Mortgage banking income increased three-fold from the prior quarter
to $2.3 million.
* Increased allowance for loan losses as a percentage of loans by an
additional 24 basis points during the first quarter.
* Reduced exposure to commercial real estate construction lending to
28 percent of gross portfolio loans, down from 40 percent at the
beginning of 2008.
At March 31, 2009, CBC National Bank had a total risk-based capital ratio of 13.91 percent and a Tier 1 risk-based capital ratio of 12.65 percent. The threshold for being classified as "well capitalized" by federal regulators is 10 percent and 6 percent, respectively. In terms of liquidity, the company had $130.9 million in excess funding available from multiple sources at March 31, 2009, a significant increase from $88.2 million available at Dec. 31, 2008.
Total assets at March 31, 2009, were $476.4 million, down 0.1 percent from $476.8 million at Dec. 31, 2008 as a result of writing off the investment in Silverton Bank. Excluding the impact of this charge, assets were up slightly from the end of 2008. Total shareholders' equity was $50.4 million at March 31, 2009, compared to $52.0 million at Dec. 31, 2008, a decline of $1.6 million as a result of operating losses during the first quarter.
Total deposits were $363.1 million at March 31, 2009 compared to $362.7 million at the end of the fourth quarter of 2008, an increase of $0.5 million, or 0.1 percent, as increases of $5.6 million in demand deposits were partially offset by declines in certificates of deposits. Total loans, net of allowance, loans held for sale and loan sales receivables were $346.7 million at the end of the first quarter of 2009, an increase of $3.4 million, or 1.0 percent, from $343.3 million at the end of 2008.
The company continued to reduce its exposure to commercial real estate construction loans in the first quarter of 2009. Commercial real estate construction loans declined $3.0 million from $88.2 million, or 29 percent, of the total loan portfolio at the end of 2008, to $85.2 million, or 28 percent, of the total loan portfolio as of March 31, 2009. This portfolio shrinkage was more than offset by growth in residential real estate loans, which totaled $107.2 million at March 31, 2009, an increase of $3.6 million, or 3.5 percent, during the first quarter.
These loans were funded through the company's wholesale mortgage banking division, which in the first quarter of 2009 originated approximately $236.0 million in loans available for sale in the secondary market, utilizing a conservative, low-risk loan product strategy. This represents a near doubling of the $122.0 million in loans originated for sale in the secondary market during the fourth quarter of 2008.
"After generating organic growth of more than eight percent in our portfolio loans during 2008, we expanded our efforts to originate residential real estate loans for sale in the secondary market in the first quarter of 2009, nearly doubling our funding levels from the prior quarter," said Sanchez. "We feel that we can best serve the credit needs of our markets during this current financial crisis by continuing to emphasize wholesale residential mortgage loan originations, especially as we continue to leverage our proceeds from the Treasury Department's TARP program."
The company increased the allowance for loan losses to $5.6 million at March 31, 2009, or 1.83 percent of loans outstanding, from $4.8 million, or 1.59 percent of loans outstanding, at the end of 2008. Net loans charged off during the quarter ended March 31, 2009 were $2.2 million, a decline of 65 percent from the level of net loans charged off in the prior quarter ended Dec. 31, 2008. While still an unacceptably high level of loan charge-offs, the company is encouraged by the large reduction.
Nonaccrual loans as a percentage of total loans at March 31, 2009, were 7.97 percent, compared to 5.98 percent at the end of the previous quarter. The rate of increase declined quarter over quarter. The rate of increase was approximately one-third that of the lowest rate recorded in each of the prior three quarter over quarter periods. Other real estate owned at March 31, 2009 declined slightly to $5.4 million, compared to $5.8 million at Dec. 31, 2008.
"The consecutive quarter decline in charge-offs and other real estate owned, and the declining rate of increase in nonaccrual loans during the first quarter of 2009 are possible indicators that the slump in the real estate and housing markets is beginning to bottom out," said Sanchez. "Despite this possibility, we will continue to aggressively recognize problem loans and maintain an adequate loan-loss reserve level to cover potential losses based on conservative assessments of underlying collateral values."
Net interest income before provision for loan losses in the first quarter of 2009 totaled $2.4 million, an increase of $0.2 million from $2.2 million earned during the final quarter of 2008. Noninterest income in the first quarter of 2009 was $2.2 million, double the $1.1 million earned in the fourth quarter of 2008 resulting from a significant increase in the gain on sale of mortgage loans. Noninterest expense for the three months ended March 31, 2009 was $4.3 million, down by $0.3 from the fourth quarter of 2008 on lower levels of loan collection related costs.
The rise in net interest income reflects an improvement in the company's net interest margin, reversing a trend of compression experienced over the prior four consecutive quarters, and comes despite the downward pressure from the increased level of nonaccrual loans.
Net interest margin for the quarter ended March 31, 2009, was 2.21 percent, an increase of 19 basis points over the 2.02 percent recorded during the fourth quarter of 2008. The improvement in the margin reflects the successful efforts to aggressively reduce deposit and other borrowing costs during the quarter. Moderating the favorable impact of lower costs of interest bearing liabilities was the increase in non-performing assets that lowered the effective yield on these assets.
"While we believe the economy may begin to improve by the end of 2009, we still expect a difficult operating environment over the next several quarters," said Sanchez. "The positive trends in our core earnings in the first quarter are encouraging, however, giving us a renewed sense of optimism about the opportunities that lie ahead. We are confident that our solid capitalization and liquidity positions, combined with the ongoing growth of our wholesale mortgage division and the recent expansion of the residential mortgage market, have positioned us well to navigate through the remainder of 2009 and take advantage of any improvements in our markets."
About Coastal Banking Company Inc.
Coastal Banking Company Inc., based in Beaufort, S.C., is the $476.4 million-asset bank holding company of CBC National Bank, which operates as Lowcountry National Bank in Beaufort, S.C., First National Bank of Nassau County in Fernandina Beach, Fla., and The Georgia Bank in Meigs, Ga. CBC National Bank, which is headquartered in Fernandina Beach, provides a full range of consumer and business banking services through full-service banking offices in Beaufort, Fernandina Beach, Meigs, Hilton Head, S.C., and Port Royal, S.C. The company also operates a wholesale lending division based in Atlanta and commercial loan production offices in Jacksonville, Fla., and Savannah, Ga. The company's common stock is publicly traded on the OTC Bulletin Board under the symbol CBCO. For more information, please visit the company's Web site, www.coastalbanking.com.
FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK FACTORS
This release contains forward-looking statements including statements relating to present or future trends or factors generally affecting the banking industry and specifically affecting Coastal's operations, markets and products. Without limiting the foregoing, the words "believes," "anticipates," "intends," "expects," or similar expressions are intended to identify forward-looking statements. These forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected for many reasons, including, without limitation, changing events and trends that have influenced Coastal's assumptions, but that are beyond Coastal's control. These trends and events include (i) changes in the interest rate environment which may reduce margins, (ii) not achieving expected growth, (iii) less favorable than anticipated changes in the national and local business environments and securities markets, (iv) adverse changes in the regulatory requirements affecting Coastal, (v) greater competitive pressures among financial institutions in Coastal's markets, (vi) greater loan losses than historic levels, and (vii) difficulties in expanding our banking operations into a new geographic market. Additional information and other factors that could affect future financial results are included in Coastal's filings with the Securities and Exchange Commission.
All written or oral forward-looking statements are expressly qualified in their entirety by these cautionary statements. Please also read the additional risks and factors described from time to time in reports and registration statements filed with the Securities and Exchange Commission. Coastal Banking Company, Inc. undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
COASTAL BANKING COMPANY, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
March 31 December 31
2009 2008
------------ ------------
Assets
Cash and due from banks $ 4,046,129 $ 4,790,625
Interest-bearing deposits in banks 121,398 110,748
Federal funds sold 65,295 464,724
Securities available for sale, at
fair value 78,251,797 81,438,389
Securities held to maturity, at cost 3,021,121 3,022,621
Restricted equity securities, at cost 4,811,550 4,793,916
Loans held for sale, at fair value 26,305,783 31,404,990
Loans, net of unearned income 305,239,881 304,418,704
Less allowance for loan losses 5,574,906 4,833,491
------------ ------------
Loans, net 299,664,975 299,585,213
Premises and equipment, net 7,761,548 7,849,316
Cash surrender value of life insurance 7,180,431 7,107,522
Intangible assets 226,201 260,641
Goodwill 10,411,914 10,411,914
Foreclosed assets 5,368,351 5,750,973
Other assets 29,120,482 19,838,157
------------ ------------
Total assets $476,356,975 $476,829,749
------------ ------------
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing $ 19,781,393 $ 18,639,212
Interest-bearing 343,331,403 344,017,033
------------ ------------
Total deposits 363,112,796 362,656,245
------------ ------------
Other borrowings 51,772,543 51,692,588
Junior subordinated debentures 7,217,000 7,217,000
Other liabilities 3,898,128 3,259,236
------------ ------------
Total liabilities 426,000,467 424,825,069
------------ ------------
Shareholders' Equity:
Preferred stock, par value $.01;
10,000,000 shares authorized;
9,950 shares issued and outstanding
in 2009 and 2008 9,468,776 9,453,569
Common stock, par value $.01;
10,000,000 shares authorized;
2,568,707 shares issued and
outstanding in 2009 and 2008 25,687 25,687
Additional paid-in capital 41,059,508 41,037,403
Retained earnings (deficit) (908,731) 1,165,630
Accumulated other comprehensive income 711,268 322,391
------------ ------------
Total shareholders' equity 50,356,508 52,004,680
------------ ------------
Total liabilities and shareholders'
equity $476,356,975 $476,829,749
------------ ------------
COASTAL BANKING COMPANY, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Loss)
For the three months ended
March 31
--------------------------
2009 2008
------------ ------------
Interest income:
Interest and fees on loans $ 4,450,139 $ 5,408,393
Interest on taxable securities 841,307 904,252
Interest on nontaxable securities 159,542 163,097
Interest on deposits in other banks 131 13,278
Interest on federal funds sold 94 76,403
------------ ------------
Total interest income 5,451,213 6,565,423
------------ ------------
Interest expense:
Interest on deposits 2,552,512 3,508,329
Interest on junior subordinated
debentures 109,363 127,820
Interest on other borrowings 355,104 286,552
------------ ------------
Total interest expense 3,016,979 3,922,701
------------ ------------
Net interest income 2,434,234 2,642,722
Provision for loan losses 2,930,000 122,500
------------ ------------
Net interest income after provision
for loan losses (495,766) 2,520,222
------------ ------------
Non-interest income:
Service charges on deposit accounts 158,249 170,450
Other service charges, commissions
and fees 75,117 59,808
Income from investment in life insurance
contracts 75,031 72,111
Mortgage banking income 2,304,661 398,859
SBA loan income 43,335 135,856
Gain on sale of securities -- 206,811
Loss on Silverton Financial Services stock (507,366) --
Other income 7,339 34,594
------------ ------------
Total other income 2,156,366 1,078,489
------------ ------------
Non-interest expenses:
Salaries and employee benefits 2,372,646 1,635,306
Occupancy and equipment expense 288,891 282,490
Advertising fees 22,671 65,867
Amortization of intangible assets 34,440 54,687
Audit fees 62,568 59,163
Data processing fees 223,272 214,791
Director fees 40,400 75,474
FDIC insurance expense 378,709 35,745
Legal and other professional fees 190,446 175,217
Mortgage loan expense 185,266 67,104
OCC examination fees 30,846 34,068
Other real estate expenses 57,410 14,681
Other operating 409,392 285,720
------------ ------------
Total other expenses 4,296,957 3,000,313
------------ ------------
Income (loss) before income taxes (2,636,357) 598,398
Income tax expense (benefit) (701,577) 210,625
------------ ------------
Net income (loss) $ (1,934,780) $ 387,773
------------ ------------
Preferred stock dividends 139,581 --
------------ ------------
Net income (loss) available to common
shareholders $ (2,074,361) $ 387,773
Basic earnings (loss) per share
available to common shareholders $ (0.81) $ 0.15
------------ ------------
Diluted earnings (loss) per share
available to common shareholders $ (0.81) $ 0.14
------------ ------------
CONTACT: Coastal Banking Company Inc.
Michael G. Sanchez, Chief Executive Officer
904-321-0400
Marsh Communications LLC
Andy Mus, Senior Vice President
404-327-7662
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Coastal Banking Company Reports Second Quarter 2008 Earnings
BEAUFORT, S.C., Aug 13, 2008 (PrimeNewswire via COMTEX) -- Coastal Banking Company Inc. (OTCBB:CBCO), the holding company of CBC National Bank, which operates divisions known as Lowcountry National Bank in Beaufort, S.C., and First National Bank of Nassau County in Fernandina Beach, Fla., reported a net loss of $577,356, or a loss of $0.23 per diluted share, for the quarter ended June 30, 2008. This compares to net income of $665,105, or $0.23 in diluted earnings per share, in the second quarter of 2007.
The decline in income and earnings was due, in part, to an increase of $896,000 in the company's loan loss provision, a decline of $621,000 in net interest income from interest margin compression caused by the interest rate environment, and non-recurring expenses of $508,000 related to the retirement of former holding company president Randolph C. Kohn. The one-time retirement related expenses for Kohn reduced after tax income by $0.13 per share. Excluding this non-recurring expense, the company would have reported a net loss of $242,000, or a loss of $0.10 per diluted share, for the second quarter of 2008.
"From a financial performance perspective, we experienced a difficult quarter due to tough market conditions and a non-recurring charge," said Michael G. Sanchez, chief executive officer. "That said, relative to our peers and the overall banking market, we continue to stand on solid ground with respect to our capitalization, liquidity, asset quality and core banking operations. We are successfully weathering the current storm in the housing market and economy, and we expect to come out the other side in good condition."
The company remained well-capitalized and had ample liquidity in the second quarter of 2008. At June 30, 2008, both banking divisions had total risk-based capital ratios of more than 13.2 percent, well in excess of the 10.0 percent threshold federal regulators use as the highest capital designation, and both divisions' Tier 1 Capital ratios and leverage ratios were nearly twice the levels required by regulators for classification as "well capitalized."
In terms of liquidity, the company had $81.6 million in funding available from multiple sources at the end of the second quarter of 2008. The company also reduced its reliance on wholesale funding by decreasing the level of brokered certificates of deposit by $5 million, or 21 percent, during the first six months of 2008, while increasing growth in core and municipal deposits.
The company's asset quality continues to compare favorably to its peers. The company had no net charge-offs in the second quarter of 2008 as compared to net charge offs as a percentage of total loans of 0.24 percent, annualized, in the first quarter of 2008, and 0.02 percent, annualized, in the second quarter of 2007. Nonaccrual loans as a percentage of total loans at the end of the second quarter of 2008 were 1.63 percent, compared to 0.65 percent at the end of the first quarter of 2008 and 0.05 percent at June 30, 2007.
Allowance for loan losses at June 30, 2008, totaled $4.5 million, or 1.46 percent of loans outstanding, an increase of $897,000 compared to $3.6 million, or 1.22 percent of loans outstanding, at the end of the previous quarter. The increase reflects the addition of $682,000 for specific reserves on an SBA loan and loans to two residential construction borrowers, the addition of $115,000 to provide a general reserve on the loan portfolio growth during the quarter, and an additional $100,000 to reflect management's assessment of current economic factors on the overall portfolio credit quality.
"We have always been very conservative in our lending standards," said Sanchez. "We have never originated or purchased any subprime loans, Alt A loans or option ARM loans, nor do we hold any investment securities that are collateralized by these types of loans. As a result, our loan portfolio has continued to perform relatively well, even in a difficult market. In addition, we have been successful in reducing our exposure to residential and commercial construction loans in 2008, while increasing the balance of residential real estate mortgages. Our goal is to continue to improve our overall portfolio credit quality, and recent experience has shown that residential real estate mortgages tend to perform better than construction loans in this market."
As a percentage of the company's overall loan portfolio, commercial construction loans have fallen to 26.2 percent at June 30, 2008, from 28.6 percent at the start of the year, while residential construction lending decreased to 15.5 percent from 17.5 percent for the same time period. The decline in construction lending was offset by an increase in single-family, residential real estate loans, which grew from 24.4 percent to 29.6 percent during the first six months of 2008.
Total assets at June 30, 2008, were $447.6 million, compared to $426.6 million at June 30, 2007. Total loans at the end of the second quarter were $307.9 million, compared to $281.5 million for the same period a year ago. Total deposits were $353.6 million at the end of the second quarter, compared to $346.1 million at the end of the second quarter of 2007. Total shareholders' equity was $45.9 million at June 30, 2008, compared to $44.1 million at June 30, 2007.
Net interest income in the second quarter of 2008 totaled $2.6 million, compared to $3.2 million for the same period in 2007. Noninterest income for the second quarter was $1.3 million, almost triple the $472,000 recorded in the second quarter of 2007, due primarily to the $783,000 gain on the sale of residential mortgages generated by the company's wholesale mortgage banking division. Excluding the impact from the wholesale division, noninterest income was approximately $521,000 in the second quarter of 2008.
Noninterest expense was $4.0 million for the second quarter of 2008, compared to $2.6 million for the second quarter of 2007. The increase was due largely to the noninterest expenses of $780,000 incurred by the company's wholesale mortgage banking division, which was not in operation during the second quarter of 2007, and the one-time costs associated with Kohn's retirement. Excluding these factors, noninterest expense in the second quarter of 2008 increased $97,000, or 3.7 percent, from the same quarter in 2007.
Net interest margin for the quarter ended June 30, 2008, was 2.49 percent, compared to 2.61 percent in the previous quarter and 3.32 percent for the quarter ended June 30, 2007. The margin was impacted by the 2.25 percent reduction in the federal funds rate since the start of 2008. The company's yield on its earning assets has stabilized since the last rate reduction on April 30, 2008, while the cost of interest-bearing liabilities has declined. Given this trend, management expects that its margin and related net interest income will increase over the remainder of 2008 based on the assumption that there will be no further rate cuts by the Federal Reserve over the remainder of 2008.
The wholesale mortgage division continued to generate strong results in the second quarter of 2008, originating $123.3 million in loans for sale on the secondary market. For the six months ended June 30, 2008, the division originated $230.4 million in loans available for sale. These loans are predominantly full-documentation, conforming mortgage loans that are pre-sold into the secondary market, eliminating nearly all interest-rate risk.
Net loss for the six months ended June 30, 2008, was $190,000, compared to net income of $1.5 million for the same period in 2007. Diluted loss per share for the first six months of 2008 was $0.07, compared to $0.54 per share earned in the same period a year ago. Excluding the one-time expense of Kohn's retirement, the company would have reported $0.06 in diluted earnings per share for the six months ended June 30, 2008.
Net interest income for the first six months of 2008 was $5.2 million, compared to $6.4 million in the first six months of 2007. Noninterest income was $2.7 million for the first six months of 2008, compared to $1.0 million in the same period of 2007. Noninterest expense was $7.4 million for the first half of 2008, compared to $5.2 million for the same period in 2007. The majority of the year-over-year increases to noninterest income and noninterest expense was due to the impact of the wholesale mortgage banking operation.
"As we look to the future, our focus remains on growing our franchise along the coasts of Florida, Georgia and South Carolina," said Sanchez. "To that end, we will continue to actively seek out opportunities either by merger and acquisition or de novo branching, where it makes sense. We also plan to take full advantage of the recent merger of our banking subsidiaries -- which already has resulted in economies of scale and increased efficiency in our operations -- to continue to reduce costs and improve the operational efficiency of our company."
About Coastal Banking Company Inc.
Coastal Banking Company Inc., based in Beaufort, S.C., is the $447.6 million-asset bank holding company of CBC National Bank, which operates as Lowcountry National Bank in Beaufort, S.C., First National Bank of Nassau County in Fernandina Beach, Fla., and The Georgia Bank in Meigs, Ga. CBC National Bank, which is headquartered in Fernandina Beach, provides a full range of consumer and business banking services through full-service banking offices in Beaufort, Fernandina Beach, Meigs, Hilton Head, S.C., and Port Royal, S.C. The company also operates a wholesale lending division based in Atlanta and commercial loan production offices in Charleston, S.C., Jacksonville, Fla., and Savannah, Ga. The company's common stock is publicly traded on the OTC Bulletin Board under the symbol CBCO. For more information, please visit the company's Web site, www.coastalbanking.com.
FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK FACTORS
This release contains forward-looking statements including statements relating to present or future trends or factors generally affecting the banking industry and specifically affecting Coastal's operations, markets and products. Without limiting the foregoing, the words "believes," "anticipates," "intends," "expects," or similar expressions are intended to identify forward-looking statements. These forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected for many reasons, including, without limitation, changing events and trends that have influenced Coastal's assumptions, but that are beyond Coastal's control. These trends and events include (i) changes in the interest rate environment which may reduce margins, (ii) not achieving expected growth, (iii) less favorable than anticipated changes in the national and local business environments and securities markets, (iv) adverse changes in the regulatory requirements affecting Coastal, (v) greater competitive pressures among financial institutions in Coastal's markets, (vi) greater loan losses than historic levels, and (vii) difficulties in expanding our banking operations into a new geographic market. Additional information and other factors that could affect future financial results are included in Coastal's filings with the Securities and Exchange Commission.
All written or oral forward-looking statements are expressly qualified in their entirety by these cautionary statements. Please also read the additional risks and factors described from time to time in reports and registration statements filed with the Securities and Exchange Commission. Coastal Banking Company, Inc. undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
6/30/2008 6/30/2007 12/31/2007
---------------------------------------------
Balance Sheet:
Total assets 447,628,419 426,647,856 431,574,410
Total equity 45,943,639 44,150,605 46,746,752
Total equity-tangible 35,181,955 33,253,336 35,875,694
Shares outstanding 2,568,707 2,423,212 2,570,560
Book value/share 17.89 18.22 18.19
BV/share - tangible 13.70 13.72 13.96
Asset Quality:
Allowance to loans 1.46% 1.22% 1.30%
Net c/o % loans 0.11% 0.03% 0.05%
Impaired loans** 8,531,000 3,288,000 3,648,000
** Includes total nonaccrual, loans 90 days or more past due and
other impaired loans
Earnings:
Quarter ending: 6/30/2008 6/30/2007
-----------------------------
Net income (577,356) 665,105
Basic eps (0.23) 0.25
Diluted eps (0.23) 0.23
Weighted avg shares o/s basic 2,540,150 2,648,860
Weighted avg shares o/s diluted 2,540,150 2,895,055
Net interest rate spread 2.07 2.87
Net interest margin 2.49 3.32
Efficiency ratio 103.93% 72.18%
Return on average tangible assets -0.53% 0.64%
Return on average tangible equity -6.51% 8.03%
Year to date: 6/30/2008 6/30/2007
-----------------------------
Net income (189,583) 1,470,193
Basic eps (0.07) 0.58
Diluted eps (0.07) 0.54
Weighted avg shares o/s basic 2,552,939 2,530,857
Weighted avg shares o/s diluted 2,650,406 2,747,721
Net interest rate spread 2.11 2.90
Net interest margin 2.56 3.34
Efficiency ratio 92.85% 69.61%
Return on average tangible assets -0.09% 0.71%
Return on average tangible equity -1.08% 9.07%
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: Coastal Banking Company
By Staff
CONTACT: Coastal Banking Company Inc.
Michael G. Sanchez, Chief Executive Officer
904-321-0400
Marsh Communications LLC
Andy Mus, Senior Vice President
404-327-7662
(C) Copyright 2008 PrimeNewswire, Inc. All rights reserved.
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INDUSTRY KEYWORD: Banks
SUBJECT CODE: EARNINGS
BANKING
Earnings Releases and Operating Results
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