BEAUFORT, SC / ACCESSWIRE / March 23, 2015 / Coastal Banking Company Inc. (OTCQX:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, SC, and Fernandina Beach, FL, today reported net income of $998,000, or earnings per diluted common share of $0.29, for the quarter ended Dec. 31, 2014. This compares to a net loss of $1.5 million, or a loss of $0.63 per diluted common share, in the fourth quarter of 2013.
For the full year 2014, the company reported net income of $3.12 million, or $0.86 in earnings per diluted common share. This compares to net income of $1.59 million, or $0.40 in earnings per diluted common share for the full year of 2013.
Earnings for 2013 were favorably impacted by the $1.73 million nonrecurring recovery of the deferred tax asset impairment reserve. As a result, the income before taxes for 2014 of $4.76 million represents a year over year improvement of $3.53 million or 285% from the income before taxes for 2013 of $1.24 million.
On January 28, 2015, the Board of Directors of CBCO declared a dividend of $22.50 per share of its outstanding Series A Cumulative Perpetual Preferred Stock. The dividend was paid on February 15, 2015, to shareholders of record on February 5, 2015. The dividend rate of 9% annually results in a total quarterly dividend payment of $223,875.
For the full text of the earnings release, audited financial statements and additional financial commentary, please visit the company's website at http://www.coastalbanking.com/pdf/CBCO_4Q14_Earnings_Release.pdf.
For More Information:
Paul R. Garrigues
Chief Financial Officer
Coastal Banking Company Inc.
904-491-9833
Michael G. Sanchez
Chief Executive Officer
Coastal Banking Company Inc.
904-321-0400
SOURCE: Coastal Banking Company Inc.
