BEAUFORT, SC / ACCESSWIRE / March 14, 2016 / Coastal Banking Company Inc. (OTCQX: CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., and Fernandina Beach, Fla., today reported net income of $1,433,000, or $0.48 per diluted common share, for the quarter ended Dec. 31, 2015. This compares to net income of $998,000, or $0.29 in diluted earnings per common share, in the fourth quarter of 2014.
For the full year 2015, the company reported net income of $5.84 million, or $1.85 in earnings per diluted common share. This represents an increase in net income of $2.72 million, or an increase of $0.99 per diluted share, compared to net income of $3.12 million, or $0.86 in earnings per diluted common share, for the full year 2014.
On Feb. 16, 2016, the Office of the Comptroller of the Currency approved CBC National Bank's application to merge First Avenue National Bank of Ocala, Fla., with and into CBC National Bank, subject to usual and customary closing conditions.
In connection with this merger transaction, Coastal Banking Company filed a Form 1-A under Regulation A of the Securities Act of 1933 with the Securities and Exchange Commission (SEC) in order to qualify the common shares of Coastal Banking Company that will be offered in exchange for shares of First Avenue National Bank as consideration for the merger transaction. On Feb. 29, 2016, the SEC issued a notice of qualification of that Form 1-A filing.
The shareholders of First Avenue National Bank will meet on April 5, 2016, to vote on the merger transaction. The shareholders of Coastal Banking Company will meet on April 6, 2016, to vote on the merger transaction. Subject to the approval of a two-thirds majority of First Avenue shareholders and a simple majority of Coastal Banking Company shareholders, as well as other customary closing conditions, the merger is expected to be effective after the close of business on April 8, 2016.
For the full text of the earnings release, audited financial statements and additional financial commentary, please click the following link: Q4 2015 Earnings Release (Click Here).
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.
