BEAUFORT, SC / ACCESSWIRE / November 4, 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 in Fernandina Beach, Ocala, and The Villages, Fla., today reported net income of $1.99 million, or diluted earnings per common share of $0.54, for the quarter ended Sept. 30, 2016.
This compares to net income of $1.63 million, or diluted earnings per common share of $0.51, for the third quarter of 2015, and represents a year-over-year increase of $360,000, or diluted earnings per common share of $0.03.
On a linked-quarter basis, the $1.99 million of net income in the third quarter of 2016 represents an increase of $440,000, or diluted earnings per common share of $0.08, from net income of $1.55 million, or diluted earnings per common share of $0.46, in the second quarter of 2016.
Key highlights from the third quarter of 2016 include:
- Completion of the integration of First Avenue National Bank, acquired in April 2016.
- Continued strong profitability growth, with third quarter 2016 net income increasing by 28.5 percent over the second quarter of 2016, with strong and more balanced net income for all three of the Company's operating divisions: Community Banking, SBA Lending and Mortgage Banking.
- Driven by strong earnings over the last four quarters, common tangible book value has risen to $12.98 per share at Sept. 30, 2016, from $11.38 at Sept. 30, 2015, an increase of $1.60 per share, or 14.1 percent.
- Continuation of robust mortgage banking funding and profitability, with more than $886.3 million in residential mortgage loans originated and $21.0 million in mortgage banking income during the quarter, up from $614.8 million and $13.4 million, respectively, for the third quarter of 2015.
- Year-over-year growth in the balance sheet of $174.3 million, or 39.7 percent, with total assets of $613.0 million at Sept. 30, 2016, driven by rising balances of SBA portfolio loans, increased residential mortgage loans available for sale and the related loan sales receivable, and the addition of First Avenue National Bank.
- Continued strong net interest margin for the third quarter of 2016 of 3.76 percent, compared to 3.95 percent for the second quarter of 2016 and 3.98 percent for the third quarter of 2015.
- Other real estate owned (OREO) of $5.5 million, a slight increase by $400,000, or 7.4 percent, from the second quarter of 2016, but a decline of $800,000, or 12.7 percent, from Sept. 30, 2015.
- Capital ratios at CBC National Bank remaining strong, with a total risk-based capital ratio of 20.92 percent and a Tier 1 risk-based capital ratio of 19.66 percent at Sept. 30, 2016.
For the full text of the earnings release and complete unaudited interim financial results [click here].
For More Information Contact:
Thomas J. Flournoy
EVP & Chief Financial Officer
Coastal Banking Company Inc.
904-321-2917
Michael G. Sanchez
Chairman & Chief Executive Officer
Coastal Banking Company Inc.
904-321-0400
SOURCE: Coastal Banking Company Inc.
ReleaseID: 448296
