SOURCE: Coastal Banking Company Inc.

Coastal Banking Company Inc.

July 31, 2014 09:00 ET

Coastal Banking Company Reports Second Quarter 2014 Earnings, Declares Preferred Stock Dividend

BEAUFORT, SC--(Marketwired - Jul 31, 2014) - 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 $1.1 million, or earnings per diluted common share of $0.34, for the quarter ended June 30, 2014.

This compares to net income of $2.0 million, or diluted earnings per common share of $0.69, in the second quarter of 2013, which included nonrecurring revenue of $1.73 million from the reversal of a deferred tax asset valuation reserve. Excluding the impact of the prior-year nonrecurring event, pre-tax income in the current quarter was up 236 percent from the pre-tax earnings of the same quarter in 2013.

On a linked-quarter basis, net income in the second quarter of 2014 represents an increase of $922,000, or earnings per diluted common share of $0.33, from net income of $201,000, or earnings per diluted common share of $0.01, in the first quarter of 2014.

On July 23, 2014, 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 will be payable on August 15, 2014, to shareholders of record on August 5, 2014. The dividend rate of 9% annually results in a total quarterly dividend payment of $223,875.

For the full text of the earnings release and complete unaudited quarterly financial results, please visit the company's website at http://www.coastalbanking.com/pdf/CBCO_2Q14_Earnings_Release.pdf

Contact Information

  • For More Information:
    Michael G. Sanchez
    Chief Executive Officer
    Coastal Banking Company Inc.
    904-321-0400

    Paul R. Garrigues
    Chief Financial Officer
    Coastal Banking Company Inc.
    904-491-9833