Latest Coastal Banking Co Inc (CBCO) Headlines
Coastal Banking Company Reports Third Quarter 2013 Earnings
GlobeNewswire - Fri Nov 15, 8:00AM CST
Coastal Banking Company Inc. (OTCQB:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., today reported net income of $47,549, or a loss of $0.03 per diluted common share, for the quarter ended Sept. 30, 2013. This compares to net income of $772,844, or $0.24 in diluted earnings per common share, in the third quarter of 2012.
Coastal Banking Company Reports Second Quarter 2013 Earnings
GlobeNewswire - Thu Aug 15, 3:30PM CDT
Coastal Banking Company Inc. (OTCQB:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., today reported net income of $2.0 million, or $0.69 in diluted earnings per common share, for the quarter ended June 30, 2013. As previously announced, the reversal of the company's deferred tax asset valuation reserve contributed approximately $1.73 million to second quarter 2013 earnings, or approximately $0.66 per diluted share. Excluding the impact from this nonrecurring event, the company generated net income of $0.03 per diluted share for the current quarter. This compares to a net loss of $110,360, or a loss of $0.09 per diluted common share, in the second quarter of 2012.
Coastal Banking Company Announces Lifting of the Formal Agreement Between OCC and CBC National Bank
GlobeNewswire - Mon Aug 12, 8:00AM CDT
Coastal Banking Company Inc. (OTCQB:CBCO), the holding company of CBC National Bank (the "Bank"), which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., announced today that the Office of the Comptroller of the Currency (OCC) has lifted its formal written agreement with CBC National Bank effective Aug. 8, 2013. As such, the bank is no longer considered to be in troubled condition by the OCC or Federal Deposit Insurance Corporation (FDIC), and this action brings to a conclusion the agreements that the bank entered into with the OCC in August 2009.
Coastal Banking Company Announces Reversal of Deferred Tax Asset Valuation Allowance and Other Second Quarter Events
Marketwire - Tue Jul 09, 8:01AM CDT
Coastal Banking Company Inc. (OTCQB: CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., today reported that effective Jun. 30, 2013 it has reversed its deferred tax asset ("DTA") valuation allowance of approximately $1.73 million. As a result, net income for the second quarter of 2013 will be increased by approximately $0.66 per share. The DTA valuation allowance recovery is the result of sustained profitability by the Company driven by a combination of lower credit costs and strong non-interest income.
Coastal Banking Company Reports First Quarter 2013 Earnings
GlobeNewswire - Mon Apr 29, 8:00AM CDT
Coastal Banking Company Inc. (OTCQB:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., today reported net income of $1.1 million, or $0.35 in diluted earnings per common share, for the quarter ended March 31, 2013. This compares to net income of $299,595, or $0.06 in diluted earnings per common share, in the first quarter of 2012. For the full text of the earnings release and complete unaudited quarterly financial results, please visit the company's website at www.coastalbanking.com/pdf/cbco_1Q13_earnings_release.pdf
Coastal Banking Company Reports Fourth Quarter 2012 Earnings
GlobeNewswire - Fri Mar 01, 3:31PM CST
Coastal Banking Company Inc. (OTCQB:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., today reported net income of $921,565, or $0.30 in diluted earnings per common share, for the quarter ended Dec. 31, 2012. This compares to net income of $892,211, or $0.29 in diluted earnings per common share, in the fourth quarter of 2011.
Coastal Banking Company Pays Dividends on TARP Preferred and Interest on Trust Preferred Securities
GlobeNewswire - Tue Feb 19, 7:37AM CST
Coastal Banking Company Inc. (OTCQB:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., today reported that on Feb. 15, 2013, it paid the U.S. Treasury $430,757 on its Fixed Rate Cumulative Perpetual Preferred Stock, Series A ("TARP Preferred"), covering the current dividend due Feb. 15, 2013, the deferred dividends due Feb. 15, 2011, and May 15, 2011, as well as accrued interest payable through Feb. 15, 2013, on all previously deferred TARP dividends. The company also has recently paid all previously deferred interest payments on its Trust Preferred securities.
Coastal Banking Company Announces Termination of Its Participation in the Current Treasury TARP Auction
Marketwire - Thu Feb 07, 7:01AM CST
Coastal Banking Company Inc. (OTCQB: CBCO), the holding company of CBC National Bank, today announced that the current auction of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, which was scheduled to close on February 7, 2013, has been terminated due to recent favorable developments regarding the Company's dividend payment plans with respect to these securities. Specifically, the Company has requested regulatory approval to pay the current dividend due on February 15, 2013, deferred dividends which were due February 15, 2011 and May 15, 2011, and all accrued interest through February 15, 2013 on all of the deferred dividends. Based on communications with its primary regulator, the Company anticipates that it will pay such dividends on February 15, 2013. Because these positive developments were not reflected in the information given to potential auction participants, the placement agents for the auction have notified the company of their termination of the placement agreement relating to the
Coastal Banking Company Reports Third Quarter 2013 Earnings
GlobeNewswire - Fri Nov 15, 8:00AM CST
Coastal Banking Company Inc. (OTCQB:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., today reported net income of $47,549, or a loss of $0.03 per diluted common share, for the quarter ended Sept. 30, 2013. This compares to net income of $772,844, or $0.24 in diluted earnings per common share, in the third quarter of 2012.
Coastal Banking Company Reports Second Quarter 2013 Earnings
GlobeNewswire - Thu Aug 15, 3:30PM CDT
Coastal Banking Company Inc. (OTCQB:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., today reported net income of $2.0 million, or $0.69 in diluted earnings per common share, for the quarter ended June 30, 2013. As previously announced, the reversal of the company's deferred tax asset valuation reserve contributed approximately $1.73 million to second quarter 2013 earnings, or approximately $0.66 per diluted share. Excluding the impact from this nonrecurring event, the company generated net income of $0.03 per diluted share for the current quarter. This compares to a net loss of $110,360, or a loss of $0.09 per diluted common share, in the second quarter of 2012.
Coastal Banking Company Announces Lifting of the Formal Agreement Between OCC and CBC National Bank
GlobeNewswire - Mon Aug 12, 8:00AM CDT
Coastal Banking Company Inc. (OTCQB:CBCO), the holding company of CBC National Bank (the "Bank"), which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., announced today that the Office of the Comptroller of the Currency (OCC) has lifted its formal written agreement with CBC National Bank effective Aug. 8, 2013. As such, the bank is no longer considered to be in troubled condition by the OCC or Federal Deposit Insurance Corporation (FDIC), and this action brings to a conclusion the agreements that the bank entered into with the OCC in August 2009.
Coastal Banking Company Announces Reversal of Deferred Tax Asset Valuation Allowance and Other Second Quarter Events
Marketwire - Tue Jul 09, 8:01AM CDT
Coastal Banking Company Inc. (OTCQB: CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., today reported that effective Jun. 30, 2013 it has reversed its deferred tax asset ("DTA") valuation allowance of approximately $1.73 million. As a result, net income for the second quarter of 2013 will be increased by approximately $0.66 per share. The DTA valuation allowance recovery is the result of sustained profitability by the Company driven by a combination of lower credit costs and strong non-interest income.
Coastal Banking Company Reports First Quarter 2013 Earnings
GlobeNewswire - Mon Apr 29, 8:00AM CDT
Coastal Banking Company Inc. (OTCQB:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., today reported net income of $1.1 million, or $0.35 in diluted earnings per common share, for the quarter ended March 31, 2013. This compares to net income of $299,595, or $0.06 in diluted earnings per common share, in the first quarter of 2012. For the full text of the earnings release and complete unaudited quarterly financial results, please visit the company's website at www.coastalbanking.com/pdf/cbco_1Q13_earnings_release.pdf
Coastal Banking Company Reports Fourth Quarter 2012 Earnings
GlobeNewswire - Fri Mar 01, 3:31PM CST
Coastal Banking Company Inc. (OTCQB:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., today reported net income of $921,565, or $0.30 in diluted earnings per common share, for the quarter ended Dec. 31, 2012. This compares to net income of $892,211, or $0.29 in diluted earnings per common share, in the fourth quarter of 2011.
Coastal Banking Company Pays Dividends on TARP Preferred and Interest on Trust Preferred Securities
GlobeNewswire - Tue Feb 19, 7:37AM CST
Coastal Banking Company Inc. (OTCQB:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., today reported that on Feb. 15, 2013, it paid the U.S. Treasury $430,757 on its Fixed Rate Cumulative Perpetual Preferred Stock, Series A ("TARP Preferred"), covering the current dividend due Feb. 15, 2013, the deferred dividends due Feb. 15, 2011, and May 15, 2011, as well as accrued interest payable through Feb. 15, 2013, on all previously deferred TARP dividends. The company also has recently paid all previously deferred interest payments on its Trust Preferred securities.
Coastal Banking Company Announces Termination of Its Participation in the Current Treasury TARP Auction
Marketwire - Thu Feb 07, 7:01AM CST
Coastal Banking Company Inc. (OTCQB: CBCO), the holding company of CBC National Bank, today announced that the current auction of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, which was scheduled to close on February 7, 2013, has been terminated due to recent favorable developments regarding the Company's dividend payment plans with respect to these securities. Specifically, the Company has requested regulatory approval to pay the current dividend due on February 15, 2013, deferred dividends which were due February 15, 2011 and May 15, 2011, and all accrued interest through February 15, 2013 on all of the deferred dividends. Based on communications with its primary regulator, the Company anticipates that it will pay such dividends on February 15, 2013. Because these positive developments were not reflected in the information given to potential auction participants, the placement agents for the auction have notified the company of their termination of the placement agreement relating to the
