Coast Bancorp [Ca] (CTBP) 2.0600 $CTBP
Sierra Bancorp and Coast Bancorp Announce Shareholder Approval of Merger and Redemption of Rights Under Tax Benefits Preservation Plan
PR Newswire - Tue Jun 21, 12:06PM CDT
Sierra Bancorp (NASDAQ: BSRR), the holding company of Bank of the Sierra, and Coast Bancorp (OTC: CTBP), the holding company of Coast National Bank, today announced that on June 20, 2016, at a special meeting, the shareholders of Coast Bancorp approved the Agreement and Plan of Reorganization and Merger, dated as of January 4, 2016 (the "Merger Agreement"
, by and between Sierra Bancorp and Coast Bancorp, pursuant to which Coast Bancorp will be merged with and into Sierra Bancorp, and immediately thereafter Coast National Bank will be merged with and into Bank of the Sierra. All required regulatory approvals have also been received and the transaction is expected to close on or about July 8, 2016, pending satisfaction of other customary closing conditions.
BSRR: 17.97 (+0.09)
COAST BANCORP Reports First Quarter Results
Marketwired - Thu Apr 28, 8:47PM CDT
Coast Bancorp ("Coast Bancorp" or the "Company" (OTCBB: CTBP), a bank holding company and the parent of Coast National Bank (the "Bank", reported net income on a consolidated basis available to common shareholders of $35,000 or $0.01 per dilutive common share for the first quarter of 2016 compared to net income of $5,000 for the first quarter of 2015. For comparison purposes, the reported net income is inclusive of non-tax deductible expenses incurred in connection with the pending acquisition and merger with Sierra Bancorp and Coast Bancorp of $78,000 in other non-interest expense. Without the pre-acquisition expenses, adjusted net income for the first quarter of 2016 would be $113,000 or $0.02 per dilutive common share. The increase in net income for the first quarter of 2016 as compared to the first quarter of 2015 was attributed to increased interest income from loans and investments at the bank. Noninterest income declined in the first quarter of 2016 compared to the same period in 2015 as a result of reduced gains on sale of SBA loans and investment securities. Noninterest expense was $16,000 higher in the first quarter of 2016 compared to the first quarter of 2015 due to the $78,000 of merger-related expenses incurred.
BSRR: 17.97 (+0.09)
Coast Bancorp Reports Year End Results
Marketwired - Fri Jan 29, 7:25PM CST
Coast Bancorp ("Coast Bancorp" or the "Company" (OTCBB: CTBP), bank holding company and parent of Coast National Bank (the "Bank", reports unaudited results:
Sierra Bancorp to acquire Coast Bancorp
M2 - Thu Jan 07, 5:10AM CST
Sierra Bancorp (NASDAQ: BSRR), the holding company of Bank of the Sierra, has signed a definitive agreement to acquire Coast Bancorp (OTC: CTBP) of San Luis Obispo County, California, the company said. Under the agreement the outstanding shares of Coast Bancorp will be entitled to receive aggregate consideration of USD3.2 million in cash and 581,753 shares of Sierra Bancorp common stock. Coast Bancorp shareholders may elect to receive cash, Sierra Bancorp common stock or a combination of both, subject to proration. Based on the closing price of Sierra Bancorp common stock on January 4, 2016, the transaction would have a value of USD13.8 million, or USD2.37 per Coast Bancorp common share. Sierra Bancorp expects the acquisition to be immediately accretive to earnings per share, and will yield a tangible book value earnback of less than four years and an IRR in excess of 20 percent. The boards of Sierra Bancorp and Coast Bancorp unanimously approved the transaction, which is subject to customary conditions of closing including required regulatory approvals and the approval by the shareholders of Coast Bancorp. Coast Bancorp is the parent of Coast National Bank. Sierra Bancorp is the parent of Bank of the Sierra. In the transaction Coast Bancorp will be merged into Sierra Bancorp, followed by the merger of Coast National Bank into Bank of the Sierra. Coast National Bank is a local community bank serving the needs of consumers and businesses through three locations throughout San Luis Obispo County. As of September 30, 2015, the bank had approximately USD146.4 million in assets. Sierra Bancorp (NASDAQ: BSRR) is a publicly traded company with approximately USD1.7 billion in assets. Headquartered in Porterville, California, the company operates primarily through Bank of the Sierra. The bank is a multi-community financial institution that offers a full range of retail and commercial banking services, primarily in the central and southern sections of the San Joaquin Valley. The bank specializes in agricultural lending and works with many of the businesses in that region.
BSRR: 17.97 (+0.09)
Sierra Bancorp Announces Agreement to Acquire Coast Bancorp of San Luis Obispo County
Marketwired - Tue Jan 05, 1:35PM CST
Sierra Bancorp (NASDAQ: BSRR), the holding company of Bank of the Sierra, announced the signing of a definitive agreement to acquire Coast Bancorp (OTCBB: CTBP) of San Luis Obispo County, California. Under the agreement the outstanding shares of Coast Bancorp will be entitled to receive aggregate consideration of $3.2 million in cash and 581,753 shares of Sierra Bancorp common stock. Coast Bancorp shareholders may elect to receive cash, Sierra Bancorp common stock or a combination of both, subject to proration. Based on the closing price of Sierra Bancorp common stock on January 4, 2016, the transaction would have a value of $13.8 million, or $2.37 per Coast Bancorp common share. However, the deal value will fluctuate with changes in Sierra Bancorp's stock price.
BSRR: 17.97 (+0.09)
Coast Bancorp Reports Third Quarter Results
Marketwired - Tue Oct 20, 6:55PM CDT
Coast Bancorp ("Coast Bancorp" or the "Company" (OTCBB: CTBP), a bank holding company and the parent of Coast National Bank (the "Bank", reported third quarter net income on a consolidated basis available to common shareholders of $6,646,000 or $1.17 per dilutive common share compared to a loss of ($36,000) or ($0.01) for the same period in 2014. Three significant events occurred during the third quarter of 2015. First, both Coast Bancorp and Coast National Bank reversed deferred tax asset valuation allowances during the third quarter resulting in a combined tax benefit of $4.4 million. Also, the Bank sold two buildings, an OREO property and an administrative office building for a combined gain on sale of $1.5 million. Lastly, a reverse provision for loan losses of $500,000 brings the Allowance for Loan Losses in line with peers. Net interest income before provision for loan losses increased to $1.2 million in the three months ended September 30, 2015 compared to $1.0 million in the third quarter of 2014. Excluding the real estate sale gain of $1.5 million, other noninterest income was $15,000 lower in the third quarter of 2015 compared to the third quarter of 2014. Noninterest expense was $39,000 lower in the third quarter of 2015 compared to the same period in 2014 as a result of lower salaries and benefits and regulatory assessments.
Coast Bancorp and Coast National Bank Announce Sale of Real Estate and Refinance of Senior Debt
Marketwired - Tue Aug 04, 4:30PM CDT
Coast National Bank, a wholly owned subsidiary of Coast Bancorp (OTCBB: CTBP), announced today the closing of escrow on the sale of two of its bank owned properties located at 545 Higuera Street and 486 Marsh Street, San Luis Obispo, CA. These properties located adjacent to the Headquarters office of Coast National Bank are considered surplus premises. The personnel housed in annex administration offices will be moved into the main bank building.
Coast Bancorp Reports Second Quarter Results
Marketwired - Wed Jul 29, 4:00PM CDT
Coast Bancorp ("Coast Bancorp" or the "Company" (OTCBB: CTBP), a bank holding company and the parent of Coast National Bank (the "Bank", reported second quarter net income on a consolidated basis available to common shareholders of $56,000 or $0.01 per dilutive common share compared to $96,000 or $0.05 per dilutive common share for the same period in 2014. Interest income was higher in the second quarter of 2015 compared to the second quarter of 2014 due to the growth of loans and investments at the bank. Noninterest income, specifically gains on sale of SBA loans, was higher in the second quarter of 2014 compared to the second quarter of 2015.
Coast Bancorp Reports First Quarter Results
Marketwired - Tue Apr 28, 6:10PM CDT
Coast Bancorp ("Coast Bancorp" or the "Company" (OTCBB: CTBP), a bank holding company and the parent of Coast National Bank (the "Bank", reported net income on a consolidated basis available to common shareholders of $5,000 for the first quarter of 2015 compared to a net loss of ($206,000), or ($0.24) per dilutive common share for the first quarter of 2014. The increase in net income for the first quarter of 2015 as compared to the same period one year earlier was attributed to increased interest income from loans and investments at the bank, and increased noninterest income primarily from gains on sale of SBA loans and investment securities.
Coast Bancorp Reports Fourth Quarter Results
Marketwired - Thu Feb 05, 4:15PM CST
Coast Bancorp ("Coast Bancorp" or the "Company" (OTCBB: CTBP), a bank holding company and the parent of Coast National Bank (the "Bank", reported net income available to common shareholders of $329,000, or $0.06 per dilutive common share, for the fourth quarter of 2014 compared to net income available to common shareholders of $811,000, or $0.96 per dilutive common share, for the fourth quarter of 2013. For the year ended December 31, 2014, net income available to common shareholders was $183,000, or $0.05 per dilutive common share, compared with net income available to common shareholders of $806,000, or $0.95 per dilutive common share for the same period in 2013. The decrease in net income for the fourth quarter of 2014 as compared to the same quarter of a year earlier was primarily attributed to the variance in reverse provision from allowance for loan and lease losses of $700,000 and a one time loss on the sale of OREO of $249,000. Adjusted operating results without these two transactions reflected net income available to common shareholders of $78,000 for the fourth quarter of 2014 as compared to a net loss of $389,000 for the same period in 2013.
Coast Bancorp Announces Third Quarter Earnings Results
Marketwired - Tue Nov 04, 6:15PM CST
Coast Bancorp (OTCBB: CTBP) today reported a consolidated net loss of $146,000 or $0.05 per basic and diluted share for the nine months ended September 30, 2014 compared to a net loss of $5,000 or $0.01 per basic and diluted share for the same period in 2013.
Sierra Bancorp and Coast Bancorp Announce Shareholder Approval of Merger and Redemption of Rights Under Tax Benefits Preservation Plan
PR Newswire - Tue Jun 21, 12:06PM CDT
Sierra Bancorp (NASDAQ: BSRR), the holding company of Bank of the Sierra, and Coast Bancorp (OTC: CTBP), the holding company of Coast National Bank, today announced that on June 20, 2016, at a special meeting, the shareholders of Coast Bancorp approved the Agreement and Plan of Reorganization and Merger, dated as of January 4, 2016 (the "Merger Agreement"
, by and between Sierra Bancorp and Coast Bancorp, pursuant to which Coast Bancorp will be merged with and into Sierra Bancorp, and immediately thereafter Coast National Bank will be merged with and into Bank of the Sierra. All required regulatory approvals have also been received and the transaction is expected to close on or about July 8, 2016, pending satisfaction of other customary closing conditions. BSRR: 17.97 (+0.09)
COAST BANCORP Reports First Quarter Results
Marketwired - Thu Apr 28, 8:47PM CDT
Coast Bancorp ("Coast Bancorp" or the "Company"
(OTCBB: CTBP), a bank holding company and the parent of Coast National Bank (the "Bank", reported net income on a consolidated basis available to common shareholders of $35,000 or $0.01 per dilutive common share for the first quarter of 2016 compared to net income of $5,000 for the first quarter of 2015. For comparison purposes, the reported net income is inclusive of non-tax deductible expenses incurred in connection with the pending acquisition and merger with Sierra Bancorp and Coast Bancorp of $78,000 in other non-interest expense. Without the pre-acquisition expenses, adjusted net income for the first quarter of 2016 would be $113,000 or $0.02 per dilutive common share. The increase in net income for the first quarter of 2016 as compared to the first quarter of 2015 was attributed to increased interest income from loans and investments at the bank. Noninterest income declined in the first quarter of 2016 compared to the same period in 2015 as a result of reduced gains on sale of SBA loans and investment securities. Noninterest expense was $16,000 higher in the first quarter of 2016 compared to the first quarter of 2015 due to the $78,000 of merger-related expenses incurred. BSRR: 17.97 (+0.09)
Coast Bancorp Reports Year End Results
Marketwired - Fri Jan 29, 7:25PM CST
Coast Bancorp ("Coast Bancorp" or the "Company"
(OTCBB: CTBP), bank holding company and parent of Coast National Bank (the "Bank", reports unaudited results: Sierra Bancorp to acquire Coast Bancorp
M2 - Thu Jan 07, 5:10AM CST
Sierra Bancorp (NASDAQ: BSRR), the holding company of Bank of the Sierra, has signed a definitive agreement to acquire Coast Bancorp (OTC: CTBP) of San Luis Obispo County, California, the company said. Under the agreement the outstanding shares of Coast Bancorp will be entitled to receive aggregate consideration of USD3.2 million in cash and 581,753 shares of Sierra Bancorp common stock. Coast Bancorp shareholders may elect to receive cash, Sierra Bancorp common stock or a combination of both, subject to proration. Based on the closing price of Sierra Bancorp common stock on January 4, 2016, the transaction would have a value of USD13.8 million, or USD2.37 per Coast Bancorp common share. Sierra Bancorp expects the acquisition to be immediately accretive to earnings per share, and will yield a tangible book value earnback of less than four years and an IRR in excess of 20 percent. The boards of Sierra Bancorp and Coast Bancorp unanimously approved the transaction, which is subject to customary conditions of closing including required regulatory approvals and the approval by the shareholders of Coast Bancorp. Coast Bancorp is the parent of Coast National Bank. Sierra Bancorp is the parent of Bank of the Sierra. In the transaction Coast Bancorp will be merged into Sierra Bancorp, followed by the merger of Coast National Bank into Bank of the Sierra. Coast National Bank is a local community bank serving the needs of consumers and businesses through three locations throughout San Luis Obispo County. As of September 30, 2015, the bank had approximately USD146.4 million in assets. Sierra Bancorp (NASDAQ: BSRR) is a publicly traded company with approximately USD1.7 billion in assets. Headquartered in Porterville, California, the company operates primarily through Bank of the Sierra. The bank is a multi-community financial institution that offers a full range of retail and commercial banking services, primarily in the central and southern sections of the San Joaquin Valley. The bank specializes in agricultural lending and works with many of the businesses in that region.
BSRR: 17.97 (+0.09)
Sierra Bancorp Announces Agreement to Acquire Coast Bancorp of San Luis Obispo County
Marketwired - Tue Jan 05, 1:35PM CST
Sierra Bancorp (NASDAQ: BSRR), the holding company of Bank of the Sierra, announced the signing of a definitive agreement to acquire Coast Bancorp (OTCBB: CTBP) of San Luis Obispo County, California. Under the agreement the outstanding shares of Coast Bancorp will be entitled to receive aggregate consideration of $3.2 million in cash and 581,753 shares of Sierra Bancorp common stock. Coast Bancorp shareholders may elect to receive cash, Sierra Bancorp common stock or a combination of both, subject to proration. Based on the closing price of Sierra Bancorp common stock on January 4, 2016, the transaction would have a value of $13.8 million, or $2.37 per Coast Bancorp common share. However, the deal value will fluctuate with changes in Sierra Bancorp's stock price.
BSRR: 17.97 (+0.09)
Coast Bancorp Reports Third Quarter Results
Marketwired - Tue Oct 20, 6:55PM CDT
Coast Bancorp ("Coast Bancorp" or the "Company"
(OTCBB: CTBP), a bank holding company and the parent of Coast National Bank (the "Bank", reported third quarter net income on a consolidated basis available to common shareholders of $6,646,000 or $1.17 per dilutive common share compared to a loss of ($36,000) or ($0.01) for the same period in 2014. Three significant events occurred during the third quarter of 2015. First, both Coast Bancorp and Coast National Bank reversed deferred tax asset valuation allowances during the third quarter resulting in a combined tax benefit of $4.4 million. Also, the Bank sold two buildings, an OREO property and an administrative office building for a combined gain on sale of $1.5 million. Lastly, a reverse provision for loan losses of $500,000 brings the Allowance for Loan Losses in line with peers. Net interest income before provision for loan losses increased to $1.2 million in the three months ended September 30, 2015 compared to $1.0 million in the third quarter of 2014. Excluding the real estate sale gain of $1.5 million, other noninterest income was $15,000 lower in the third quarter of 2015 compared to the third quarter of 2014. Noninterest expense was $39,000 lower in the third quarter of 2015 compared to the same period in 2014 as a result of lower salaries and benefits and regulatory assessments. Coast Bancorp and Coast National Bank Announce Sale of Real Estate and Refinance of Senior Debt
Marketwired - Tue Aug 04, 4:30PM CDT
Coast National Bank, a wholly owned subsidiary of Coast Bancorp (OTCBB: CTBP), announced today the closing of escrow on the sale of two of its bank owned properties located at 545 Higuera Street and 486 Marsh Street, San Luis Obispo, CA. These properties located adjacent to the Headquarters office of Coast National Bank are considered surplus premises. The personnel housed in annex administration offices will be moved into the main bank building.
Coast Bancorp Reports Second Quarter Results
Marketwired - Wed Jul 29, 4:00PM CDT
Coast Bancorp ("Coast Bancorp" or the "Company"
(OTCBB: CTBP), a bank holding company and the parent of Coast National Bank (the "Bank", reported second quarter net income on a consolidated basis available to common shareholders of $56,000 or $0.01 per dilutive common share compared to $96,000 or $0.05 per dilutive common share for the same period in 2014. Interest income was higher in the second quarter of 2015 compared to the second quarter of 2014 due to the growth of loans and investments at the bank. Noninterest income, specifically gains on sale of SBA loans, was higher in the second quarter of 2014 compared to the second quarter of 2015. Coast Bancorp Reports First Quarter Results
Marketwired - Tue Apr 28, 6:10PM CDT
Coast Bancorp ("Coast Bancorp" or the "Company"
(OTCBB: CTBP), a bank holding company and the parent of Coast National Bank (the "Bank", reported net income on a consolidated basis available to common shareholders of $5,000 for the first quarter of 2015 compared to a net loss of ($206,000), or ($0.24) per dilutive common share for the first quarter of 2014. The increase in net income for the first quarter of 2015 as compared to the same period one year earlier was attributed to increased interest income from loans and investments at the bank, and increased noninterest income primarily from gains on sale of SBA loans and investment securities. Coast Bancorp Reports Fourth Quarter Results
Marketwired - Thu Feb 05, 4:15PM CST
Coast Bancorp ("Coast Bancorp" or the "Company"
(OTCBB: CTBP), a bank holding company and the parent of Coast National Bank (the "Bank", reported net income available to common shareholders of $329,000, or $0.06 per dilutive common share, for the fourth quarter of 2014 compared to net income available to common shareholders of $811,000, or $0.96 per dilutive common share, for the fourth quarter of 2013. For the year ended December 31, 2014, net income available to common shareholders was $183,000, or $0.05 per dilutive common share, compared with net income available to common shareholders of $806,000, or $0.95 per dilutive common share for the same period in 2013. The decrease in net income for the fourth quarter of 2014 as compared to the same quarter of a year earlier was primarily attributed to the variance in reverse provision from allowance for loan and lease losses of $700,000 and a one time loss on the sale of OREO of $249,000. Adjusted operating results without these two transactions reflected net income available to common shareholders of $78,000 for the fourth quarter of 2014 as compared to a net loss of $389,000 for the same period in 2013. Coast Bancorp Announces Third Quarter Earnings Results
Marketwired - Tue Nov 04, 6:15PM CST
Coast Bancorp (OTCBB: CTBP) today reported a consolidated net loss of $146,000 or $0.05 per basic and diluted share for the nine months ended September 30, 2014 compared to a net loss of $5,000 or $0.01 per basic and diluted share for the same period in 2013.
