CBCO Coastal Banking Company, Inc. featured news, full reports, and detailed charts
Coastal Banking Company, Inc. (CBCO/CBCO.OB) Wrap Up:
Coastal Banking Company, Inc. operates as the holding company for Lowcountry National Bank and First National Bank of Nassau County, doing business as The Georgia Bank. It provides a range of commercial and retail banking products and services for individual and small businesses. The company offers various deposit products, including checking accounts, commercial accounts, savings accounts, time deposits, and certificates of deposit, as well as individual retirement accounts and money market accounts. Its loan portfolio comprises real estate and mortgage loans, commercial real estate loans, construction and development real estate loans, residential real estate loans, commercial loans, consu...Coastal Banking Company, Inc. (CBCO:OTC Bulletin Board Market)
Snapshot of Coastal Banking Company, Inc. (CBCO)
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OPEN
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PREVIOUS CLOSE
$3.50
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DAY HIGH
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DAY LOW
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52 WEEK HIGH
11/20/08 - $6.70
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52 WEEK LOW
09/18/09 - $3.25
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MARKET CAP
9.0M
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AVERAGE VOLUME 3 mo
799.0
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DILUTED EPS TTM
$-3.05
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SHARES OUTSTANDING
2.6M
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CBCO Does Not Pay Dividends
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P/E TTM
NM
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CBCO Top Compensated Officers
Executives, Board Directors
Key developments for Coastal Banking Company, Inc. (CBCO)
Coastal Banking Company, Inc. reported consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net loss available to common shareholders of $565,284 or $0.22 per basic and diluted share on compared to net income available to common shareholders of $250,821 or $0.10 per basic and diluted share for the same period previous year. Loss before income tax benefit of $721,951 compared to income before income tax benefit of $280,821 for the same period previous year. Net interest income in the third quarter of 2009 totaled $2.9 million, an increase of 11.6% from $2.6 million for the same period in 2008. For the nine months ended Sept. 30, 2009, the company had net loss available to common shareholders of $3.02 million or $1.18 per basic and diluted share compared to available to common shareholders of $61,238, or $0.02 per basic and diluted share earned in the same period a year ago. Net interest income for the first nine months of 2009 was $8.0 million, compared to $7.8 million in the first nine months of 2008. Loss before income tax benefit of $3,754,763 compared to loss before income tax benefit of $169,762 for the same period previous year.
Coastal Banking Company Inc. announced consolidated earnings results for the second quarter and six months ended June 30, 2009. The company reported a net loss of $244,632 before preferred stock dividends, or a loss of $0.15 per diluted common share, for the quarter ended June 30, 2009. This compares to a net loss of $577,356, or a loss of $0.23 per diluted share, in the second quarter of 2008, which included a non-recurring charge of $508,000. Net interest income before provision for loan losses totaled $2,661,188 in the second quarter of 2009, an increase from $2,576,788 earned in the first quarter of 2009 and $2.6 million earned in the second quarter of 2008. Net interest income after provision for loan losses was $1,211,188 against $1,680,537 for the same period a year ago. Total interest income was $5,457,024 against $6,233,513 for the same period a year ago. Loss before income tax benefit was $396,455 against $1,048,981 for the same period a year ago. Net loss for the six months ended June 30, 2009, was $2,179,412, compared to a net loss of $189,583 for the same period in 2008. Diluted loss per common share for the first six months of 2009 was $0.96, compared to a diluted loss per common share of $0.07 in the same period a year ago. Net interest income for the first six months of 2009 was $5,095,422, compared to $5,219,508 in the first six months of 2008. Net interest income after provision for loan losses was $715,422 against $4,200,757 for the same period a year ago. Total interest income was $10,908,237 against $12,798,936 for the same period a year ago. Loss before income tax benefit was $3,032,812 against $450,583 for the same period a year ago. Net charge-offs for the second quarter of 2009 totaled $473,000, or 0.15% of average loans, compared $2.2 million, or 0.72% in the first quarter of 2009, and $6.2 million, or 2.04% at Dec. 31, 2008.
Coastal Banking Company Inc. reported consolidated earnings results for the first quarter ended March 31, 2009. The company reported a net loss available to common shareholders of $2.0 million, or a loss of $0.81 per diluted share, for the quarter ended March 31, 2009. The first quarter 2009 results compare to net loss available to common shareholders of $387,773, or $0.14 per diluted share, for the first quarter of 2008, which included a non-recurring, pre-tax gain of $207,000 from the sale of securities, and a net loss of $4.9 million, or a loss of $1.93 per diluted share, for the previous quarter ended Dec. 31, 2008. Net interest income for the quarter was $2.4 million, up from $2.2 million in the prior quarter. Net interest income before provision for loan losses in the first quarter of 2009 totaled $2.4 million, an increase of $0.2 million from $2.2 million earned during the final quarter of 2008. Loss before income taxes for the period was of $2.6 million and total interest income of $5.4 million against income before income taxes for the period was of $598,398 and total interest income of $6.56 million, reported a year ago.
CBCO Competitors
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Industry Analysis
| Valuation | CBCO | Industry Range |
| Price/Earnings | NM | Not Meaningful |
| Price/Sales | 1.4x |
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| Price/Book | 0.2x |
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| Price/Cash Flow | NM | Not Meaningful |
| TEV/Sales | NM | Not Meaningful |
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CBCO transactions
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More Recent News About Coastal Banking Company, Inc.
More news for CBCO
COASTAL BANKING CO INC Files SEC form 8-K, Results of Operations and Financial Condition
Show all filings for COASTAL BANKING CO INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for COASTAL BANKING CO INC 13-Nov-2009Results of Operations and Financial Condition Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational p...Click here to read the whole Article (external link)
COASTAL BANKING CO INC Files SEC form 10-Q, Quarterly Report
Management's Discussion and Analysis of Financial Condition and Results of Operations The following is our discussion and analysis of certain significant factors that have affected our financial position and operating results and those of our subsidiary, CBC National Bank, during the periods included in the accompanying financial statements. This commentary should be read in conjunction with the financial statements and the related notes and the other statistical information included in this report. This report contains "forward-looking statements" relating to, without limitation, future economic performance, plans and objectives of management for future operations, and projections of revenues and other financial items that are based on the beliefs of management, as well as assumptions made by and information currently available to management. The words "may," "will," "anticipate," "should," "would," "believe," "contemplate," "expect," "estimate," "continue," and "intend," as well as other similar words and expressions of the future, are intended to identify forward-looking statements. Our actual results may differ materially from the results discussed in the forward-looking statements, and our operating performance each quarter is subject to various risks and uncertainties that are discussed in detail in our filings with the Securities and Exchange Commission, including, without limitation: · significant increases in competitive pressure in the banking and financial services industries; · changes in the interest rate environment which could reduce anticipated or actual margins; · changes in political conditions or the legislative or regulatory environment; · general economic conditions, either nationally or regionally and especially in our primary service area, becoming less favorable than expected resulting in, among other things, a contin...Click here to read the whole Article (external link)
Coastal Banking Company Reports Third Quarter 2009 Earnings
BEAUFORT, S.C., Nov. 12, 2009 (GLOBE NEWSWIRE) -- Coastal Banking Company Inc. (OTCBB:CBCO - News), the holding company of CBC National Bank, which operates divisions including Lowcountry National Bank in Beaufort, S.C., and First National Bank of Nassau County in Fernandina Beach, Fla., reported a net loss of $425,251, or a loss of $0.22 per diluted share, for the quarter ended Sept. 30, 2009. This compares to net income of $250,821, or $0.10 in diluted earnings per share, in the third quarter of 2008. Key highlights from the third quarter of 2009 include: * Net charge-offs increased as a result of the company's strategy to liquidate problem loans. * Nonaccrual loans as a percentage of total loans declined 49 basis points from the previous quarter, while past due loans also improved. * The company continued to successfully manage its capital ratios, which remained strong, as did liquidity. * Net interest income increased 11.6 percent from a year ago, as interest expense declined 25 percent. * The wholesale mortgage banking division originated approximately $208 million in loans available for sale in the secondary market. "We made progress reducing the level of problem loans in the third quarter," said Michael G. Sanchez, chief executive officer. "Our Special Assets Group moved a substantial amount of problem loans from non-accrual status to other real estate owned (OREO), enabling us to liquidate these assets. As a result, our past due loans improved and have st...Click here to read the whole Article (external link)
COASTAL BANKING CO INC Financials
Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback Quotes delayed, except where indicated otherwise.Delay times are 15 mins for NASDAQ, 20 mins for NYSE and Amex. See also delay times for other exchanges.Fundamental company data provided by Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. Real-...Click here to read the whole Article (external link)
Coastal Banking Company Announces Formal Agreement
BEAUFORT, S.C., Aug. 28, 2009 (GLOBE NEWSWIRE) -- Coastal Banking Company Inc. (OTCBB:CBCO - News), the holding company of CBC National Bank, which operates divisions including Lowcountry National Bank in Beaufort, S.C., and First National Bank of Nassau County in Fernandina Beach, Fla., today announced that CBC National Bank has signed a Formal Agreement with the Comptroller of the Currency that outlines strategies the bank will continue to employ to reduce credit risk, and improve its asset quality and earnings. "In mid-2008, we recognized the severity of the economic and real estate market downturn, and nearly a year ago put in place strategic measures to address specific issues related to them," said Michael G. Sanchez, chief executive officer. "We have significantly lessened our concentration of commercial real estate-related loans and have worked diligently to strengthen overall loan portfolio management, mitigate credit risk and improve asset quality. We formed a Special Assets Group in the fourth quarter of 2008 to work actively and aggressively with borrowers to resolve or restructure weak loans and, when necessary, to liquidate the collateral as quickly and profitably as possible. Our Special Assets Group has recovered almost 80 cents on the dollar of the original loan amount for Real Estate Owned (REO) sold during the first half of 2009. "Our actions align closely with those called for in the Formal Agreement," Sanchez continued, "and we already have made significant progress toward full compliance with th...Click here to read the whole Article (external link)
COASTAL BANKING CO INC Files SEC form 8-K, Results of Operations and Financial Condition
Show all filings for COASTAL BANKING CO INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for COASTAL BANKING CO INC 13-Aug-2009Results of Operations and Financial Condition Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational p...Click here to read the whole Article (external link)
Coastal Banking Company Reports Second Quarter 2009 Earnings
BEAUFORT, S.C., Aug. 12, 2009 (GLOBE NEWSWIRE) -- Coastal Banking Company Inc. (OTCBB:CBCO - News), the holding company of CBC National Bank, which operates divisions including Lowcountry National Bank in Beaufort, S.C., and First National Bank of Nassau County in Fernandina Beach, Fla., today reported a net loss of $244,632 before preferred stock dividends, or a loss of $0.15 per diluted common share, for the quarter ended June 30, 2009. This compares to a net loss of $1.9 million, or a loss of $0.81 per diluted common share, for the first quarter of 2009, which included a non-recurring charge of $507,366, and to a loss of $577,356, or a loss of $0.23 per diluted share, in the second quarter of 2008, which included a non-recurring charge of $508,000. Key highlights from the second quarter of 2009 include: * Capital levels at the holding company remained strong, as did liquidity. * Net loan charge-offs as a percentage of average loans declined by 57 basis points from the first quarter. * Allowance for loan losses as a percentage of loans increased by 30 basis points over the previous quarter. * Net interest margin expanded by 17 basis points over the previous quarter. * The wholesale mortgage banking division continued its strong growth pattern, originating approximately $251 million in loans available for sale in the secondary market. "We continued to see positive trends in key areas of our core business during the second quarter, including income growth, expansion of o...Click here to read the whole Article (external link)
COASTAL BANKING CO INC Files SEC form 10-Q, Quarterly Report
Management's Discussion and Analysis of Financial Condition and Results of Operations The following is our discussion and analysis of certain significant factors that have affected our financial position and operating results and those of our subsidiary, CBC National Bank, during the periods included in the accompanying financial statements. This commentary should be read in conjunction with the financial statements and the related notes and the other statistical information included in this report. This report contains "forward-looking statements" relating to, without limitation, future economic performance, plans and objectives of management for future operations, and projections of revenues and other financial items that are based on the beliefs of management, as well as assumptions made by and information currently available to management. The words "may," "will," "anticipate," "should," "would," "believe," "contemplate," "expect," "estimate," "continue," and "intend," as well as other similar words and expressions of the future, are intended to identify forward-looking statements. Our actual results may differ materially from the results discussed in the forward-looking statements, and our operating performance each quarter is subject to various risks and uncertainties that are discussed in detail in our filings with the Securities and Exchange Commission, including, without limitation: · significant increases in competitive pressure in the banking and financial services industries; · changes in the interest rate environment which could reduce anticipated or actual margins; · changes in political conditions or the legislative or regulatory environment; · general economic conditions, either nationally or regionally and especially in our primary service area, becoming less favorable than expected resulting in, among other things, a deteri...Click here to read the whole Article (external link)
COASTAL BANKING CO INC Files SEC form 8-K, Results of Operations and Financial Condition
Show all filings for COASTAL BANKING CO INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for COASTAL BANKING CO INC 13-May-2009Results of Operations and Financial Condition Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational p...Click here to read the whole Article (external link)