Coast Bancorp Reports Second Quarter Results
(firmenpresse) - SAN LUIS OBISPO, CA -- (Marketwired) -- 07/29/15 -- 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.
Net income for the six month period ended June 30, 2015 was $61,000 or $0.01 per dilutive common share compared to a net loss of ($110,000), or ($0.08) per dilutive common share for the first six months of 2014. The increase in net income for the first six months of 2015 as compared to the same period one year ago was attributed to increased interest income from loans and investments at the bank.
Total consolidated assets were $130.4 million at June 30, 2015 compared to $123.0 million at June 30, 2014 for an increase of 6.0%. Total consolidated liabilities of $126.8 million include deposits of $116.5 million, an increase of 5.7% from $110.2 million at June 30, 2014, junior subordinated debt of $7.2 million due in 2027, senior notes for $2.4 million due in 2018, and other liabilities of $617,000. Stockholders' equity increased to $244,000 or 7.2% at June 30, 2015 over June 30, 2014.
a wholly owned subsidiary of Coast Bancorp
Net income of $162,000 for the second quarter of 2015, compared to net income of $150,000 for the second quarter of 2014.
Net income of $259,000 for the first six months of 2015, compared to a loss of ($16,000) for the same period in 2014.
Bank assets at June 30, 2015 were $129.9 million, or 5.8% higher compared to $122.8 million at June 30, 2014.
Total deposits increased to $116.9 million or 5.5% at June 30, 2015 from $110.8 million at June 30, 2014.
Net Loans increased 18.9% to $86.4 million at June 30, 2015 from $72.6 million at June 30, 2014.
Investment securities increased 144.0% to $24.2 million from $9.9 million at June 30, 2014.
Deposits at June 30, 2015 of $116.9 million reflect core deposits of 96.2% and noninterest-bearing demand deposits of 44.0% of total deposits, up from 94.3% and 42.2% at June 30, 2014, respectively.
The Allowance for Loan and Lease Loss coverage to loans at June 30, 2015 was 2.1% compared to 2.6% at June 30, 2014. This level of coverage is slightly higher than peers, and reflects the ongoing satisfactory credit quality. Non Performing Assets continued to improve to 1.3% of Net Loans plus OREO at June 30, 2015 compared to 2.7% at June 30, 2014.
The Tier I leverage capital ratio remained steady at 9.7% at both June 30, 2015 and 2014.
Total risk-based capital was 13.2% at June 30, 2015 compared to 16.6% for the same date in 2014. At June 30, 2015, the Bank maintained regulatory capital ratios at levels that would be generally considered "well capitalized" for regulatory purposes.
Established in 1997, Coast National Bank is a locally owned community bank serving consumers and businesses through four local offices serving San Luis Obispo County. With a focus on delivering quality customer service, Coast National Bank provides small business loans and an array of business and personal banking deposit products and other services. For further information, visit or call
This release contains forward-looking statements that reflect management's current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including, but not limited to, the ability of the Company to implement its strategies.
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Datum: 29.07.2015 - 21:00 Uhr
Sprache: Deutsch
News-ID 410161
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SAN LUIS OBISPO, CA
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Commercial & Investment Banking
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