Coastal Banking Company Reports First Quarter 2015 Earnings, Declares Preferred Stock Dividend

BEAUFORT, SC / ACCESSWIRE / April 30, 2015 / 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 $1,171,000, or earnings per diluted common share of $0.35, for the quarter ended March 31, 2015. This represents a $970,000 improvement from the net income of $201,000, or earnings per diluted common share of $0.01, for the first quarter of 2014.

On a linked-quarter basis, net income in the first quarter of 2015 represents an increase of $173,000, or earnings per diluted common share of $0.06, from net income of $998,000, or earnings per diluted common share of $0.29, in the final quarter of 2014.

On April 22, 2015, 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 May 15, 2015, to shareholders of record on May 5, 2015. 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 interim financial results, please visit the company’s website at http://www.coastalbanking.com/pdf/CBCO_1Q15_Earnings_Release.pdf.

For More Information: 

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

Michael G. Sanchez
Chief Executive Officer
Coastal Banking Company Inc.
904-321-0400

SOURCE: Coastal Banking Company Inc.

ReleaseID: 428379