Coast Bancorp Reports First Quarter Results
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E-mailSAN LUIS OBISPO, CA -- (Marketwired) -- 04/28/15 -- 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.
Total consolidated assets were $128.4 million at March 31, 2015 compared to $124.3 million at March 31, 2014 for an increase of 3.3%. Total consolidated liabilities of $124.7 million include deposits of $115.0 million, relatively level from $115.8 million at March 31, 2014, junior subordinated debt of $7.2 million due in 2027, senior notes for $2.0 million due in 2016, and other liabilities of $501,000.
Total stockholders' equity increased to $3.7 million at March 31, 2015 from a deficit of ($1.0) million at March 31, 2014 after completion of a private placement offering in June of last year.
First Quarter 2015 Highlights of Coast National Bank, a wholly owned subsidiary of Coast Bancorp:
- Net profits of $97,000 for the first quarter of 2015, compared to a loss of ($206,000) for the first quarter of 2014.
- Bank assets at March 31, 2015 were $128.2 million, or 3.3% higher compared to $124.0 million at March 31, 2014.
- Total deposits at March 31, 2015 decreased slightly to $115.5 million from $115.8 million at March 31, 2014.
- Net Loans increased by 6.5% to $75.4 million at March 31, 2015 from $70.8 million at March 31, 2014.
- Investment securities increased 136.8% to $23.9 million from $10.1 million at March 31, 2014.
- Deposits at March 31, 2015 of $115.5 million reflect core deposits of 95.6% and noninterest-bearing demand deposits of 41.7% of total deposits, up from 93.9% and 41.5% at March 31, 2014, respectively.
- The Allowance for Loan and Lease Loss coverage to loans at March 31, 2015 was 2.3% compared to 2.4% at March 31, 2014. This level of coverage is slightly higher than peers, and reflects the ongoing satisfactory credit quality. Non Performing Assets continued to improve to 1.5% of Net Loans at March 31, 2015 compared to 3.3% at March 31, 2014.
- The Tier I leverage capital ratio improved to 9.6% at March 31, 2015 compared to 6.6% at March 31, 2014.
- Total risk-based capital was 14.3% at March 31, 2015 compared to 11.8% for the same date in 2014. At March 31, 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 www.coastnationalbank.com or call 805.541.0400.
Coast National Bank is an equal housing lender and member FDIC.
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.
COAST BANCORP
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31,
2015 2014
ASSETS Unaudited Unaudited
------------------ -----------------
Cash and cash equivalents $ 13,495 $ 24,026
Time deposits at other banks 7,840 10,048
Investment securities 23,936 10,106
Loans, net 75,383 70,787
Premises and equipment, net 5,240 6,153
Federal Reserve and Federal Home Loan
Bank stock, at cost 741 557
Other real estate owned, net 760 1,364
Accrued interest receivable and other
assets 989 1,222
------------------ -----------------
Total assets $ 128,384 $ 124,263
================== =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing demand $ 47,906 $ 48,015
Money market and NOW 41,475 37,193
Savings 8,955 8,169
Time deposits of $250,000 or more 5,016 7,082
Other time 11,627 15,321
------------------ -----------------
Total deposits 114,979 115,780
Senior notes payable 2,000 -
Junior subordinated debt securities 7,217 7,217
Accrued interest payable and other
liabilities 501 2,289
------------------ -----------------
Total liabilities 124,697 125,286
------------------ -----------------
Common stock - no par value,
5,646,881 shares outstanding at
March 31, 2015 and 846,881 shares
outstanding at March 31, 2014. 12,494 8,277
Additional paid-in capital 293 293
Accumulated deficit (9,183) (9,578)
Unrealized gains on AFS securities,
net 83 (15)
------------------ -----------------
Total stockholders' equity 3,687 (1,023)
------------------ -----------------
Total liabilities and stockholders'
equity $ 128,384 $ 124,263
================== =================
COAST BANCORP
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended
March 31,
2015 2014
Unaudited Unaudited
------------------ ------------------
Total interest income $ 1,206 $ 995
Total interest expense 130 98
------------------ ------------------
Net interest income 1,076 897
Provision for loan losses - -
------------------ ------------------
Net interest income after
provision for loan losses 1,076 897
Noninterest income 247 122
Noninterest expense 1,318 1,225
------------------ ------------------
Income before income taxes 5 (206)
Income taxes - -
------------------ ------------------
Net profit (loss) $ 5 $ (206)
================== ==================
Basic and diluted profit (loss) per
share $ 0.00 $ (0.24)
================== ==================
Average basic and diluted shares
outstanding 5,647 847
COAST NATIONAL BANK
CONDENSED BALANCE SHEETS
(In thousands)
March 31,
2015 2014
ASSETS Unaudited Unaudited
------------------- -------------------
Cash and due from banks $ 13,495 $ 24,273
Time deposits at other banks 7,840 9,800
Investment securities 23,936 10,106
Loans, net 75,383 70,787
Premises and equipment, net 5,240 6,153
Federal Reserve and Federal Home
Loan Bank stock, at cost 741 557
Other real estate owned, net 760 1,364
Accrued interest receivable and
other assets 769 942
------------------- -------------------
Total assets $ 128,164 $ 123,982
=================== ===================
LIABILITIES AND STOCKHOLDERS'
EQUITY
Non-interest bearing demand $ 48,411 $ 48,013
Money market and NOW 41,475 37,193
Savings 8,955 8,169
Time deposits of $250,000 or more
Time 16,643 22,403
------------------- -------------------
Total deposits 115,484 115,778
Accrued interest payable and other
liabilities 239 138
------------------- -------------------
Total liabilities 115,723 115,916
------------------- -------------------
Common stock 3,162 3,162
Additional paid-in capital 13,335 9,835
Retained earnings (4,139) (4,916)
Unrealized gains on AFS securities,
net 83 (15)
------------------- -------------------
Total stockholders' equity 12,441 8,066
------------------- -------------------
Total liabilities and
stockholders' equity $ 128,164 $ 123,982
=================== ===================
COAST NATIONAL BANK
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended
March 31,
2015 2014
Unaudited Unaudited
------------------- -------------------
Total interest income $ 1,205 $ 992
Total interest expense 49 56
------------------- -------------------
Net interest income 1,156 936
Provision for loan losses - -
------------------- -------------------
Net interest income after
provision for loan losses 1,156 936
Noninterest income 247 123
Noninterest expense 1,306 1,225
------------------- -------------------
Income before income taxes 97 (166)
Income taxes - -
------------------- -------------------
Net profit (loss) $ 97 $ (166)
=================== ===================
Source: Coast Bancorp
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