Coast Bancorp Reports Second Quarter Results
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E-mailSAN 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.
June 30, 2015 Highlights of Coast National Bank, 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 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)
June 30,
2015 2014
ASSETS Unaudited Unaudited
------------- -------------
Cash and cash equivalents $ 4,496 $ 20,761
Federal funds sold - 100
Time deposits at other banks 7,105 9,803
Investment securities 24,178 9,908
Loans, net 86,361 72,614
Premises and equipment, net 5,211 6,105
Federal Reserve and Federal Home Loan Bank
stock, at cost 889 617
Other real estate owned, net 760 1,734
Accrued interest receivable and other assets 1,412 1,414
------------- -------------
Total assets $ 130,412 $ 123,056
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing demand $ 51,053 $ 46,217
Money market and NOW 41,146 35,751
Savings 8,941 8,129
Time 15,360 20,120
------------- -------------
Total deposits 116,500 110,217
Senior notes payable 2,445 2,000
Junior subordinated debt securities 7,217 7,217
Accrued interest payable and other liabilities 617 233
------------- -------------
Total liabilities 126,779 119,667
------------- -------------
Common stock - no par value, 5,646,881 shares
outstanding at June 30, 2015 and 2014. 12,494 12,494
Additional paid-in capital 302 293
Accumulated deficit (9,128) (9,481)
Other comprehensive income (loss), net of
taxes (35) 83
------------- -------------
Total stockholders' equity 3,633 3,389
------------- -------------
Total liabilities and stockholders' equity $ 130,412 $ 123,056
============= =============
COAST BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Six Months Ended Three Months Ended
June 30, June 30,
2015 2014 2015 2014
Unaudited Unaudited Unaudited Unaudited
----------- ---------- ----------- -----------
Total interest income $ 2,537 $ 2,108 $ 1,331 $ 1,113
Total interest expense 260 199 130 101
----------- ---------- ----------- -----------
Net interest income 2,277 1,909 1,201 1,012
Provision for loan losses - - - -
----------- ---------- ----------- -----------
Net interest income after
provision for loan
losses 2,277 1,909 1,201 1,012
Noninterest income 415 456 168 334
Noninterest expense 2,629 2,473 1,311 1,248
----------- ---------- ----------- -----------
Income before income
taxes 63 (108) 58 98
Income taxes 2 2 2 2
----------- ---------- ----------- -----------
Net income (loss) $ 61 $ (110) $ 56 $ 96
=========== ========== =========== ===========
Basic and diluted net
income (loss) per share $ 0.01 $ (0.08) $ 0.01 $ 0.05
Average basic shares
outstanding 5,647 1,324 5,647 1,796
Average diluted shares
outstanding 5,652 1,324 5,647 1,796
COAST NATIONAL BANK
CONDENSED BALANCE SHEETS
(In thousands)
June 30,
2015 2014
ASSETS Unaudited Unaudited
------------- -------------
Cash and due from banks $ 1,147 $ 3,373
Interest-bearing deposits at FRB and other
banks 10,453 27,191
Federal funds sold - 100
Investment securities 24,178 9,908
Loans, net 86,361 72,614
Premises and equipment, net 5,211 6,104
Federal Reserve and Federal Home Loan Bank
stock, at cost 889 617
Other real estate owned, net 760 1,734
Accrued interest receivable and other assets 902 1,172
------------- -------------
Total assets $ 129,901 $ 122,813
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing demand $ 51,481 $ 46,799
Money market and NOW 41,146 35,751
Savings 8,941 8,129
Time 15,359 20,119
------------- -------------
Total deposits 116,927 110,798
Accrued interest payable and other liabilities 481 201
------------- -------------
Total liabilities 117,408 110,999
------------- -------------
Common stock 3,162 3,162
Additional paid-in capital 13,344 13,335
Retained earnings (3,978) (4,766)
Other comprehensive income (loss), net of
taxes (35) 83
------------- -------------
Total stockholders' equity 12,493 11,814
------------- -------------
Total liabilities and stockholders' equity $ 129,901 $ 122,813
============= =============
COAST NATIONAL BANK
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Six Months Ended Three Months Ended
June 30, June 30,
2015 2014 2015 2014
Unaudited Unaudited Unaudited Unaudited
----------- ---------- ----------- -----------
Total interest income $ 2,535 $ 2,106 $ 1,330 $ 1,113
Total interest expense 96 108 47 52
----------- ---------- ----------- -----------
Net interest income 2,439 1,998 1,283 1,061
Provision for loan losses - - - -
----------- ---------- ----------- -----------
Net interest income after
provision for loan
losses 2,439 1,998 1,283 1,061
Noninterest income 416 456 169 334
Noninterest expense 2,594 2,468 1,288 1,243
----------- ---------- ----------- -----------
Income before income
taxes 261 (14) 164 152
Income taxes 2 2 2 2
----------- ---------- ----------- -----------
Net income (loss) $ 259 $ (16) $ 162 $ 150
=========== ========== =========== ===========
Source: Coast Bancorp
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