Welcome!

News Feed Item

Coast Bancorp and Coast National Bank Announce Second Quarter Earnings Results

SAN LUIS OBISPO, CA -- (Marketwired) -- 08/08/14 -- Coast National Bank, a wholly owned subsidiary of Coast Bancorp (OTCBB: CTBP) today reported Net Profit of $150,000 for the 2nd quarter 2014, compared to a loss of $185,000 for the second quarter of 2013.

For the six months ended June 30, 2014, the bank reflected a net loss of $16,000, compared to a net profit of $180,000 for the same period in 2013. In the first quarter of 2013, a large gain on sale of the guaranteed portion of an SBA loan was the major contributor to the significant profit in 1st half of 2013. In comparison, the gain on sale income was normalized in 2014.

Coast National Bank Highlights:

Total assets at June 30, 2014 were $122.8 million, or 4.6% higher compared to $117.4 million at June 30, 2013. Total deposits at June 30, 2014 increased to $110.9 million or 1.0% compared to $109.7 million at June 30, 2013. Loan growth has been strong with net loans increasing 23.0% to $72.6 million at June 30, 2014 compared to $59.0 million at June 30, 2013.

The allowance for loan losses at June 30, 2014 was 2.6% of gross loans and is considered adequate in light of the bank's low level of non-performing loans of $317 thousand at June 30, 2014.

Deposits at June 30, 2014 increased to $110.8 million or 1% over June 30, 2013. Core deposits represent 94.5% of total deposits and demand deposits represent 42.2% of total deposits. The bank continues to benefit from a strong core customer base together with low cost of deposits averaging 0.19% year-to-date, down from 0.25% for the same period in 2013.

As a result of $3.5 million of additional capital provided by Coast Bancorp in June 2014, the bank's Tier I leverage ratio improved to 9.7% at June 30, 2014 compared to 6.4% at June 30, 2013. Its total risk-based capital ratio was 16.6% at June 30, 2014 compared to 13.2% for the same date in 2013. The bank is "Well Capitalized". The Consent Order with the OCC was terminated in April 2014.

Coast Bancorp Highlights:

Coast Bancorp reported a consolidated net loss of $110,000 or $0.08 per basic and diluted share for the six months ended June 30, 2014 compared to a net profit of $75,000 or $0.09 per basic and diluted share for the same period in 2013. Total consolidated assets were $123.1 million at June 30, 2014 compared to $117.7 million at June 30, 2013. Total consolidated liabilities of $119.7 million include deposits held in the bank, junior subordinated debt of $7.2 million due in 2027, and a senior note for $2.0 million due in 2016, as well as other liabilities of $233 thousand. The accrued and deferred interest on the junior subordinated debt from 2009, of $2.2 million was paid in June. Pursuant to its right under the indenture agreement, the Company has elected to defer interest for a second deferral period of up to five years.

Total stockholder's equity increased to $3.4 million at June 30, 2014 from a deficit of $1.5 million at June 30, 2013. The Company completed a private placement offering in June whereby 4,800,000 shares of common stock were sold for $1.00 per share, less the cost of the private placement. Net proceeds from the offering and the senior note were used to satisfy the accrued and unpaid interest on the junior subordinated debt securities, and invest $3.5 million in the bank. A portion of the remaining proceeds will be held to pay the interest on the senior note, which is payable annually at the rate of 10% for the first year and 12% for the second and final year.

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 NATIONAL BANK
               CONDENSED BALANCE SHEETS
                    (In thousands)
                                        June 30,
                                     2014       2013
ASSETS                            Unaudited  Unaudited
                                  ---------  ---------
Cash and due from banks           $   3,373  $   3,859
Interest-bearing deposits at FRB
 and other banks                     27,191     45,021
Federal funds sold                      100        100
Investment securities                 9,908          -
Federal Reserve and Federal Home
 Loan Bank stock, at cost               617        659
Loans, net                           72,614     59,029
Premises and equipment, net           6,105      6,237
Other real estate owned, net          1,734      1,456
Accrued interest receivable and
 other assets                         1,171      1,076
                                  ---------  ---------
  Total assets                    $ 122,813  $ 117,437
                                  =========  =========

LIABILITIES AND STOCKHOLDERS'
 EQUITY
Non-interest bearing demand       $  46,799  $  41,802
Money market and NOW                 35,751     37,921
Savings                               8,129      7,848
Time                                 20,119     22,162
                                  ---------  ---------
  Total deposits                    110,798    109,733
Accrued interest payable and other
 liabilities                            201        279
                                  ---------  ---------
  Total liabilities                 110,999    110,012
                                  ---------  ---------
Common stock - no par value,
 5,646,881 shares outstanding at
 June 30, 2014 and 846,881 shares
 outstanding at June 30, 2013.        3,162      3,162
Additional paid-in capital           13,335      9,835
Retained earnings                    (4,766)    (5,572)
Unrealized gains on AFS
 securities, net                         83          -
                                  ---------  ---------
  Total stockholders' equity         11,814      7,425
                                  ---------  ---------
  Total liabilities and
   stockholders' equity           $ 122,813  $ 117,437
                                  =========  =========



                             COAST NATIONAL BANK
                     CONDENSED STATEMENTS OF OPERATIONS
                  (In thousands, except per share amounts)

                                   Three Months Ended     Six Months Ended
                                        June 30,              June 30,
                                     2014       2013       2014       2013
                                  Unaudited  Unaudited  Unaudited  Unaudited
                                  ---------  ---------  ---------  ---------
Total interest income             $   1,113  $   1,039  $   2,106  $   2,204
Total interest expense                   52         64        108        132
                                  ---------  ---------  ---------  ---------
  Net interest income                 1,061        975      1,998      2,072
Provision for loan losses                 -          -          -          -
                                  ---------  ---------  ---------  ---------
  Net interest income after
   provision for loan losses          1,061        975      1,998      2,072

Noninterest income                      334        199        456        962
Noninterest expense                   1,243      1,357      2,468      2,852
                                  ---------  ---------  ---------  ---------
  Income before income taxes            152       (183)       (14)       182
Income taxes                              2          2          2          2
                                  ---------  ---------  ---------  ---------
  Net profit (loss)               $     150  $    (185) $     (16) $     180
                                  =========  =========  =========  =========

Basic and diluted profit (loss)
 per share                        $    0.04  $   (0.22) $   (0.01) $    0.21
                                  =========  =========  =========  =========

Average basic and diluted shares
 outstanding                          3,727        847      1,324        847



                     COAST BANCORP
               CONDENSED BALANCE SHEETS
                    (In thousands)
                                        June 30,
                                     2014       2013
ASSETS                            Unaudited  Unaudited
                                  ---------  ---------
Cash and cash equivalents         $  20,761  $  38,301
Federal funds sold                      100        100
Time deposits at other banks          9,803      9,267
Investment securities                 9,908          -
Federal Reserve and Federal Home
 Loan Bank stock, at cost               617        659
Loans, net                           72,614     60,340
Premises and equipment, net           6,105      6,237
Other real estate owned, net          1,734      1,456
Accrued interest receivable and
 other assets                         1,414      1,355
                                  ---------  ---------
  Total assets                    $ 123,056  $ 117,715
                                  =========  =========

LIABILITIES AND STOCKHOLDERS'
EQUITY
Non-interest bearing demand       $  46,217  $  41,833
Money market and NOW                 35,751     37,905
Savings                               8,129      7,848
Time                                 20,120     22,162
                                  ---------  ---------
  Total deposits                    110,217    109,748
Senior notes payable                  2,000          -
Junior subordinated debt
 securities                           7,217      7,217
Accrued interest payable and other
 liabilities                            233      2,285
                                  ---------  ---------
  Total liabilities                 119,667    119,250
                                  ---------  ---------
Common stock - no par value,
 5,646,881 shares outstanding at
 June 30, 2014 and 846,881 shares
 outstanding at June 30, 2013.       12,494      8,277
Additional paid-in capital              293        293
Accumulated deficit                  (9,481)   (10,105)
Unrealized gains on AFS
 securities, net                         83          -
                                  ---------  ---------
  Total stockholders' equity          3,389     (1,535)
                                  ---------  ---------
  Total liabilities and
   stockholders' equity           $ 123,056  $ 117,715
                                  =========  =========



                               COAST BANCORP
                     CONDENSED STATEMENTS OF OPERATIONS
                  (In thousands, except per share amounts)

                                    Six Months Ended     Three Months Ended
                                        June 30,              June 30,
                                     2014       2013       2014      2013
                                  Unaudited  Unaudited  Unaudited Unaudited
                                  ---------  ---------  --------- ---------
Total interest income             $   2,108  $   2,206  $   1,113 $   1,041
Total interest expense                  199        213        101       104
                                  ---------  ---------  --------- ---------
  Net interest income                 1,909      1,993      1,012       937
Provision for loan losses                 -          -          -         -
                                  ---------  ---------  --------- ---------
  Net interest income after
   provision for loan losses          1,909      1,993      1,012       937

Noninterest income                      456        961        334       198
Noninterest expense                   2,473      2,877      1,248     1,381
                                  ---------  ---------  --------- ---------
  Income before income taxes           (108)        77         98      (246)
Income taxes                              2          2          2         2
                                  ---------  ---------  --------- ---------
  Net profit (loss)               $    (110) $      75  $      96 $    (248)
                                  =========  =========  ========= =========

Basic and diluted profit (loss)
 per share                        $   (0.08) $    0.09  $    0.05 $   (0.29)
                                  =========  =========  ========= =========

Average basic and diluted shares
 outstanding                          1,324        847      1,796       847

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Cloud resources, although available in abundance, are inherently volatile. For transactional computing, like ERP and most enterprise software, this is a challenge as transactional integrity and data fidelity is paramount – making it a challenge to create cloud native applications while relying on RDBMS. In his session at 21st Cloud Expo, Claus Jepsen, Chief Architect and Head of Innovation Labs at Unit4, will explore that in order to create distributed and scalable solutions ensuring high availa...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, d...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
In his session at @DevOpsSummit at 20th Cloud Expo, Kelly Looney, director of DevOps consulting for Skytap, showed how an incremental approach to introducing containers into complex, distributed applications results in modernization with less risk and more reward. He also shared the story of how Skytap used Docker to get out of the business of managing infrastructure, and into the business of delivering innovation and business value. Attendees learned how up-front planning allows for a clean sep...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.