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August 8, 2014 04:04 PM EDT | Reads: |
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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
Published August 8, 2014 Reads 448
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