Business News • MarketWire • COAST BANCORP Reports First Quarter Results |
COAST BANCORP Reports First Quarter Results |
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COAST BANCORP Reports First Quarter Results
SAN LUIS OBISPO, CA--(Marketwired - April 28, 2016) - 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 $35,000 or $0.01 per dilutive common share for the first quarter of 2016 compared to net income of $5,000 for the first quarter of 2015. For comparison purposes, the reported net income is inclusive of non-tax deductible expenses incurred in connection with the pending acquisition and merger with Sierra Bancorp and Coast Bancorp of $78,000 in other non-interest expense. Without the pre-acquisition expenses, adjusted net income for the first quarter of 2016 would be $113,000 or $0.02 per dilutive common share. The increase in net income for the first quarter of 2016 as compared to the first quarter of 2015 was attributed to increased interest income from loans and investments at the bank. Noninterest income declined in the first quarter of 2016 compared to the same period in 2015 as a result of reduced gains on sale of SBA loans and investment securities. Noninterest expense was $16,000 higher in the first quarter of 2016 compared to the first quarter of 2015 due to the $78,000 of merger-related expenses incurred.
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