Business News • MarketWire • Coast Bancorp Reports Third Quarter Results |
Coast Bancorp Reports Third Quarter Results |
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Coast Bancorp Reports Third Quarter Results
SAN LUIS OBISPO, CA--(Marketwired - Oct 20, 2015) - Coast Bancorp ("Coast Bancorp" or the "Company") (OTCBB: CTBP), a bank holding company and the parent of Coast National Bank (the "Bank"), reported third quarter net income on a consolidated basis available to common shareholders of $6,646,000 or $1.17 per dilutive common share compared to a loss of ($36,000) or ($0.01) for the same period in 2014. Three significant events occurred during the third quarter of 2015. First, both Coast Bancorp and Coast National Bank reversed deferred tax asset valuation allowances during the third quarter resulting in a combined tax benefit of $4.4 million. Also, the Bank sold two buildings, an OREO property and an administrative office building for a combined gain on sale of $1.5 million. Lastly, a reverse provision for loan losses of $500,000 brings the Allowance for Loan Losses in line with peers. Net interest income before provision for loan losses increased to $1.2 million in the three months ended September 30, 2015 compared to $1.0 million in the third quarter of 2014. Excluding the real estate sale gain of $1.5 million, other noninterest income was $15,000 lower in the third quarter of 2015 compared to the third quarter of 2014. Noninterest expense was $39,000 lower in the third quarter of 2015 compared to the same period in 2014 as a result of lower salaries and benefits and regulatory assessments.
View More : http://www.marketwired.com/mw/release.do?id=2065622&sourceType=3
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