SAN LUIS OBISPO, CA — (Marketwired) — 11/04/14 — Coast Bancorp (OTCBB: CTBP) today reported a consolidated net loss of $146,000 or $0.05 per basic and diluted share for the nine months ended September 30, 2014 compared to a net loss of $5,000 or $0.01 per basic and diluted share for the same period in 2013.
Total consolidated assets were $129.4 million at September 30, 2014 compared to $124.1 million at September 30, 2013. Total consolidated liabilities of $126.1 million include deposits held in the bank, junior subordinated debt of $7.2 million due in 2027, and senior notes for $2.0 million due in 2016, as well as other liabilities of $292 thousand. The accrued and deferred interest on the junior subordinated debt of $2.2 million from the first deferral period, which began in 2009, was paid in June.
Total stockholder–s equity increased to $3.3 million at September 30, 2014 from a deficit of $1.6 million at September 30, 2013 after completion of a private placement offering in June of this year. The Company issued 4,800,000 shares of common stock 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.
Coast National Bank, a wholly owned subsidiary of Coast Bancorp, reported:
Net profits of $76,000 for the third quarter of 2014, compared to a loss of $35,000 for the third quarter of 2013.
For the nine months ended September 30, 2014, the bank reflected a net profit of $59,000, compared to a net profit of $145,000 for the same period in 2013.
Total assets at September 30, 2014 were $129.2 million, or 4.3% higher compared to $123.8 million at September 30, 2013.
Total deposits at September 30, 2014 increased slightly to $117.1 million from $116.1 million at September 30, 2013.
Loan growth increased 7.0% to $71.6 million at September 30, 2014.
Deposits at September 30, 2014 of $117.1 million reflect core deposits of 95.5% of total deposits and noninterest-bearing demand deposits represent 43.5% of total deposits.
Tier I leverage ratio improved to 9.3% at September 30, 2014 compared to 6.1% at September 30, 2013.
Its total risk-based capital ratio was 15.9% at September 30, 2014 compared to 11.6% for the same date in 2013.
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 or call
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.