Coastal Banking’s net interest income in the fourth quarter totaled $3 million, a fall when compared to $3.4 million in 2006. The company has reported a net income for the year ended December 31, 2007, of $2.6 million, or $0.97 in diluted earnings per share, compared to $3.4 million, or $1.24 in diluted earnings per share, for the same period last year.
The company’s total assets at December 31, 2007, were $431.6 million, a 1.3% increase from $426.2 million in 2006 and total loans at the end of the fourth quarter decreased to $281.3 million from $291.8 million for the same period in 2006.
Michael Sanchez, CEO of Coastal Banking Company, said: Coastal Banking Company performed relatively well in the fourth quarter, given the fact that it was one of the most difficult markets the banking industry has seen in some time. We maintained our credit quality, modestly increased our loan loss allowance and generated a substantial increase in fee income thanks to the stellar performance of our wholesale mortgage unit, which launched in early September 2007.
