BEAUFORT, S.C., Aug. 15, 2013 (GLOBE NEWSWIRE) -- Coastal Banking Company Inc. (OTCQB:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., Fernandina Beach, Fla., and Meigs, Ga., today reported net income of $2.0 million, or $0.69 in diluted earnings per common share, for the quarter ended June 30, 2013. As previously announced, the reversal of the company's deferred tax asset valuation reserve contributed approximately $1.73 million to second quarter 2013 earnings, or approximately $0.66 per diluted share. Excluding the impact from this nonrecurring event, the company generated net income of $0.03 per diluted share for the current quarter. This compares to a net loss of $110,360, or a loss of $0.09 per diluted common share, in the second quarter of 2012.
For the full text of the earnings release and complete unaudited quarterly financial results, please visit the company's website at http://www.coastalbanking.com/pdf/CBCO_2Q13_Earnings_Release.pdf.