BEAUFORT, S.C., March 16, 2012 (GLOBE NEWSWIRE) -- Coastal Banking Company Inc. (OTCBB:CBCO), the holding company of CBC National Bank, reported net income of $892,211, or $0.29 in earnings per diluted share, for the quarter ended Dec. 31, 2011. This compares to a net loss of $2.3 million, or a loss of $0.94 per diluted share, in the fourth quarter of 2010, which included a $1.8 million deferred tax asset valuation allowance. Excluding the deferred tax asset valuation allowance, the company recorded a net loss of $0.5 million, or a loss of $0.23 per diluted share, for the fourth quarter of 2010.
For the full year 2011, the company reported net income of $357,224, or a loss of $0.08 per diluted share. This compares to a net loss of $3.8 million, or a loss of $1.70 per diluted share, for the full year 2010.
For the full text of the press release and financial tables, please visit the company's website at http://www.coastalbanking.com/pdf/CBCO-4Q11-Earnings.pdf.