Coastal Financial (NASDAQ:CFCP)
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From Jun 2019 to Jun 2024
Coastal Financial Corporation (NASDAQ: CFCP) today
announced that the Corporation's Board of Directors, at a meeting held
yesterday, declared a 10% stock dividend. The stock dividend will be
payable September 29, 2006 to Shareholders of record as of September
8, 2006.
Michael C. Gerald, President and Chief Executive Officer of
Coastal Financial Corporation stated, "We are very pleased to continue
to reward our Shareholders for their investment with this stock
dividend. This action on the part of our Board is in recognition of
the Corporation's continued outstanding financial performance as
indicated by the 11.9% increase in fiscal 2006 net income and 18.74%
return on average Shareholders' equity for the nine months ended June
30, 2006. These significant accomplishments pay tribute to our QUEST
FOR EXCELLENCE Operating Philosophy, our superb Leadership Group and
Associates and reflect the continuing emergence of our primary market
area as one of the fastest growing in the nation."
As a result of the common stock dividend, earnings per share will
be retroactively restated for all previous periods. Earnings per
share, adjusted for the stock dividend, for the quarter ended June 30,
2006 were $.23 per share ($.22 per share diluted), as compared to $.20
per share ($.19 per share diluted) for the comparable 2005 period.
Earnings per share, adjusted for the stock dividend, for the nine
months ended June 30, 2006 were $.65 per share ($.62 per share
diluted), as compared to $.59 per share ($.56 per share diluted) for
the comparable 2005 period. The current cash dividend policy will be
adjusted for the effect of this stock dividend.
Coastal Financial Corporation, headquartered in Myrtle Beach,
South Carolina, offers a broad range of commercial, consumer and
mortgage financial services through two subsidiaries, Coastal Federal
Bank and Coastal Retirement, Estate and Tax Planners, Inc. Coastal
Federal Bank, with assets over $1.6 billion, is a federally chartered
and FDIC insured community bank with twenty-four offices serving the
Communities of Horry and Georgetown Counties, South Carolina and
Brunswick and New Hanover Counties, North Carolina. Coastal
Retirement, Estate and Tax Planners offers professional, objective,
fee-based financial planning services. Additional information about
Coastal Federal is available on its web site at
http://www.coastalfederal.com.
Stock Trading Information
The common stock of Coastal Financial Corporation is traded on the
Nasdaq Stock Market under the symbol "CFCP." For information, contact
Raymond James Financial Services at 1-843-918-7600.
Dividend Reinvestment and Direct Stock Purchase Plan
Coastal Financial Corporation offers Shareholders a Dividend
Reinvestment and Direct Stock Purchase Plan which provides existing
and new Shareholders a convenient means for making purchases of
Coastal Financial shares free of fees and brokerage commissions.
Additional cash contributions, up to $1,000 per quarter, can be made
to purchase additional shares. For more information, contact the
Transfer Agent at 1-800-866-1340, Ext. 2514, or Investor Relations.
Shareholder Services
Shareholders desiring to enroll in the Coastal Financial
Corporation Dividend Reinvestment Plan, change the name, address, or
ownership of their stock certificates, report lost or stolen
certificates, or to consolidate accounts should contact the Transfer
Agent at 1-800-866-1340, Ext. 2514, or Investor Relations.
Investor Relations
Analysts, investors and others seeking financial information
should contact:
Susan J. Cooke - Senior Vice President and Secretary
Coastal Financial Corporation
2619 Oak Street
Myrtle Beach, South Carolina 29577
(843) 205-2676
Forward Looking Statements
This report may contain certain "forward-looking statements"
within the meaning of Section 27A of the Securities Exchange Act of
1934, as amended, that represent the Company's expectations or beliefs
concerning future events. All forward-looking statements are based on
assumptions and involve risks and uncertainties, many of which are
beyond the Company's control and which may cause its actual results,
performance or achievements to differ materially from the results,
performance or achievements contemplated by the forward-looking
statements. Forward-looking statements can be identified by the fact
that they do not relate strictly to historical or current facts. They
often include words such as "believe," "expect," "anticipate,"
"intend," "plan," "estimate" or words of similar meaning, or future or
conditional verbs such as "will," "would," "should," "could" or "may."
Forward-looking statements speak only as of the date they are made.
Such risks and uncertainties include, among other things:
-- Competitive pressures among depository and other financial
institutions in the Company's market areas may increase
significantly.
-- Adverse changes in the economy or business conditions, either
nationally or in the Company's market areas, could increase
credit-related losses and expenses and/or limit growth.
-- Increases in defaults by borrowers and other delinquencies
could result in increases in the Company's provision for
losses on loans and related expenses.
-- The Company's inability to manage growth effectively,
including the successful expansion of the Company's Customer
support, administrative infrastructure and internal management
systems, could adversely affect the Company's results of
operations and prospects.
-- Fluctuations in interest rates and market prices could reduce
the Company's net interest margin and asset valuations and
increase expenses.
-- The consequences of continued bank acquisitions and mergers in
the Company's market areas, resulting in fewer but much larger
and financially stronger competitors, could increase
competition for financial services to the Company's detriment.
-- The Company's continued growth will depend in part on its
ability to enter new markets successfully and capitalize on
other growth opportunities.
-- Changes in legislative or regulatory requirements, or actions
by the Securities and Exchange Commission ("SEC"), the
Financial Accounting Standards Board ("FASB"), or the Public
Company Accounting Oversight Board, applicable to the Company
and its subsidiaries could increase costs, limit certain
operations and adversely affect results of operations.
-- Changes in tax requirements, including tax rate changes, new
tax laws and revised tax law interpretations may increase the
Company's tax expense or adversely affect its Customers'
businesses.
-- Company initiatives now in place or introduced in the future,
not producing results consistent with historic growth rates or
results which justify their costs.
In light of these risks, uncertainties and assumptions, you should
not place undue reliance on any forward-looking statements in this
report. Except as may be required by applicable law or regulation, the
Company undertakes no obligation to publicly update or otherwise
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.