Coast Financial Holdings, Inc. (NASDAQ:CFHI)
Industry: Financial
Coast Financial Holdings, Inc. (Coast Financial), incorporated on November 1, 2002, is a bank holding company for Coast Bank of Florida (Coast Bank/the Bank). Coast Bank is a state-chartered bank that provides an array of consumer and commercial banking services to individuals and small to mid-sized businesses located in and around Manatee, Pinellas, and Sarasota counties, Florida. The Bank attracts deposits from the general public and applies those funds to the origination of commercial, consumer and real estate loans (including commercial loans collateralized by real estate). Coast Bank operates 12 branches, eight of which are located in Manatee County and four of which are located in Pinellas County. Coast Bank also operates 83 automated teller machine kiosks located in Manatee, Pinellas, and Sarasota counties branded with the Coast Bank logo. Lending Activities The Bank's loan portfolio consists of commercial loans, commercial real estate loans, residential construction loans, residential mortgage loans and consumer loans (primarily home-equity loans and advances). Most of the borrowers are located in the county where its branches are located or in the surrounding counties. The Bank's residential construction loan program, however, has borrowers throughout the state of Florida. As of December 31, 2005, net loans totaled approximately $390.9 million net, or approximately 71.0% of the total assets. Of the total, portfolio loans consisted of approximately $17.8 million in commercial loans, approximately $119.8 million in commercial real estate loans, approximately $225.4 million in residential real estate loans, and approximately $29 million in consumer and other loans, net of deferred costs and allowance for loan losses of approximately $(1.2) million. Investment Activities As of December 31, 2005, the Bank's investment portfolio totaled $79 million. This total excluded Federal Home Loan Bank (FHLB) stock. The investment portfolio consists of mortgage-backed securities. The investment portfolio is used as a source of liquidity for Coast Bank. The investment portfolio is structured so that it provides for an ongoing source of funds for meeting loan and deposit demands and for reinvestment opportunities to take advantage of changes in the interest rate environment.
As Of: 10/07 00:00 ET
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