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| Coastal Bancorp, Inc. Announces Second Quarter Earnings of 66 Cents Per Share |
| COASTAL BANCORP LOGO
Coastal Bancorp. logo. (PRNewsFoto)[DM] HOUSTON, TX USA | |||
HOUSTON, July 15 /PRNewswire-FirstCall/ -- Coastal Bancorp, Inc. (Nasdaq: CBSA) today reported net income available to common stockholders of $4.0 million for the quarter ended June 30, 2002, compared to $5.4 million for the same period in 2001, which is a $1.4 million, or 25.9% decrease. The decrease was primarily due to a $2.7 million decrease in net interest income, as a result of Coastal's overall smaller asset size as compared to the same period in 2001, overall lower interest rates and continuing higher than expected prepayments on Coastal's mortgage-backed securities and loans receivable (approximately 35% on an annualized basis for mortgage-backed securities and 40% for mortgage loans receivable). This decrease was somewhat offset by a $300,000 decrease in the provision for loan losses, a $207,000 decrease in noninterest expense and an $823,000 decrease in the provision for Federal income taxes. Diluted earnings per share for the quarter ended June 30, 2002 were $0.66 compared to $0.89 for the same period last year. The weighted average common shares outstanding used in the diluted earnings per share calculations for the periods were 5,984,436 and 6,059,006, respectively. Basic earnings per share for the quarter ended June 30, 2002 were $0.70 compared to $0.93 for the same period in 2001. When comparing the quarter ended June 30, 2002 to the quarter ended March 31, 2002, net income available to common stockholders increased $866,000 to $4.0 million from $3.1 million and diluted earnings per share increased to $0.66 for the second quarter of 2002 from $0.51 for the first quarter of 2002. The increase was primarily due to a $1.0 million increase in net interest income, due to an increase of $14.5 million in average net interest-earning assets and a 0.13% increase in net interest margin, when comparing the second quarter of 2002 to the first quarter of 2002. Comparison for the Three Months ended June 30, 2002 and 2001 Net Interest Income Due to Coastal's overall smaller asset size, the overall lower interest rate environment and continuing higher than expected prepayments on Coastal's mortgage-backed securities and mortgage loans receivable, the most significant contributor to decreased net income available to common stockholders was decreased net interest income. When comparing the quarter ended June 30, 2002 to the same period in 2001, average interest-earning assets decreased $557.3 million. The $557.3 million decrease in average interest-earning assets consisted primarily of a $507.2 million decrease in the average balance of mortgage-backed securities and a $51.8 million decrease in the average balance of loans receivable. The decrease in average interest-earning assets was largely due to the reduction in Coastal's asset size in late November 2001. To strategically restructure a portion of its asset base to make it less vulnerable to market interest rate and price fluctuations, Coastal sold $845 million of mortgage-backed securities and purchased $512 million of primarily pass-through securities at a premium. This transaction had the effect of shortening the duration of the mortgage-backed securities portfolio, thereby lessening the extension risk to Coastal. In addition to the reduction in Coastal's asset size due to the restructuring, during the second quarter of 2002, Coastal experienced continuing higher than expected principal paydowns of $39.9 million (or approximately 35% on an annualized basis) on its mortgage-backed securities portfolio and $75.8 million (or approximately 40% on an annualized basis) on its single-family mortgage loan portfolio, which resulted in greater premium amortization on those assets that were purchased at a premium. Comparing the same periods, average interest-bearing liabilities decreased $587.6 million as a result of the strategic restructuring discussed above. Net interest margin increased to 3.23% for the three months ended June 30, 2002 from 2.99% for the three months ended June 30, 2001. This increase in net interest margin was a result of the 2.07% decrease in the average rate paid on interest-bearing liabilities, partially offset by the 1.76% decrease in the average yield on interest-earning assets, both due to the overall decrease in market interest rates during 2001 and continuing into 2002. Noninterest Income, Noninterest Expense and Provision for Federal Income Taxes Noninterest income decreased slightly by $30,000 for the quarter ended June 30, 2002 compared to the quarter ended June 30, 2001. This decrease was comprised of a $348,000 decrease in other noninterest income, a $121,000 decrease in the fair value gain on derivative instruments (interest rate swap and cap agreements) and a $45,000 decrease in loan fees. These decreases were substantially offset by the $278,000 increase in service charges on deposit accounts and a $206,000 increase in the gain on sale of real estate owned. The decrease in other noninterest income was primarily due to $300,000 in insurance proceeds received in 2001 for reimbursement of certain deposit account losses incurred in prior years. The fair value gain recorded during the quarter ended June 30, 2001 was primarily attributable to Coastal's interest rate swap positions, which were liquidated in June 2001. As of June 30, 2002, interest rate cap agreements were Coastal's only derivative instruments and were recorded at fair value on Coastal's consolidated statement of financial condition. The $207,000 decrease in noninterest expense was primarily due to decreases of $200,000, $434,000 and $148,000 in office occupancy, data processing and the amortization of goodwill and other intangible assets, respectively, partially offset by a $384,000 increase in compensation, payroll taxes and other benefits and a $191,000 increase in other noninterest expense. The decrease in office occupancy was primarily due to certain assets becoming fully depreciated during 2001. The decrease in data processing expense was due to the conversion to a new mortgage loan data processing system in the second quarter of 2001, the conversion of the Valley Region branches to Coastal's primary deposit and loan data processing system during the third quarter of 2001 and the item processing functions brought in-house during the third quarter of 2001. The decrease in the amortization of goodwill and other intangible assets was due to the implementation of FASB Statements 141 and 142 on January 1, 2002 (see discussion below). The increase in compensation, payroll taxes and other benefits was due to normal merit increases for existing staff, in addition to the staff increases for the item processing functions brought in-house during the third quarter of 2001 and additional personnel needed to continue Coastal's focus on commercial banking products and lending, including Coastal Banc Capital Corp. staff. The provision for Federal income taxes decreased $823,000 primarily due to the decreased income before Federal income taxes and minority interest, with the effective tax rate being approximately 29% for the quarter ended June 30, 2002 and 31% for the same period in 2001. Asset Quality As shown in the "Other Financial Data" table attached, at June 30, 2002, Coastal had nonperforming loans totaling $13.8 million, which is a decrease of $10.9 million, or 44%, when compared to December 31, 2001. When comparing June 30, 2002 to March 31, 2002, nonperforming loans decreased $2.8 million. Nonperforming loans are those loans on nonaccrual status as well as those loans greater than ninety (90) days delinquent and still accruing interest. The decrease in nonperforming loans is mainly due to Coastal's decision to liquidate a portion of its under-performing single-family mortgage loans during the first quarter of 2002. On March 22, 2002, Coastal sold $10.8 million of these under-performing loans to a third party investor. Prior to the sale, Coastal wrote these loans down to fair value and recorded a charge-off to the allowance for loan losses of $761,000. In addition, as of March 31, 2002, Coastal wrote down to fair value and reclassified $9.1 million of other under-performing single-family mortgage loans to the held for sale category. The loans that were reclassified to the held for sale category were written down to fair value as of March 31, 2002 through a charge-off to the allowance for loan losses of $691,000. During the second quarter of 2002, a total of $3.1 million of these loans held for sale were sold. As of June 30, 2002, Coastal had $3.8 million loans held for sale remaining (net of second quarter activity including sales, payoffs, foreclosures and monthly principal payments received). The ratio of nonperforming assets to total assets was 0.73% at June 30, 2002, compared to 0.86% as of March 31, 2002 and 1.13% as of December 31, 2001. At June 30, 2002, $9.0 million, or 65%, of nonperforming loans were first lien residential (single family) mortgage loans (of which $1.9 million were classified as held for sale), $2.5 million were commercial real estate loans, $1.5 million were commercial, financial and industrial loans, with the balance in other loan categories. At June 30, 2002, the allowance for loan losses as a percentage of nonperforming loans (excluding nonperforming loans held for sale which are recorded at fair value) was 128.3% compared to 62.3% at December 31, 2001. Redemption of Senior Notes On February 1, 2002, Coastal redeemed all of its 10.0% Senior Notes ($43.9 million) outstanding, at par plus accrued interest. Issuance of Trust Preferred Securities On June 18, 2002, Coastal, through Coastal Capital Trust I (a consolidated trust subsidiary) (the "Trust"), issued 2,000,000 in trust preferred securities ("Trust Preferred Securities") with a liquidation preference of $25 per security. The Trust Preferred Securities represent an interest in Coastal Bancorp, Inc.'s junior subordinated debentures, which were purchased by the Trust. The debentures have the same payment terms as the Trust Preferred Securities. Distributions on the securities are payable quarterly at the annual rate of 9.0%. The proceeds from the issuance of the Trust Preferred Securities were used to repurchase 500,000 shares of common stock for $15.0 million from a director of the Company in June and $28.8 million will be used in July to redeem Coastal Banc ssb's 9.0% Series A Noncumulative Preferred Stock (CBSAO). The remainder of the proceeds will be used for additional repurchases of common stock or will be contributed to Coastal Banc ssb to increase its capital position. Common Stock Repurchase During the quarter ended June 30, 2002, Coastal repurchased 547,800 shares of common stock at an average repurchase price of $30.00 per share. As of June 30, 2002, a total of 2,545,959 shares were held in treasury at an average price of $18.76 per share for a total cost of $47.8 million. Implementation of FASB Statements 141 and 142 In July 2001, Statement of Financial Accounting Standards No. 141, "Business Combinations" ("Statement 141") and Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets" ("Statement 142") were issued. Statement 141 required, effective January 1, 2002, that Coastal evaluate its existing intangible assets and goodwill and make any necessary reclassifications in order to conform with the new criteria in Statement 141 for recognition apart from goodwill. Statement 142 changes the accounting for goodwill from an amortization method to an impairment-only approach. Coastal implemented these statements on January 1, 2002 and tested for impairment in accordance with the provisions of Statement 142 within the first quarter of 2002. At January 1, 2002, Coastal had unamortized goodwill that was subject to the transition provisions of Statements 141 and 142 in the amount of $5.5 million. Amortization expense related to this goodwill was $618,000 (or approximately $0.10 per diluted share) for the year ended December 31, 2001. The remaining $16.3 million at January 1, 2002 was classified as other intangible assets, because those amounts were originally recorded as goodwill pursuant to Statement of Financial Accounting Standards No. 72, "Accounting for Certain Acquisitions of Banking or Thrift Institutions" ("Statement 72") and not subject to the non-amortization provisions of Statement 142. Coastal did not recognize any transitional impairment losses as the cumulative effect of a change in accounting principle during 2002. Comparison for the Six Months ended June 30, 2002 and 2001 Net income available to common stockholders for the first six months of 2002 was $7.1 million compared to $9.9 million for the same period in 2001. Diluted earnings per share for the six months ended June 30, 2002 were $1.17 compared to $1.64 for the same period last year. The weighted average common shares outstanding used in the diluted earnings per share calculations for the periods were 6,037,079 and 6,031,742, respectively. As in the comparison for the quarters ended June 30, 2002 and 2001, the primary contributor to the decrease in net income available to common stockholders was decreased net interest income. Net interest income decreased $6.3 million from the six months ended June 30, 2001 to the same period in 2002, as a result of Coastal's overall smaller asset size as compared to the same period in 2001, overall lower interest rates and prepayments on Coastal's mortgage-backed securities and loans receivable, as discussed previously. This decrease in net interest income was somewhat offset by a $300,000 decrease in the provision for loan losses, an increase of $657,000 in noninterest income, a $639,000 decrease in noninterest expense and a $1.7 million decrease in the provision for Federal income taxes. The increase in noninterest income was primarily due to the $443,000 fair value loss on derivative instruments recorded in 2001 (compared to a $24,000 loss recorded during the first six months of 2002), in addition to increases of $512,000 and $209,000 in service charges on deposit accounts and the gain on sale of real estate owned, respectively, offset by a $505,000 decrease in other noninterest income. The decrease in noninterest expense was due to decreases of $296,000, $865,000 and $316,000 in office occupancy, data processing and the amortization of goodwill and other intangible assets, respectively, offset by an increase of $647,000 in compensation, payroll taxes and other benefits and an increase of $191,000 in other noninterest expense. The Company At June 30, 2002, Coastal had total assets of approximately $2.5 billion, deposits of approximately $1.7 billion, preferred stock (Series A) of Coastal Banc ssb of approximately $28.8 million, Series A Cumulative Preferred Stock of $27.5 million and common stockholders' equity of approximately $119.4 million. Coastal Bancorp, Inc. owns, through its wholly-owned subsidiary, Coastal Banc Holding Company, Inc., 100 percent of the voting stock of Coastal Banc ssb, a Texas-chartered FDIC insured, state savings bank headquartered in Houston. Coastal Banc ssb operates 49 branch offices in metropolitan Houston, Austin, Corpus Christi, the Rio Grande Valley and small cities in the southeast quadrant of Texas. You can visit our website at http://www.coastalbanc.com (which is not part of this release). Notice under the Private Securities Litigation Reform Act of 1995 "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts contain forward looking statements with respect to plans, projections or future performance of the Company, the occurrence of which involve certain risks and uncertainties. Additional information concerning factors that could cause actual results to materially differ from those in the forward looking statements is contained in Coastal Bancorp Inc.'s Securities and Exchange Commission filings. Investors are cautioned that any such forward looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward looking statements. Furthermore, Coastal does not intend (and is not obligated) to update publicly any forward looking statement. COASTAL BANCORP, INC. AND SUBSIDIARIES SELECTED FINANCIAL DATA (Dollars In Thousands, except per share data) (unaudited) For the Three Months For the Six Months Ended Ended June 30, June 30, 2002 2001 2002 2001 Basic earnings per share before the cumulative effect of accounting change $0.70 $0.93 $1.23 $1.75 Basic earnings per share - reported $0.70 $0.93 $1.23 $1.73 Basic earnings per share - as adjusted(A) $0.70 $0.96 $1.23 $1.78 Diluted earnings per share before the cumulative effect of accounting change $0.66 $0.89 $1.17 $1.66 Diluted earnings per share - reported $0.66 $0.89 $1.17 $1.64 Diluted earnings per share - as adjusted(A) $0.66 $0.92 $1.17 $1.69 Return (before minority interest) on average assets 0.83% 0.86% 0.77% 0.81% Return on average common equity 12.09% 18.09% 10.88% 17.23% Net interest margin 3.23% 2.99% 3.17% 2.99% Noninterest expense to average total assets 2.28% 1.89% 2.29% 1.91% Charge-offs of loans receivable(B) $ 384 $ 955 $2,274 $2,215 Net charge-offs of loans receivable $ 152 $ 831 $1,952 $2,056 Ratio of net charge-offs to average loans receivable 0.01% 0.04% 0.10% 0.10% (A) Pursuant to the transition provisions of Statement 142, presented are as adjusted earnings per share numbers to exclude amortization expense (net of any tax effect) recognized in those periods prior to the implementation related to the goodwill that is no longer being amortized. (B) During the first quarter of 2002, Coastal charged-off $1.5 million due to the write-down of certain under-performing single family mortgage loans that were either sold or reclassified to the held for sale category as of March 31, 2002. COASTAL BANCORP, INC. AND SUBSIDIARIES SELECTED FINANCIAL DATA (In Thousands) (unaudited) For the Three Months For the Six Months Ended Ended June 30, June 30, 2002 2001 2002 2001 Average balance sheet information Assets: Interest-earning assets: Loans receivable $1,930,349 $1,982,134 $1,882,428 $1,964,621 Mortgage-backed securities 454,729 961,884 476,426 970,390 Other 57,820 56,139 68,543 60,928 Total interest-earning assets 2,442,898 3,000,157 2,427,397 2,995,939 Noninterest-earning assets 88,644 96,836 90,506 97,786 Total assets $2,531,542 $3,096,993 $2,517,903 $3,093,725 Liabilities and stockholders' equity: Interest-bearing deposits $1,477,894 $1,541,577 $1,478,791 $1,536,425 Borrowings 672,523 1,156,672 659,630 1,166,770 Company obligated mandatorily redeemable 9.0% trust preferred securities of Coastal Capital Trust I 7,143 --- 3,591 --- Senior notes payable --- 46,900 7,515 46,900 Total interest-bearing liabilities 2,157,560 2,745,149 2,149,527 2,750,095 Noninterest-bearing liabilities 185,921 176,717 180,953 171,353 Preferred stock of Coastal Banc ssb 28,750 28,750 28,750 28,750 Preferred stockholders' equity 27,500 27,500 27,500 27,500 Common stockholders' equity 131,811 118,877 131,173 116,027 Total liabilities and stockholders' equity $2,531,542 $3,096,993 $2,517,903 $3,093,725 COASTAL BANCORP, INC. AND SUBSIDIARIES OTHER FINANCIAL DATA (Dollars In Thousands, except per share data) (unaudited) June 30, Dec. 31, 2002 2001 Nonaccrual loans receivable: First lien residential $ 7,100 $ 21,744 First lien residential - loans held for sale 1,943 --- Residential construction 189 218 Multifamily real estate --- 82 Commercial real estate 2,376 1,174 Acquisition and development --- 6 Commercial, financial and industrial 952 499 Consumer and other 131 141 12,691 23,864 Loans greater than 90 days delinquent and still accruing: First lien residential --- 62 Residential construction --- 755 Multifamily real estate 448 --- Commercial real estate 133 --- Commercial, financial and industrial 549 31 Consumer and other --- 1 1,130 849 Total nonperforming loans 13,821 24,713 Real estate owned and repossessed assets 4,443 4,607 Total nonperforming assets $ 18,264 $ 29,320 Allowance for loan losses $ 15,233 $ 15,385 Ratio of nonperforming loans to total loans receivable and loans receivable held for sale 0.72% 1.33% Ratio of nonperforming assets to total assets 0.73% 1.13% Ratio of allowance for loan losses to nonperforming loans receivable (excluding nonperforming loans held for sale) 128.25% 62.26% Ratio of allowance for loan losses to loans receivable (excluding loans receivable held for sale) 0.79% 0.83% Book value per common share $ 21.64 $ 21.54 Tangible book value per common share $ 18.14 $ 18.15 Regulatory capital ratios of Coastal Banc ssb: Tier 1 (Core) 6.69% 7.27% Tier 1 risk-based 9.66% 11.90% Total risk-based 10.53% 12.79% COASTAL BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In Thousands, except share data) ASSETS June 30, Dec. 31, 2002 2001 (unaudited) Cash and cash equivalents $ 34,023 $ 41,537 Federal funds sold 3,360 16,710 Loans receivable 1,918,938 1,863,601 Loans receivable held for sale 3,814 --- Mortgage-backed securities available-for-sale, at market value 427,854 514,068 Other securities available-for-sale, at market value 1,768 42,827 Accrued interest receivable 11,509 13,243 Property and equipment 27,050 27,461 Stock in the Federal Home Loan Bank of Dallas (FHLB) 40,630 40,032 Goodwill and other intangible assets 20,730 21,811 Prepaid expenses and other assets 17,662 16,601 $2,507,338 $2,597,891 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits $1,650,759 $1,660,386 Advances from the FHLB 609,846 690,877 Company obligated mandatorily redeemable 9.0% trust preferred securities of Coastal Capital Trust I 50,000 --- Senior notes payable --- 43,875 Advances from borrowers for taxes and insurance 7,366 4,259 Other liabilities and accrued expenses 13,767 12,310 Total liabilities 2,331,738 2,411,707 9.0% noncumulative preferred stock of Coastal Banc ssb (Series A) 28,750 28,750 Commitments and contingencies Stockholders' equity Preferred stock, no par value; authorized shares 5,000,000; 9.12% Cumulative, Series A, 1,100,000 shares issued and outstanding 27,500 27,500 Common stock, $0.01 par value; authorized shares 30,000,000; 7,848,806 shares issued and 5,302,847 shares outstanding at June 30, 2002; 7,835,178 shares issued and 5,835,178 shares outstanding at December 31, 2001 78 78 Additional paid-in capital 35,448 35,366 Retained earnings 133,101 127,425 Accumulated other comprehensive loss - unrealized loss on securities available-for-sale (1,526) (1,590) Treasury stock, at cost (2,545,959 shares in 2002 and 2,000,000 shares in 2001) (47,751) (31,345) Total stockholders' equity 146,850 157,434 $2,507,338 $2,597,891 COASTAL BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In Thousands, except per share data) Three Months Ended June 30, 2002 2001 (Unaudited) Interest income: Loans receivable $ 30,741 $ 41,078 Mortgage-backed securities 4,062 14,729 FHLB stock, federal funds sold and other interest-earning assets 380 616 35,183 56,423 Interest expense: Deposits 10,202 19,061 Advances from the FHLB 5,091 9,197 Other borrowed money --- 4,575 Senior notes payable --- 1,172 Company obligated mandatorily redeemable trust preferred securities 163 --- 15,456 34,005 Net interest income 19,727 22,418 Provision for loan losses 900 1,200 Net interest income after provision for loan losses 18,827 21,218 Noninterest income: Service charges on deposit accounts 2,138 1,860 Loan fees 315 360 Gain (loss) on derivative instruments --- 121 Gain (loss) on sale of real estate 218 12 Other 283 631 2,954 2,984 Noninterest expense: Compensation, payroll taxes and other benefits 7,992 7,608 Office occupancy 2,641 2,841 Data processing 399 833 Amortization of goodwill and other intangible assets 547 695 Other 2,787 2,596 14,366 14,573 Income before provision for Federal income taxes and minority interest 7,415 9,629 Provision for Federal income taxes 2,169 2,992 Income before minority interest 5,246 6,637 Minority interest - preferred stock dividends of Coastal Banc ssb 647 647 Net income - reported $ 4,599 $ 5,990 Net income - as adjusted(A) $ 4,599 $ 6,144 Net income available to common stockholders - reported $ 3,972 $ 5,363 Net income available to common stockholders - as adjusted(A) $ 3,972 $ 5,517 Basic earnings per share - reported $ 0.70 $ 0.93 Basic earnings per share - as adjusted(A) $ 0.70 $ 0.96 Diluted earnings per share - reported $ 0.66 $ 0.89 Diluted earnings per share - as adjusted(A) $ 0.66 $ 0.92 (A) As adjusted excludes the amortization expense (net of any tax effect) recognized in the period prior to the implementation related to the goodwill that is no longer being amortized. COASTAL BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In Thousands, except per share data) Six Months Ended June 30, 2002 2001 (Unaudited) Interest income: Loans receivable $ 60,708 $ 84,079 Mortgage-backed securities 9,026 30,987 FHLB stock, federal funds sold and other interest-earning assets 855 1,522 70,589 116,588 Interest expense: Deposits 21,243 38,982 Advances from the FHLB 10,359 25,960 Other borrowed money --- 4,578 Senior notes payable 378 2,345 Company obligated mandatorily redeemable trust preferred securities 163 --- 32,143 71,865 Net interest income 38,446 44,723 Provision for loan losses 1,800 2,100 Net interest income after provision for loan losses 36,646 42,623 Noninterest income: Service charges on deposit accounts 4,133 3,621 Loan fees 622 600 Gain (loss) on derivative instruments (24) (443) Gain (loss) on sale of real estate owned 240 31 Other 492 997 5,463 4,806 Noninterest expense: Compensation, payroll taxes and other benefits 15,853 15,206 Office occupancy 5,221 5,517 Data processing 822 1,687 Amortization of goodwill and other intangible assets 1,081 1,397 Other 5,639 5,448 28,616 29,255 Income before provision for Federal income taxes, minority interest and cumulative effect of accounting change 13,493 18,174 Provision for Federal income taxes 3,867 5,606 Income before minority interest and cumulative effect of accounting change 9,626 12,568 Minority interest - preferred stock dividends of Coastal Banc ssb 1,294 1,294 Income before cumulative effect of accounting change 8,332 11,274 Cumulative effect of change in accounting for derivative instruments, net of tax --- (104) Net income - reported $ 8,332 $ 11,170 Net income - as adjusted(A) $ 8,332 $ 11,476 Net income available to common stockholders - reported $ 7,078 $ 9,916 Net income available to common stockholders - as adjusted(A) $ 7,078 $ 10,222 Basis earnings per share before cumulative effect of accounting change $ 1.23 $ 1.75 Basic earnings per share - reported $ 1.23 $ 1.73 Basic earnings per share - as adjusted(A) $ 1.23 $ 1.78 Diluted earnings per share before cumulative effect of accounting change $ 1.17 $ 1.66 Diluted earnings per share - reported $ 1.17 $ 1.64 Diluted earnings per share - as adjusted(A) $ 1.17 $ 1.69 (A) As adjusted excludes the amortization expense (net of any tax effect) recognized in the period prior to the implementation related to the goodwill that is no longer being amortized.SOURCE Coastal Bancorp, Inc.
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