Coastal Carolina Bancshares, Inc. Reports Increased Earnings and Continued Growth

MYRTLE BEACH, SC / ACCESSWIRE / April 26, 2019 / Coastal Carolina Bancshares, Inc. (the ”Company”) (OTCQX: CCNB), parent of Coastal Carolina National Bank (”Bank”), reported unaudited net income of $486,898 or $.08 cents per share, for the first quarter of 2019 (three months ended March 31, 2019), compared to $430,528 or $.07 cents per share, for the same period last year (three months ended March 31, 2018).

Key Highlights

  • Net Income available to common shareholders for the first quarter of 2019 increased 13% over the same period in 2018
  • Total Loans grew 6.7% to $307 million at March 31, 2019, compared to $288 million at December 31, 2018
  • Total Deposits grew 5.4% to $345 million at March 31, 2019, compared to $327 million at December 31, 2018
  • Total Assets grew 5.0% to $398 million at March 31, 2019, compared to $379 million at December 31, 2018

“As we begin 2019 with another solid performance, it is evident that CCNB is on a trajectory of growth. Year over year, our increase in earnings and continued balance sheet growth – coupled with this quarter’s strong financial performance – are testaments to the talent and dedication of our entire team. In the first quarter, we experienced significant loan and deposit growth across all markets led by our newest and seventh branch in Greenville, South Carolina. Bank-wide, our efforts are focused on growth within a responsible risk management framework, quality loan production, operational excellence, and providing the best banking experience possible in every market we serve,” said Laurence S. Bolchoz, Jr., President and Chief Executive Officer of the Company and the Bank.

“This June marks CCNB’s tenth year of serving our communities, and I am very proud of what we’ve accomplished in a relatively short period. With a strong financial foundation, a highly-engaged team, and our customer first mindset, we believe our bank is primed for responsible growth as we head into the future with confidence,” says Bolchoz.

March 31,


2019
December 31,


2018
September 30,


2018
June 30,


2018
March 31,


2018
Balance Sheet (In Thousands)
Total Assets
$ 397,506 $ 378,719 $ 374,581 $ 362,535 $ 331,541
Investment Securities
38,234 23,052 23,601 24,976 23,314
Loans, net of unearned income (total loans)
307,469 288,258 283,378 278,551 264,242
Deposits
344,751 327,023 322,413 303,641 274,237
Shareholders’ Equity
45,059 44,413 43,545 43,122 42,679
Total Shares Outstanding
5,592,617 5,592,617 5,592,617 5,592,617 5,592,617
Book Value per Share
$ 8.06 $ 7.94 $ 7.79 $ 7.71 $ 7.63
Tangible Book Value Per Share
$ 7.43 $ 7.31 $ 7.15 $ 7.07 $ 6.99

Selected % Increases
1st Qtr 2019
4th Qtr 2018
3rd Qtr 2018
2nd Qtr 2018
1st Qtr 2018
Total Assets
5 % 1 % 3 % 9 % 1 %
Total Loans
7 % 2 % 2 % 5 % 6 %
Total Deposits
5 % 1 % 6 % 11 % 0 %

For the
For the
For the
For the
Three Months Ended
Three Months Ended
Three Months Ended
Twelve Months Ended
March 31,


2019
December 31,
2018
March 31,
2018
December 31,
2018
Earnings Breakdown (In Thousands)
Total Interest Income
$ 4,310 $ 4,285 $ 3,501 $ 15,607
Total Interest Expense
982 925 551 2,986
Net Interest Income
3,328 3,360 2,950 12,621
Total Noninterest Income
407 401 296 1,432
Total Noninterest Expense
2,961 2,781 2,507 10,922
Provision for Loan Losses
165 109 189 426
Income Before Taxes
609 871 550 2,705
Taxes
122 217 119 590
Net Income
$ 487 $ 654 $ 431 $ 2,115
Diluted Earnings Per Share
$ 0.08 $ 0.11 $ 0.07 $ 0.35
Weighted Average Diluted Shares Outstanding
5,974,200 5,974,200 5,974,200 5,974,200

March 31,
2019
December 31,
2018
September 30,
2018
June 30,
2018
March 31,
2018
Selected Bank Ratios
Loan Loss Reserve to Total Loans
0.83 % 0.83 % 0.80 % 0.80 % 0.81 %
Non-Performing Assets to Total Assets
0.28 % 0.30 % 0.33 % 0.35 % 0.23 %
Net Charge-Offs to Total Loans
0.00 % 0.01 % 0.00 % 0.00 % 0.00 %
Net Interest Margin (year to date)
3.70 % 3.79 % 3.80 % 3.89 % 3.91 %

About Coastal Carolina Bancshares, Inc. Coastal Carolina Bancshares, Inc. is the bank holding company of Coastal Carolina National Bank, a Myrtle Beach-based community bank serving Horry, Georgetown, Aiken, Richland, Lexington, Greenville (SC), and Brunswick (NC) counties. Coastal Carolina National Bank is a locally operated financial institution focused on providing personalized service and offers a full range of banking services designed to meet the specific needs of individuals and small and medium-sized businesses. Headquartered in Myrtle Beach, South Carolina, the Bank also has branches in Garden City, North Myrtle Beach, Conway, Aiken, Columbia, and Greenville, South Carolina. Through the substantial experience of our local management and Board of Directors, Coastal Carolina Bancshares, Inc. seeks to enhance value for our shareholders, build lasting customer relationships, benefit our communities and give our employees a meaningful career opportunity. Coastal Carolina Bancshares, Inc. common stock currently trades on the OTC QX market under the symbol ”CCNB.” To learn more about the Company and its subsidiary bank,
please visit our website at www.myccnb.com.

Forward-Looking Statements Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include, without limitation: the effects of future economic conditions; governmental fiscal and monetary policies; legislative and regulatory changes; the risks of changes in interest rates; successful merger integration; management of growth; fluctuations in our financial results; reliance on key personnel; our ability to compete effectively; privacy, security and other risks associated with our business. Coastal Carolina Bancshares, Inc. assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Contact:

Russell Vedder
Title: EVP/CFO
Phone: (843) 839-5662
Fax: (843) 839-5699

1012 38th Ave. North
Myrtle Beach, SC 29577
www.myccnb.com

SOURCE: Coastal Carolina National Bank

View source version on accesswire.com:
https://www.accesswire.com/543056/Coastal-Carolina-Bancshares-Inc-Reports-Increased-Earnings-and-Continued-Growth

error: Content is protected !!