MYRTLE BEACH, SC / ACCESSWIRE / July 20, 2018 / Coastal Carolina Bancshares, Inc. (the "Company") (OTCQX: CCNB), parent of Coastal Carolina National Bank ("CCNB"), announced today net income of $920,402 or $.15 per diluted share for the six months ended June 30, 2018 compared to $684,424 or $.11 per diluted share for the same period one year ago, an increase of 34%.
Net income for the three months ended June 30, 2018 was $489,874 or $.08 per diluted share, compared to $397,731 or $.11 per diluted share for the same period one year ago, an increase of 23%.
Key Highlights
- Loan growth of $14.3 million in the second quarter of 2018
- Deposit growth of $29.4 million in the second quarter of 2018
- Total assets increased $31.0 million to $362.5 million at June 30, 2018
- Opened a retail branch location in the vibrant Greenville, SC market in the second quarter which is our seventh retail branch location
"We are very pleased with our strong financial performance in the second quarter of 2018. We experienced dramatic deposit growth of $29.4 million by providing our commercial depositors with innovative product solutions while also growing our retail client base in all of our markets. Our loan portfolio grew $14.3 million during the second quarter contributing to our 2018 year-to-date portfolio growth totaling $29.3 million. I am very proud of our entire CCNB team for the tremendous teamwork they demonstrated as we reached these new growth milestones for our company.
"We continue to focus on deposit and loan portfolio growth in a safe and sound manner in which enhancing shareholder value is our primary objective," said Laurence S. Bolchoz, Jr., President and Chief Executive Officer of the Company and the Bank. "The markets we serve are experiencing improving economic conditions, and we are eager to fulfill our role as a growing community bank to assist our clients in meeting their financial needs," Bolchoz said.
Coastal Carolina Bancshares, Inc.
Selected Financial Highlights
(unaudited)
| June 30, 2018 | March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | ||||||||||||||||
| Balance Sheet (In Thousands) | ||||||||||||||||||||
| Total Assets | $ | 362,535 | $ | 331,541 | $ | 327,256 | $ | 322,268 | $ | 322,145 | ||||||||||
| Investment Securities | 24,976 | 23,314 | 24,046 | 24,925 | 23,437 | |||||||||||||||
| Loans, net of unearned income (total loans) | 278,551 | 264,242 | 249,219 | 242,854 | 235,985 | |||||||||||||||
| Deposits | 303,641 | 274,237 | 273,364 | 276,566 | 271,389 | |||||||||||||||
| Shareholders' Equity | 43,122 | 42,679 | 42,483 | 43,386 | 44,016 | |||||||||||||||
| Total Shares Outstanding | 5,592,617 | 5,592,617 | 5,592,617 | 5,590,117 | 5,590,117 | |||||||||||||||
| Book Value per Share | $ | 7.71 | $ | 7.63 | $ | 7.60 | $ | 7.76 | $ | 7.87 | ||||||||||
| Tangible Book Value Per Share | $ | 7.07 | $ | 6.99 | $ | 6.95 | $ | 7.11 | $ | 7.21 | ||||||||||
| Selected % Increases | 2nd Qtr 2018 | 1st Qtr 2018 | 4th Qtr 2017 | 3rd Qtr 2017 | 2nd Qtr 2017 | |||||||||||||||
| Total Assets | 9 | % | 1 | % | 2 | % | 0 | % | 7 | % | ||||||||||
| Total Loans | 5 | % | 6 | % | 3 | % | 3 | % | 4 | % | ||||||||||
| Total Deposits | 11 | % | 0 | % | -1 | % | 2 | % | 2 | % | ||||||||||
| For the | For the | For the | For the | For the | ||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||
| June 30, 2018 | March 31, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||||||
| Earnings Breakdown (In Thousands) | ||||||||||||||||||||
| Total Interest Income | $ | 3,768 | $ | 3,501 | $ | 3,253 | $ | 7,269 | $ | 6,270 | ||||||||||
| Total Interest Expense | 674 | 551 | 517 | 1,225 | 1,003 | |||||||||||||||
| Net Interest Income | 3,094 | 2,950 | 2,736 | 6,044 | 5,267 | |||||||||||||||
| Total Noninterest Income | 358 | 296 | 375 | 654 | 698 | |||||||||||||||
| Total Noninterest Expense | 2,759 | 2,507 | 2,361 | 5,267 | 4,646 | |||||||||||||||
| Provision for Loan Losses | 93 | 189 | 201 | 282 | 312 | |||||||||||||||
| Income Before Taxes | 599 | 550 | 549 | 1,149 | 1,007 | |||||||||||||||
| Taxes | 109 | 119 | 152 | 229 | 323 | |||||||||||||||
| Net Income | $ | 490 | $ | 431 | $ | 397 | $ | 920 | $ | 684 | ||||||||||
| Diluted Earnings Per Share | $ | 0.08 | $ | 0.07 | $ | 0.11 | $ | 0.15 | $ | 0.19 | ||||||||||
| Weighted Average Diluted Shares Outstanding | 5,974,200 | 5,974,200 | 3,688,118 | 5,974,200 | 3,675,509 | |||||||||||||||
| June 30, 2018 | March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | ||||||||||||||||
| Selected Bank Ratios | ||||||||||||||||||||
| Loan Loss Reserve to Total Loans | 0.80 | % | 0.81 | % | 0.77 | % | 0.75 | % | 0.72 | % | ||||||||||
| Non-Performing Assets to Total Assets | 0.35 | % | 0.23 | % | 0.23 | % | 0.05 | % | 0.05 | % | ||||||||||
| Net Charge-Offs to Total Loans | 0.00 | % | 0.00 | % | 0.02 | % | 0.04 | % | 0.05 | % | ||||||||||
| Net Interest Margin (year to date) | 3.89 | % | 3.91 | % | 3.85 | % | 3.90 | % | 3.97 | % | ||||||||||
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, Greenville, 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, SC, 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. 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:
Dawn Kinard
Title: EVP/CFO
Phone: (843) 839-1953
Fax: (843) 839-5699
1012 38th Ave. North
Myrtle Beach, SC 29577
www.myccnb.com
SOURCE: Coastal Carolina National Bank
