CCNB Achieves First Profitable Quarter In Its Short History

Bank Opened In June 2009 And Achieved Profitability In Third Quarter Of 2012

Coastal Carolina Bancshares, Inc. and its wholly owned subsidiary, Coastal Carolina National Bank (CCNB) in Myrtle Beach, S.C., which opened for business in June of 2009, reached the first profitable quarter in its short history in the third quarter of 2012.

For the three months ending September 30, 2012, the company had net income of $117,749 or $.05 per share, which is a 385.9% improvement from the same period last year. For the nine months ended September 30, 2012, the company has recognized a loss of $(57,301), or $(.03) per share, which is a 95.3% improvement from the same period last year.

The continued improvements can be attributed to several factors. The net interest margin has improved to 3.29% year to date, compared to 2.78% for the same period last year. The improvements in net interest margin are largely due to growth in the loan portfolio. Net interest income before the provision for loan losses has grown to $2.4 million year-to-date, a 41.2% improvement from the previous year. Additionally, the mortgage lending department has been a significant contributor-to-earnings with a 108.4% increase in mortgage lending revenue.

CCNB’s total assets at the end of the third quarter were $99.6 million, an increase of 5.47% from total assets at December 31, 2011. Loan balances have grown to $56.5 million, an increase of 9.92%. Deposits have grown to $84.2 million in local deposits, an increase of 5.61% while shareholder’s equity has increased to $14.5 million.

“We are pleased to have achieved our first profitable quarter,” said Laurence S. Bolchoz, Jr., president  and chief  executive  officer of  Coastal Carolina National Bank. “Our  CCNB  team is striving to make a positive impact in our community, and we expect to make some more exciting announcements in the weeks to come.”

More detail about CCNB’s financials can be found in the bank’s SEC 10-Q report which is filed at www.sec.gov.

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