CCNB Announces 2015 Earnings Results
February 29, 2016 • Myrtle Beach, South Carolina – Coastal Carolina Bancshares, Inc, the holding company of Coastal Carolina National Bank reports consolidated net income of $2,257,893 or $1.03 per share for the 12 months ending December 31, 2015 which is a 130% increase when compared to net income of $983,079 or $0.45 per share for the year ended December 31, 2014.
“We are very pleased with our results in 2015. Our dynamic community banking team achieved double digit loan and deposit growth, which fueled our increase in net income”, says Laurence Bolchoz, President and Chief Executive Officer of CCNB. “We had record core earnings in 2015 and were also able to reverse our remaining deferred tax asset that had a positive impact of $1.4 million on our net income in 2015. The exceptional performance of our mortgage banking team contributed to a substantial increase in our
non-interest income, which was a major factor in our success this year.”
Total consolidated assets at December 31, 2015 were $170.7 million compared to $148.8 million at December 31, 2014, which is a 14.8% increase. Total deposits grew 18.9% from $128.3 million at December 31, 2014 to $152.6 million at December 31, 2015. Total loans grew 13.7% from $106.8 million at December 31, 2014 to $121.4 million at December 31, 2015.
The opening of our temporary branch location in the North Myrtle Beach market, while our permanent branch is being constructed, buoyed these 2015 results. Our permanent office at the prime corner location of 1100 Highway 17 North will open in March 2016.
“We are excited to announce that in December 2015, we received a 5 star rating from BauerFinancial Inc. for the ninth consecutive quarter. This is a testimony to the safety and soundness of CCNB, and it represents a broad-based assessment of the bank’s financial health. We ended the year with $17.5 million in total equity and remain a well-capitalized financial institution by exceeding our regulatory capital requirements”, says Bolchoz.
For more detailed financial statements, our shareholders receive our annual report with audited financial statements via mail. Send correspondence to Dawn Kinard at dawn.kinard@myccnb.com or call 843-839-1953.
Coastal Carolina National Bank is a Myrtle Beach-based community bank serving Horry, Georgetown and Brunswick (NC) counties. CCNB 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, CCNB also has branches in Garden City, and in North Myrtle Beach.