Coastal Carolina Bancshares, Inc. Reports Continued Earnings Growth
Myrtle Beach, South Carolina – (October 25, 2018) — Coastal Carolina Bancshares, Inc. (the “Company”) (OTCQX: CCNB), parent of Coastal Carolina National Bank (“CCNB”), reported net income of $1,461,442 for the nine months ended September 30, 2018, compared to $1,112,736 for the same period ending September 30, 2017, a 31% increase.
Net income for the quarter ended September 30, 2018, was $541,040, an increase of 26% compared to the net income of $427,747 from the same quarter a year ago that ended September 30, 2017. Diluted earnings per share for the quarter ended September 30, 2018, was $.09, an increase from $.08 in the previous quarter ended June 30, 2018, and an increase from $.07 in the period ended September 30, 2017.
Key Financial Highlights
- Total Assets grew $47 million (14.5%) to $374.6 million at September 30, 2018,
compared to $327.3 million at December 31, 2017
- Total Deposits grew $49 million (18%) to $322.4 million at September 30, 2018,
compared to $273.4 million at December 31, 2017
- Total Loans grew $34 million (14%) to $283.4 million at September 30, 2018,
compared to $249.2 million at December 31, 2017
- Equity increased to $43.5 million at September 30, 2018,
compared to $42.5 million at December 31, 2017
“We are very pleased with the continued growth of our company and our strong financial performance through the first nine months of 2018. Double-digit growth in assets, deposits, and loans is a testament to the strength of our Bank, and the quality of the CCNB teams in all our markets around the state of South Carolina,” said Laurence S. Bolchoz, Jr., President and Chief Executive Officer of the Company and the Bank.
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.