Coastal Carolina Bancshares, Inc. Reports Significant Earnings Performance
Myrtle Beach, South Carolina – [(October 20, 2017)] — Coastal Carolina Bancshares, Inc. (the “Company”) (OTC: CCNB), parent of Coastal Carolina National Bank (“CCNB”), reported net income of $1,112,736 or $.25 diluted earnings per share, for the nine months ended September 30, 2017, compared to $373,312, or $.15 diluted earnings per share, for the same period ending September 30, 2016, an increase of 198%. Net income for the quarter ended September 30, 2017, was $428,314, an increase of 8% compared to the net income of $397,731 from the previous quarter ended June 30, 2017.
Financial Highlights YTD
- Total Assets grew 12% to $322 million at September 30, 2017, compared to $288 million at December 31, 2016.
- Total Deposits grew 9% to $277 million at September 30, 2017, compared to $254 million at December 31, 2016.
- Total Loans grew 12.5% to $243 million at September 30, 2017, compared to $216 million at December 31, 2016.
- Net interest margin improved to 3.90% at September 30, 2017, which is a 22 basis point increase for the year.
- Equity decreased to $43.4 million in the third quarter from $44.0 million as a result of posting the one-time expenses from the 2017 private placement capital raise. Tangible book value at September 30, 2017, is $7.11 per share.
“We are very pleased with the continued growth of our company and our strong financial performance. Though deposits grew by $5.2 million in the third quarter, we did not see corresponding asset growth in the third quarter due to paying off borrowings of $4.5 million during the quarter. During the first nine months of 2017, our lending team continued to produce quality loan relationships, which resulted in a 37% increase in overall loan production when compared to the same period in 2016. Our asset quality also continues to be very strong as our nonperforming assets to total assets ratio is just .05%,” said Laurence S. Bolchoz, Jr., President and Chief Executive Officer of the Company and the Bank. “Our new Greenville Loan Production office closed more than $7 million in commercial loans in their first quarter of operation, and we are excited about the positive impact they will have on our bank. The recent hiring of W. David Keller as our Midlands Market Executive will provide excellent leadership and significant growth potential in that market. The vibrant markets in South Carolina in which we operate continue to experience economic recovery which is a positive for our community bank as we focus on helping our customers achieve financial success,” Bolchoz said.
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, and Columbia, as well as a Loan Production Office in 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.