MYRTLE BEACH, SOUTH CAROLINA / ACCESSWIRE / October 24, 2019 / Coastal Carolina Bancshares, Inc. (the "Company") (OTCQX:CCNB), parent of Coastal Carolina National Bank ("CCNB"), reported net income of $1,925,269 or $.31 diluted earnings per share, for the nine months ended September 30, 2019, compared to $1,461,442, or $.25 diluted earnings per share, for the same period ending September 30, 2018, an increase of 32%.
Net income for the quarter ended September 30, 2019 was $799,824, an increase of 48% compared to the net income of $541,040 from the same quarter a year ago that ended September 30, 2018.
Key YTD Financial Highlights:
- Total Assets grew $57.4 million (15.15%) to $436.1 million at September 30, 2019, compared to $378.7 million at December 31, 2018
- Total Deposits grew $55.4 million (16.94%) to $382.4 million at September 30, 2019, compared to $327.0 million at December 31, 2018
- Total Loans grew $38.1 million (13.22%) to $326.4 million at September 30, 2019, compared to $288.3 million at December 31, 2018
- Equity increased to $46.8 million at September 30, 2018, compared to $44.4 million at December 31, 2018
"We are very pleased with the continued growth of our company and our strong financial performance through the first nine months of 2019. We continue building new deposit and loan relationships while focusing on improving efficiency in how we deliver products and services to our customer base. Double-digit growth in assets, deposits, and loans is a testament to 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.
"Our third quarter of 2019 was another successful quarter as we increased earnings 48% over the same period in 2018. If we adjust for the large temporary deposit of approximately $8 million referenced in our second quarter earnings release, we were able to grow deposits by $9.3 million this quarter and grow our assets by $10.5 million in the third quarter. We also achieved $13.2 million in net loan growth in the third quarter as a result of great teamwork by our lending and support teams.
I am also pleased to announce that we have just opened a loan production office in the Spartanburg, South Carolina market to serve the lending needs of this vibrant community. Brian Murdoch, a Spartanburg native and long-time South Carolina commercial banker, is leading our new team in Spartanburg. We are confident that this growing community is an area where our lending team can develop meaningful relationships and have a very positive impact," Bolchoz said.
Coastal Carolina Bancshares, Inc.
Selected Financial Highlights
(unaudited)
| September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||||||
| Balance Sheet (In Thousands) | ||||||||||||||||||||
| Total Assets | $ | 436,110 | $ | 433,577 | $ | 397,506 | $ | 378,719 | $ | 374,581 | ||||||||||
| Investment Securities | 28,910 | 37,913 | 38,234 | 23,052 | 23,601 | |||||||||||||||
| Loans, net of unearned income (total loans) | 326,370 | 313,138 | 307,469 | 288,258 | 283,378 | |||||||||||||||
| Deposits | 382,436 | 381,058 | 344,741 | 327,023 | 322,413 | |||||||||||||||
| Shareholders' Equity | 46,788 | 46,001 | 45,059 | 44,413 | 43,545 | |||||||||||||||
| Total Shares Outstanding | 6,156,220 | 6,156,220 | 5,592,617 | 5,592,617 | 5,592,617 | |||||||||||||||
| Book Value per Share | $ | 7.60 | $ | 7.47 | $ | 8.06 | $ | 7.94 | $ | 7.79 | ||||||||||
| Tangible Book Value Per Share | $ | 7.04 | $ | 6.91 | $ | 7.43 | $ | 7.31 | $ | 7.15 | ||||||||||
| Selected % Increases | 3rd Qtr 2019 | 2nd Qtr 2019 | 1st Qtr 2019 | 4th Qtr 2018 | 3rd Qtr 2018 | |||||||||||||||
| Total Assets | 1 | % | 9 | % | 5 | % | 1 | % | 3 | % | ||||||||||
| Total Loans | 4 | % | 2 | % | 7 | % | 2 | % | 2 | % | ||||||||||
| Total Deposits | 0 | % | 11 | % | 5 | % | 1 | % | 6 | % | ||||||||||
| For the | For the | For the | For the | For the | |||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2019 | June 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | |||||||||||||||
| Earnings Breakdown (In Thousands) | |||||||||||||||||||
| Total Interest Income | $ | 4,769 | $ | 4,609 | $ | 4,053 | $ | 13,688 | $ | 11,322 | |||||||||
| Total Interest Expense | 1,136 | 1,087 | 836 | 3,206 | 2,061 | ||||||||||||||
| Net Interest Income | 3,633 | 3,521 | 3,217 | 10,482 | 2,961 | ||||||||||||||
| Total Noninterest Income | 469 | 490 | 378 | 1,367 | 1,031 | ||||||||||||||
| Total Noninterest Expense | 2,936 | 3,101 | 2,874 | 8,998 | 8,141 | ||||||||||||||
| Provision for Loan Losses | 139 | 92 | 35 | 397 | 317 | ||||||||||||||
| Income Before Taxes | 1,027 | 818 | 685 | 2,454 | 1,834 | ||||||||||||||
| Taxes | 227 | 179 | 144 | 528 | 372 | ||||||||||||||
| Net Income | $ | 800 | $ | 639 | $ | 541 | $ | 1,925 | $ | 1,461 | |||||||||
| Diluted Earnings Per Share | $ | 0.12 | $ | 0.10 | $ | 0.09 | $ | 0.31 | $ | 0.24 | |||||||||
| Weighted Average Diluted Shares Outstanding | 6,537,803 | 6,351,753 | 5,974,200 | 6,289,983 | 5,974,200 | ||||||||||||||
| September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||
| Selected Bank Ratios | ||||||||||||||||
| Loan Loss Reserve to Total Loans | 0.85 | % | 0.85 | % | 0.83 | % | 0.83 | % | 0.80 | % | ||||||
| Non-Performing Assets to Total Assets | 0.36 | % | 0.25 | % | 0.28 | % | 0.30 | % | 0.33 | % | ||||||
| Net Charge-Offs to Total Loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % | ||||||
| Net Interest Margin (year to date) | 3.66 | % | 3.70 | % | 3.70 | % | 3.79 | % | 3.80 | % | ||||||
| Return On Average Assets (quarter ended) | 0.75 | % | 0.63 | % | 0.51 | % | 0.69 | % | 0.59 | % | ||||||
| Return On Average Equity (quarter ended) | 6.90 | % | 5.61 | % | 4.35 | % | 5.95 | % | 4.99 | % | ||||||
| Efficiency Ratio (quarter ended) | 70.99 | % | 76.71 | % | 78.61 | % | 72.61 | % | 79.14 | % | ||||||
*Note: Per share data is affected by the 10% stock dividend on May 1, 2019.
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, Spartanburg, 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, as well as a Loan Production Office in Spartanburg, 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:
Russell Vedder
Title: EVP/CFO
Phone: (843) 839-5662
Fax: (843) 839-5699
1012 38th Ave. North
Myrtle Beach, SC 29577
www.myccnb.com
SOURCE: Coastal Carolina Bancshares, Inc.
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https://www.accesswire.com/564082/Coastal-Carolina-Bancshares-Inc-Reports-Continued-Earnings-Growth-in-2019
