Market Overview

Coastal Carolina Bancshares, Inc. Reports 50% Increase in First Quarter Earnings

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MYRTLE BEACH, SC / ACCESSWIRE / April 27, 2018 / Coastal Carolina Bancshares, Inc. (the "Company") (OTC PINK: CCNB), parent of Coastal Carolina National Bank ("CCNB"), announced today net income for the first quarter of 2018 (three month period ending March 31, 2018). For the first quarter the Company reported net income of $430,528 or $.07 diluted earnings per share, compared to $286,693 or $.08 diluted earnings per share, for the same period ending March 31, 2017, an increase of 50% in net income.

Key Highlights

  • Loan growth of $15.0 million in the first quarter of 2018
  • Total assets increased to $331.5 million as of March 31, 2018
  • The net interest margin increased to 3.91% as of March 31, 2018
  • Final preparations have been completed for the April 2018 opening of our first full-service branch location in the vibrant Greenville, SC market
  • Expansion of our Columbia market lending and retail team

"We are very pleased with our strong financial performance in the first quarter of 2018. Our significant loan production during the first quarter in all of our markets resulted in loan portfolio growth of $15.0 million, which is the highest quarterly loan growth in our company's history. This loan portfolio growth occurred while the bank maintained impressive credit quality in the portfolio with no net charge offs in the first quarter," said Laurence S. Bolchoz, Jr., President and Chief Executive Officer of the Company and the Bank. "We continue to develop new relationships in our existing markets, and we are excited about the positive impact that our new Greenville full service branch location will have on our bank. We have added a full team of commercial and retail bankers in both our Greenville and Columbia markets and we look forward to their contributions to our bank's performance. In the first quarter, we added a new commercial deposit product which will provide our commercial depositors with added benefits and convenience. We also continue to see an increase in construction loan demand in all of our markets, which has spurred increased mortgage loan production," Bolchoz said.

Coastal Carolina Bancshares, Inc.

Selected Financial Highlights
(unaudited)


March 31, 2018
December 31, 2017
September 30, 2017
June 30, 2017
March 31, 2017
Balance Sheet (In Thousands)
Total Assets
$ 331,541 $ 327,256 $ 322,268 $ 322,145 $ 300,944
Investment Securities
23,314 24,046 24,925 23,437 19,353
Loans, net of unearned income (total loans)
264,242 249,219 242,854 235,985 226,447
Deposits
274,237 273,364 276,566 271,389 267,228
Shareholders' Equity
42,679 42,483 43,386 44,016 26,990
Total Shares Outstanding
5,592,617 5,592,617 5,590,117 5,590,117 3,282,426
Book Value per Share
$ 7.63 $ 7.60 $ 7.76 $ 7.87 $ 8.22
Tangible Book Value Per Share
$ 6.99 $ 6.95 $ 7.11 $ 7.21 $ 7.09


Selected % Increases
1st Qtr 2018
4th Qtr 2017
3rd Qtr 2017
2nd Qtr 2017
1st Qtr 2017
Total Assets
1 % 2 % 0 % 7 % 5 %
Total Loans
6 % 3 % 3 % 4 % 5 %
Total Deposits
0 % -1 % 2 % 2 % 5 %


For the
For the
For the
For the
Three Months Ended
Three Months Ended
Three Months Ended
Twelve Months Ended
March 31, 2018
December 31, 2017
March 31, 2017
December 31, 2017
Earnings Breakdown (In Thousands)
Total Interest Income
$ 3,501 $ 3,407 $ 3,017 $ 13,012
Total Interest Expense
551 541 487 2,090
Net Interest Income
2,950 2,865 2,530 10,923
Total Noninterest Income
296 404 323 1,507
Total Noninterest Expense
2,507 2,571 2,284 9,610
Provision for Loan Losses
189 87 111 556
Income Before Taxes
550 611 458 2,264
Taxes
119 1,400 171 1,940
Net Income
$ 431 $ (789 ) $ 287 $ 324
Diluted Earnings Per Share
$ 0.07 $ 0.08 $ 0.07
Weighted Average Diluted Shares Outstanding
5,974,200 3,662,759 4,833,263


March 31, 2018
December 31, 2017
September 30, 2017
June 30, 2017
March 31, 2017
Selected Bank Ratios
Loan Loss Reserve to Total Loans
0.81 % 0.77 % 0.75 % 0.72 % 0.69 %
Non-Performing Assets to Total Assets
0.23 % 0.23 % 0.05 % 0.05 % 0.29 %
Net Charge-Offs to Total Loans
0.00 % 0.02 % 0.04 % 0.05 % 0.00 %
Net Interest Margin (year to date)
3.91 % 3.85 % 3.90 % 3.97 % 3.89 %


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 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.

Contact:

Dawn Kinard
Title: EVP/CFO
Phone: (843) 839-1953
Fax: (843) 839-5699

1012 38th Ave. North
Myrtle Beach, SC 29577

www.myccnb.com

SOURCE: Coastal Carolina National Bank

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