Market Overview

Coastal Carolina Bancshares, Inc. Reports Continued Earnings Growth

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MYRTLE BEACH, SOUTH CAROLINA / ACCESSWIRE / 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.

Coastal Carolina Bancshares, Inc.
Selected Financial Highlights
(unaudited)

September 30, 2018
June 30, 2018
March 31, 2018
December 31, 2017
September 30, 2017
Balance Sheet (In Thousands)
Total Assets
$ 374,581 $ 362,535 $ 331,541 $ 327,256 $ 322,268
Investment Securities
23,601 24,976 23,314 24,046 24,925
Loans, net of unearned income (total loans)
283,378 278,551 264,242 249,219 242,854
Deposits
322,413 303,641 274,237 273,364 276,566
Shareholders' Equity
43,545 43,122 42,679 42,483 43,386
Total Shares Outstanding
5,592,617 5,592,617 5,592,617 5,592,617 5,590,117
Book Value per Share
$ 7.79 $ 7.71 $ 7.63 $ 7.60 $ 7.76
Tangible Book Value Per Share
$ 7.15 $ 7.07 $ 6.99 $ 6.95 $ 7.11

Selected % Increases
3rd Qtr 2018
2nd Qtr 2018
1st Qtr 2018
4th Qtr 2017
3rd Qtr 2017
Total Assets
3 % 9 % 1 % 2 % 0 %
Total Loans
2 % 5 % 6 % 3 % 3 %
Total Deposits
6 % 11 % 0 % -1 % 2 %

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, 2018
June 30, 2018
September 30, 2017
September 30, 2018
September 30, 2017
Earnings Breakdown (In Thousands)
Total Interest Income
$ 4,053 $ 3,768 $ 3,335 $ 11,322 $ 9,605
Total Interest Expense
836 674 545 2,061 1,548
Net Interest Income
3,217 3,094 2,790 9,261 8,057
Total Noninterest Income
378 358 405 1,031 1,103
Total Noninterest Expense
2,874 2,759 2,394 8,141 7,039
Provision for Loan Losses
35 93 156 317 468
Income Before Taxes
685 599 645 1,834 1,653
Taxes
144 109 217 372 540
Net Income
$ 541 $ 490 $ 428 $ 1,461 $ 1,113
Diluted Earnings Per Share
$ 0.09 $ 0.08 $ 0.07 $ 0.24 $ 0.25
Weighted Average Diluted Shares Outstanding
5,974,200 5,974,200 5,970,450 5,974,200 4,448,895

September 30, 2018
June 30, 2018
March 31, 2018
December 31, 2017
September 30, 2017
Selected Bank Ratios
Loan Loss Reserve to Total Loans
0.80 % 0.80 % 0.81 % 0.77 % 0.75 %
Non-Performing Assets to Total Assets
0.33 % 0.35 % 0.23 % 0.23 % 0.05 %
Net Charge-Offs to Total Loans
0.00 % 0.00 % 0.00 % 0.02 % 0.04 %
Net Interest Margin (year to date)
3.80 % 3.89 % 3.91 % 3.85 % 3.90 %

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.

Contact:

Dawn Kinard
Title: EVP/CFO
Phone: (843) 839-1953
Fax: (843) 839-5699
1012 38th Ave. North
Myrtle Beach, SC29577
www.myccnb.com

SOURCE: Coastal Carolina Bancshares, Inc.

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