Coastal Carolina Bancshares, Inc. Reports Increased Earnings and Continued Growth

MYRTLE BEACH, SC / ACCESSWIRE / April 26, 2019 / Coastal Carolina Bancshares, Inc. (the ”Company”) (OTCQX: CCNB), parent of Coastal Carolina National Bank (”Bank”), reported unaudited net income of $486,898 or $.08 cents per share, for the first quarter of 2019 (three months ended March 31, 2019), compared to $430,528 or $.07 cents per share, for the same period last year (three months ended March 31, 2018).

Key Highlights

Net Income available to common shareholders for the first quarter of 2019 increased 13% over the same period in 2018

Total Loans grew 6.7% to $307 million at March 31, 2019, compared to $288 million at December 31, 2018

Total Deposits grew 5.4% to $345 million at March 31, 2019, compared to $327 million at December 31, 2018

Total Assets grew 5.0% to $398 million at March 31, 2019, compared to $379 million at December 31, 2018

“As we begin 2019 with another solid performance, it is evident that CCNB is on a trajectory of growth. Year over year, our increase in earnings and continued balance sheet growth – coupled with this quarter’s strong financial performance – are testaments to the talent and dedication of our entire team. In the first quarter, we experienced significant loan and deposit growth across all markets led by our newest and seventh branch in Greenville, South Carolina. Bank-wide, our efforts are focused on growth within a responsible risk management framework, quality loan production, operational excellence, and providing the best banking experience possible in every market we serve,” said Laurence S. Bolchoz, Jr., President and Chief Executive Officer of the Company and the Bank.

“This June marks CCNB’s tenth year of serving our communities, and I am very proud of what we’ve accomplished in a relatively short period. With a strong financial foundation, a highly-engaged team, and our customer first mindset, we believe our bank is primed for responsible growth as we head into the future with confidence,” says Bolchoz.

March 31,

2019

December 31,

2018

September 30,

2018

June 30,

2018

March 31,

2018

Balance Sheet (In Thousands)

Total Assets

$
397,506

$
378,719

$
374,581

$
362,535

$
331,541

Investment Securities

38,234

23,052

23,601

24,976

23,314

Loans, net of unearned income (total loans)

307,469

288,258

283,378

278,551

264,242

Deposits

344,751

327,023

322,413

303,641

274,237

Shareholders’ Equity

45,059

44,413

43,545

43,122

42,679

Total Shares Outstanding

5,592,617

Book Value per Share

$
8.06

$
7.94

$
7.79

$
7.71

$
7.63

Tangible Book Value Per Share

$
7.43

$
7.31

$
7.15

$
7.07

$
6.99

Selected % Increases

1st Qtr 2019

4th Qtr 2018

3rd Qtr 2018

2nd Qtr 2018

1st Qtr 2018

Total Assets

5
%

1
%

3
%

9
%

1
%

Total Loans

7
%

2
%

5
%

6
%

Total Deposits

5
%

1
%

6
%

11
%

0
%

For the

Three Months Ended

Twelve Months Ended

March 31,

2019

December 31,
2018

March 31,

2018

December 31,
2018

Earnings Breakdown (In Thousands)

Total Interest Income

$
4,310

$
4,285

$
3,501

$
15,607

Total Interest Expense

982

925

551

2,986

Net Interest Income

3,328

3,360

2,950

12,621

Total Noninterest Income

407

401

296

1,432

Total Noninterest Expense

2,961

2,781

2,507

10,922

Provision for Loan Losses

165

109

189

426

Income Before Taxes

609

871

550

2,705

Taxes

122

217

119

590

Net Income

$
487

$
654

$
431

$
2,115

Diluted Earnings Per Share

$
0.08

$
0.11

$
0.07

$
0.35

Weighted Average Diluted Shares Outstanding

5,974,200

March 31,

2019

December 31,

2018

September 30,

2018

June 30,

2018

March 31,

2018

Selected Bank Ratios

Loan Loss Reserve to Total Loans

0.83
%

0.80
%

0.81
%

Non-Performing Assets to Total Assets

0.28
%

0.30
%

0.33
%

0.35
%

0.23
%

Net Charge-Offs to Total Loans

0.00
%

0.01
%

0.00
%

Net Interest Margin (year to date)

3.70
%

3.79
%

3.80
%

3.89
%

3.91
%

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, Lexington, Greenville (SC), 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, South Carolina, 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. Coastal Carolina Bancshares, Inc. common stock currently trades on the OTC QX market under the symbol ”CCNB.” 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 National Bank

ReleaseID: 543056

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