Coastal Carolina Bancshares, Inc. Reports First Quarter Earnings
MYRTLE BEACH, SC / ACCESSWIRE / April 26, 2022 / Coastal Carolina Bancshares, Inc. (the "Company") (OTCQX:CCNB), parent of Coastal Carolina National Bank (the "Bank"), reported unaudited financial results for the first quarter of 2022. The Company reported net income of
2022 First Quarter Financial Highlights
- First quarter net income of
$1,366,161 or$0.22 per share - Total Loans, excluding PPP loans, increased
8% during the quarter (31% annualized) from$449 million at December 31, 2021 to$483 million at March 31, 2022 - Total Assets increased
5% during the quarter (19% annualized) to$795 million at March 31, 2022 - Total Deposits increased
4% during the quarter (17% annualized) to$713 million at March 31, 2022 - Key credit quality metrics remained strong during the quarter with a non-performing assets ratio of
0.05%
"We are very pleased with our earnings performance for the first quarter of 2022 especially considering the industry wide headwinds from reduced PPP and mortgage fee income. We achieved PPP adjusted loan growth of
Coastal Carolina Bancshares, Inc.
Selected Financial Highlights
(unaudited)
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||
Balance Sheet (In Thousands) | ||||||||||||||||||||
Total Assets | $ | 794,632 | $ | 759,462 | $ | 735,653 | $ | 708,392 | $ | 654,695 | ||||||||||
Investment Securities | 106,446 | 91,104 | 86,063 | 79,593 | 72,569 | |||||||||||||||
Loans, net of unearned income (total loans) | 493,540 | 463,104 | 456,847 | 456,026 | 437,292 | |||||||||||||||
Deposits | 712,949 | 684,463 | 660,619 | 634,748 | 583,314 | |||||||||||||||
Shareholders' Equity | 56,891 | 59,478 | 58,219 | 56,490 | 54,319 | |||||||||||||||
Total Shares Outstanding (1) | 6,154,470 | 6,153,470 | 6,153,470 | 6,145,470 | 6,146,218 | |||||||||||||||
Book Value per Share | $ | 9.24 | $ | 9.67 | $ | 9.46 | $ | 9.19 | $ | 8.84 | ||||||||||
Tangible Book Value Per Share | $ | 8.71 | $ | 9.13 | $ | 8.93 | $ | 8.65 | $ | 8.30 | ||||||||||
Selected % Increases | 1st Qtr 2022 | 4th Qtr 2021 | 3rd Qtr 2021 | 2nd Qtr 2021 | 1st Qtr 2021 | |||||||||||||||
Total Assets | 5 | % | 3 | % | 4 | % | 8 | % | 9 | % | ||||||||||
Total Loans | 7 | % | 1 | % | 0 | % | 4 | % | 5 | % | ||||||||||
Total Deposits | 4 | % | 4 | % | 4 | % | 9 | % | 9 | % | ||||||||||
Selected Ratios | ||||||||||||||||||||
Loan Loss Reserve to Total Loans | 1.03 | % | 1.08 | % | 1.04 | % | 1.04 | % | 1.03 | % | ||||||||||
Non-Performing Assets (excl TDRs) to Total Assets | 0.05 | % | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | ||||||||||
Net Charge-Offs to Avg Total Loans (annualized) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||
For the | For the | For the | For the | ||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Twelve Months Ended | ||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2021 | December 31, 2021 | ||||||||||||
Earnings Breakdown (In Thousands) | |||||||||||||||
Total Interest Income | $ | 5,886 | $ | 5,951 | $ | 5,582 | $ | 23,134 | |||||||
Total Interest Expense | 579 | 598 | 767 | 2,749 | |||||||||||
Net Interest Income | 5,307 | 5,353 | 4,815 | 20,385 | |||||||||||
Total Noninterest Income | 587 | 987 | 1,269 | 4,997 | |||||||||||
Total Noninterest Expense | 4,169 | 4,343 | 4,124 | 16,946 | |||||||||||
Provision for Loan Losses | 75 | 71 | 211 | 732 | |||||||||||
Income Before Taxes | 1,650 | 1,926 | 1,749 | 7,704 | |||||||||||
Taxes | 284 | 260 | 361 | 1,465 | |||||||||||
Net Income | $ | 1,366 | $ | 1,666 | $ | 1,388 | $ | 6,239 | |||||||
Basic Earnings Per Share | $ | 0.22 | $ | 0.27 | $ | 0.23 | $ | 1.01 | |||||||
Diluted Earnings Per Share | $ | 0.22 | $ | 0.27 | $ | 0.23 | $ | 1.01 | |||||||
Weighted Average Shares Outstanding - Basic | 6,153,670 | 6,153,470 | 6,150,442 | 6,149,096 | |||||||||||
Weighted Average Shares Outstanding - Diluted | 6,213,423 | 6,202,555 | 6,160,573 | 6,160,190 | |||||||||||
Selected Ratios | |||||||||||||||
Return On Average Assets | 0.70 | % | 0.89 | % | 0.88 | % | 0.90 | % | |||||||
Return On Average Equity | 9.39 | % | 11.32 | % | 10.26 | % | 11.06 | % | |||||||
Efficiency Ratio | 70.48 | % | 68.26 | % | 67.49 | % | 66.50 | % | |||||||
Net Interest Margin - Bank Level | 3.01 | % | 3.12 | % | 3.32 | % | 3.19 | % | |||||||
(1) - Total shares outstanding excludes unvested restricted stock awards |
Capital
On March 11, 2022 the Company issued
At March 31, 2022, the Bank's regulatory capital ratios (Leverage, Tier 1, and Total Risk-Based) were
The Company reported book value per share and tangible book value per share at March 31, 2022 of
Balance Sheet and Credit Quality
Total Assets increased by
The Bank experienced strong deposit growth during the quarter, reporting
Loans increased
Asset quality metrics remained solid during the first quarter of 2022. The Bank's non-performing asset ratio as of March 31, 2022 was
Income Statement
Net Interest Income
Net interest income increased
The Bank's quarterly net interest margin was
Noninterest Income
Noninterest income totaled
The Bank's primary source of non-interest income is mortgage revenue including gain on the sale of mortgage loans. First quarter 2022 mortgage revenues were
Noninterest Expense
Noninterest expense totaled
Provision for Loan Losses
During the quarter, the Bank recorded provision expense of
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. It 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 opportunities. 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
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