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Coastal Carolina Bancshares, Inc. reports recurring bank holding company developments for CCNB, the OTCQX-traded parent of Coastal Carolina National Bank. Company news centers on quarterly and annual earnings, loan and deposit growth, net interest margin, book value and tangible book value, regulatory capital ratios, and credit-quality measures such as non-performing assets, past-due loans, charge-offs, and other real estate owned.
Updates also cover capital actions used to support the bank's balance sheet and growth strategy, including common equity issuances and subordinated debt activity. The recurring disclosures frame CCNB's results through community-bank operating drivers: earning-asset growth, funding costs, retained earnings, capital adequacy, and asset quality.
Coastal Carolina Bancshares (OTCQX:CCNB) reported Q2 2024 net income of $1.96 million, or $0.31 per share, compared to $1.98 million in Q2 2023. The company achieved a significant milestone by surpassing $1 billion in total assets for the first time. Key highlights include:
- 10% quarterly asset growth to $1.07 billion
- 11% quarterly deposit growth to $971 million
- 1% quarterly loan growth to $793 million
- Improved net interest margin of 3.19%, up from 3.08% in Q1 2024
- Continued strong credit quality with 0.0% non-performing assets ratio
The bank's expansion efforts include opening a new branch in Orangeburg, SC, marking its ninth full-service office.
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Coastal Carolina Bancshares, Inc. (OTCQX:CCNB) reported a net income of $2,120,777 or $0.34 per share for Q1 2023, reflecting a 55% increase from Q1 2022. Compared to the previous quarter, earnings declined from $2,342,030 or $0.38 per share. Highlights include 3% deposit growth to $767 million and 6% loan growth to $685 million. The bank maintains strong credit quality metrics with a 0.0% non-performing assets ratio. The bank’s total assets increased by 5% to $868 million. The net interest margin for the quarter was 3.61% with net interest income at $7.0 million, up 32% year-over-year but down linked quarter. The company continues strong capital ratios.
Coastal Carolina Bancshares reported strong financial results for FY 2022, achieving a net income of $7.21 million, or $1.16 per share, a 16% increase from 2021. The Q4 net income rose 41% year-over-year to $2.34 million, with EPS of $0.38. Total assets grew to $825 million, primarily driven by a 40% increase in net loans to $649 million. Deposits rose 8% to $742 million. The non-performing assets ratio remained at 0.0%, indicating robust credit quality. However, noninterest income decreased significantly from $5 million in 2021 to $2.24 million in 2022 due to declining mortgage revenues amidst rising interest rates.
Coastal Carolina Bancshares reported a 22% year-over-year increase in net income for Q3 2022, amounting to $2.01 million or $0.32 per share. Year-to-date net income reached $4.87 million, a 6% growth from the previous year. Total loans grew by 29% to $596 million, while total deposits increased by 5% to $721 million. The bank maintained strong credit quality with a non-performing assets ratio of just 0.05%. Key ratios include a return on average assets of 1.00% and a net interest margin of 3.91%. Despite rising interest rates impacting investment valuations, the bank's core operations remain robust.
Coastal Carolina Bancshares reported second-quarter 2022 financial results with a net income of $1,493,066 or $0.24 per share, a 9% increase from the previous quarter. Year-to-date, net income stands at $2,859,227 or $0.46 per share, a slight decline from $2,920,796 in 2021. Key highlights include a 15% increase in net interest income to $6.1 million and total loans rising 19% year-to-date to $552 million. The company maintains strong credit quality with a non-performing assets ratio of 0.05% and a robust loan pipeline indicated by significant economic activity.
Coastal Carolina Bancshares, Inc. (OTCQX:CCNB) reported first-quarter 2022 net income of $1,366,161, down slightly from $1,387,569 in Q1 2021, resulting in earnings per share of $0.22.
Total loans increased 8% quarter-over-quarter, totaling $483 million, while total assets rose 5% to $795 million. Total deposits grew by 4% to $713 million. Key credit quality metrics remained strong, with a non-performing assets ratio of just 0.05%. The Company’s book value per share decreased to $9.24 as of March 31, 2022, due to market interest rate increases affecting investment values.