Coastal Carolina Bancshares, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 25, 2018
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Coastal Carolina Bancshares, Inc. reported unaudited earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $3,407,000 against $2,991,000 a year ago. Net interest income was $2,865,000 against $2,559,000 a year ago. Income before taxes was $611,000 against loss of $290,000 a year ago. Net loss was $789,000 against $202,000 a year ago.
For the year, the company reported total interest income of $13,012,000 against $8,339,000 a year ago. Net interest income was $10,923,000 against $7,118,000 a year ago. Income before taxes was $2,264,000 against $315,000 a year ago. Net income was $324,000 or $0.07 cents per share against $172,000 or $0.06 cents per share a year ago. Book value per share as on December 31, 2017 was $7.60 against $8.11 a year ago. Tangible book value per share as on December 31, 2017 was $6.95 against $7.14 a year ago. Excluding this deferred tax adjustment, the company’s net income was $1,670,399 or $0.35 cents per share for the year ended December 31, 2017.
Coastal Carolina Bancshares, Inc. is the bank holding company of Coastal Carolina National Bank (the Bank). The Bank is a nationally chartered commercial bank. The Bank is a locally operated financial institution focused on providing personalized service. The principal business activity of the Bank is to provide banking services to domestic markets, principally in Horry, Georgetown, Aiken, Richland, Greenville, Spartanburg, and Brunswick (NC) counties. The Bank offers a range of banking services designed to meet the specific needs of individuals and small and medium-sized businesses. The Bankâs loan portfolio consists of loans to individuals and businesses for various personal and commercial purposes primarily in its respective markets. The Bankâs loan portfolio includes construction and land development, real estate-residential, real estate-non-residential, commercial and industrial, and consumer and other. The Bank also has branches in Garden City, North Myrtle Beach, and others.