MYRTLE BEACH, SC / ACCESS Newswire / October 29, 2026 / Coastal Carolina Bancshares, Inc. (the "Company") (OTCQX:CCNB), parent of Coastal Carolina National Bank (the "Bank"), reported unaudited financial results for the third quarter of 2026.
The Company reported net income for the three months ended September 30, 2026, of $3,208,598, or $0.42 per diluted share, compared to $2,959,053, or $0.47 per diluted share, for the same period in the prior year and $2,935,412, or $0.39 per diluted share, for the prior quarter ended June 30, 2026. Net income, excluding the after-tax effect of merger expenses, totaled $3,427,398, or $0.45 per diluted share, for the three months ended September 30, 2026.
The Company reported net income of $9,412,711, or $1.24 per diluted share, for the nine months ended September 30, 2026, compared to $7,852,054, or $1.24 per diluted share, for the same period ended September 30, 2025. Net income, excluding the after-tax effect of merger expenses, totaled $10,045,421, or $1.32 per diluted share, for the nine months ended September 30, 2026.
Merger Completion
On October 1, 2026, CCNB announced the completion of its merger of equals with Beacon Holding Company, Inc. (OTCQB: BCON), the parent company of Beacon Community Bank. At the effective time of the merger, Beacon merged with and into Coastal, with Coastal continuing as the surviving corporation.
Following the merger, Beacon branch locations will now operate as "Beacon Community Bank, a division of Coastal Carolina National Bank." In early 2027, the core systems and operations of Beacon are scheduled to be converted into those of Coastal Carolina National Bank, at which time the bank will be rebranded as Beacon Bank, N.A. Coastal Carolina Bancshares, Inc. will continue trading under the ticker symbol "CCNB". The merger expands the combined company's footprint to sixteen branches and one loan production office serving attractive markets across the coastal Carolinas, from Charleston, South Carolina, to Wilmington, North Carolina, and inland to the Upstate of South Carolina. On a pro forma basis, the combined organization has approximately $2.3 billion in total assets, $2.0 billion in total deposits, and $1.8 billion in total loans.
Because the merger was completed after September 30, 2026, the Company's reported financial results and financial position as of and for the periods ended September 30, 2026 do not include the operations or financial position of Beacon.
- Third Quarter Financial Highlights
- Quarterly net income of $3.2 million ($3.4 million excluding the after-tax effect of merger expenses), an increase of 8% (16% excluding merger expenses) over the third quarter of 2025
- Net income for the nine months ended September 30, 2026 increased 20% (28% excluding merger expenses) when compared to the same period in 2025.
- Quarterly diluted earnings per share of $0.42 ($0.45 per share excluding the after-tax effect of merger expenses)
- Quarterly Return on Average Equity of 11.61% and Return on Average Equity excluding the after-tax effect of merger expenses of 12.41%
- Bank-level Net Interest Margin of 3.50% for the quarter ended September 30, 2026 compared to 3.59% for the prior quarter ended June 30, 2026 and 3.46% for the quarter ended September 30, 2025
- Tangible book value per share increased 9% year-over-year and 7% year-to-date to $14.20
- Total assets increased $76 million or 6% (8% annualized) compared to December 31, 2025 to $1.355 billion.
- Year-to-date deposit growth of $67 million or 6% (8% annualized) from $1.147 billion at December 31, 2025 to $1.214 billion at September 30, 2026
- Quarterly loan growth of $17 million or 2% (7% annualized) during the third quarter, and $60 million or 6% (8% annualized) year-to-date, to $1.004 billion at September 30, 2026
President and CEO of the Company and Bank, Laurence S. Bolchoz, Jr. commented, "The third quarter marked an important period for our Company. We generated solid earnings, continued to expand the loan portfolio, and maintained the deposit growth achieved during the first half of the year, while preparing for the completion of our merger with Beacon Holding Company, Inc. With the transaction now complete, we are focused on executing a thoughtful integration, supporting our customers and employees through the transition, and realizing the long-term opportunities of the combined organization."
Coastal Carolina Bancshares, Inc.
Selected Financial Highlights
(unaudited)
| September 30, 2026 | June 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sept 30, 2025 | ||||||||||||
| Balance Sheet (In Thousands) | ||||||||||||||||
| Total Assets | $ | 1,355,366 | $ | 1,351,107 | $ | 1,278,045 | $ | 1,279,007 | $ | 1,209,800 | ||||||
| Investment Securities | 73,234 | 77,903 | 82,869 | 85,921 | 88,226 | |||||||||||
| Loans, excluding loans HFS | 1,004,523 | 987,775 | 968,292 | 944,842 | 911,160 | |||||||||||
| Deposits | 1,213,777 | 1,212,353 | 1,142,317 | 1,147,072 | 1,096,364 | |||||||||||
| Shareholders' Equity | 111,739 | 109,283 | 106,099 | 103,032 | 85,191 | |||||||||||
| Total Shares Outstanding (1) | 7,651,731 | 7,537,553 | 7,506,222 | 7,503,722 | 6,303,722 | |||||||||||
| Book Value per Share | $ | 14.60 | $ | 14.50 | $ | 14.13 | $ | 13.73 | $ | 13.51 | ||||||
| Tangible Book Value Per Share | $ | 14.20 | $ | 14.09 | $ | 13.72 | $ | 13.32 | $ | 13.02 | ||||||
| Selected % Increases | 3rd Qtr 2026 | 2nd Qtr 2026 | 1st Qtr 2026 | 4th Qtr 2025 | 3rd Qtr 2025 | |||||||||||
| Total Assets | 0 | 6 | 0 | 6 | 2 | % | ||||||||||
| Total Loans | 2 | 2 | 2 | 4 | 4 | % | ||||||||||
| Total Deposits | 0 | 6 | 0 | 5 | 2 | % | ||||||||||
| Selected Ratios | ||||||||||||||||
| Loan Loss Reserve to Total Loans | 1.02 | 1.12 | 1.11 | 1.08 | 1.07 | % | ||||||||||
| Non-Performing Assets (excl TDRs) to Total Assets | 0.09 | 0.26 | 0.02 | 0.00 | 0.00 | % | ||||||||||
| Net Charge-Offs to Avg Total Loans | 0.15 | 0.00 | 0.00 | 0.00 | 0.00 | % | ||||||||||
| 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, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||
| Earnings Breakdown (In Thousands) | ||||||||||||||||
| Total Interest Income | $ | 18,515 | $ | 17,755 | $ | 16,468 | $ | 52,899 | $ | 45,944 | ||||||
| Total Interest Expense | 7,315 | 6,670 | 6,620 | 19,949 | 17,803 | |||||||||||
| Net Interest Income | 11,200 | 11,085 | 9,848 | 32,950 | 28,141 | |||||||||||
| Total Noninterest Income | 739 | 603 | 657 | 1,951 | 1,869 | |||||||||||
| Total Noninterest Expense | 7,463 | 7,507 | 6,345 | 21,577 | 18,850 | |||||||||||
| Provision for Loan Losses | 680 | 390 | 430 | 1,530 | 1,245 | |||||||||||
| Income Before Taxes | 3,796 | 3,791 | 3,730 | 11,794 | 9,915 | |||||||||||
| Taxes | 588 | 856 | 771 | 2,381 | 2,063 | |||||||||||
| Net Income | $ | 3,208 | $ | 2,935 | $ | 2,959 | $ | 9,413 | $ | 7,852 | ||||||
| Adj. for After-Tax Effect of Merger Expenses | 220 | 413 | 633 | - | ||||||||||||
| Net Income Excl. After-Tax Effect of Merger Exp. (Non-GAAP) | $ | 3,428 | $ | 3,348 | $ | 10,046 | $ | 7,852 | ||||||||
| Basic Earnings Per Share | $ | 0.42 | $ | 0.39 | $ | 0.47 | $ | 1.25 | $ | 1.25 | ||||||
| Diluted Earnings Per Share | $ | 0.42 | $ | 0.39 | $ | 0.47 | $ | 1.24 | $ | 1.24 | ||||||
| Basic Earnings Per Share (excluding merger costs) | $ | 0.45 | $ | 0.44 | $ | 1.33 | $ | 1.25 | ||||||||
| Diluted Earnings Per Share (excluding merger costs) | $ | 0.45 | $ | 0.44 | $ | 1.32 | $ | 1.24 | ||||||||
| Weighted Average Shares Outstanding - Basic | 7,575,659 | 7,524,613 | 6,302,787 | 7,535,551 | 6,279,477 | |||||||||||
| Weighted Average Shares Outstanding - Diluted | 7,648,127 | 7,622,927 | 6,362,799 | 7,594,400 | 6,329,909 | |||||||||||
| Selected Ratios | ||||||||||||||||
| Return On Average Assets | 0.95 | 0.89 | 0.99 | 0.95 | 0.91 | % | ||||||||||
| Return On Average Equity | 11.61 | 10.90 | 14.27 | 11.67 | 13.11 | % | ||||||||||
| Efficiency Ratio | 62.45 | 64.17 | 60.32 | 61.77 | 62.76 | % | ||||||||||
| Return On Average Assets (excluding merger costs) | 1.01 | 1.02 | 0.99 | 1.02 | 0.91 | % | ||||||||||
| Return On Average Equity (excluding merger costs) | 12.41 | 12.44 | 14.27 | 12.45 | 13.11 | % | ||||||||||
| Efficiency Ratio (excluding merger costs) | 60.61 | 60.63 | 60.32 | 59.95 | 62.76 | % | ||||||||||
| Net Interest Margin *Bank Level* | 3.50 | 3.59 | 3.46 | 3.56 | 3.53 | % | ||||||||||
| (1) - Total shares outstanding excludes unvested restricted stock awards | ||||||||||||||||
Capital
At September 30, 2026, the Bank remained well-capitalized under applicable regulatory capital requirements with leverage, tier 1 risk-based, and total risk-based capital ratios of 9.28%, 13.12%, and 14.24%, respectively. Consolidated Shareholders' Equity totaled $111.7 million, an increase of $2.5 million from June 30, 2026, and an increase of $8.7 million year-to-date.
The Company reported book value per share and tangible book value per share at September 30, 2026 of $14.60 and $14.20, respectively, compared to $14.50 and $14.09 at June 30, 2026. Increased book value per share during the quarter resulted from retained earnings accumulation, partially offset by changes in investment market valuations during the quarter.
Balance Sheet and Credit Quality
Total assets increased by $4 million during the quarter to $1.355 billion at September 30, 2026, and increased $76 million or 6% (8% annualized) from $1.279 billion at December 31, 2025.
Total deposits remained stable during the quarter, with the Company reporting $1.214 billion in total deposits at September 30, 2026, compared to $1.212 billion at June 30, 2026. Year-to-date, total deposits increased $67 million or 6% from $1.147 billion at December 31, 2025. At quarter end, checking and savings accounts represented approximately 34% of the Bank's total deposit balances while money market accounts and time deposits represented approximately 48% and 18% of total deposits, respectively.
President and CEO of the Company and Bank, Laurence S. Bolchoz, Jr., commented:
"Retaining the substantial deposit inflows generated during the second quarter provided a stable funding base for continued loan growth. Deposit levels remained essentially unchanged during the quarter and increased $67 million year-to-date, while the mix of balances reflected continued progress in interest checking relationships. We believe this performance demonstrates the value of a relationship-based funding strategy and the consistent execution of our teams across the Bank."
Net loans increased $17 million or 2% during the third quarter, and $60 million or 6% year-to-date, to $1.004 billion at September 30, 2026. Year-to-date loan growth was led by owner-occupied commercial real estate, other construction and land development, and one-to-four family residential loans, which increased $20 million, $15 million, and $12 million, respectively. Growth was partially offset by a $15 million decline in non-owner-occupied commercial real estate loans.
The Company continues to report sound asset quality metrics. Net charge-offs totaled approximately $1.46 million during the quarter, related to one loan relationship, and there was no outstanding OREO property at September 30, 2026. At quarter end the Bank had $1.2 million in non-accrual loans, representing 0.13% of total loans. Additionally, the Bank's past due loans (30-89 days) totaled $0.2 million at quarter end. The allowance for credit losses on loans totaled $10.3 million, or 1.02% of total loans outstanding.
Mr. Bolchoz commented:
"Net charge-offs during the quarter were concentrated in a single loan relationship with reserves established to cover the charge-off amount. We do not believe this isolated matter is indicative of broad-based deterioration within the portfolio. At quarter end, past-due loans remained limited, and the Bank held no OREO. We continue to monitor borrower performance closely and maintain a measured approach to credit administration."
Income Statement
Net Interest Income
Net interest income increased $0.1 million or 1% to $11.2 million for the quarter ended September 30, 2026, compared to $11.1 million during the most recent linked quarter, and increased 14% when compared to prior year's third quarter net interest income of $9.8 million. Bank level net interest margin was 3.50% for the quarter ended September 30, 2026, compared to 3.59% for the prior quarter ended June 30, 2026 and 3.46% during the third quarter of 2025. The Company's consolidated net interest margin was 3.36% for the quarter ended September 30, 2026, compared to 3.49% for the prior quarter ended June 30, 2026 and 3.35% during the third quarter of 2025.
Net interest income growth during the third quarter of 2026 was driven by continued loan growth and growth in average earning assets, which increased $50 million from the linked quarter. Net interest margin declined from the linked quarter primarily due to higher deposit costs and a higher average balance of lower-yielding interest-bearing deposits held at other institutions. The Company's yield on earning assets decreased to 5.55% for the quarter ended September 30, 2026 compared to 5.59% during the most recent linked quarter, while the cost of interest-bearing deposits increased from 2.59% to 2.71%. The Company's loan yields were 6.21% during the third quarter of 2026 compared to 6.22% during the second quarter of 2026.
Mr. Bolchoz said:
"Third-quarter results demonstrate the underlying earnings capacity of the Bank. Net income excluding the after-tax effect of merger-related expenses increased 16% from the prior-year quarter, supported by higher average earning assets, continued loan growth, and increased net interest income. Although funding costs placed pressure on the net interest margin, growth in earning assets allowed us to increase net interest income and maintain solid operating performance."
Noninterest Income
Noninterest income totaled $739 thousand for the quarter ended September 30, 2026, compared to $604 thousand earned during the most recent quarter ended June 30, 2026 and $657 thousand in the third quarter of 2025. The increase in noninterest income from the linked quarter was primarily attributable to higher other noninterest income and service charge revenue. Noninterest income consisted primarily of service charges and fees on deposit accounts, interchange and merchant fee income, mortgage sales income, and earnings from bank-owned life insurance.
Noninterest Expense
Noninterest expense totaled $7.5 million for the quarter ended September 30, 2026, compared to $7.5 million for the prior quarter ended June 30, 2026, and $6.3 million for the comparative quarter ended September 30, 2025. The increase in noninterest expense compared to the prior year was primarily attributable to merger-related expenses as well as investments in personnel, technology and infrastructure to support the Company's continued growth.
Noninterest expense during the quarter included approximately $0.2 million of merger-related expenses associated with the Company's merger transaction. Additionally, data processing costs decreased $82 thousand from the linked quarter, which included one-time implementation costs associated with the Bank's online banking upgrades.
Provision for Credit Losses
During the quarter, the Bank recorded a provision for credit losses of $680 thousand, bringing the Bank's year-to-date provision to $1.5 million. At quarter end, the Bank's allowance for credit losses on loans totaled $10.3 million, equating to 1.02% of total loans outstanding at September 30, 2026. In addition, the Bank's reserve on unfunded commitments was $472 thousand for a total CECL reserve of $10.7 million. The decrease in the allowance for credit losses from June 30, 2026 primarily reflected the third quarter loan charge-off, partially offset by the provision recorded during the quarter.
Balance Sheet Data - Unaudited
(Dollars in thousands)
| Sep 30, 2026 | June 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | ||||||||||||
| Cash and Equivalents | $ | 243,823 | $ | 253,437 | $ | 194,821 | $ | 216,063 | $ | 177,859 | ||||||
| Securities | 73,234 | 77,903 | 82,869 | 85,921 | 88,226 | |||||||||||
| Loans | ||||||||||||||||
| Loans Held for Sale | - | - | 528 | 381 | 966 | |||||||||||
| Loans Held for Investment | 1,004,402 | 987,775 | 968,292 | 944,842 | 911,160 | |||||||||||
| Allowance for Credit Losses - Loans | (10,274 | ) | (11,065 | ) | (10,718 | ) | (10,238 | ) | (9,727 | ) | ||||||
| Net Loans | $ | 994,128 | $ | 976,710 | $ | 958,102 | $ | 934,986 | $ | 902,399 | ||||||
| Premises & Equipment | 16,149 | 15,509 | 14,976 | 14,763 | 14,522 | |||||||||||
| OREO | - | - | - | - | - | |||||||||||
| Goodwill | 2,992 | 2,992 | 2,992 | 2,992 | 2,992 | |||||||||||
| Core Deposit Intangible | 93 | 99 | 106 | 112 | 119 | |||||||||||
| Bank Owned Life Insurance | 12,272 | 12,172 | 12,073 | 11,972 | 11,872 | |||||||||||
| Other Assets | 12,676 | 12,285 | 12,106 | 12,199 | 11,811 | |||||||||||
| Total Assets | $ | 1,355,366 | $ | 1,351,107 | $ | 1,278,045 | $ | 1,279,007 | $ | 1,209,800 | ||||||
| Deposits | ||||||||||||||||
| Noninterest Bearing Deposits | $ | 189,220 | $ | 194,400 | $ | 180,269 | $ | 204,083 | $ | 165,538 | ||||||
| Interest Checking | 209,279 | 185,332 | 179,422 | 187,892 | 184,463 | |||||||||||
| Savings | 18,302 | 18,047 | 17,737 | 17,285 | 17,999 | |||||||||||
| Money Markets | 579,145 | 589,896 | 557,260 | 543,678 | 539,993 | |||||||||||
| Certificates of Deposit | 217,830 | 224,678 | 207,629 | 194,134 | 188,371 | |||||||||||
| Total Deposits | $ | 1,213,777 | $ | 1,212,353 | $ | 1,142,317 | $ | 1,147,072 | $ | 1,096,364 | ||||||
| Subordinated Debentures | 22,000 | 22,000 | 22,000 | 22,000 | 20,000 | |||||||||||
| Borrowings | - | - | - | - | - | |||||||||||
| Accrued Expense & Other Liabilities | 7,850 | 7,471 | 7,628 | 6,902 | 8,244 | |||||||||||
| Total Liabilities | $ | 1,243,627 | $ | 1,241,824 | $ | 1,171,945 | $ | 1,175,974 | $ | 1,124,609 | ||||||
| Common Stock and Surplus | $ | 63,609 | $ | 62,442 | $ | 62,316 | $ | 62,224 | $ | 48,090 | ||||||
| Retained Earnings | 54,372 | 51,163 | 48,228 | 44,959 | 41,876 | |||||||||||
| AOCI | (6,243 | ) | (4,322 | ) | (4,444 | ) | (4,150 | ) | (4,774 | ) | ||||||
| Total Shareholders' Equity | $ | 111,739 | $ | 109,283 | $ | 106,099 | $ | 103,032 | $ | 85,191 | ||||||
| Total Liabilities & Shareholders' Equity | $ | 1,355,366 | $ | 1,351,107 | $ | 1,278,045 | $ | 1,279,007 | $ | 1,209,800 | ||||||
Income Statement Data - Unaudited
(Dollars in thousands)
| Three Months Ended | Year Ended | ||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | |||||||||||||||
| Interest Income | |||||||||||||||||||||
| Loans | $ | 15,537 | $ | 15,219 | $ | 14,411 | $ | 14,194 | $ | 13,803 | $ | 45,167 | $ | 39,592 | |||||||
| Securities | 2,978 | 2,536 | 2,217 | 2,377 | 2,665 | 7,731 | 6,351 | ||||||||||||||
| Total Interest Income | $ | 18,515 | $ | 17,755 | $ | 16,629 | $ | 16,571 | $ | 16,468 | $ | 52,899 | $ | 45,944 | |||||||
| Interest Expense | |||||||||||||||||||||
| Deposits | $ | 6,986 | $ | 6,341 | $ | 5,636 | $ | 5,960 | $ | 6,269 | $ | 18,963 | $ | 16,890 | |||||||
| Borrowings | 329 | 329 | 329 | 346 | 350 | 986 | 913 | ||||||||||||||
| Total Interest Expense | $ | 7,315 | $ | 6,670 | $ | 5,965 | $ | 6,305 | $ | 6,620 | $ | 19,949 | $ | 17,803 | |||||||
| Net Interest Income | $ | 11,200 | $ | 11,085 | $ | 10,664 | $ | 10,265 | $ | 9,848 | $ | 32,949 | $ | 28,140 | |||||||
| Provision for Credit Losses | $ | 680 | $ | 390 | $ | 460 | $ | 485 | $ | 430 | $ | 1,530 | $ | 1,245 | |||||||
| Noninterest Income | |||||||||||||||||||||
| Bank Owned Life Insurance | $ | 100 | $ | 99 | $ | 100 | $ | 100 | $ | 99 | $ | 300 | $ | 295 | |||||||
| ATM, Debit, and Merchant fees | 269 | 268 | 226 | 234 | 240 | 763 | 672 | ||||||||||||||
| Service Charge Revenue | 167 | 139 | 153 | 158 | 166 | 459 | 507 | ||||||||||||||
| Gain on Sale of Loans | 68 | 70 | 75 | 101 | 100 | 214 | 238 | ||||||||||||||
| Other | 135 | 27 | 54 | 51 | 51 | 216 | 157 | ||||||||||||||
| Total Noninterest Income | $ | 739 | $ | 604 | $ | 608 | $ | 645 | $ | 657 | $ | 1,951 | $ | 1,869 | |||||||
| Noninterest Expense | |||||||||||||||||||||
| Salaries and Employee Benefits | $ | 4,472 | $ | 4,420 | $ | 4,207 | $ | 4,128 | $ | 4,082 | $ | 13,099 | $ | 12,026 | |||||||
| Occupancy & Equipment | 633 | 638 | 639 | 610 | 574 | 1,910 | 1,759 | ||||||||||||||
| Data Processing | 823 | 905 | 738 | 724 | 687 | 2,466 | 2,082 | ||||||||||||||
| Other | 1,536 | 1,544 | 1,022 | 1,000 | 1,002 | 4,102 | 2,983 | ||||||||||||||
| Total Noninterest Expense | $ | 7,463 | $ | 7,507 | $ | 6,606 | $ | 6,462 | $ | 6,345 | $ | 21,577 | $ | 18,850 | |||||||
| Income Before Taxes | $ | 3,796 | $ | 3,791 | $ | 4,206 | $ | 3,964 | $ | 3,730 | $ | 11,793 | $ | 9,915 | |||||||
| Income Tax Expense | $ | 588 | $ | 856 | $ | 937 | $ | 880 | $ | 771 | $ | 2,381 | $ | 2,063 | |||||||
| Net Income (GAAP) | $ | 3,208 | $ | 2,935 | $ | 3,269 | $ | 3,083 | $ | 2,959 | $ | 9,413 | $ | 7,852 | |||||||
| Adjustment for the after-tax effect of merger expenses | $ | 220 | $ | 413 | $ | - | $ | - | $ | - | $ | 633 | $ | - | |||||||
| Net income excluding the after-tax effect of merger expenses (non-GAAP) | $ | 3,427 | $ | 3,348 | $ | 3,269 | $ | 3,083 | $ | 2,959 | $ | 10,045 | $ | 7,852 | |||||||
Yield Data - Unaudited
(Dollars in thousands)
| Three Months Ended September 30, 2026 | Three Months Ended June 30, 2026 | Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||||
| Average Balance | Interest Earned/Paid | Yield/ Rate | Average Balance | Interest Earned/Paid | Yield/ Rate | Average Balance | Interest Earned/Paid | Yield/ Rate | ||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||
| Earning Assets | ||||||||||||||||||||||||||||||
| Interest Bearing Deposits | $ | 251,196 | $ | 2,359 | 3.73 | % | $ | 207,959 | $ | 1,901 | 3.67 | % | $ | 178,039 | $ | 1,965 | 4.38 | % | ||||||||||||
| Securities | 80,128 | 619 | 3.09 | % | 85,449 | 635 | 2.97 | % | 93,438 | 700 | 3.00 | % | ||||||||||||||||||
| Loans, incl. fees | 993,053 | 15,537 | 6.21 | % | 980,852 | 15,219 | 6.22 | % | 896,842 | 13,803 | 6.11 | % | ||||||||||||||||||
| Total Earning Assets | $ | 1,324,377 | $ | 18,515 | 5.55 | % | $ | 1,274,260 | $ | 17,755 | 5.59 | % | $ | 1,168,319 | $ | 16,468 | 5.59 | % | ||||||||||||
| Cash and Due From Banks | 17,479 | 8,644 | 9,038 | |||||||||||||||||||||||||||
| Other Assets | 26,622 | 25,086 | 22,874 | |||||||||||||||||||||||||||
| Total assets | $ | 1,368,478 | $ | 1,307,990 | $ | 1,200,231 | ||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||
| Interest-Bearing Liabilities | ||||||||||||||||||||||||||||||
| Deposits | $ | 1,022,454 | $ | 6,986 | 2.71 | % | $ | 980,532 | 6,341 | 2.59 | % | $ | 921,923 | $ | 6,269 | 2.70 | % | |||||||||||||
| Borrowings | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||
| Subordinated Debentures | 22,000 | 329 | 5.93 | % | 22,000 | 329 | 6.00 | % | 20,000 | 350 | 6.94 | % | ||||||||||||||||||
| Total Interest -Bearing Liabilities | $ | 1,044,454 | $ | 7,315 | 2.78 | % | $ | 1,002,532 | $ | 6,670 | 2.67 | % | $ | 941,923 | $ | 6,619 | 2.79 | % | ||||||||||||
| Noninterest Bearing Deposits | 204,201 | 189,528 | 167,234 | |||||||||||||||||||||||||||
| Other Liabilities | 8,177 | 7,302 | 7,910 | |||||||||||||||||||||||||||
| Shareholders' Equity | 111,646 | 108,628 | 83,164 | |||||||||||||||||||||||||||
| Total Liabilities & Shareholders' Equity | $ | 1,368,478 | $ | 1,307,990 | $ | 1,200,231 | ||||||||||||||||||||||||
| Cost of Deposits, incl. noninterest deposits | 2.26 | % | 2.17 | % | 2.28 | % | ||||||||||||||||||||||||
| Cost of Funds, incl. noninterest deposits | 2.32 | % | 2.24 | % | 2.37 | % | ||||||||||||||||||||||||
| Net Interest Margin | 3.36 | % | 3.49 | % | 3.35 | % | ||||||||||||||||||||||||
Non-GAAP Financial Measures
Management uses certain non-GAAP financial measures to evaluate the Company's operating performance and financial condition. These measures should not be considered a substitute for, nor superior to, financial measures determined in accordance with U.S. generally accepted accounting principles ("GAAP"). Management believes that these non-GAAP measures provide investors with useful supplemental information regarding the Company's core operating performance and tangible capital position. The tables below provide a reconciliation of GAAP to non-GAAP measures for the periods indicated:
(Dollars in thousands, except per share data)
| 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, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||
| Reconciliation for Adjustments to Exclude the After-Tax Effect of Merger Expenses | ||||||||||||||||
| Net Income (GAAP) | $ | 3,208 | $ | 2,935 | $ | 2,959 | $ | 9,413 | $ | 7,852 | ||||||
| Adj. for After-Tax Effect of Merger Expenses | 220 | 413 | - | 633 | - | |||||||||||
| Net Income Excl. After-Tax Effect of Merger Exp. (Non-GAAP) | $ | 3,428 | $ | 3,348 | $ | 2,959 | $ | 10,046 | $ | 7,852 | ||||||
| Basic Earnings Per Share (GAAP) | $ | 0.42 | $ | 0.39 | $ | 0.47 | $ | 1.25 | $ | 1.25 | ||||||
| Adj. for After-Tax Effect of Merger Expenses | 0.03 | 0.05 | - | 0.08 | - | |||||||||||
| Basic Earnings Per Share (excluding merger costs) (Non-GAAP) | $ | 0.45 | $ | 0.44 | $ | 0.47 | $ | 1.33 | $ | 1.25 | ||||||
| Diluted Earnings Per Share (GAAP) | $ | 0.42 | $ | 0.39 | $ | 0.47 | $ | 1.24 | $ | 1.24 | ||||||
| Adj. for After-Tax Effect of Merger Expenses | 0.03 | 0.05 | - | 0.08 | - | |||||||||||
| Diluted Earnings Per Share (excluding merger costs) (Non-GAAP) | $ | 0.45 | $ | 0.44 | $ | 0.47 | $ | 1.32 | $ | 1.24 | ||||||
| Return On Average Assets (GAAP) | 0.95 | % | 0.89 | % | 0.99 | % | 0.95 | % | 0.91 | % | ||||||
| Adj. for After-Tax Effect of Merger Expenses | 0.06 | % | 0.13 | % | 0.00 | % | 0.07 | % | 0.00 | % | ||||||
| Return On Average Assets (excluding merger costs) (Non-GAAP) | 1.01 | % | 1.02 | % | 0.99 | % | 1.02 | % | 0.91 | % | ||||||
| Return On Average Equity (GAAP) | 11.61 | % | 10.90 | % | 14.27 | % | 11.67 | % | 13.11 | % | ||||||
| Adj. for After-Tax Effect of Merger Expenses | 0.80 | % | 1.53 | % | 0.00 | % | 0.78 | % | 0.00 | % | ||||||
| Return On Average Equity (excluding merger costs) (Non-GAAP) | 12.41 | % | 12.44 | % | 14.27 | % | 12.45 | % | 13.11 | % | ||||||
| Efficiency Ratio (GAAP) | 62.45 | % | 64.17 | % | 60.32 | % | 61.77 | % | 62.76 | % | ||||||
| Adj. for After-Tax Effect of Merger Expenses | -1.84 | % | -3.53 | % | 0.00 | % | -1.82 | % | 0.00 | % | ||||||
| Efficiency Ratio (excluding merger costs) (Non-GAAP) | 60.61 | % | 60.63 | % | 60.32 | % | 59.95 | % | 62.76 | % | ||||||
| Sept 30, 2026 | June 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sept 30, 2025 | ||||||||||||
| Reconciliation of Tangible Book Value Per Share | ||||||||||||||||
| Book Value per Share (GAAP) | $ | 14.60 | $ | 14.50 | $ | 14.13 | $ | 13.73 | $ | 13.51 | ||||||
| Effect to adjust for intangible assets (incl. goodwill) | (0.40 | ) | (0.41 | ) | (0.41 | ) | (0.41 | ) | (0.49 | ) | ||||||
| Tangible Book Value Per Share (Non-GAAP) | $ | 14.20 | $ | 14.09 | $ | 13.72 | $ | 13.32 | $ | 13.02 | ||||||
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, Orangeburg, Richland, Greenville, Spartanburg, Brunswick and New Hanover (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, Orangeburg, Columbia, Greenville, and Spartanburg, South Carolina, and Ocean Isle Beach, North Carolina, and a loan production office (LPO) in Wilmington, North 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:
Russell Vedder
Title: EVP/CFO
Phone: (843) 839-5662
Fax: (843) 839-5699
SOURCE: Coastal Carolina Bancshares, Inc.
View the original press release on ACCESS Newswire