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Coastal Carolina Bancshares, Inc. serves as the parent company for Coastal Carolina National Bank, a commercial bank operating under a national charter. This financial institution offers a comprehensive range of banking solutions and services across Horry, Richland, Aiken, and Greenville Counties in South Carolina. Its deposit offerings encompass various options, including traditional checking and savings accounts, money market accounts, and certificates of deposit. For borrowing needs, the bank provides diverse lending products: personal loans like home equity lines of credit, financing for vehicles (cars, trucks, and boats), general personal lines of credit, and overdraft protection. Additionally, it extends credit for residential real estate, commercial ventures, and general consumer purposes. Specialized loan categories include construction and land development, real estate mortgages, other property-related financing, and commercial and industrial loans. Beyond core banking, the company furnishes treasury management services to businesses, helping them streamline payables and receivables, optimize liquidity, facilitate reconciliation and reporting, and enhance fraud prevention. Customers can also access modern conveniences such as online and mobile banking platforms, telephone banking, mobile and remote deposit capture, insured cash sweep services, wire transfer origination, online ACH capabilities for direct payroll deposits, and both debit and credit card provisions. Coastal Carolina Bancshares, Inc. was founded in 2008 and has its headquarters situated in Myrtle Beach, South Carolina.
Coastal Carolina Bancshares, Inc. Announces Second Quarter Results
Coastal Carolina Bancshares reported Q2 net income of $2.9 million, or $0.39 per share, an increase from the prior year. Excluding merger expenses, adjusted net income rose 33% to $3.3 million, or $0.44 per share.
The balance sheet grew 14% year-over-year to $1.35 billion in total assets, driven by $70 million in quarterly deposit growth. Tangible book value per share increased 14% to $14.09.
Asset quality remained robust with zero net charge-offs in the first half of the year and no outstanding OREO property. Management continues to progress on its pending merger with Beacon Community Bank.