Coastal Carolina Bancshares Reports Strong Financial Performance in 2024

Coastal Carolina Bancshares, Inc. (OTCQX:CCNB) reported strong financial results for the fourth quarter and full year 2024, with net income of $8.5 million ($1.36 per share), up 5% from 2023. The company's quarterly net income of $2.7 million represented a 19% increase over the prior quarter and a 34% increase over the same period in 2023. CCNB's annual and quarterly Return on Average Equity (ROAE) was 12.05% and 14.26%, respectively.

Key highlights of CCNB's financial performance include:

* Annual deposit growth of $160 million (19%) to $989 million
* Annual loan growth of $74 million (10%) to $837 million
* Increased book value per share and tangible book value per share from $11.87 and $11.37 at September 30, 2024 to $12.07 and $11.56 at December 31, 2024
* Maintained excellent asset quality with a non-performing assets ratio of 0.0%

CCNB's President and CEO, Laurence S. Bolchoz, Jr., commented on the strong finish to the year, stating, "We are very proud of the Bank's continued growth this year. Loan and deposit growth of 10% and 19%, respectively, is a representation of the hard work and dedication of our entire team. We are pleased with the strong finish to the year with back to back quarters of double digit annualized loan growth, and excited to set a new bank record with annual deposit growth of $160 million."



CCNB's credit quality metrics remained pristine at year end, with no outstanding OREO properties, no nonaccrual loans, and only one past due loan with a balance of $109 thousand. The Bank had net recoveries of $41 thousand during 2024, resulting in a positive adjustment to the Bank's allowance for credit losses.

In conclusion, Coastal Carolina Bancshares, Inc. reported strong financial results for the fourth quarter and full year 2024, driven by loan and deposit growth, improved net interest margin, and excellent credit quality. The company's commitment to enhancing customer financial well-being and community support has contributed to its continued success. As the bank looks ahead, investors can expect CCNB to maintain its strong financial performance and continue to grow its loan and deposit portfolio.