- Coastal Carolina Bancshares, Inc. (OTCQX:CCNB) reported Q1 2025 net income of $2.38 million, or $0.38 per share.
- The company's loan portfolio grew by $25 million (3%) to $863 million, achieving a 12% annualized growth rate.
- CCNB saw an expansion in its Net Interest Margin to 3.55% from 3.34% in the previous quarter.
Coastal Carolina Bancshares, Inc. (OTCQX:CCNB), the parent company of Coastal Carolina National Bank, announced its financial results for the first quarter of 2025. The company reported a net income of $2.38 million or $0.38 per share. This marks a decrease from $2.66 million or $0.42 per share in Q4 2024 but an increase from $1.65 million or $0.26 per share in Q1 2024.
The company experienced robust loan growth, with loans expanding by $25 million, representing a 3% growth from the previous quarter and a 12% annualized growth rate. The growth was driven primarily by increases in C&I Lending ($10 million), non-owner occupied CRE ($5 million), and owner-occupied CRE ($4 million).
The Net Interest Margin expanded to 3.55%, up from 3.34% in Q4 2024, boosted by rising loan yields and declining funding costs. The bank's cost of funds decreased to 2.14% from 2.29% the previous quarter.
CCNB continues to demonstrate excellent asset quality, boasting a 0.0% non-performing assets ratio, no loans past due over 30 days, and no outstanding OREO property. Total deposits grew by $13 million (1%) to reach $1.002 billion.
Book value per share increased to $12.57 from $12.07 in the previous quarter, reflecting retained earnings accumulation and favorable changes in investment market valuations.
Despite a decline in noninterest income and increased noninterest expenses, CCNB President and CEO Laurence S. Bolchoz, Jr. expressed optimism, stating, "We are excited to carry our positive momentum from 2024 into the first quarter of 2025 with strong loan growth. This increase represents an annualized growth rate of 12%."
