$CCNB

Coastal Carolina Bancshares, Inc.

CIK:0001437213|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Interest income
Loans, including fees	$ 905,182	$ 770,452
Federal funds sold and interest-bearing bank deposits	10,221	11,844
Securities	110,975	132,992
Federal Reserve & Federal Home Loan stock dividend	6,891	6,341
Total interest income	1,033,269	921,629
Deposits:
Interest checking	7,497	8,379
Money market and savings	47,441	71,623
Certificates of deposit less than $100,000	31,759	35,483
Certificates of deposit greater than or equal to $100,000	76,044	75,127
Total interest expense	162,741	190,612
Net interest income before provision for loan losses	870,528	731,017
Provision for loan losses		14,094
Net interest income after provision for loan losses	870,528	716,923
Noninterest income
Service charges on deposits	11,245	19,272
Gain on sale of loans	49,156	19,850
Gain on sale of investment securities	175,897	7,930
ATM, debit, and merchant fees	8,209	4,817
Other	3,222	16,975
Total noninterest income	247,729	68,844
Noninterest expense
Salaries and employee benefits	580,749	538,292
Data processing	106,753	92,417
Professional services	44,819	84,437
Occupancy and equipment	202,849	81,869
Marketing and business development	54,879	41,242
Shareholder communications	15,728	11,687
Postage and supplies	16,570	8,306
Corporate insurance	7,667	6,871
Telecommunications	13,095	4,439
FDIC insurance and regulatory assessments	33,651	31,718
Other	30,554	26,590
Total noninterest expense	1,107,314	927,868
Income (loss) before income taxes	10,943	(142,101)
Income taxes	1,693
Net income (loss)	9,250	(142,101)
Other comprehensive income (loss):
Unrealized gains (losses) on securities available for sale	(45,197)	109,745
Reclassification of gains recognized in net loss	(175,897)	(7,930)
Tax effect	86,227	(39,708)
Total other comprehensive income (loss)	(134,867)	62,107
Comprehensive loss	$ (125,617)	$ (79,994)
Loss per share
Basic and diluted earnings (loss) per share	$ 0.00	$ (0.06)
Average shares outstanding	2,187,000	2,189,456

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
Consolidated Statements of Cash Flows (USD $)	Mar. 31, 2013	Mar. 31, 2012
Operating activities
Net income (loss)	$ 9,250	$ (142,101)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for loan losses		14,094
Increase in deferred loan fees, net	235	3,233
Gains on sale of loans held for sale	(49,156)	(19,850)
Origination of loans held for sale, net	(1,661,515)	(973,925)
Proceeds from sale of loans held for sale	2,643,782	1,536,125
Premium amortization and discount accretion on securities, net	72,101	137,588
Securities gains, net	(175,897)	(7,930)
Depreciation and amortization expense	37,354	23,989
Stock-based compensation expense	7,208	22,754
Decrease (increase) in accrued interest receivable	(11,790)	2,763
Increase (decrease) in accrued interest payable	1,677	(3,173)
Decrease (increase) in other assets	(857)	6,597
Decrease in other liabilities	(55,994)	(57,640)
Net cash provided by operating activities	816,398	542,524
Investing activities
Net increase in loans	(6,373,339)	(2,998,022)
Purchases of securities available for sale	(3,845,642)	(2,868,871)
Proceeds from paydowns of securities available for sale	820,705	1,236,918
Proceeds from sales of securities available for sale	4,393,372	4,276,490
Redemption (purchase) of Federal Home Loan Bank stock	19,300	(46,600)
Purchases of premises and equipment	(690,841)
Net cash used in investing activities	(5,676,445)	(400,085)
Financing activities
Net increase in demand deposits, interest-bearing transaction accounts and savings accounts	5,023,644	2,688,114
Net increase (decrease) in certificates of deposit	(1,341,985)	1,948,553
Net cash provided by financing activities	3,681,659	4,636,667
Net increase (decrease) in cash and cash equivalents	(1,178,388)	4,779,106
Cash and cash equivalents, beginning of period	14,286,909	11,320,304
Cash and cash equivalents, end of period	13,108,521	16,099,410
Cash paid for:
Interest on deposits	$ 161,064	$ 193,785

Consolidated Balance Sheets (USD $)	Mar. 31, 2013	Dec. 31, 2012
Assets
Cash and non-interest due from banks	$ 1,520,980	$ 1,191,971
Federal funds sold	1,157,531	2,104,238
Interest-bearing bank deposits	10,430,010	10,990,700
Total cash and cash equivalents	13,108,521	14,286,909
Securities available for sale	21,859,257	23,344,988
Federal Reserve Bank stock	404,800	404,800
Federal Home Loan Bank stock	121,100	140,400
Loans held for sale	997,700	1,930,811
Loans receivable	67,897,881	61,524,542
Deferred loan fees, net	(118,376)	(118,141)
Allowance for loan losses	(1,013,314)	(1,013,314)
Loans, net	66,766,191	60,393,087
Premises and equipment, net	1,307,968	654,481
Accrued income and other assets	488,246	475,600
Total assets	105,053,783	101,631,076
Deposits:
Non-interest bearing demand	5,596,908	6,112,228
Interest checking	5,565,641	5,208,599
Money market	36,523,173	31,609,579
Savings	1,011,174	742,846
Certificates of deposit	41,482,002	42,823,987
Total deposits	90,178,898	86,497,239
Accrued expenses and other liabilities	507,603	648,146
Total liabilities	90,686,501	87,145,385
Shareholders' Equity
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued and outstanding
Common stock, $.01 par value, 50,000,000 shares authorized, 2,187,000 issued and outstanding	21,870	21,870
Additional paid-in capital	21,823,277	21,817,319
Unearned compensation, nonvested restricted stock	(4,584)	(5,834)
Retained deficit	(7,743,117)	(7,752,367)
Accumulated other comprehensive income	269,836	404,703
Total shareholders' equity	14,367,282	14,485,691
Total liabilities and shareholders' equity	$ 105,053,783	$ 101,631,076