Arkansas legislature Monday bills filed include ending electric vehicle support and campus affirmative action, more
Bills filed include electric vehicles, campus affirmative action, online safety and child labor.
Arkansas Public Service Commission submits proposed changes to Arkansas utilities legislation
ONLINE SAFETY
House Bill 1726 intends to create the 'Arkansas Online Kids Safety Act.' If it becomes law, it would mandate that online platforms that market to minors have a structure and controls in place to protect children from mental harm or encourage harmful behavior. The website would also limit how other people could contact a minor and allow their parents to place restrictions on an online account.
ELECTRIC VEHICLES
Senate Bill 416 would end the state-maintained Electric Vehicle Infrastructure Fund, which was formed to allow the Energy Secretary to issue grants to build charging stations.
HIGHER EDUCATION
Senate Bill 417 would strike many laws for state-supported higher education institutions. It would end affirmative action, a school's need to participate in the annual state energy use report, and the differentiation between classified and non-classified employees for benefits.
CHILD LABOR
If House Bill 1731 becomes law, anyone under 16 who wants to take a job would need an employment certificate that includes proof of age, a description of the job and work schedule, and written parental permission.
TEACHER TAXES
House Bill 1732 would double the amount teachers could deduct for classroom supplies from $500 to $1,000. Married teachers filing jointly would be able to deduct $2,000.
Back and forth among legislators about Arkansas ACCESS higher education legislation
GREYHOUND RACING
House Bill 1721 would prevent licensed casinos from conducting or simulcasting greyhound racing. License holders would also not be allowed to take bets on greyhound racing.
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Noninterest expense totaled $12.1 million for the second quarter of 2025, an increase of $673 thousand, or 5.9%, from the first quarter of 2025, primarily due to higher salaries and employee benefits and other professional fees. A number of strategic hires were made during the quarter including new commercial bankers, new GGL business development officers, and one mortgage loan officer. The Company's effective tax rate for the second quarter of 2025 was 15.1%, compared to 23.4% for the first quarter of 2025 and 21.1% for the second quarter of 2024. The decrease in effective tax rate from the first quarter of 2025 and the second quarter of 2024 was primarily due to the recognition of renewable energy tax credits. Balance Sheet Trends Total assets were $2.22 billion at June 30, 2025, an increase of $122.5 million, or 5.8%, from $2.10 billion at December 31, 2024. 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The provision expense recorded during the second quarter of 2025 was primarily due to increased loan production of LHFI, changes in economic factors, and current period net charge-offs, offset by other changes in loss rates. The Company's annualized net charge-offs to average LHFI ratio was 0.06% for the second quarter of 2025 as compared to 0.00% and 0.03% during the first quarter of 2025 and second quarter of 2024, respectively. Nonperforming assets totaled $14.7 million, or 0.66% of total assets, at June 30, 2025 compared to $15.9 million, or 0.76% of total assets at December 31, 2024. The $1.2 million decrease in nonperforming assets at June 30, 2025 from December 31, 2024 was due to the sale of other real estate owned and payments collected on nonaccrual loans during the period. Adjusted nonperforming assets 2, which excludes the guaranteed portions of nonaccrual loans, was $10.1 million, or 0.46% of total assets, at June 30, 2025 compared to $11.1 million, or 0.53% of total assets, at December 31, 2024. About CoastalSouth Bancshares, Inc. CoastalSouth Bancshares, Inc. is a bank holding company headquartered in Atlanta, Georgia. Through our wholly owned subsidiary, Coastal States Bank, a South Carolina state-chartered commercial bank, we offer a full range of banking products and services designed for businesses, real estate professionals, and consumers looking for a deep and meaningful relationship with their bank. To learn more about Coastal States Bank, visit Forward-Looking Statements Statements in this press release regarding future events and our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets, constitute 'forward-looking statements' within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical in nature and may be identified by references to a future period or periods by the use of the words 'believe,' 'expect,' 'anticipate,' 'intend,' 'plan,' 'estimate,' 'project,' 'outlook,' or words of similar meaning, or future or conditional verbs such as 'will,' 'would,' 'should,' 'could,' or 'may.' The forward-looking statements in this press release should not be relied on because they are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of known and unknown risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, and other factors, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this press release and could cause us to make changes to our future plans. Factors that might cause such differences include, but are not limited to: the impact of current and future economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; potential impacts of any adverse developments in the banking industry, including any impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; changes in the interest rate environment, including changes to the federal funds rate; changes in prices, values and sales volumes of residential and commercial real estate; competition in our markets that may result in increased funding costs or reduced earning assets yields, thus reducing margins and net interest income; interest rate fluctuations, which could have an adverse effect on the Company's profitability; a breach in security of our information systems, including the occurrence of a cyber-attack incidents or a deficiencies in cyber security; risks related to potential acquisitions; government actions, including tariffs, or trade wards (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services), legislation or regulatory changes which could adversely affect the ability of the consolidated Company to conduct business combinations or new operations; changes in tax laws; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; the effects of war or other conflicts, domestic civil unrest and tyranny, and changes in the overall worlds geopolitical landscape; and adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company's participation in and execution of government programs. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the section titled 'Cautionary Note Regarding Forward-Looking Statements' and 'Risk Factors' in the Company's final prospectus filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, filed with the Securities and Exchange Commission (the 'SEC') on July 2, 2025 (Registration No. 333-287854), relating to our initial public offering, and in other documents that we file with the SEC from time to time, which are available on the SEC's website, In addition, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, express or implied, included in this press release are qualified in their entirety by this cautionary statement. (dollars in thousands except June 30, March 31, December 31, September 30, June 30, June 30, June 30, per share amounts) 2025 2025 2024 2024 2024 2025 2024 Selected Operating Data: Interest income $ 31,793 $ 30,024 $ 30,537 $ 32,554 $ 31,170 $ 61,817 $ 60,558 Interest expense 13,715 13,265 14,266 15,588 14,470 26,980 28,473 Net interest income 18,078 16,759 16,271 16,966 16,700 34,837 32,085 Provision (recovery) for credit losses 752 629 1,240 (1,023 ) 173 1,381 336 Noninterest income (loss) 1,795 1,881 1,958 2,961 1,589 3,676 (405 ) Noninterest expense 12,092 11,419 10,335 10,830 10,652 23,511 20,903 Income tax expense 1,064 1,542 950 2,236 1,577 2,606 2,125 Net income 5,965 5,050 5,704 7,884 5,887 11,015 8,316 Adjusted net income (1) 5,965 5,050 5,704 7,884 5,887 11,015 10,970 Share and Per Share Data: Basic earnings per share $ 0.58 $ 0.49 $ 0.56 $ 0.77 $ 0.58 $ 1.07 $ 0.82 Adjusted basic earnings per share (1) $ 0.58 $ 0.49 $ 0.56 $ 0.77 $ 0.57 $ 1.07 $ 1.08 Diluted earnings per share $ 0.57 $ 0.47 $ 0.54 $ 0.75 $ 0.56 $ 1.04 $ 0.80 Adjusted diluted earnings per share (1) $ 0.57 $ 0.47 $ 0.54 $ 0.75 $ 0.56 $ 1.04 $ 1.06 Book value per share (at period end) $ 20.37 $ 19.67 $ 19.01 $ 18.86 $ 17.58 $ 20.37 $ 17.58 Tangible book value per share (1) $ 19.88 $ 19.17 $ 18.51 $ 18.35 $ 17.07 $ 19.88 $ 17.07 Shares of common stock outstanding 10,278,921 10,274,271 10,270,146 10,250,446 10,250,446 10,278,921 10,250,446 Weighted average diluted shares outstanding 10,612,255 10,642,078 10,596,364 10,544,087 10,445,144 10,636,997 10,344,815 Selected Balance Sheet Data: Total assets $ 2,221,245 $ 2,190,391 $ 2,098,712 $ 2,129,346 $ 2,115,547 $ 2,221,245 $ 2,115,547 Securities available-for-sale, at fair value (2) 331,760 325,478 335,267 355,174 339,937 331,760 339,937 Gross loans held for investment 1,527,199 1,472,232 1,409,443 1,409,913 1,442,077 1,527,199 1,442,077 Loans held for sale 209,101 187,481 174,033 193,938 154,885 209,101 154,885 Allowance for credit losses 17,497 17,104 17,118 15,615 16,002 17,497 16,002 Goodwill and other intangible assets 6,190 6,199 6,386 6,451 6,276 6,190 6,276 Deposits 1,968,301 1,937,693 1,834,802 1,807,315 1,805,590 1,968,301 1,805,590 Other borrowings 14,753 20,738 41,725 96,712 96,699 14,753 96,699 Total Shareholders' equity 209,365 202,104 195,232 193,303 180,168 209,365 180,168 (1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures' and reconciliation of GAAP to non-GAAP financial measures in tables 10A - 10H. (2) The Company did not have securities held to maturity in any of the periods presented. Expand COASTALSOUTH BANCSHARES, INC. AND SUBSIDIARY FINANCIAL TABLES Financial Highlights - continued (unaudited) Table 1B As of and for the Three Months Ended As of and for the Six Months Ended June 30, March 31, December 31, September 30, June 30, June 30, June 30, (dollars in thousands) 2025 2025 2024 2024 2024 2025 2024 Performance Ratios: Pre-tax pre-provision net revenue (PPNR) (1) $ 7,781 $ 7,221 $ 7,894 $ 9,097 $ 7,637 $ 15,002 $ 10,777 Return on average assets (ROAA) (2) 1.09 % 0.97 % 1.07 % 1.47 % 1.15 % 1.03 % 0.82 % Adjusted return on average assets (Adj. ROAA) (1)(2) 1.09 0.97 1.07 1.47 1.15 1.03 1.08 Return on average equity (2) 11.62 10.25 11.65 16.91 13.52 10.95 9.78 Adjusted return on average equity (1)(2) 11.62 10.25 11.65 16.91 13.52 10.95 12.90 Return on average tangible common equity (ROATCE) (1)(2) 11.92 10.52 11.97 17.40 13.94 11.23 10.09 Adjusted return on average tangible common equity (Adj. ROATCE) (1)(2) 11.92 10.52 11.97 17.40 13.94 11.23 13.31 Net interest rate spread (2) 2.76 2.67 2.42 2.48 2.58 2.72 2.51 Net interest margin (2) 3.46 3.38 3.21 3.32 3.43 3.42 3.32 Efficiency ratio 60.85 61.26 56.70 54.35 58.24 61.05 65.98 Efficiency ratio, as adjusted (1) 60.85 61.26 56.70 54.35 58.24 61.05 59.48 Noninterest income to average total assets (2) 0.33 0.36 0.37 0.55 0.31 0.34 (0.04 ) Noninterest income to total revenue 9.03 10.09 10.74 14.86 8.69 9.54 (1.28 ) Adjusted noninterest income to total adjusted revenue (1) 9.03 10.09 10.74 14.86 8.69 9.54 8.71 Noninterest expense to average total assets (2) 2.21 2.19 1.94 2.02 2.07 2.20 2.05 Average interest-earning assets to average interest-bearing liabilities 126.50 126.31 127.90 127.59 128.29 126.41 127.65 Average equity to average total assets 9.37 9.46 9.20 8.70 8.48 9.41 8.34 Asset Quality Data: Net charge-offs to average LHFI (2) 0.06 % 0.00 % (0.02 ) % 0.02 % 0.03 % 0.03 % 0.01 % Net charge-offs to total average loans (2) 0.05 0.00 (0.02 ) 0.02 0.03 0.03 0.01 Total allowance for credit losses to total LHFI 1.15 1.16 1.21 1.11 1.11 1.15 1.11 Total allowance for credit losses to total loans 1.01 1.03 1.08 0.97 1.00 1.01 1.00 Total allowance for credit losses to nonperforming loans 118.99 117.11 114.07 184.64 182.13 118.99 182.13 Nonperforming loans to gross LHFI 0.96 0.99 1.06 0.60 0.61 0.96 0.61 Nonperforming assets to total assets 0.66 0.70 0.76 0.44 0.42 0.66 0.42 Adjusted nonperforming assets to total assets (1) 0.46 0.49 0.53 0.21 0.18 0.46 0.18 Balance Sheet and Capital Ratios: Loan-to-deposit ratio 88.21 % 85.65 % 86.30 % 88.74 % 88.45 % 88.21 % 88.45 % Noninterest bearing deposits to total deposits 15.92 15.52 16.51 17.28 19.10 15.92 19.10 Total shareholders' equity to total assets 9.43 9.23 9.30 9.08 8.52 9.43 8.52 Tangible common equity to tangible assets (1) 9.22 9.01 9.08 8.86 8.29 9.22 8.29 Other: Number of branches 11 11 11 11 11 11 11 Number of full-time equivalent employees 188 180 181 181 178 183 177 (1) Considered non-GAAP financial measure - See "Non-GAAP Financial Measures' and reconciliation of GAAP to non-GAAP financial measures in tables 10A - 10H. (2) Represents annualized data. Expand COASTALSOUTH BANCSHARES, INC. AND SUBSIDIARY FINANCIAL TABLES Quarter End Balance Sheets (unaudited) Table 2 June 30, March 31, December 31, September 30, June 30, (dollars in thousands) 2025 2025 2024 2024 2024 Assets Cash and due from banks $ 23,245 $ 19,380 $ 37,320 $ 17,722 $ 21,385 Federal funds sold 20,045 79,153 30,641 43,602 42,057 Investment securities (1) 338,601 332,312 342,750 361,935 346,687 Loans held for sale (LHFS) 209,101 187,481 174,033 193,938 154,885 Loans held for investment (LHFI) 1,527,199 1,472,232 1,409,443 1,409,913 1,442,077 Allowance for credit losses on LHFI (17,497 ) (17,104 ) (17,118 ) (15,615 ) (16,002 ) Loans held for investment, net 1,509,702 1,455,128 1,392,325 1,394,298 1,426,075 Bank-owned life insurance 47,373 46,924 46,484 46,044 45,607 Premises, furniture and equipment, net 18,166 17,837 17,796 17,882 17,533 Deferred tax asset 17,211 17,123 18,148 16,772 18,641 Goodwill & intangible assets (2) 6,190 6,199 6,386 6,451 6,276 Other assets 31,611 28,854 32,829 30,702 36,401 Total assets $ 2,221,245 $ 2,190,391 $ 2,098,712 $ 2,129,346 $ 2,115,547 Liabilities and stockholders' equity Liabilities Deposits Noninterest bearing DDA $ 313,386 $ 300,678 $ 302,907 $ 312,290 $ 344,860 Interest bearing DDA 209,816 191,452 181,068 183,707 179,557 Savings and money market 628,729 650,050 591,626 654,192 658,542 Certificates of deposit 816,370 795,513 759,201 657,126 622,631 Total deposits 1,968,301 1,937,693 1,834,802 1,807,315 1,805,590 Federal Home Loan Bank of Atlanta advances - - 15,000 - - Subordinated debt, net 14,753 14,741 14,730 14,718 14,706 Revolving commercial line of credit, net - 5,997 11,995 11,994 11,993 Federal Reserve Bank - Bank Term Funding Program ("BTFP") advances - - - 70,000 70,000 Other liabilities 28,826 29,856 26,953 32,016 33,090 Total liabilities 2,011,880 1,988,287 1,903,480 1,936,043 1,935,379 Stockholders' equity Voting common stock 8,107 8,102 8,098 8,078 8,078 Nonvoting common stock 2,172 2,172 2,172 2,172 2,172 Capital surplus 159,267 158,997 158,755 158,463 158,125 Accumulated income 53,009 47,044 41,994 36,290 28,406 Accumulated other comprehensive loss (13,190 ) (14,211 ) (15,787 ) (11,700 ) (16,613 ) Total stockholders' equity 209,365 202,104 195,232 193,303 180,168 Total liabilities and stockholders' equity $ 2,221,245 $ 2,190,391 $ 2,098,712 $ 2,129,346 $ 2,115,547 (1) No ACL was recognized for the periods presented. (2) Includes commercial mortgage servicing assets of $1.1 million, $1.1 million, $1.2 million, $1.3 million, and $1.0 million for June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively. Expand COASTALSOUTH BANCSHARES, INC. AND SUBSIDIARY FINANCIAL TABLES Statements of Operations (unaudited) Table 3 Three Months Ended Six Months Ended June 30, March 31, December 31, September 30, June 30, June 30, June 30, (dollars in thousands) 2025 2025 2024 2024 2024 2025 2024 Interest income Interest on cash and due from banks $ 111 $ 135 $ 122 $ 131 $ 140 $ 246 $ 281 Interest on federal funds sold 698 963 870 1,045 842 1,661 1,836 Interest and dividends on investment securities 3,875 3,800 3,994 4,171 4,220 7,675 7,881 Interest and fees on LHFS 3,296 2,819 3,404 2,993 2,335 6,115 3,875 Interest and fees on LHFI 23,813 22,307 22,147 24,214 23,633 46,120 46,685 Total interest income 31,793 30,024 30,537 32,554 31,170 61,817 60,558 Interest expense Deposits 13,251 12,830 13,498 14,230 13,122 26,081 25,715 Other borrowings 464 435 768 1,358 1,348 899 2,758 Total interest expense 13,715 13,265 14,266 15,588 14,470 26,980 28,473 Net interest income 18,078 16,759 16,271 16,966 16,700 34,837 32,085 Provision (recovery) for credit losses 752 629 1,240 (1,023 ) 173 1,381 336 Noninterest income Mortgage banking related income 326 221 391 276 299 547 537 Interchange and card fee Income 257 266 210 216 226 523 442 Service charges on deposit accounts 215 211 230 207 198 426 409 Bank-owned life insurance 449 440 440 437 491 889 787 Gain on sale of government guaranteed loans 265 - 151 1,312 35 265 355 Losses on sale of available-for-sale securities - - - - - - (3,465 ) Other noninterest income 283 743 536 513 340 1,026 530 Total noninterest income (loss) 1,795 1,881 1,958 2,961 1,589 3,676 (405 ) Noninterest expense Salaries and employee benefits 6,997 6,694 6,759 6,727 6,654 13,691 12,701 Occupancy and equipment 814 788 762 754 736 1,602 1,479 Data processing 653 624 605 548 534 1,277 1,060 Other professional fees 973 693 496 358 501 1,666 1,192 Software and other technology expense 719 703 774 671 631 1,422 1,297 Regulatory assessment 344 361 336 344 318 705 611 Other noninterest expense 1,592 1,556 603 1,428 1,278 3,148 2,563 Total noninterest expense 12,092 11,419 10,335 10,830 10,652 23,511 20,903 Net income before taxes 7,029 6,592 6,654 10,120 7,464 13,621 10,441 Expand COASTALSOUTH BANCSHARES, INC. AND SUBSIDIARY FINANCIAL TABLES Three Months Ended March 31, 2025 June 30, 2024 (dollars in thousands) Balance Interest Rate Balance Interest Rate Balance Interest Rate Earning assets: Cash and due from banks $ 20,762 $ 111 2.14 % $ 22,725 $ 135 2.41 % $ 20,839 $ 140 2.70 % Federal funds sold 62,656 698 4.47 % 88,478 963 4.41 % 60,964 842 5.55 % Investment securities 338,635 3,875 4.59 % 335,254 3,800 4.60 % 347,194 4,220 4.89 % Loans held for sale 167,617 3,296 7.89 % 136,849 2,819 8.35 % 107,604 2,335 8.73 % Loans held for investment 1,506,211 23,813 6.34 % 1,428,405 22,307 6.33 % 1,424,411 23,633 6.67 % Total earning assets 2,095,881 31,793 6.08 % 2,011,711 30,024 6.05 % 1,961,012 31,170 6.39 % Noninterest-earning assets: Allowance for credit losses on LHFI (17,110 ) (17,116 ) (16,163 ) Bank-owned life insurance 47,119 46,672 45,360 Premises, furniture and equipment, net 18,034 17,851 17,634 Deferred tax asset 17,182 17,803 19,321 Goodwill & intangible assets 6,168 6,328 6,355 Other assets 29,442 27,947 31,983 Total noninterest-earning assets 100,835 99,485 104,490 Total assets $ 2,196,716 $ 2,111,196 $ 2,065,502 Interest-bearing liabilities: Interest-bearing deposits $ 1,626,415 $ 13,251 3.27 % $ 1,566,856 $ 12,830 3.32 % $ 1,431,853 $ 13,122 3.69 % Federal Reserve Bank - BTFP - - 0.00 % - - 0.00 % 70,000 854 4.91 % Federal funds purchased 38 1 10.56 % - - 0.00 % - - 0.00 % Federal Home Loan Bank of Atlanta advances 10,000 116 4.65 % 1,166 13 4.52 % - - 0.00 % Revolving commercial line of credit, net 5,667 112 7.93 % 9,863 187 7.69 % 11,992 259 8.69 % Subordinated debt, net 14,747 235 6.39 % 14,735 235 6.47 % 14,700 235 6.43 % Total interest-bearing liabilities 1,656,867 13,715 3.32 % 1,592,620 13,265 3.38 % 1,528,545 14,470 3.81 % Noninterest-bearing liabilities: Noninterest-bearing deposits 306,330 293,387 333,001 Other liabilities 27,682 25,426 28,825 Total noninterest-bearing liabilities 334,012 318,813 361,826 Stockholders' equity 205,837 199,763 175,131 Total liabilities and stockholders' equity $ 2,196,716 $ 2,111,196 $ 2,065,502 Net interest income $ 18,078 $ 16,759 $ 16,700 Net interest spread 2.76 % 2.67 % 2.58 % Net interest margin 3.46 % 3.38 % 3.43 % Cost of total deposits (1) 2.75 % 2.80 % 2.99 % Cost of total funding (1) 2.80 % 2.85 % 3.13 % (1) Includes noninterest bearing deposits. Expand COASTALSOUTH BANCSHARES, INC. AND SUBSIDIARY FINANCIAL TABLES Six Months Ended June 30, 2025 June 30, 2024 Earning assets: Cash and due from banks $ 21,738 $ 246 2.28 % $ 20,987 $ 281 2.69 % Federal funds sold 75,496 1,661 4.44 % 65,259 1,836 5.66 % Investment securities 336,954 7,675 4.59 % 350,865 7,881 4.52 % Loans held for sale 152,318 6,115 8.10 % 89,422 3,875 8.71 % Loans held for investment 1,467,523 46,120 6.34 % 1,416,431 46,685 6.63 % Total earning assets 2,054,029 61,817 6.07 % 1,942,964 60,558 6.27 % Noninterest-earning assets: Allowance for credit losses on LHFI (17,113 ) (15,908 ) Bank-owned life insurance 46,897 45,168 Premises, furniture and equipment, net 17,943 17,647 Deferred tax asset 17,491 20,235 Goodwill & intangible assets 6,248 6,400 Other assets 29,582 33,677 Total noninterest-earning assets 101,048 107,219 Total assets $ 2,155,077 $ 2,050,183 Interest-bearing liabilities: Interest-bearing deposits $ 1,596,799 $ 26,081 3.29 % $ 1,424,505 $ 25,715 3.63 % Federal Reserve Bank - BTFP - - 0.00 % 66,539 1,622 4.90 % Federal funds purchased 19 1 10.61 % - - 0.00 % Federal Home Loan Bank of Atlanta advances 5,607 128 4.60 % 2,747 77 5.64 % Revolving commercial line of credit, net 7,754 300 7.80 % 13,574 589 8.73 % Subordinated debt, net 14,741 470 6.43 % 14,694 470 6.43 % Total interest-bearing liabilities 1,624,920 26,980 3.35 % 1,522,059 28,473 3.76 % Noninterest-bearing liabilities: Noninterest bearing deposits 299,895 327,210 Other liabilities 27,445 29,841 Total noninterest-bearing liabilities 327,340 357,051 Stockholders' equity 202,817 171,073 Total liabilities and stockholders' equity $ 2,155,077 $ 2,050,183 Net interest income $ 34,837 $ 32,085 Net interest spread 2.72 % 2.51 % Net interest margin 3.42 % 3.32 % Cost of total deposits (1) 2.77 % 2.95 % Cost of total funding (1) 2.83 % 3.10 % (1) Includes noninterest bearing deposits. Expand COASTALSOUTH BANCSHARES, INC. AND SUBSIDIARY FINANCIAL TABLES Loan Data (unaudited) Table 6 As of the Quarter Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Loans held for investment ("LHFI"): Commercial Loans Acquisition, development and construction $ 100,528 6.6 % $ 76,453 5.2 % $ 72,520 5.2 % $ 112,275 8.0 % $ 109,855 7.6 % Income producing CRE 372,142 24.4 352,693 24.0 321,558 22.8 267,551 19.0 272,397 18.9 Owner-occupied CRE 91,147 6.0 90,204 6.1 94,573 6.7 95,789 6.8 100,272 7.0 Senior housing 236,474 15.5 245,292 16.7 234,081 16.6 231,260 16.4 245,591 17.0 Commercial and industrial 131,716 8.6 145,784 9.8 141,626 10.0 140,290 10.0 137,571 9.5 Retail Loans Marine vessels 301,327 19.7 284,305 19.3 263,657 18.6 279,689 19.8 288,949 20.0 Residential mortgages 185,527 12.1 176,794 12.0 174,099 12.4 173,392 12.3 172,505 12.0 Cash value life insurance LOC 87,135 5.7 80,503 5.5 86,844 6.2 87,968 6.2 93,657 6.5 Other consumer 21,203 1.4 20,204 1.4 20,485 1.5 21,699 1.5 21,280 1.5 Gross loans held for investment $ 1,527,199 100.0 % $ 1,472,232 100.0 % $ 1,409,443 100.0 % $ 1,409,913 100.0 % $ 1,442,077 100.0 % Core LHFI 1,464,200 1,406,199 1,342,073 1,341,135 1,369,629 Acquired LHFI (1) 62,999 66,033 67,370 68,778 72,448 Gross loans held for investment $ 1,527,199 $ 1,472,232 $ 1,409,443 $ 1,409,913 $ 1,442,077 Allowance for credit losses on LHFI 17,497 17,104 17,118 15,615 16,002 Net loans held for investment $ 1,509,702 $ 1,455,128 $ 1,392,325 $ 1,394,298 $ 1,426,075 Total loans held-for-sale 209,101 187,481 174,033 193,938 154,885 Total Loans $ 1,736,300 $ 1,659,713 $ 1,583,476 $ 1,603,851 $ 1,596,962 (1) Includes loans acquired through business combinations. Expand Nonperforming Assets (unaudited) Table 7 As of the Quarter Ended (dollars in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Nonaccrual loans $ 14,611 $ 14,599 $ 14,957 $ 8,408 $ 8,739 Past due loans 90 days and still accruing 93 6 49 49 47 Total nonperforming loans $ 14,704 $ 14,605 $ 15,006 $ 8,457 $ 8,786 Other real estate owned - 765 864 864 - Total nonperforming assets $ 14,704 $ 15,370 $ 15,870 $ 9,321 $ 8,786 Nonperforming loans to gross LHFI 0.96 % 0.99 % 1.06 % 0.60 % 0.61 % Nonaccrual loans to total assets 0.66 % 0.67 % 0.71 % 0.39 % 0.41 % Nonperforming assets to total assets 0.66 % 0.70 % 0.76 % 0.44 % 0.42 % Expand COASTALSOUTH BANCSHARES, INC. AND SUBSIDIARY FINANCIAL TABLES Allowance for Credit Losses (unaudited) Table 8 As of and for the Three Months Ended As of and for the Six Months Ended June 30, March 31, December 31, September 30, June 30, June 30, June 30, (dollars in thousands) 2025 2025 2024 2024 2024 2025 2024 Allowance for credit losses on LHFI Balance, beginning of period $ 17,104 $ 17,118 $ 15,615 $ 16,002 $ 15,774 $ 17,118 $ 15,465 Net charge-offs/(recoveries): Commercial Loans Acquisition, development and construction - - - - - - - Income producing CRE - - - - - - - Owner-occupied CRE - - (53 ) - - - - Senior housing - - - - - - - Commercial and industrial 19 1 3 30 54 20 49 Retail Loans Marine vessels - - - 36 - - - Residential mortgages (3 ) (2 ) (2 ) (7 ) (3 ) (5 ) (6 ) Cash value life insurance LOC - - - - 47 - 47 Other consumer 192 16 (25 ) 27 (2 ) 208 (3 ) Total net charge-offs/(recoveries) $ 208 $ 15 $ (77 ) $ 86 $ 96 $ 223 $ 87 Provision (recovery) for loan credit losses 601 1 1,426 (301 ) 324 602 624 Balance, ending of period $ 17,497 $ 17,104 $ 17,118 $ 15,615 $ 16,002 $ 17,497 $ 16,002 Allowance for credit losses for unfunded commitments Period beginning balance $ 3,348 $ 2,720 $ 2,906 $ 3,628 $ 3,779 $ 2,720 $ 3,916 Provision (recapture) for credit losses 151 628 (186 ) (722 ) (151 ) 779 (288 ) Period ending balance $ 3,499 $ 3,348 $ 2,720 $ 2,906 $ 3,628 $ 3,499 $ 3,628 Balance, end of period - Allowance for credit losses: LHFI and unfunded commitments $ 20,996 $ 20,452 $ 19,838 $ 18,521 $ 19,630 $ 20,996 $ 19,630 Total loans held for investment $ 1,527,199 $ 1,472,232 $ 1,409,443 $ 1,409,913 $ 1,442,077 $ 1,527,199 $ 1,442,077 Credit Analysis Net charge-offs to average LHFI 0.06 % 0.00 % (0.02 )% 0.02 % 0.03 % 0.03 % 0.01 % Total allowance for credit losses on LHFI to total LHFI 1.15 % 1.16 % 1.21 % 1.11 % 1.11 % 1.15 % 1.11 % Total allowance for credit losses on LHFI to nonaccrual loans 119.75 % 117.16 % 114.45 % 185.72 % 183.11 % 119.75 % 183.11 % Total allowance for credit losses on LHFI to total nonperforming loans 118.99 % 117.11 % 114.07 % 184.64 % 182.13 % 118.99 % 182.13 % Expand COASTALSOUTH BANCSHARES, INC. AND SUBSIDIARY FINANCIAL TABLES Loan Risk Ratings (1) (2) (unaudited) Table 9 As of the Quarter Ended (dollars in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Acquisition, development and construction (1) Pass $ 100,528 $ 76,453 $ 72,520 $ 112,275 $ 109,855 Special mention - - - - - Substandard - - - - - Total acquisition, development and construction $ 100,528 $ 76,453 $ 72,520 $ 112,275 $ 109,855 Income producing CRE (1) Pass $ 371,255 $ 352,281 $ 321,146 $ 262,287 $ 267,107 Special mention - - - 4,852 4,878 Substandard 887 412 412 412 412 Total income producing $ 372,142 $ 352,693 $ 321,558 $ 267,551 $ 272,397 Owner-occupied CRE (1)
