Latest news with #MyrtleBeach
Associated Press
12 hours ago
- Business
- Associated Press
Coastal Carolina Bancshares, Inc. Announces Second Quarter Results
MYRTLE BEACH, SC / ACCESS Newswire / July 23, 2025 / Coastal Carolina Bancshares, Inc. (the 'Company') (OTCQX:CCNB), parent of Coastal Carolina National Bank (the 'Bank'), reported unaudited financial results for the second quarter of 2025. The Company reported net income for the three months ended June 30, 2025, of $2,515,712 or $0.40 per share, compared to $1,956,948 or $0.31 per share for the same period in the prior year and $2,377,289 or $0.38 per share for the prior quarter ended March 31, 2025. The Company reported net income of $4,893,001 or $0.78 per share for the six months ended June 30, 2025, compared to $3,607,644 or $0.58 per share for the same period ended June 30, 2024. 2025 Second Quarter Financial Highlights • Quarterly net income of $2.5 million, an increase of 6% over the most recent linked quarter and 29% over the second quarter of 2024 • Quarterly Return on Average Equity of 12.63% • Net Interest Margin expansion to 3.59% for the quarter ended June 30, 2025 compared to 3.55% and 3.19% for the prior quarters ended March 31, 2025 and June 30, 2024, respectively • Increased book value per share and tangible book value per share to $12.80 and $12.31 at June 30, 2025 from $12.07 and $11.56 at December 31, 2024 • Quarterly deposit growth of $78 million or 7% (29% annualized) from $1,002 million at March 31, 2025 to $1,080 million at June 30, 2025 • Quarterly loan growth of $17 million or 2% (8% annualized) from $863 million at March 31, 2025 to $880 million at June 30, 2025 • Key credit quality metrics remained pristine with a non-performing assets ratio of 0.0% and no past due loans greater than 30 days Capital At June 30, 2025, the Bank's regulatory capital ratios (Leverage, Tier 1, and Total Risk-Based) were 9.09%, 11.76%, and 12.87%, respectively. Each of these ratios exceed the regulatory minimums to be considered well capitalized. The Company reported book value per share and tangible book value per share at June 30, 2025 of $12.80 and $12.31, respectively, compared to $12.57 and $12.07 at March 31, 2025. Increased book value per share during the quarter resulted from retained earnings accumulation and changes in investment market valuations during the quarter. Balance Sheet and Credit Quality Total Assets increased by 7% during the quarter and 9% during the first six months of the year to $1,187 million at June 30, 2025. Asset growth was driven by significant deposit growth during the quarter resulting in increased cash and cash equivalents and increased loan balances. The Company experienced considerable deposit growth during the quarter reporting $1,080 million in total deposits at June 30, 2025, compared to $1,002 million at March 31, 2025, an increase of $78 million or 8%. At quarter end, checking and savings accounts represented 35% of the Bank's total deposit balances while money market accounts and time deposits represented 48% and 17% of total deposits, respectively. In addition to core deposit growth, the Bank's brokered CD balances increased during the quarter from $17 million at March 31, 2025 to $25 million at June 30, 2025. President and CEO of the Company and Bank, Laurence S. Bolchoz, Jr., commented, 'The Bank's deposit growth was remarkable during the second quarter with $78 million in deposit growth. While seasonal deposit fluctuations contributed to deposit growth during the quarter, this growth reflects the hard work of our team and the daily focus we place on core deposit acquisition and retention'. Net loans increased $17 million or 2% during the second quarter, and $43 million or 5% year-to-date to $880 million at June 30, 2025. Year to data loan growth was concentrated in owner occupied CRE, non-owner occupied CRE, 1-4 family residential, and C&I lending which accounted for $13 million, $10 million, $7 million and $7 million in net growth, respectively. This growth was partially offset by a reduction in construction and land development lending of $7 million. The Company continues to report excellent asset quality metrics with no loans classified as nonaccrual, no loans past due greater than 30 days, and a non-performing asset ratio of 0.00%. There were no charge-offs during the quarter, and no outstanding OREO property at June 30, 2025. Mr. Bolchoz commented, 'The Bank continues to report exceptional credit quality metrics with no past dues, no non-accrual loans, and no OREO properties at quarter end. This is a significant accomplishment and a testament to the health of our local economies and our team's emphasis on credit quality'. Income Statement Net Interest Income Net interest income increased $0.4 million or 4% to $9.3 million for the quarter ended June 30, 2025, compared to $8.9 million during the most recent linked quarter, and increased 24% when compared to prior year's second quarter net interest income of $7.5 million. The Bank's net interest margin was 3.59% for the quarter ended June 30, 2025, compared to 3.55% for the prior quarter ended March 31, 2025 and 3.19% during the second quarter of 2024. Net interest margin expansion during the second quarter of 2025 was driven by loan growth and increased loan yields partially offset by a slight increase in the Bank's cost of funds. The Bank's yield on earning assets increased to 5.63% for the quarter ended June 30, 2025 compared to 5.54% during the most recent linked quarter, and 5.44% in the second quarter of 2024. The Bank's loan yields increased when compared to the prior quarter from 5.98% to 6.07%, while the Bank's cost of funds increased quarter over quarter from 2.14% to 2.19%. Mr. Bolchoz said, 'We are very pleased with the Bank's earnings for the second quarter of 2025 with net income increasing 6% over the most recent linked quarter and 29% when compared to the second quarter of last year. Net income improvement was driven by efficient growth and an expanding net interest margin.' Noninterest Income Noninterest income totaled $602 thousand for the quarter ended June 30, 2025, compared to $610 thousand earned during the most recent quarter ended March 31, 2025 and $558 thousand in the second quarter of 2024. Non-interest income was relatively flat quarter over quarter and consisted primarily of service charges and fees on deposit accounts, interchange and merchant fee income, mortgage sales income, and earnings from bank owned life insurance. Noninterest Expense Noninterest expense totaled $6.3 million for the quarter ended June 30, 2025, compared to $6.2 million for the prior quarter ended March 31, 2025, and $5.5 million for the comparative quarter ended June 30, 2024. Non-interest income remained relatively flat in comparison to the prior quarter with minor increases in compensation and benefits offset by reduced data processing costs. Provision for Loan Losses During the quarter the Bank recorded a provision of $480 thousand for changes in CECL allowance for credit losses. At quarter end the Bank's allowance for credit losses on loans increased to $9.3 million and the reserve on unfunded commitments increased to $470 thousand. The cumulative CECL reserve of $9.8 million was 1.11% of total loans outstanding at June 30, 2025. About Coastal Carolina Bancshares, Inc. Coastal Carolina Bancshares, Inc. is the Bank holding Company of Coastal Carolina National Bank, a Myrtle Beach-based community bank serving Horry, Georgetown, Aiken, Orangeburg, Richland, Greenville, Spartanburg, and Brunswick (NC) counties. Coastal Carolina National Bank is a locally operated financial institution focused on providing personalized service. It offers a full range of banking services designed to meet the specific needs of individuals and small and medium-sized businesses. Headquartered in Myrtle Beach, SC, the Bank also has branches in Garden City, North Myrtle Beach, Conway, Aiken, Orangeburg, Columbia, Greenville, and Spartanburg, South Carolina, and Ocean Isle Beach, North Carolina. Through the substantial experience of our local management and Board of Directors, Coastal Carolina Bancshares, Inc. seeks to enhance value for our shareholders, build lasting customer relationships, benefit our communities and give our employees a meaningful career opportunity. To learn more about the Company and its subsidiary bank, please visit our website at Forward-Looking Statements Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include, without limitation: the effects of future economic conditions; governmental fiscal and monetary policies; legislative and regulatory changes; the risks of changes in interest rates; successful merger integration; management of growth; fluctuations in our financial results; reliance on key personnel; our ability to compete effectively; privacy, security and other risks associated with our business. Coastal Carolina Bancshares, Inc. assumes no obligation and does not intend to update these forward-looking statements, except as required by law. # # # Contact: Russell Vedder Title: EVP/CFO Phone: (843) 839-5662 Fax: (843) 839-5699 SOURCE: Coastal Carolina Bancshares, Inc. press release
%3Amax_bytes(150000)%3Astrip_icc()%2FTAL-lead-image-CONWAYSC0725-ce25295a035247a8a61283d4cc10aa92.jpg&w=3840&q=100)
Travel + Leisure
2 days ago
- Business
- Travel + Leisure
Americans Are Moving to This Small Southern Suburb in 2025 for Its Affordability and Space
Conway, South Carolina, topped MoveBuddha's report on the most popular domestic relocation destination so far in 2025. The Palmetto State is also the most sought-after state to move to this year, accounting for over 22 percent of inbound searches. New Jersey, California, and New York have received the highest number of outbound inquiries, indicating that these states are more likely to lose residents in the future. Americans are on the move, and they are searching for affordability, space, and a better work-life balance. Relocation company MoveBuddha has released its latest 2025 Moving Trends Report, which analyzed over 55,000 searches on its website to determine where people are planning to move this year so far. The most popular domestic destination for relocation in the first six months of 2025 is Conway, South Carolina, with four times as many people seeking to move in compared to those wanting to move out. The city surpasses its neighbor, Myrtle Beach, South Carolina, which topped the list in the first quarter of the year. Conway, home to 28,000 full-time residents, offers the appeal of a vibrant community without the high housing costs and congestion associated with larger cities. South Carolina is the most popular state to move to so far, accounting for the highest volume of inbound searches—or over 22 percent. The Southeast has a strong showing in the top ten, with North Carolina and Tennessee seeing spikes in inbound demand. 'There's been some broadening in migration interest, with lesser-known and previously overlooked destinations gaining ground as formerly popular locations reach saturation and cost limits,' the report stated. 'This year, smaller locations are becoming more popular, with huge demand and few residents calling it quits. That means movers are very interested in just a handful of popular locales, and cities that haven't grown in popularity this year, even if they're maintaining strong migration interest, are falling behind.' At the other end of the spectrum, New Jersey, California, and New York have seen many more inquiries for outbound moves, meaning those states stand to lose residents rather than gain. 'These states, in addition to being densely populated, face affordability challenges in an America struggling with persistent inflation and pay that hasn't kept up,' MoveBuddha noted. The communities of West Des Moines, Iowa, as well as El Cajon and Palmdale, both in California, are the top "exit cities," as the company called them. See the full report at
Yahoo
2 days ago
- Health
- Yahoo
‘Mourn the life that he was supposed to have': Myrtle Beach parents strive to help son with Lyme disease
MYRTLE BEACH, S.C. (WBTW) — An 8-year-old Myrtle Beach boy has Lyme disease, and his parents are doing everything they can to pay for his medications and treatments and give him as close to a 'normal childhood' as possible. LeeAnn and Brian Kuhl said their family's journey began when their son, Ben, came home with a tick bite on his belly button after a hike four years ago. He was 4 years old at the time. Doctors told the Kuhls that as long as Ben's tick bite did not have a bullseye on it, he would be fine, so Lyme disease, which is transmitted to people by ticks, was not even on the Kuhls' minds. That changed months later, when Ben was diagnosed. At that point, LeeAnn said the disease had already spread to all of Ben's organs, including his brain. He is only able to talk on some days, his motor functions have worsened, and he has very painful inflammation. As a result, he spends most of his time inside. 'You mourn the life that he was supposed to have, so you mourn the parent that you were supposed to be,' LeeAnn said. Ben's symptoms have affected his friendships with other children, the Kuhls said. 'I see the frustration when he can't play with them because they're at a faster pace now than he is,' LeeAnn said. 'It's sad because, when they're all goofing around, he wants to be in there, too, but he can't talk to them.' Ben's parents said his medications cost hundreds of dollars per month, and not all of them are covered by insurance. Brian said he is working two jobs, but he is still looking for work. He is starting his own landscaping business, Made New Landscaping, all to help pay for Ben's treatments. The Kuhls have also set up a GoFundMe page. The Kuhls said that once they found their community in Myrtle Beach, they finally realized they did not need to go through this alone. 'We had all these people coming to us and offering to pay for a month of supplements or offering services to him,' LeeAnn said. 'Without them, we could not be where we are right now.' LeeAnn said Ben will always be affected by Lyme disease, but they hope he can eventually be in full remission. The best advice for parents with infected children is to never give up hope, the Kuhls said. 'He is going to be such a testimony on not giving up,' LeeAnn said. 'We tell him every day, 'you're going to stand there one day, and you're going to speak to a bunch of people who are going through something, and you're going to tell them what God did for you.'' Brian added that if you have been in the woods, check for ticks on your kids and your dogs as soon as you are home. * * * Skylar Musick is a multimedia journalist at News13. Skylar is originally from Long Island, New York. She joined the News13 team in June 2024 after graduating from Villanova University in May 2024. Follow Skylar on X, formerly Twitter, Facebook, or Instagram, and read more of her work here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
News.com.au
6 days ago
- Sport
- News.com.au
Ex-MLB prospect dies in front of his family after saving family of five
A former MLB prospect died a hero after jumping into brutal waters to save a family, and was caught in a rip current in front of his wife and kids. Anderson 'Chase' Childers lost his life tragically while on vacation with his family on Sunday. The 39-year-old was vacationing with his wife and three children in South Carolina when a woman asked him to help rescue swimmers who were stuck in the rip-tide, his family told Charleston NBC affiliate WCBD. Childers, who was also a former police officer, instantly ran to the water to help the group. 'His first responder instincts kicked in and he went to the water to save people,' Pawleys Island Police Chief Michael Fanning said. Childers and another individual helped the swimmers, identified as a family of five, return to shore safely at the vacation spot just south of Myrtle Beach. However, Childers disappeared in the water and was swept away by the rip-tide in front of his wife, Nataley, and their three kids. The Coast Guard recovered Childers' body about 90 minutes after he was last seen, the Pawley Police Department said in a statement on X. A GoFundMe has been set up to support Childers, and $US145,000-plus ($A220,000) has been raised as of Friday morning Australian time. 'As a devoted husband and father, he displayed extraordinary courage and selflessness. In a heroic act, he saved a family of five in a moment of crisis in Pawleys Island on Sunday afternoon, putting their lives above his own,' the post read. 'His bravery, kindness, and love will always be remembered.' Childers was born in Nashville, Tennessee, before his family moved to Kennesaw, Georgia. He played baseball for North Cobb Christian High School and Georgia State University, per the school's website. In 2009, Childers joined the Baltimore Orioles farm system, where he played second base and shortstop. He left baseball a year later to become a uniformed patrol officer for the Cobb County Police Department. Childers received the Cobb County Police Department Life Saving Award in 2013. 'We are saddened to learn of Chase's passing, and send our deepest condolences to his family and loved ones,' an Orioles spokesperson told Atlanta news station WANF. Childers' death was the fifth drowning on Pawleys Island since June 2023, and the second in the last month, WCBD-TV reported. Police on the island said they are taking more precautions to ensure the public's safety for the future. 'We're going to put up extra signage in the areas that are prone to these rip currents. We have life rings at all beach accesses, but I think we need to increase life rings in certain areas that are hazard-prone,' the Pawleys police chief said. If one gets caught in a rip current, authorities advise 'don't panic, swim parallel to the shore until you're out of the current. 'Then make your way back in.'
CNN
7 days ago
- Business
- CNN
They bought a house expecting rates to fall. They're still waiting
Joe Dalesandro didn't expect to keep his mortgage rate at 6.99% for very long when he purchased a new home with his girlfriend last summer in Myrtle Beach, South Carolina. He'd refinance soon, he reasoned. He was wrong. 'We always thought they would go down, and fairly quickly,' Dalesandro said of interest rates. 'It has caught us by surprise that it hasn't come down.' Average mortgage rates in the US have hovered above 6% for nearly three years. Many Americans who bought homes in that time might have expected lower rates and a chance to refinance by now. But so far, relief hasn't come. Combined with inflation boosting home repair prices, the costs of homeownership are more than many people bargained for. Dalesandro is one of millions of Americans who locked in a home loan rate above 6% in the years since the Federal Reserve aggressively hiked interest rates from ultra-low levels to tame inflation between 2022 and 2023. The Fed moves sent mortgage rates, which track the 10-year US Treasury yield, on an upward climb. Since then, the Fed has cut rates more slowly than some economists had initially expected, with inflation still running above the bank's 2% target. Today, the average 30-year fixed mortgage rate, the most popular mortgage loan in America, remains stuck just under 7%. While it's lower today than it was last summer when Dalesandro purchased his Myrtle Beach home, mortgage rates remain higher than they were at any point between 2008 and 2022. President Donald Trump's recent tariff policies threaten to kick up inflation once again, throwing into question how much the Fed will cut interest rates in the near future. A higher mortgage rate can add hundreds, even thousands, to a homeowner's monthly payments. For Dalesandro, who is 77 and retired, his elevated mortgage payment has meant he has had to keep a careful budget. 'We just wish we had more expendable income,' he said. Angel Scheid, a marketing executive in Los Angeles, purchased her one bedroom, one bathroom home in 2022, when competition in the housing market had hit a fever pitch. Homes on the market were fielding multiple offers, sometimes being bid up by hundreds of thousands of dollars. Scheid bid slightly above the asking price, ultimately purchasing her home for $915,000, with a 5.99% interest rate. At the time, single-family homes were rarely selling for under $1 million in Los Angeles, and Scheid's home required significant repairs, which she said ran over budget amid the 2022 inflation surge. 'I thought I was going to buy it and six months later, I was probably going to refinance,' Scheid said. 'I was wildly off.' Many financial advisors say refinancing is worth the cost if you can lower your interest rate by at least one percentage point. But Schied no longer expects rates to fall below 5% anytime soon. 'I don't see any hope on the horizon at this point,' she said. 'Now people would be clamoring to get my rate of 5.99%.' Still, Scheid said she constantly questions whether she made the right choice buying her home. Since Scheid purchased her home in 2022, home prices have softened across the country. Nearly one-third of the largest 100 markets are now showing year-over-year price dips of at least a full percentage point from recent highs, according to a recent analysis from financial services firm Intercontinental Exchange. 'I'm looking at a pretty high monthly payment, and it'll be a while before I can even consider selling without taking a significant loss,' Scheid said. 'I just get this feeling of being trapped.' 'I should have just stayed renting,' she added. Even some homeowners who took out loans before the pandemic are feeling the sting of higher rates. Jesús Hernández didn't expect interest rates to rise sharply when he took out an adjustable-rate mortgage (ARM) to buy his home in Tucson, Arizona, in 2019. Unlike more common fixed-rate mortgages, ARMs can offer short-term relief in the form of lower initial payments. But they come with a catch: After a set introductory period, the interest rate adjusts periodically based on market conditions, and it can climb quickly. These loans have grown more popular in recent years as some buyers bet the Fed will lower rates in the next few years, giving them time to refinance before their ARM resets. In the first quarter of this year, ARMs made up more than a quarter of new conventional mortgages, according to a recent report from the Philadelphia Fed, up from just 7.8% in the first quarter of 2021. For Hernández, his payments surged after his 2% introductory rate expired. 'It was going to go up to 6% or 7%, which would take my payments up by more than a thousand dollars a month,' he said. As his payments climbed and unexpected home repair costs piled up, Hernández turned to his bank, which eventually agreed to refinance the loan at a 4.35% rate. Looking back, Hernández said he wishes he had chosen a fixed-rate mortgage, even if it would have meant the initial cost was higher. 'I went through headaches with the variable rate,' he said.
