CoastalSouth Bancshares, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 07, 2023
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CoastalSouth Bancshares, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 15.81 million compared to USD 15.18 million a year ago. Net income was USD 4.77 million compared to USD 5.26 million a year ago. Basic earnings per share from continuing operations was USD 0.5 compared to USD 0.61 a year ago. Diluted earnings per share from continuing operations was USD 0.49 compared to USD 0.6 a year ago.
For the nine months, net interest income was USD 47.73 million compared to USD 40.67 million a year ago. Net income was USD 17.32 million compared to USD 12.69 million a year ago. Basic earnings per share from continuing operations was USD 1.86 compared to USD 1.47 a year ago. Diluted earnings per share from continuing operations was USD 1.83 compared to USD 1.44 a year ago.
CoastalSouth Bancshares, Inc. is a bank holding company. The Companyâs subsidiary is Coastal States Bank (CSB). CSB operates retail banking branches in Beaufort County, South Carolina, Chatham County, Georgia, Dawson County, Georgia, Fulton, County, Georgia and Forsyth County, Georgia. CSB has a community bank presence in the Lowcountry of South Carolina (Hilton Head Island and Bluffton), Savannah, and Atlanta. It provides a full range of banking services designed for businesses, their owners, and individuals looking for a local banking partner. Its services include digital banking, debit cards, e-statements and notices, loan payments and telephone banking. CSBâs wholly owned subsidiary, Coastal States Mortgage, Inc. (CSM), a mortgage company focused on originating and selling residential mortgages to investors. CSB also serves communities across the country through its government guaranteed lending, senior housing, mortgage banker finance, and marine lending lines of business.