A Myrtle Beach-based bank logged its first quarterly profit since opening about three years ago and plans to open its second Grand Strand location in Garden City Beach next month.
Coastal Carolina National Bank, which opened in June 2009 on Oak Street in Myrtle Beach, had net income of $117,749, or 5 cents a share, during the three-month period that ended Sept. 30, the bank said Wednesday. That income is a 385 percent improvement from the same period in 2011, the bank said.
The bank credited growth in its loan portfolio and increased mortgage lending revenue with helping to achieve the profitable quarter.
The bank also is preparing to open its second office along the Grand Strand at 2961 U.S. 17 Business in Garden City Beach in front of Kroger. Crews are renovating the 3,000-square-foot building, which previously housed Bank of America. Coastal Carolina National Bank will open its office there in mid-January with a drive-through window and 24-hour ATM.
The bank’s assets at the end of the third quarter totaled $99.6 million, a 5.47 percent increase from total assets at the end of 2011. Loan balances have grown to $56.5 million, a 9.92 percent increase, and deposits have grown to $84.2 million, a 5.61 percent increase.
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