CoastalSouth Bancshares Inc 2025年季度报告

(Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934For the quarterly period endedJune 30,2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934For the transition period from _______ to _______Commission File Number:001-42730 COASTALSOUTH BANCSHARES, INC. (Exact Name of Registrant as Specified in its Charter) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorterperiod that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the ExchangeAct.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ Table of Contents Item 1.Financial Statements (Unaudited)1Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 20241Consolidated Statements of Operations (unaudited) for the Three and Six Months Ended June30, 2025 and 20242Consolidated Statements of Comprehensive Income (unaudited) for the Three and Six MonthsEnded June 30, 2025 and 20243Consolidated Statements of Shareholders' Equity (unaudited) for the Three and Six MonthsEnded June 30, 2025 and 20244Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2025and 20245Notes to Consolidated Financial Statements (unaudited)6Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations32Item 3.Quantitative and Qualitative Disclosures About Market Risk61Item 4.Controls and Procedures62 Item 1.Legal Proceedings62Item 1A.Risk Factors62Item 2.Unregistered Sales of Equity Securities and Use of Proceeds63Item 3.Defaults Upon Senior Securities63Item 4.Mine Safety Disclosures63Item 5.Other Information63Item 6.Exhibits64Signatures65 NOTE1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Theaccompanying unaudited consolidated financial statements include the accounts of CoastalSouthBancshares, Inc. (the “Company”) and its wholly-owned subsidiary. The Company owns100% of Coastal StatesBank (the “Bank”). The Bank has one wholly owned subsidiary, Coastal States Mortgage, Inc., a mortgage companyfocused on originating and selling residential mortgages to investors and to retain in the portfolio. The "Company”or “our,” as used herein, includes Coastal States Bank and Coastal States Mortgage, Inc. These unaudited Consolidated Financial Statements have been prepared in conformity with U.S. generallyaccepted accounting principles (“GAAP”) followed within the financial services industry for interim financialinformation and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or notesrequired for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring items, considered necessaryfor a fair presentation of the Consolidated Financial Statements for the interim periods have been included. Allsignificant intercompany accounts and transactions have been eliminated in consolidation. Certain amounts reportedin prior periods have been reclassified to conform to the current year's presentation. These reclassifications did nothave a material effect on previously reported net income, shareholders’ equity or cash flows. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the resultsthat may be expected for the year ending December 31, 2025. These statements should be read in conjunction withthe Consolidated Financial Statements and Notes thereto for the year ended December 31, 2024 as filed with theSecurities and Exchange Commission ("SEC") on Form S-1. The Company’s significant accounting policies are described in Note 1 of the Notes to Consolidated FinancialStatements for the year ended December 31, 2024 as filed with the SEC on Form S-1. There were no newaccounting policies or changes to existing policies adopted during