MYRTLE BEACH, S.C., Jan. 25, 2005 (PRIMEZONE) -- Beach First National Bancshares, Inc., parent of Beach First National Bank (OTCBB:BFNB), announced earnings growth of 42.3% in 2004, marking the bank's fifth consecutive year of strong financial performance. Net income for the year ended December 31, 2004 increased 42.3%, totaling $1,435,922, or $0.71 per basic share, when compared to $1,008,931, or $0.51 per basic share, for 2003. Return on average equity for the year ended December 31, 2004 increased 29.1% to 9.10% compared to 7.05% in 2003.
The bank experienced solid growth in virtually all areas of the balance sheet. Total assets grew to $242 million, which represents an increase of 46.6% over the previous year. Total deposits grew to $203 million, an increase of 47.1% in 2004. Total loans grew to $191 million, a 41.2% increase over the previous year.
Walt Standish, president and chief executive officer, said, "This earnings report caps a busy and productive year for Beach First National Bank. In 2004, we opened our fifth office overall and fourth along the Grand Strand, in the Waccamaw Neck area, and prepared for a second office on Hilton Head Island. Our newest location on the Island is located in The Village at Wexford and opened on schedule on January 3. The bank also continued to prepare for future growth with key staff additions in the commercial lending and technology areas."
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $242 million financial institution headquartered in Myrtle Beach, South Carolina. Beach First operates offices in Myrtle Beach, Surfside Beach, North Myrtle Beach, Pawleys Island, and Hilton Head Island, South Carolina. Beach First offers a full line of banking products and services, including NetTeller internet banking. The company's stock trades under the symbol BFNB and the website is beachfirst.com.
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
The Beach First National Bank logo can be found at http://media.primezone.com/prs/single/?pkgid=703
Beach First National Bancshares, Inc. and Subsidiary
Consolidated Balance Sheets
December 31,
-----------------------------
2004 2003
------------ ------------
Assets
Cash and due
from banks $4,824,176 $4,886,682
Federal funds sold
and short term
investments 463,069 4,598,520
Investment securities 36,202,370 11,918,074
Loans, net 189,059,926 133,851,712
Federal Reserve
Bank stock 309,000 309,000
Federal Home Loan
Bank stock 1,070,200 575,000
Property and equipment,
net 4,544,022 4,477,943
Cash value of life
insurance 3,230,950 3,076,570
Investment in
BFNB Trust 155,000 --
Other assets 2,232,632 1,399,535
------------ ------------
Total assets $242,091,345 $165,093,036
============ ============
Liabilities and
shareholders' equity
Liabilities
Deposits
Non-interesting bearing $ 32,540,139 $ 23,454,124
Interest bearing 170,628,819 114,645,442
------------ ------------
Total deposits 203,168,958 138,099,566
Advances from Federal
Home Loan Bank 16,500,000 11,500,000
Other liabilities 934,426 760,577
------------ ------------
Total liabilities 220,603,383 150,360,143
Commitments and
contingencies -
Shareholders' equity
Common stock, $1 par
value, 10,000,000
shares authorized,
2,013,508 shares
issued and outstanding
at December 31, 2004
and 1,323,768 at
December 31, 2003 2,013,508 1,323,768
Paid-in capital 11,335,982 11,837,299
Retained earnings 3,153,939 1,718,321
Accumulated other
comprehensive loss (170,467) (146,495)
------------ ------------
Total shareholders'
equity 16,332,962 14,732,893
------------ ------------
Total liabilities and
shareholders' equity $242,091,345 $165,093,036
============ ============
Beach First National Bancshares, Inc. and Subsidiary
Consolidated Statements of Income
For the years ended December 31,
-----------------------------------------
2004 2003 2002
----------- ----------- -----------
Interest income
Loans and fees
on loans $10,418,114 $ 7,927,496 $ 5,898,801
Investment securities 1,102,690 519,128 413,289
Federal funds sold
and short term
investments 71,998 49,637 73,206
Dividends on long
term investments 4,069 -- --
----------- ----------- -----------
Total interest
income 11,596,871 8,496,261 6,385,296
Interest expense
Deposits 2,799,558 2,266,876 2,023,754
Short term
borrowings 395,946 216,040 71,746
Long-term
borrowings - junior
subordinated debt 136,943 -- --
----------- ----------- -----------
Total Interest
Expense 3,331,447 2,482,916 2,095,500
Net interest
income 8,265,424 6,013,344 4,289,797
Provision for
loan losses 1,340,000 713,000 539,000
----------- ----------- -----------
Net interest
income after
provision for
loan losses 6,925,424 5,300,344 3,750,797
----------- ----------- -----------
Noninterest income
Service fees on
deposit accounts 536,077 490,694 420,128
Gain on sale
of loan -- -- 96,886
Gain on sale of
investment
securities 37,395 134,530 977
Income from cash
value life
insurance 161,544 161,544 80,222
Other income 302,409 200,066 133,411
----------- ----------- -----------
Total noninterest
income 1,037,425 986,834 731,624
----------- ----------- -----------
Noninterest expenses
Salaries and wages 2,556,452 2,074,934 1,468,357
Employee benefits 501,347 400,579 275,694
Supplies and printing 89,560 105,704 94,624
Advertising and
public relations 239,256 168,138 117,077
Professional fees 190,138 136,553 140,429
Depreciation and
amortization 446,158 428,609 320,590
Occupancy 476,736 362,202 239,774
Data processing fees 343,275 308,568 215,397
Other operating
expenses 838,946 703,317 483,988
----------- ----------- -----------
Total noninterest
expenses 5,681,867 4,688,604 3,355,930
----------- ----------- -----------
Income before
income taxes 2,280,982 1,598,574 1,126,491
Income tax expense 845,060 589,643 419,220
----------- ----------- -----------
Net income $ 1,435,922 $ 1,008,931 $ 707,271
=========== =========== ===========
Basic net income
per common share $ 0.71 $ 0.51 $ 0.36
Diluted net
income per
common share $ 0.69 $ 0.50 $ 0.36
Weighted average
number of common
Shares outstanding
Basic 2,010,662 1,978,252 1,977,552
=========== =========== ===========
Diluted 2,089,287 2,015,103 1,987,468
=========== =========== ===========