MYRTLE BEACH, S.C., April 19, 2005 (PRIMEZONE) -- Beach First National Bancshares, Inc. (OTCBB:BFNB) today announced that its first quarter 2005 earnings increased 56.6% over the same period last year.
Net income for the quarter ended March 31, 2005, increased 56.6%, totaling $481,851, or $0.24 per basic share, when compared to the $307,649, or $0.16 per basic share, reported for the quarter ended March 31, 2004. Total assets grew to $287.6 million, which represents an increase of 55.5% from the same period a year ago. Total deposits grew to $240.7 million, an increase of 58.7% from the same period a year ago. Total loans grew to $221.5 million, a 53.5% increase over the same period last year.
Return on average shareholders' equity was 11.44% for March 31, 2005, compared to 8.14% for March 31, 2004. The net interest margin improved to 4.54% for the period ended March 31, 2005 when compared to 4.31% for the same period a year ago. Book value per share stood at $8.43 per share at March 31, 2005, compared to $7.63 per share at March 31, 2004.
Walt Standish, president and chief executive officer, said, "Our robust financial performance is attributed primarily to the growth in loans during the first quarter of 2005. In February 2005, the bank recorded its best ever month for loan growth, and deposits kept pace with this growth, due to our competitive interest rates and community bank philosophy. During the first quarter, the bank opened its sixth location overall and second on Hilton Head Island. This new office in the Village at Wexford provides the bank with solid locations on the south and north ends of the Island and is a key part of our growing branch network."
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $288 million financial institution headquartered in Myrtle Beach, South Carolina. Beach First operates six banking locations in Myrtle Beach, Surfside Beach, North Myrtle Beach, Pawleys Island, and Hilton Head Island, South Carolina, and 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 Subsidiaries
Myrtle Beach, South Carolina
Consolidated Condensed Balance Sheets
(unaudited)
March 31, December 31,
2005 2004 2004
---- ---- ----
(unaudited) (unaudited) (audited)
---------
ASSETS
Cash and due from
banks $ 4,537,722 $ 3,246,513 $ 4,824,176
Federal funds sold and
short-term investments 16,707,372 12,163,000 463,069
Investment securities
available for sale 34,748,012 17,113,065 36,202,370
Loans, net 218,587,069 142,330,206 189,059,926
Federal Reserve Bank
stock 309,000 309,000 309,000
Federal Home Loan Bank
stock 1,336,400 825,000 1,070,200
Premises and
equipment, net 5,133,422 4,270,701 4,681,812
Cash Value of life
insurance 3,209,759 3,115,165 3,230,950
Other assets 3,006,386 1,569,749 2,249,842
------------ ------------ ------------
Total assets $287,575,142 $184,942,399 $242,091,345
============ ============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposits
Noninterest bearing
deposits $ 28,111,244 $ 22,538,769 $ 32,540,139
Interest bearing
deposits 212,551,306 129,121,788 170,628,819
------------ ------------ ------------
Total deposits 240,662,550 151,660,557 203,168,958
Advances from Federal
Home Loan Bank 19,000,000 16,500,000 16,500,000
Junior subordinated
debentures 10,310,000 -- 5,155,000
Other liabilities 1,254,330 1,363,904 934,425
------------ ------------ ------------
Total liabilities 271,226,880 169,524,461 225,758,383
------------ ------------ ------------
SHAREHOLDERS' EQUITY:
Common stock, $1 par
value; 10,000,000
shares authorized;
2,016,158 issued and
outstanding at March
31, 2005, 1,342,018
at March 31, 2004
and 2,013,508 at
December 31, 2004 2,016,158 1,342,018 2,013,508
Paid-in capital 11,351,276 12,003,806 11,335,982
Retained earnings 3,635,791 2,025,970 3,153,939
Accumulated other
comprehensive income (654,963) 46,144 (170,467)
------------ ------------ ------------
Total shareholders'
equity 16,348,262 15,417,938 16,332,962
------------ ------------ ------------
Total liabilities
and shareholders'
equity $287,575,142 $184,942,399 $242,091,345
============ ============ ============
Beach First National Bancshares, Inc. and Subsidiaries
Myrtle Beach, South Carolina
Consolidated Condensed Statements of Income
(unaudited)
Three Months Ended
March 31,
2005 2004
---- ----
INTEREST INCOME
Interest and fees on loans $ 3,635,643 $ 2,222,578
Investment securities 393,722 153,409
Federal funds sold 28,154 16,140
----------- -----------
Total interest income 4,057,519 2,392,127
INTEREST EXPENSE
Deposits 1,080,257 576,409
Advances from FHLB and
federal funds purchased 124,865 84,260
Junior subordinated
debentures 66,967 --
----------- -----------
Total interest expense 1,272,089 660,669
Net interest income 2,785,430 1,731,458
PROVISION FOR POSSIBLE
LOAN LOSSES 500,000 215,000
----------- -----------
Net interest income after
provision for possible
loan losses 2,285,430 1,516,458
----------- -----------
NONINTEREST INCOME
Service fees on deposit
accounts 140,461 131,091
Gain on sale of loan 14,610 --
Loss on sale of investment
securities (529) (3)
Income from cash value
life insurance 25,338 40,386
Mortgage loan referral fees 39,821 26,884
Other income 43,479 29,410
----------- -----------
Total noninterest income 263,180 227,768
----------- -----------
NONINTEREST EXPENSES
Salaries and wages 794,166 554,850
Employee benefits 171,506 122,718
Supplies and printing 26,316 18,529
Advertising and public
relations 72,971 49,488
Professional fees 72,707 43,443
Depreciation and
amortization 126,484 108,252
Occupancy 183,815 107,346
Data processing fees 109,688 84,011
Other operating expenses 229,986 167,258
----------- -----------
Total noninterest expenses 1,787,639 1,255,895
----------- -----------
Income before income taxes 760,971 488,331
INCOME TAX EXPENSE 279,120 180,682
----------- -----------
Net income $ 481,851 $ 307,649
=========== ===========
BASIC NET INCOME PER
COMMON SHARE $ .24 $ .16
=========== ===========
DILUTED NET INCOME PER
COMMON SHARE $ .23 $ .15
=========== ===========
Weighted average common
shares outstanding - basic 2,014,391 1,977,552
Weighted average common
shares outstanding - diluted 2,105,422 1,990,957