MYRTLE BEACH, S.C., July 19, 2005 (PRIMEZONE) -- Beach First National Bancshares, Inc. (Nasdaq:BFNB) reported today that its second quarter 2005 earnings increased a record 100.6% over figures reported for the same period a year ago.
Net income for the quarter ended June 30, 2005 increased 100.6%, totaling $663,251, or $0.29 per diluted share, when compared to the $330,581, or $0.16 per diluted share, reported for the quarter ended June 30, 2004. Total assets grew to $317 million, which represents an increase of 60.9% from the same period a year ago. Total deposits grew to $249 million, an increase of 56.0% from the same period a year ago. Total loans grew to $250 million, a 60.8% increase over the same period last year.
Net income for the six months ended June 30, 2005 increased 79.4%, totaling $1,145,101, or $0.52 per diluted share, when compared to the $638,232, or $0.31 per diluted share, reported for the six months ended June 30, 2004.
Return on average shareholders' equity was 11.52% for the six months ended June 30, 2005 (annualized), compared to 8.29% for the same period in 2004. The net interest margin improved to 4.51% at June 30, 2005 compared to 4.37% at June 30, 2004. Book value per share stood at $11.92 per share at June 30, 2005, compared to $7.55 per share at June 30, 2004.
Walt Standish, president and chief executive officer, said, "Our record performance in the second quarter and first six months of the year is attributed to several factors, including our maturing branch network, exceptional loan growth, and a robust economy in the markets we serve. During the second quarter, we completed a public offering of our common stock with net proceeds to be used for general corporate purposes, including support of asset growth within Beach First. In addition, we will break ground soon for our new headquarters at the southwest corner of Grissom Parkway and 38th Avenue North in Myrtle Beach."
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $317 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 on the Nasdaq National Market 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.
Beach First National Bancshares, Inc. and Subsidiary
Myrtle Beach, South Carolina
Consolidated Balance Sheets
June 30, December 31,
2005 2004 2004
---- ---- ----
(unaudited) (unaudited) (audited)
---------
ASSETS
Cash and due from
banks $ 5,554,721 $ 4,166,123 $ 4,824,176
Federal funds sold
and short term
investments 9,951,047 2,201,000 463,069
Investment
securities
available for
sale 42,618,511 26,952,269 36,202,370
Loans, net 246,481,357 153,344,159 189,059,926
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 5,118,058 4,393,569 4,681,812
Cash value life
insurance 3,240,520 3,153,760 3,230,950
Other assets 2,680,283 1,877,037 2,249,842
------------- ------------- -------------
Total assets $ 317,289,897 $ 197,221,917 $ 242,091,345
============= ============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposits
Noninterest bearing
deposits $ 30,108,671 $ 32,353,558 $ 32,540,139
Interest bearing
deposits 218,839,604 127,195,540 170,628,819
----------- ----------- -----------
Total deposits 248,948,275 159,549,098 203,168,958
Advances from
Federal Home Loan
Bank 19,000,000 16,500,000 16,500,000
Junior subordinated
debentures 10,310,000 5,155,000 5,155,000
Other liabilities 1,264,036 809,760 934,425
------------- ------------- -------------
Total liabilities 279,522,311 182,013,858 225,758,383
------------- ------------- -------------
SHAREHOLDERS' EQUITY:
Common stock, $1
par value;
10,000,000 shares
authorized; shares
issued and
outstanding -
3,168,458 at
June 30, 2005,
2,013,008 at June
30, 2004, and
2,013,508 at
December 31, 2004 3,168,458 2,013,008 2,013,508
Paid-in capital 30,355,287 11,332,816 11,335,982
Retained earnings 4,299,040 2,356,553 3,153,939
Accumulated other
comprehensive
income (loss) (55,199) (494,318) (170,467)
------------- ------------- -------------
Total shareholders'
equity 37,767,586 15,208,059 16,332,962
------------- ------------- -------------
Total liabilities
and shareholders'
equity $ 317,289,897 $ 197,221,917 $ 242,091,345
============= ============= =============
Beach First National Bancshares, Inc. and Subsidiaries
Myrtle Beach, South Carolina
Consolidated Statements of Income
(Unaudited)
Six Months Ended Three Months Ended
June 30, June 30,
-------- --------
2005 2004 2005 2004
---- ---- ---- ----
INTEREST INCOME
Interest and
fees on loans $7,965,420 $4,595,944 $4,329,777 $2,373,367
Investment
securities 840,818 386,430 447,096 233,021
Fed funds sold
& short term
investments 73,290 29,499 43,091 13,357
---------- ---------- ---------- ---------
Total interest
income 8,879,528 5,011,873 4,819,964 2,619,745
INTEREST EXPENSE
Deposits 2,442,335 1,143,362 1,362,078 566,953
Advances from
the FHLB and
federal funds
purchased 275,201 182,281 150,336 98,021
Junior
subordinated
debentures 209,513 19,436 140,500 19,436
---------- ---------- ---------- ---------
Total interest
expense 2,927,049 1,345,079 1,652,914 684,410
Net interest
income 5,952,479 3,666,794 3,167,050 1,935,335
PROVISION FOR
POSSIBLE LOAN
LOSSES 1,099,000 508,000 599,000 293,000
---------- ---------- ---------- ---------
Net interest
income after
provision for
possible loan
losses 4,853,479 3,158,794 2,568,050 1,642,335
---------- ---------- ---------- ---------
NONINTEREST INCOME
Service fees
on deposit
accounts 282,269 263,937 141,807 132,847
Gain on sale
of loan 14,610 --
Gain (Loss)
on sale of
investment
securities 9,665 (5) 10,195 (2)
Income from
cash value
life
insurance 46,899 80,772 21,561 40,384
Mortgage loan
referral fees 106,317 59,550 66,497 26,884
Other income 95,387 70,298 51,907 46,669
---------- ---------- ---------- ---------
Total
noninterest
income 555,147 474,552 291,967 246,782
---------- ---------- ---------- ---------
NONINTEREST EXPENSES
Salaries and
wages 1,652,258 1,169,128 858,092 614,278
Employee
benefits 324,962 237,469 153,456 114,750
Supplies and
printing 49,522 36,573 23,206 18,044
Advertising
and public
relations 136,945 116,064 63,974 66,576
Legal and
Professional
fees 148,770 92,933 76,062 49,489
Depreciation
and
amortization 259,375 217,123 132,891 108,870
Occupancy 361,866 210,608 178,051 103,262
Data
processing
fees 220,211 168,094 110,523 84,083
Other
operating
expenses 460,686 364,799 230,701 197,543
---------- ---------- ---------- ---------
Total
noninterest
expenses 3,614,595 2,612,791 1,826,956 1,356,895
---------- ---------- ---------- ---------
Income before
income taxes 1,794,031 1,020,555 1,033,061 532,222
INCOME TAX
EXPENSE 648,930 382,323 369,810 201,641
---------- ---------- ---------- ---------
Net income $1,145,101 $ 638,232 $ 663,251 $ 330,581
========== ========== ========== =========
BASIC NET
INCOME PER
COMMON SHARE $ .54 $ .32 $ .30 $ .16
========== ========== ========== =========
DILUTED NET
INCOME PER
COMMON SHARE $ .52 $ .31 $ .29 $ .16
========== ========== ========== =========
Weighted
average common
shares
outstanding:
Basic 2,124,110 2,013,008 2,232,623 2,013,008
Diluted 2,211,943 2,076,307 2,319,553 2,076,307
Beach First National Bancshares, Inc. and Subsidiaries
Myrtle Beach, South Carolina
Asset Quality Ratios and
Other Data June 30, June 30, December 31,
2005 2004 2004
Total nonperforming loans $ 533 $ 496 $ 77
Allowance for loan losses 3,434 2,087 2,422
Nonperforming loans as a
percent of total loans 0.21% 0.32% 0.04%
Nonperforming assets,
past due and restructured
loans to total assets 0.17% 0.25% 0.03%
Net charge-offs to
average total loans 0.04% 0.13% 0.43%
Allowance for loan losses
to total loans 1.37% 1.34% 1.26%
Allowance for loan losses
to nonperforming loans 644.85% 420.97% 3,145.45%
For the three months
Ended June 30,
2005 2004
---- ----
Interest rate spread 4.14% 4.06%
Net interest margin 4.51% 4.37%