MYRTLE BEACH, S.C., April 18, 2006 (PRIMEZONE) -- Beach First National Bancshares, Inc. (Nasdaq:BFNB) today announced that its first quarter 2006 earnings increased 151% over the same period last year.
Net income for the quarter ended March 31, 2006, increased 151%, totaling $1,211,807, or $0.37 per diluted share, when compared to the $481,852, or $0.23 per diluted share, reported for the quarter ended March 31, 2005. Total assets grew to $426.7 million, which represents an increase of 48% from the same period a year ago. Total deposits grew to $337.9 million, an increase of 40% from the same period a year ago. Total loans grew to $349.2 million, a 58% increase over the same period last year.
Return on average shareholders' equity was 12.02% for March 31, 2006, compared to 11.44% for March 31, 2005. The net interest margin was 4.42% for the period ended March 31, 2006, when compared to 4.54% for the same period a year ago. Book value per share stood at $12.63 per share at March 31, 2006, compared to $8.12 per share at March 31, 2005.
Walt Standish, president and chief executive officer, said, "The year is off to a great start at Beach First. Net income exceeded $1 million for the second consecutive quarter, fueled by good loan and deposit growth in both the consumer and commercial areas. We experienced double digit growth in earnings, deposits, and loans as compared to March 31, 2005, and crossed the $400 million mark in asset size for the first time in the company's history. We continue to invest in technology and staffing to support our growth and expansion. We are working toward a September timeframe for moving into our new main office on Grissom Parkway."
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $426.7 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.
The Beach First National Bank logo is available 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, 2006 2005 2005 ---- ---- ---- (unaudited) (unaudited) (audited) --------- ASSETS Cash and due from banks $ 4,599,760 $ 4,537,722 $ 4,284,868 Federal funds sold and short-term investments 6,133,853 16,707,372 25,521,071 Investment securities available for sale 52,099,895 34,748,012 43,975,876 Loans, net 344,306,128 218,587,069 307,424,435 Federal Reserve Bank stock 534,000 309,000 534,000 Federal Home Loan Bank stock 2,318,100 1,336,400 2,011,400 Premises and equipment, net 6,463,619 5,267,876 6,672,507 Cash value of life insurance 3,331,263 3,209,759 3,301,417 Other assets 6,922,087 2,871,932 3,663,660 ------------- ------------- ------------- Total assets $ 426,708,705 $ 287,575,142 $ 397,389,234 ============= ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES: Deposits Noninterest bearing deposits $ 28,884,753 $ 28,111,244 $ 31,152,603 Interest bearing deposits 308,985,257 212,551,306 279,741,607 ------------- ------------- ------------- Total deposits 337,870,010 240,662,550 310,894,210 Advances from Federal Home Loan Bank 32,500,000 19,000,000 34,000,000 Other borrowings 3,299,945 -- 1,504,009 Junior subordinated debentures 10,310,000 10,310,000 10,310,000 Other liabilities 2,648,541 1,254,330 1,555,602 ------------- ------------- ------------- Total liabilities 386,628,496 271,226,880 358,263,821 ------------- ------------- ------------- SHAREHOLDERS' EQUITY Common stock, $1 par value;10,000,000 shares authorized; 3,174,458 issued and outstanding at March 31, 2006 and 2,016,158 at March 31, 2005 and 3,169,958 at December 31, 2005 3,174,458 2,016,158 3,169,958 Paid-in capital 30,215,578 11,351,276 30,157,843 Retained earnings 7,725,390 3,635,791 6,513,582 Accumulated other comprehensive income (loss) (1,035,217) (654,963) (715,970) ------------- ------------- ------------- Total shareholders' equity 40,080,209 16,348,262 39,125,413 ------------- ------------- ------------- Total liabilities and shareholders' equity $ 426,708,705 $ 287,575,142 $ 397,389,234 ============= ============= ============= Beach First National Bancshares, Inc. and Subsidiaries Myrtle Beach, South Carolina Consolidated Condensed Statements of Income (unaudited) Three Months Ended For the Year Ended March 31 December 31 -------- --------- 2006 2005 2005 ---- ---- ---- (unaudited) (unaudited) (audited) INTEREST INCOME Interest and fees on loans $ 6,823,870 $ 3,635,643 $ 18,938,675 Investment securities 582,144 393,722 1,838,313 Federal funds sold 145,054 28,154 127,961 Other 5,256 -- 15,682 ------------ ------------- ------------- Total interest income 7,556,324 4,057,519 20,920,631 INTEREST EXPENSE Deposits 2,696,889 1,080,257 5,912,891 Advances from the FHLB and federal funds purchased 341,889 124,865 747,209 Junior subordinated debentures 177,247 66,967 528,812 ------------ ------------ ------------ Total interest expense 3,216,025 1,272,089 7,188,912 Net interest income 4,340,299 2,785,430 13,731,719 PROVISION FOR POSSIBLE LOAN LOSSES 522,200 500,000 2,184,000 ------------ ------------ ------------ Net interest income after provision for possible loan losses 3,818,099 2,285,430 11,547,719 ------------ ------------ ------------ NONINTEREST INCOME Service fees on deposit accounts 127,965 140,461 549,689 Gain on sale of loan 22,259 14,610 14,610 Loss on sale of investment securities -- (529) (3,935) Income from cash value life insurance 34,850 25,338 89,809 Mortgage loan referral fees 66,385 39,821 249,757 Other income 60,061 43,479 217,947 ------------ ----------- ------------ Total noninterest invome 311,520 263,180 1,117,877 ------------ ----------- ------------ NONINTEREST EXPENSES Salaries and wages 1,023,484 794,166 3,371,922 Employee benefits 234,307 171,506 675,496 Supplies and printing 28,439 26,316 101,889 Advertising and public relations 83,515 72,971 295,509 Professional fees 77,522 72,707 327,130 Depreciation and amortization 130,402 126,484 539,406 Occupancy 189,484 183,815 724,313 Data processing fees 116,969 109,688 455,646 Other operating expenses 353,671 229,985 1,053,867 ------------ ---------- ----------- Total noninterest expenses 2,237,793 1,787,638 7,545,178 ------------ ----------- ----------- Income before income taxes 1,891,826 760,972 5,120,418 INCOME TAX EXPENSE 680,019 279,120 1,760,775 ------------ ------------ ----------- Net income $ 1,211,807 $ 481,852 $ 3,359,643 ============ ============ =========== BASIC NET INCOME PER COMMON SHARE $ .38 $ .24 $ 1.27 ============ =========== =========== DILUTED NET INCOME PER COMMON SHARE $ .37 $ .23 $ 1.23 ============= =========== =========== Weighted average common shares outstanding - basic 3,172,108 2,014,391 2,650,576 Weighted average common shares outstanding - diluted 3,243,080 2,105,422 2,740,899 (Unaudited) (In thousands) Asset Quality Ratios and Other Data March 31, March 31, 2005 December 31, --------- -------------- ------------ 2006 2005 2005 ---- ---- ---- Total nonperforming loans $ 1,899 $ 299 $ 1,111 Allowance for loan losses 4,883 2,919 4,364 Nonperforming loans as a percent of total loans 0.54% 0.14% 0.36% Nonperforming assets, past due and restructured loans to total assets 0.45% 0.10% 0.28% Net charge-offs to average total loans 0.001% 0.001% 0.10% Allowance for loan losses to total loans 1.40% 1.32% 1.40% Allowance for loan losses to nonperforming loans 257.10% 975.70% 392.80% For the Qtr ended For the Year ended March 31, December 31, --------- ------------ 2006 2005 2005 ---- ---- ---- Interest rate spread 3.88% 4.21% 4.10% Net interest margin 4.42% 4.54% 4.67%