MYRTLE BEACH, S.C., Jan. 22, 2007 (PRIME NEWSWIRE) -- Beach First National Bancshares, Inc. (Nasdaq:BFNB) today announced that its 2006 year-end earnings increased 84 percent over figures reported for 2005.
Net income for the year ended December 31, 2006 totaled $6,195,728, or $1.27 per diluted share, an increase of 84 percent over the amount of $3,359,643, or $0.83 per diluted share, for the year ended December 31, 2005. Total assets ended the year at $520 million, an increase of 31 percent from figures reported for 2005. Total deposits grew 34 percent to $416 million, and total loans grew 32 percent to $411 million.
Return on average assets was 1.33 percent for the year ended December 31, 2006, compared to 1.08 percent for the same period a year ago. Return on average shareholders' equity was 14.53 percent for the year ended December 31, 2006, compared to 11.37 percent for the same period a year ago. The net interest margin improved to 4.62 percent at December 31, 2006, compared to 4.60 percent at December 31, 2005. Book value per share stood at $9.54 per share at December 31, 2006, compared to $8.23 per share at December 31, 2005.
Walt Standish, president and chief executive officer, said, "Beach First completed its seventh consecutive year of strong financial performance in 2006. We believe our community bank philosophy is at the heart of our success, as it continues to resonate with customers who are drawn to our local bank service and convenient locations. When we combine this strong level of service with the healthy economies in the markets our bank serves, it yields robust performance. We are also pleased to have made the move to our new headquarters at Grissom Parkway in late December and invite the public to visit this beautiful and environmentally friendly space."
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $520 million financial institution headquartered in Myrtle Beach, South Carolina. Beach First is the Grand Strand's only locally-owned bank, operating six banking locations 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, and recently moved into its new headquarters at the corner of 38th Avenue North and Grissom Parkway in Myrtle Beach. The company's stock trades on the NASDAQ Global Market under the symbol BFNB and the website is www.beachfirst.com.
The Beach First National Bank logo is available at http://media.primezone.com/prs/single/?pkgid=703
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 Subsidiaries
Consolidated Balance Sheets
December 31,
------------- -------------
2006 2005
------------- -------------
Assets
Cash and due from banks $ 5,198,945 $ 4,284,868
Federal funds sold and
short term investments 14,010,667 25,521,071
Investment securities 68,474,531 43,975,876
Loans, net 405,326,804 307,424,435
Federal Reserve Bank
stock 984,000 534,000
Federal Home Loan Bank
stock 2,475,600 2,011,400
Property and equipment,
net 14,344,330 6,672,507
Cash value of life
insurance 3,424,586 3,301,417
Other assets 5,961,876 3,663,659
------------- -------------
Total assets $ 520,201,339 $ 397,389,234
============= =============
Liabilities and shareholders' equity
Liabilities
Deposits
Non-interesting bearing $ 37,194,469 $ 31,152,603
Interest bearing 379,162,660 279,741,607
------------- -------------
Total deposits 416,357,129 310,894,210
Advances from Federal
Home Loan Bank 37,500,000 34,000,000
Other borrowings 7,209,820 1,504,009
Junior subordinated
debentures 10,310,000 10,310,000
Other liabilities 3,364,811 1,555,602
------------- -------------
Total liabilities 474,741,760 358,263,821
Commitments and contingencies
Shareholders' equity
Common stock, $1 par value,
10,000,000 shares authorized,
4,763,987 shares issued and
outstanding at December 31,
2006 and 4,754,937
at December 31, 2005 4,763,987 4,754,937
Paid-in capital 28,659,487 28,572,864
Retained earnings 12,709,310 6,513,582
Accumulated other
comprehensive loss (673,205) (715,970)
------------- -------------
Total shareholders'
equity 45,459,579 39,125,413
------------- -------------
Total liabilities
and shareholders'
equity $ 520,201,339 $ 397,389,234
============= =============
Beach First National Bancshares, Inc. and Subsidiaries
Consolidated Statements of Income
For the Years ended December 31,
-----------------------------------------
2006 2005 2004
----------- ----------- -------------
Interest income
Loans and fees on loans $33,096,343 $18,938,675 $ 10,418,114
Investment securities 2,897,719 1,838,313 1,098,986
Federal funds sold and
short term investments 469,819 127,961 75,702
Other 22,929 15,682 4,069
----------- ----------- ------------
Total interest income 36,486,810 20,920,631 11,596,871
Interest expense
Deposits 13,711,212 5,912,891 2,799,558
Advances from FHLB and
federal funds purchased 1,546,286 747,209 394,946
Junior subordinated
debentures 771,740 528,812 136,943
----------- ----------- ------------
Total interest expense 16,029,238 7,188,912 3,331,447
Net interest income 20,457,572 13,731,719 8,265,424
Provision for loan losses 2,174,400 2,184,000 1,340,000
----------- ----------- ------------
Net interest income
after provision for
loan losses 18,283,172 11,547,719 6,925,424
----------- ----------- ------------
Noninterest income
Service fees on deposit
accounts 514,286 549,689 536,077
Gain on sale of loans 60,392 14,610 --
Gain (loss) on sale of
investment securities 1,007 (3,935) 37,395
Income from cash value
life insurance 143,717 89,809 161,544
Income from mortgage
operations 2,136,250 249,757 134,865
Other income 1,172,013 217,947 167,544
----------- ----------- ------------
Total noninterest
income 4,027,665 1,117,877 1,037,425
----------- ----------- ------------
Noninterest expenses
Salaries and wages 6,018,633 3,371,922 2,556,452
Employee benefits 1,138,653 675,496 501,347
Supplies and printing 126,705 101,889 89,560
Advertising and public
relations 387,056 295,509 239,256
Professional fees 311,627 327,130 190,138
Depreciation and
amortization 518,551 539,406 446,158
Occupancy 1,102,406 724,313 476,736
Data processing fees 547,747 455,646 343,275
Other operating expenses 2,461,595 1,053,867 838,945
----------- ----------- ------------
Total noninterest
expenses 12,612,973 7,545,178 5,681,867
----------- ----------- ------------
Income before income
taxes 9,697,864 5,120,418 2,280,982
Income tax expense 3,502,136 1,760,775 845,060
----------- ----------- ------------
Net income $ 6,195,728 $ 3,359,643 $ 1,435,922
=========== =========== ============
Basic net income per
common share $ 1.30 $ 0.84 $ 0.48
Diluted net income per
common share $ 1.27 $ 0.83 $ 0.46
Weighted average common
shares outstanding:
Basic 4,764,072 3,975,864 3,015,993
=========== =========== ============
Diluted 4,874,562 4,059,865 3,133,931
=========== =========== ============
Beach First National Bancshares, Inc. and Subsidiaries
(Unaudited)
(In thousands)
Asset Quality Ratios and Other Data
Dec. 31, Dec. 31, Dec. 31,
2006 2005 2004
--------- --------- ----------
Total nonperforming loans $ 1,625 $ 1,111 $ 78
Allowance for loan losses 5,888 4,364 2,422
Nonperforming loans as a
percent of total loans 0.40% 0.36% 0.04%
Nonperforming assets, past
due and restructured loans
to total assets 0.31% 0.28% 0.03%
Net charge-offs to average
total loans 0.17% 0.10% 0.43%
Allowance for loan losses
to total loans 1.43% 1.40% 1.26%
Allowance for loan losses
to nonperforming loans 362.45% 392.80% 3,105.13%
For the year ended
December 31,
2006 2005 2004
--------- --------- ----------
Interest rate spread 4.06% 4.10% 3.95%
Net interest margin 4.62% 4.67% 4.30%