MYRTLE BEACH, S.C., Jan. 20, 2004 (PRIMEZONE) -- Beach First National Bancshares, Inc. (OTCBB:BFNB), parent of Beach First National Bank, has announced its fifth consecutive year of strong earnings growth. Net income for year ended December 31, 2003, increased 42.6%, totaling $1,008,931 or $0.77 per basic share, when compared to the $707,271 or $0.54 per basic share reported for 2002. Return on average equity for the year completed December 31, 2003 increased 34.5% to 7.05% compared to 5.24% in 2002.
Total assets grew to $165.1 million, which represents an increase of 39.4% over the previous year. Total deposits grew to $137.6 million, an increase of 37.8% in 2003. Total loans grew to $135.6 million, a 45.3% increase over the previous year.
Walt Standish, president and chief executive officer, said, "We are pleased to report this robust performance in a year of rapid growth for Beach First National. We opened new offices in North Myrtle Beach and Hilton Head Island, while expanding our product menu to include internet banking. Our emphasis on providing community banking service along with quality financial products continues to resonate with customers in existing and new markets. Our ability to grow and develop new customer relationships fuels our balance sheet growth and financial performance," Standish said.
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $165 million financial institution headquartered in Myrtle Beach, South Carolina. Beach First operates offices in Myrtle Beach, Surfside Beach, North Myrtle Beach, and Hilton Head Island, South Carolina and offers a full line of banking products and services, including NetTeller internet banking service. The company's stock trades under the symbol BFNB.
Beach First National Bancshares, Inc. and Subsidiary Consolidated Balance Sheets December 31, -------------- ------------- 2003 2002 -------------- ------------- Assets Cash and due from banks $ 4,886,682 $ 4,457,614 Federal funds sold and short term investments 4,598,520 5,429,214 Investment securities 11,918,074 7,552,282 Loans, net 133,851,712 92,024,574 Federal Reserve Bank stock 309,000 164,700 Federal Home Loan Bank stock 575,000 200,000 Property and equipment, net 4,477,943 4,577,770 Other assets 4,476,105 4,002,671 ------------- ------------- Total assets $ 165,093,036 $ 118,408,825 ============= ============= Liabilities and shareholders' equity Liabilities Deposits Non-interesting bearing $ 22,942,621 $ 19,316,292 Interest bearing 114,645,442 80,549,745 ------------- ------------- Total deposits 137,588,063 99,866,037 Advances from Federal Home Loan Bank 11,500,000 4,000,000 Other liabilities 1,272,080 614,420 ------------- ------------- Total liabilities 150,360,143 104,480,457 Shareholders' equity Common stock, $1 par value, 10,000,000 shares authorized, 1,318,368 shares issued and outstanding at December 31, 2002 and 1,323,768 at December 31, 2003 1,323,768 1,318,368 Paid-in capital 11,837,299 11,787,899 Retained earnings 1,718,321 709,390 Accumulated other comprehensive income (146,495) 112,711 ------------- ------------- Total shareholders' equity 14,732,893 13,928,368 ------------- ------------- Total liabilities and shareholders' equity $ 165,093,036 $ 118,408,825 ============= ============= Consolidated Statements of Income For the years ended December 31, ------------------------------------ 2003 2002 2001 ------------------------------------ Interest income Loans and fees on loans $7,927,496 $5,898,801 $5,040,259 Investment securities 505,829 413,289 446,585 Federal funds sold and short term investments 62,937 73,206 242,601 ---------- ---------- ---------- Total interest income 8,496,261 6,385,296 5,729,445 Interest expense Deposits and borrowings 2,482,917 2,095,499 2,704,990 ---------- ---------- ---------- Net interest income 6,013,344 4,289,797 3,024,455 Provision for possible loan losses 713,000 539,000 467,000 ---------- ---------- ---------- Net interest income after provision for possible loan losses 5,300,344 3,750,797 2,557,455 ---------- ---------- ---------- Noninterest income Service fees on deposit accounts 490,694 420,128 295,624 Gain on sale of loan - 96,886 - Gain on sale of investment securities 134,530 997 - Other income 356,998 213,613 85,488 ---------- ---------- ---------- Total noninterest income 982,222 731,624 381,112 ---------- ---------- ---------- Noninterest expenses Personnel costs 2,475,513 1,744,051 1,297,201 Advertising and public relations 168,138 117,077 81,605 Occupancy and Equipment 790,811 560,364 354,563 Other operating expenses 1,249,530 934,438 670,387 ---------- ---------- ---------- Total noninterest expenses 4,683,992 3,355,930 2,403,756 ---------- ---------- ---------- Income before income taxes 1,598,574 1,126,491 534,811 Income tax expense 589,643 419,220 75,517 ---------- ---------- ---------- Net income $1,008,931 $707,271 $459,294 ========== ========== ========== Basic net income per common share $0.77 $0.54 $0.46 Diluted net income per common share $0.75 $0.53 $0.46 Weighted average number of common Shares outstanding Basic 1,318,835 1,318,368 990,302 ========== ========== ========== Diluted 1,343,402 1,324,979 1,000,369 ========== ========== ==========