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,
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2003 2002
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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
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Total assets $ 165,093,036 $ 118,408,825
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Liabilities and shareholders'
equity
Liabilities
Deposits
Non-interesting bearing $ 22,942,621 $ 19,316,292
Interest bearing 114,645,442 80,549,745
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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
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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
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Total shareholders' equity 14,732,893 13,928,368
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Total liabilities and
shareholders' equity $ 165,093,036 $ 118,408,825
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Consolidated Statements of Income
For the years ended December 31,
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2003 2002 2001
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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
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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
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Net interest income 6,013,344 4,289,797 3,024,455
Provision for
possible loan losses 713,000 539,000 467,000
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Net interest income
after provision for
possible loan losses 5,300,344 3,750,797 2,557,455
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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
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Total noninterest income 982,222 731,624 381,112
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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
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Total noninterest
expenses 4,683,992 3,355,930 2,403,756
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Income before
income taxes 1,598,574 1,126,491 534,811
Income tax expense 589,643 419,220 75,517
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Net income $1,008,931 $707,271 $459,294
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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
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Diluted 1,343,402 1,324,979 1,000,369
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