MYRTLE BEACH, S.C., July 20, 2004 (PRIMEZONE) -- Beach First National Bancshares, Inc. (OTCBB:BFNB) today announced that its second quarter earnings increased 57%.
Net income for the quarter ended June 30, 2004, totaled $329,999, an increase of 57% when compared to the $210,456, reported for the same period a year ago. Total assets grew to $197.2 million, which represents an increase of 30.5% from the same period a year ago. Total deposits grew to $159.5 million, an increase of 23.6% from the same period a year ago. Total loans grew to $155.4 million, a 31.5% increase from the same period a year ago.
Net income for the six months ended June 30, 2004, totaled $637,648, an increase of 54% when compared to the $413,484, reported for the same period a year ago.
Walt Standish, president and chief executive officer, said, "Beach First's financial performance can be attributed to overall growth in the balance sheet along with favorable economic conditions in the tourism-driven markets that the bank serves. In the second quarter, we expanded our internet banking product to include a bill payment feature which is offered free to Beach First customers, and made final preparations to open a new branch office in the Waccamaw Neck area."
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $202 million financial institution headquartered in Myrtle Beach, South Carolina. Beach First operates offices 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. The company's stock trades under the symbol BFNB.
Beach First National Bancshares, Inc. and Subsidiary
Myrtle Beach, South Carolina
Consolidated Balance Sheets
June 30, December 31,
2004 2003 2003
---- ---- ----
(unaudited) (unaudited) (audited)
ASSETS
Cash and due from
banks $ 4,166,123 $ 5,164,565 $ 4,886,682
Federal funds sold and
short term
investments 2,201,000 6,963,000 4,598,520
Investment securities
available for sale 26,952,269 12,847,087 11,918,074
Loans, net 153,344,159 116,652,441 133,851,712
Federal Reserve Bank
stock 309,000 164,700 309,000
Federal Home Loan Bank
stock 825,000 325,000 575,000
Premises and equipment,
net 4,393,569 4,417,109 4,477,943
Cash value life
insurance 3,153,760 2,999,380 3,076,570
Investment in BFNB
Trust 155,000
Other assets 1,722,037 1,554,572 1,399,535
------------ ------------ ------------
Total assets $197,221,917 $151,087,854 $165,093,036
============ ============ ============
LIABILITIES AND
SHAREHOLDERS' EQUITY
LIABILITIES:
Deposits
Noninterest bearing
deposits $ 32,353,558 $ 24,980,944 $ 23,454,124
Interest bearing
deposits 127,195,540 104,082,120 114,645,442
------------ ------------ ------------
Total deposits 159,549,098 129,063,064 138,099,566
Advances from Federal
Home Loan Bank 16,500,000 6,500,000 11,500,000
Debt associated with
Trust Preferred
Securities 5,155,000 - -
Other liabilities 809,760 1,201,760 760,577
------------ ------------ ------------
Total liabilities 182,013,858 136,764,824 150,360,143
------------ ------------ ------------
SHAREHOLDERS' EQUITY:
Common stock, $1 par
value; 10,000,000
shares authorized;
shares issued and
outstanding -
2,013,008 at June 30,
2004, 1,318,368 at
June 30, 2003 and
1,323,768 at
December 31, 2003 2,013,008 1,318,368 1,323,768
Paid-in capital 11,332,816 11,787,899 11,837,299
Retained earnings 2,356,553 1,122,874 1,718,321
Accumulated other
comprehensive income (494,318) 93,889 (146,495)
------------ ------------ ------------
Total shareholders'
equity 15,208,059 14,323,030 14,732,893
------------ ------------ ------------
Total liabilities
and shareholders'
equity $197,221,917 $151,087,854 $165,093,036
============ ============ ============
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,
-------- --------
2004 2003 2004 2003
---- ---- ---- ----
INTEREST INCOME
Interest and fees
on loans $4,595,944 $3,627,619 $2,373,367 $1,904,147
Investment
securities 386,430 256,437 232,755 142,221
Fed funds sold &
short term
investments 28,915 25,178 12,773 17,053
---------- ---------- ---------- ----------
Total interest
income 5,011,288 3,909,234 2,618,895 2,063,421
INTEREST EXPENSE
Deposits 1,143,362 1,163,999 570,185 605,333
Short-term
borrowings 182,281 93,399 98,021 48,587
Long-term
borrowings 19,436 - 19,436 -
---------- ---------- ---------- ----------
Total interest
expense 1,345,079 1,257,398 687,642 653,920
Net interest
income 3,666,209 2,651,836 1,931,253 1,409,501
PROVISION FOR
POSSIBLE LOAN
LOSSES 508,000 291,000 293,000 223,000
---------- ---------- ---------- ----------
Net interest
income after
provision for
possible loan
losses 3,158,209 2,360,836 1,638,253 1,186,501
---------- ---------- ---------- ----------
NONINTEREST INCOME
Service fees on
deposit accounts 263,937 246,897 132,847 125,515
Gain (Loss) on
sale of
investment
securities (5) 134,811 1 61,463
Other income 210,619 199,702 113,938 112,068
---------- ---------- ---------- ----------
Total noninterest
income 474,552 581,410 246,786 299,046
---------- ---------- ---------- ----------
NONINTEREST
EXPENSES
Salaries and wages 1,169,128 983,454 614,278 500,324
Employee benefits 237,469 197,571 114,750 98,720
Supplies and
printing 36,573 57,270 18,044 27,825
Advertising and
public relations 116,064 77,315 66,576 35,387
Legal and
Professional fees 92,933 61,135 46,294 24,991
Depreciation and
amortization 217,123 211,217 108,870 106,220
Occupancy 210,608 172,282 103,262 85,510
Data processing
fees 168,094 145,135 84,083 78,295
Other operating
expenses 364,800 380,735 197,241 194,351
---------- ---------- ---------- ----------
Total noninterest
expenses 2,612,790 2,286,114 1,353,398 1,151,623
---------- ---------- ---------- ----------
Income before
income taxes 1,019,971 656,132 531,640 333,923
INCOME TAX EXPENSE 382,323 242,648 201,641 123,467
---------- ---------- ---------- ----------
Net income $ 637,648 $ 413,484 $ 329,999 $ 210,456
========== ========== ========== ==========
BASIC NET INCOME
PER COMMON SHARE $ .44 $ .21 $ .23 $ .11
========== ========== ========== ==========
DILUTED NET INCOME
PER COMMON SHARE $ .42 $ .21 $ .22 $ .11
========== ========== ========== ==========
Weighted average
common shares
outstanding -
basic 1,450,600 1,977,552 1,450,600 1,977,552
Weighted average
common shares
outstanding -
diluted 1,513,899 2,000,031 1,513,899 2,000,031
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