MYRTLE BEACH, S.C., Oct. 12, 2004 (PRIMEZONE) -- Beach First National Bancshares, Inc. (OTCBB:BFNB) today announced that its third quarter earnings increased 42%.
Net income for the quarter ended September 30, 2004 totaled $383,779, an increase of 41.9% when compared to the $270,479 reported for the same period a year ago. Total assets grew to $227 million, which represents an increase of 43.3% from the same period a year ago. Total deposits grew to $188.0 million, an increase of 43.4% from the same period a year ago. Total loans grew to $174 million, a 33.8% increase from the same period a year ago.
Net income for the nine months ended September 30, 2004 totaled $1,022,009, an increase of 49.4% when compared to the $683,963 reported for the same period a year ago.
Walt Standish, president and chief executive officer, said, "Our financial performance during the third quarter can be attributed to strong growth in all areas. Our new office at the Litchfield Market Village had a strong opening in July and is off to a great start in its first three months of operation, while our existing branch network continues to perform well."
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $227 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 with PowerPay. The company's stock trades under the symbol "BFNB.OB."
The Beach First National Bank logo can be found 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 Subsidiary
Myrtle Beach, South Carolina
Consolidated Balance Sheets
September 30, December 31,
2004 2003 2003
---- ---- ----
(unaudited) (unaudited) (audited)
ASSETS
Cash and due
from banks $ 3,678,206 $ 4,363,595 $ 4,886,682
Federal funds sold
and short term
investments 4,209,000 3,277,756 4,598,520
Investment securities
available for sale 36,386,783 12,228,511 11,918,074
Loans, net 171,898,625 128,541,354 133,851,712
Federal Reserve
Bank stock 309,000 309,000 309,000
Federal Home Loan
Bank stock 925,000 575,000 575,000
Premises and
equipment, net 4,376,736 4,373,662 4,477,943
Cash value life
insurance 3,192,355 3,037,975 3,076,570
Investment in
BFNB Trust 155,000 - -
Other assets 1,753,680 1,662,069 1,399,535
------------ ------------ ------------
Total assets $226,884,385 $158,368,922 $165,093,036
============ ============ =============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposits
Noninterest bearing
deposits $ 29,164,845 $ 25,542,423 $ 23,454,124
Interest bearing
deposits 158,997,990 105,662,578 114,645,442
------------ ------------ ------------
Total deposits 188,162,835 131,205,001 138,099,566
Other borrowings 16,500,000 11,500,000 11,500,000
Debt associated
with Trust
Preferred
Securities 5,155,000 - -
Other liabilities 969,205 1,331,889 760,577
------------ ------------ ------------
Total liabilities 210,787,040 144,036,890 150,360,143
------------ ------------ ------------
SHAREHOLDERS' EQUITY:
Common stock, $1 par
value; 10,000,000
shares authorized;
shares issued and
outstanding -
2,013,008 at
September 30, 2004,
1,318,368 at
September 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 2,740,025 1,393,352 1,718,321
Accumulated other
comprehensive
income (loss) 11,496 (167,587) (146,495)
------------ ------------ ------------
Total
shareholders'
equity 16,097,345 14,332,032 14,732,893
------------ ------------ ------------
Total liabilities
and shareholders'
equity $226,884,385 $158,368,922 $165,093,036
============ ============ ============
Beach First National Bancshares, Inc. and Subsidiary
Myrtle Beach, South Carolina
Consolidated Statement of Income
(Unaudited)
Nine Months Ended Three Months Ended
September 30, September 30,
------------- -------------
2004 2003 2004 2003
---- ---- ---- ----
INTEREST INCOME
Interest and
fees on loans $7,335,800 $5,752,885 $2,739,856 $2,125,266
Investment
securities 700,841 386,932 314,412 130,495
Fed funds sold
and short term
investments 75,265 36,940 36,943 11,762
Dividends on
long-term
investments 2,240 - 1,655 -
---------- ---------- ---------- ----------
Total interest
income 8,114,146 6,176,757 3,092,866 2,267,523
INTEREST EXPENSE
Deposits 1,917,648 1,732,938 764,878 568,939
Short-term
borrowings 283,057 143,197 100,776 49,798
Long-term
borrowings 75,255 - 55,819 -
---------- ---------- ---------- ----------
Total interest
expense 2,275,960 1,876,135 921,473 618,737
Net interest
income 5,838,186 4,300,622 2,171,393 1,648,786
PROVISION FOR
POSSIBLE LOAN
LOSSES 838,000 566,000 330,000 275,000
---------- ---------- ---------- ----------
Net interest
income after
provision for
possible loan
losses 5,000,186 3,734,622 1,841,393 1,373,786
---------- ---------- ---------- ----------
NONINTEREST INCOME
Service fees
on deposit
accounts 392,118 364,145 128,181 117,247
Gain (loss)
on sale
of investment
securities 37,395 134,703 37,400 (108)
Income from cash
value life
insurance 121,158 121,158 80,772 40,386
Other income 219,281 148,199 49,050 29,269
---------- ---------- ---------- ----------
Total
noninterest
income 769,952 768,205 295,403 186,794
---------- ---------- --------- ----------
NONINTEREST EXPENSES
Salaries and
wages 1,840,553 1,514,336 671,426 530,882
Employee benefits 360,631 290,330 123,162 92,758
Supplies and
printing 63,738 77,505 27,165 20,236
Advertising and
public
relations 188,719 118,141 72,654 40,826
Professional
fees 148,133 92,355 55,201 31,220
Depreciation
and
amortization 328,041 317,272 110,919 106,055
Occupancy 348,179 264,074 137,571 91,793
Data processing
fees 261,595 226,572 93,501 81,437
Other operating
expenses 597,207 523,801 232,408 143,064
---------- ---------- ---------- ----------
Total
noninterest
expenses 4,136,796 3,424,386 1,524,007 1,138,271
---------- ---------- ---------- ----------
Income
before income
taxes 1,633,342 1,078,441 612,789 422,309
Income tax
expense 611,333 394,479 229,010 151,830
---------- ---------- ---------- ----------
NET INCOME $1,022,009 $ 683,962 $ 383,779 $ 270,479
========== ========== ========== ==========
BASIC NET
INCOME PER
COMMON SHARE $ .51 $ .35 $ .19 $ .14
========== ========== ========== ==========
DILUTED NET
INCOME PER
COMMON
SHARE $ .49 $ .34 $ .18 $ .13
========== ========== ========== ==========
Weighted average
common shares
outstanding
- basic 2,013,008 1,977,552 2,013,008 1,977,552
Weighted average
common shares
outstanding -
diluted 2,083,144 2,008,856 2,083,144 2,008,856