MYRTLE BEACH, S.C., Oct. 18, 2005 (PRIMEZONE) -- Beach First National Bancshares, Inc. (Nasdaq:BFNB) today announced that its third quarter earnings increased 109% over figures reported for 2004.
Net income for the quarter ended September 30, 2005, increased 157.3%, totaling $987,551, or $0.30 per diluted share, when compared to the $383,777, or $0.18 per diluted share reported for the same period a year ago. As of September 30, 2005, total assets were $341.8 million, which represents an increase of 50.7% compared to September 30, 2004. Total deposits grew to $267.1 million, an increase of 41.9% from September 30, 2004. Total loans grew to $280.6 million, a 61.3% increase compared to September 30, 2004.
Net income for the nine months ended September 30, 2005, increased $1,110,643, totaling $2,132,652 or $0.83 per diluted share, an increase of 108.7% when compared to the $1,022,009, or $0.49 per diluted share reported for the nine months ended September 30, 2004.
Return on average shareholders' equity was 10.81% for the nine months ended September 30, 2005, (annualized), compared to 8.74% for the same period in 2004. The net interest margin improved to 4.65% at September 30, 2005, compared to 4.36% at September 30, 2004. Book value per share stood at $12.06 per share at September 30, 2005, compared to $8.00 per share at September 30, 2004.
Walt Standish, president and chief executive officer, said, "Beach First's third quarter performance can be attributed to double digit growth in all areas of the balance sheet, fueled by our ability to meet strong loan demand and by growth of consumer deposits as we have promoted competitive rates. During the third quarter, we continued to make progress on our new headquarters at the corner of 38th Avenue North and Grissom Parkway in Myrtle Beach and expect to occupy the new building in the summer of 2006."
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $342.0 million financial institution headquartered in Myrtle Beach, South Carolina. Beach First operates six banking locations in Myrtle Beach, Surfside Beach, North Myrtle Beach, Pawleys Island, and Hilton Head Island, South Carolina, and offers a full line of banking products and services, including NetTeller internet banking. The company's stock trades on the Nasdaq National Market under the symbol BFNB and the website is beachfirst.com.
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 Subsidiaries
Myrtle Beach, South Carolina
Consolidated Balance Sheets
September 30, December 31,
2005 2004 2004
---- ---- ----
(unaudited) (unaudited) (audited)
---------
ASSETS
Cash and due from
banks $ 5,156,506 $ 3,678,206 $ 4,824,176
Federal funds sold
and short term
investments 607,305 4,209,000 463,069
Investment securities
available for sale 45,392,922 36,386,786 36,202,370
Loans, net 276,693,072 171,898,625 189,059,926
Federal Reserve Bank
stock 534,000 309,000 309,000
Federal Home Loan
Bank stock 1,448,900 925,000 1,070,200
Premises and
equipment, net 5,112,738 4,512,169 4,681,812
Cash value life
insurance 3,271,008 3,192,355 3,230,950
Investment in BFNB
Trusts 310,000 155,000 --
Other assets 3,290,746 1,618,244 2,249,842
------------ ------------ ------------
Total assets $341,817,197 $226,884,385 $242,091,345
============ ============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposits
Noninterest bearing
deposits $ 34,066,310 $ 29,164,845 $ 32,540,139
Interest bearing
deposits $233,029,902 158,997,990 170,628,819
------------ ------------ ------------
Total deposits 267,096,212 188,162,835 203,168,958
Other borrowings 24,580,000 16,500,000 16,500,000
Junior subordinated
debentures 10,310,000 5,155,000 5,155,000
Other liabilities 1,626,547 969,205 934,425
------------ ------------ ------------
Total liabilities 303,612,759 210,787,040 225,758,383
------------ ------------ ------------
SHAREHOLDERS' EQUITY:
Common stock, $1 par
value; 10,000,000
shares authorized;
shares issued and
outstanding -
3,168,458 at
September 30, 2005,
2,013,008 at
September 30, 2004
and 2,013,508 at
December 31, 2004 3,168,458 2,013,008 2,013,508
Paid-in capital 30,277,536 11,332,816 11,335,982
Retained earnings 5,286,591 2,740,025 3,153,939
Accumulated other
comprehensive
income (loss) (528,147) 11,496 (170,467)
------------ ------------ ------------
Total shareholders'
equity 38,204,438 16,097,345 16,332,962
------------ ------------ ------------
Total liabilities
and shareholders'
equity $341,817,197 $226,884,385 $242,091,345
============ ============ ============
Beach First National Bancshares, Inc. and Subsidiaries
Myrtle Beach, South Carolina
Consolidated Statements of Operations
(Unaudited)
Nine Months Ended Three Months Ended
September 30, September 30,
------------- -------------
2005 2004 2005 2004
---- ---- ---- ----
INTEREST INCOME
Interest and
fees on
loans $13,143,631 $ 7,335,800 $ 5,178,211 $ 2,739,856
Investment
securities 1,326,583 700,841 485,766 314,411
Fed funds
sold and
short-term
investments 110,684 75,265 43,606 46,350
Dividends on
long-term
investments 10,748 2,240 4,535 1,656
----------- ----------- ----------- -----------
Total
interest
income 14,591,646 8,114,146 5,712,118 3,102,273
INTEREST EXPENSE
Deposits 3,991,768 1,917,648 1,549,433 774,286
Short-term
borrowings 428,115 283,057 152,914 100,776
Long-term
borrowings
- junior
subordinated
debt 362,427 75,255 152,913 55,819
----------- ----------- ----------- -----------
Total
interest
expense 4,782,310 2,275,960 1,855,260 930,881
Net
interest
income 9,809,336 5,838,186 3,856,858 2,171,392
PROVISION FOR
POSSIBLE LOAN
LOSSES 1,643,000 838,000 544,000 330,000
----------- ----------- ----------- -----------
Net interest
income after
provision
for possible
loan losses 8,166,336 5,000,186 3,312,858 1,841,392
----------- ----------- ----------- -----------
NONINTEREST INCOME
Service fees
on deposit
accounts 407,166 392,118 124,897 128,181
Gain on sale
of loan 14,610 -- -- --
Gain (loss)
on sale of
investment
securities (3,935) 37,395 (13,600) 37,400
Income from
cash value
life
insurance 68,371 121,158 21,472 40,386
Mortgage loan
referral fees 180,541 100,974 74,224 41,424
Other income 157,166 117,992 61,778 47,694
----------- ----------- ----------- -----------
Total
noninterest
income 823,919 769,637 268,771 295,085
----------- ----------- ----------- -----------
NONINTEREST
EXPENSES
Salaries and
wages 2,634,429 1,840,553 982,170 671,425
Employee
benefits 491,417 360,631 166,455 123,162
Supplies and
printing 75,487 63,738 25,964 27,165
Advertising
and public
relations 215,279 188,719 78,334 72,655
Professional
fees 225,388 148,133 76,618 55,200
Depreciation
and
amortization 398,350 328,041 138,976 110,918
Occupancy 545,179 348,179 183,313 137,571
Data
processing
fees 335,706 261,595 115,494 93,501
Other
operating
expenses 735,046 596,892 274,362 232,093
----------- ----------- ----------- -----------
Total
noninterest
expenses 5,656,281 4,136,481 2,041,686 1,523,690
----------- ----------- ----------- -----------
Income before
income taxes 3,333,974 1,633,342 1,539,943 612,787
INCOME TAX
EXPENSE 1,201,322 611,333 552,392 229,010
----------- ----------- ----------- -----------
Net income $ 2,132,652 $ 1,022,009 $ 987,551 $ 383,777
============ =========== =========== ===========
BASIC NET
INCOME PER
COMMON SHARE $ .86 $ .51 $ .31 $ .19
============ =========== =========== ===========
DILUTED NET
INCOME PER
COMMON SHARE $ .83 $ .49 $ .30 $ .18
============ =========== =========== ===========
Weighted
average
common shares
outstanding:
Basic 2,476,052 2,013,008 3,168,458 2,013,008
Diluted 2,563,420 2,083,144 3,255,826 2,083,144
Beach First National Bancshares, Inc. and Subsidiaries.
Myrtle Beach, South Carolina
(Unaudited)
(In thousands)
Asset Quality Ratios
and Other Data September 30, September 30, December 31,
------------- ------------- ------------
2005 2004 2004
---- ---- ----
Total nonperforming
loans $ 1,010 $ 805 $ 78
Allowance for
loan losses 3,901 2,089 2,422
Nonperforming loans
as a percent of
total loans 0.36% 0.46% 0.04%
Nonperforming assets,
past due and
restructured
loans to total
assets 0.32% 0.35% 0.03%
Net charge-offs to
average total
loans 0.07% 0.34% 0.43%
Allowance for loan
losses to total
loans 1.39% 1.20% 1.26%
Allowance for loan
losses to
nonperforming
loans 386.24% 259.50% 3,105.13%
For the nine months
Ended September 30,
2005 2004
Interest rate spread 4.21% 4.06%
Net interest margin 4.65% 4.36%