MYRTLE BEACH, S.C., Jan. 24, 2006 (PRIMEZONE) -- Beach First National Bancshares, Inc, (Nasdaq:BFNB) today announced that its year-end earnings for 2005 increased 123% over earnings for 2004.
Net income for the year ended December 31, 2005, totaled $3,199,028, or $1.17 per diluted share, an increase of 123% over the $1,435, 922 or $0.69 per diluted share, for the year ended December 31, 2004. Strong growth was seen throughout the balance sheet. Total assets grew 64% to $397 million, total deposits grew 53% to $311 million, and total loans grew 63% to $312 million.
Return on average assets was 1.03% for the year ended December 31, 2005, compared to 0.71% for the same period a year ago. Return on average shareholder's equity was 10.83 % for the year ended December 31, 2005, compared to 9.13% for the same period a year ago. The net interest margin improved to 4.67% at December 31, 2005, compared to 4.30% at December 31, 2004. Book value per share stood at $12.29 per share at December 31, 2005, compared to $8.12 per share at December 31, 2004.
Walt Standish, president and chief executive officer, said, "Our continued strong financial performance in 2005 can be attributed to robust economies in the markets we serve which fueled growth in all areas of the bank's balance sheet, along with the maturing of our branch network. These well-established branches have performed well, as customers continue to appreciate the Beach First way of banking. The bank achieved many goals in 2005, including breaking ground on a new headquarters on Grissom Parkway in Myrtle Beach, completing a stock offering to raise capital for further growth, and opening a second office on Hilton Head Island. We are looking forward to a busy and productive year in 2006."
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $396 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. A new headquarters, being built in partnership with Nelson Mullins Riley & Scarborough, LLP, is expected to open in summer 2006 at the corner of 38th Avenue North and Grissom Parkway. The company's stock trades on the Nasdaq National Market under the symbol BFNB and the website is www.beachfirst.com.
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.
The Beach First National Bank logo can be found at http://media.primezone.com/prs/single/?pkgid=703
Beach First National Bancshares, Inc. and Subsidiaries Consolidated Balance Sheets December 31, ------------------------------- 2005 2004 ------------ ------------ Assets Cash and due from banks $ 4,284,868 $ 4,824,176 Federal funds sold and short term investments 25,521,071 463,069 Investment securities 43,975,876 36,202,370 Loans, net 307,300,805 189,059,926 Federal Reserve Bank stock 534,000 309,000 Federal Home Loan Bank stock 2,011,400 1,070,200 Property and equipment, net 6,080,290 4,681,812 Cash value of life insurance 3,301,417 3,230,950 Other assets 3,754,541 2,249,842 ------------ ------------ Total assets $396,764,268 $242,091,345 ============ ============ Liabilities and shareholders' equity Liabilities Deposits Non-interesting bearing $ 31,152,603 $ 32,540,139 Interest bearing 279,741,607 170,628,819 ------------ ------------ Total deposits 310,894,210 203,168,958 Advances from Federal Home Loan Bank 34,000,000 16,500,000 Other borrowings 1,002,673 -- Junior subordinated debentures 10,310,000 5,155,000 Other liabilities 1,592,587 934,425 ------------ ------------ Total liabilities 357,799,470 225,758,383 Commitments and contingencies - Notes 10 and 14 Shareholders' equity Common stock, $1 par value, 10,000,000 shares authorized, 3,169,958 shares issued and outstanding at December 31, 2005 and 2,013,508 at December 31, 2004 3,169,958 2,013,508 Paid-in capital 30,157,843 11,335,982 Retained earnings 6,352,967 3,153,939 Accumulated other comprehensive loss (715,970) (170,467) ------------ ------------ Total shareholders' equity 38,964,798 16,332,962 ------------ ------------ Total liabilities and shareholders' equity $396,764,268 $242,091,345 ============ ============ Beach First National Bancshares, Inc. and Subsidiaries Consolidated Statements of Income For the years ended December 31, --------------------------------------- 2005 2004 2003 ----------- ----------- ----------- Interest income Loans and fees on loans $19,154,656 $10,418,114 $ 7,927,496 Investment securities 1,838,313 1,098,986 519,128 Federal funds sold and short term investments 127,961 75,702 49,637 Other 15,681 4,069 -- ----------- ----------- ----------- Total interest income 21,136,612 11,596,871 8,496,261 Interest expense Deposits 5,912,891 2,799,558 2,266,877 Advances from FHLB and federal funds purchased 747,209 394,946 216,040 Junior subordinated debentures 528,812 136,943 -- ----------- ----------- ----------- Total interest expense 7,188,912 3,331,447 2,482,917 Net interest income 13,947,700 8,265,424 6,013,344 Provision for loan losses 2,184,000 1,340,000 713,000 ----------- ----------- ----------- Net interest income after provision for loan losses 11,763,700 6,925,424 5,300,344 ----------- ----------- ----------- Noninterest income Service fees on deposit accounts 549,689 536,077 490,694 Gain on sale of loan 14,610 -- -- Gain (loss) on sale of investment securities (3,935) 37,395 134,530 Income from cash value life insurance 89,809 161,544 161,544 Mortgage loan referral fees 249,757 134,865 64,121 Other income 217,947 167,544 135,945 ----------- ----------- ----------- Total noninterest income 1,117,877 1,037,425 986,834 ----------- ----------- ----------- Noninterest expenses Salaries and wages 3,711,534 2,556,452 2,074,934 Employee benefits 675,496 501,347 400,579 Supplies and printing 101,889 89,560 105,704 Advertising and public relations 295,509 239,256 168,138 Professional fees 327,130 190,138 136,553 Depreciation and amortization 539,406 446,158 428,609 Occupancy 724,313 476,736 362,202 Data processing fees 455,646 343,275 308,568 Other operating expenses 1,053,867 838,945 703,317 ----------- ----------- ----------- Total noninterest expenses 7,884,790 5,681,867 4,688,604 ----------- ----------- ----------- Income before income taxes 4,996,787 2,280,982 1,598,574 Income tax expense 1,797,759 845,060 589,643 ----------- ----------- ----------- Net income $ 3,199,028 $ 1,435,922 $ 1,008,931 =========== =========== =========== Basic net income per common share $ 1.20 $ .71 $ 0.51 Diluted net income per common share $ 1.17 $ .69 $ 0.50 Weighted average common shares outstanding: Basic 2,650,576 2,010,662 1,978,252 =========== =========== =========== Diluted 2,740,899 2,089,287 2,015,103 =========== =========== =========== Beach First National Bancshares, Inc. and Subsidiaries (Unaudited) (In thousands) Asset Quality Ratios and Other Data December 31, December 31, ------------ ------------ 2005 2004 ---- ---- Total nonperforming loans $ 1,111 $ 78 Allowance for loan losses 4,364 2,422 Nonperforming loans as a percent of total loans 0.36% 0.04% Nonperforming assets, past due and restructured loans to total assets 0.28% 0.03% Net charge-offs to average total loans 0.10% 0.43% Allowance for loan losses to total loans 1.40% 1.26% Allowance for loan losses to nonperforming loans 392.80% 3,105.13% For the year ended December 31, 2005 2004 ---- ---- Interest rate spread 4.10% 3.95% Net interest margin 4.67% 4.30%