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%