MYRTLE BEACH, S.C., April 13, 2004 (PRIMEZONE) -- Beach First National Bancshares, Inc. (OTCBB:BFNB) today announced that its first quarter earnings increased 51.6%.
Net income for the quarter ended March 31, 2004, totaled $307,649, an increase of 51.6% when compared to the $202,928, reported for the same period a year ago. Total assets grew to $184.9 million, which represents an increase of 30.9% from the same period a year ago. Total deposits grew to $151.7 million, an increase of 27.0% from the same period a year ago. Total loans grew to $144.3 million, a 40.4% increase from the same period a year ago.
Walt Standish, president and chief executive officer, said, "Beach First National Bank has achieved strong financial performance in the first quarter, setting the stage for a productive year to come. We continue to bolster our product line with the addition of small-business friendly services such as the business Visa Check Card and NetTeller internet banking, while upgrading our technology to support our growing banking network."
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $185 million financial institution headquartered in Myrtle Beach, South Carolina. Beach First operates offices in Myrtle Beach, Surfside Beach, North Myrtle Beach, and Hilton Head Island, South Carolina, and recently announced plans to open an office in the Litchfield Market Village at the entrance to Willbrook Plantation this summer. Beach First offers a full line of banking products and services, including NetTeller internet banking. The company's stock trades under the symbol BFNB.
March 31, December 31,
2004 2003 2003
---- ---- ----
(unaudited) (unaudited) (audited)
---------
ASSETS
Cash and due from
banks $ 3,246,513 $ 4,123,657 $ 4,886,682
Federal funds sold and
short-term investments 12,163,000 13,696,000 4,598,520
Investment securities
available for sale 17,113,065 12,527,987 11,918,074
Loans, net 142,330,206 101,415,012 133,851,712
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 4,270,701 4,679,225 4,477,943
Cash Value of life
insurance 3,115,165 2,960,785 3,076,570
Other assets 1,569,749 1,349,075 1,399,535
------------- ------------- -------------
Total assets $ 184,942,399 $ 141,241,441 $ 165,093,036
============= ============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposits
Noninterest bearing
deposits $ 22,538,769 $ 15,575,039 $ 23,454,124
Interest bearing
deposits 129,121,788 103,867,686 114,645,442
------------- ------------- -------------
Total deposits 151,660,557 119,442,725 132,099,566
Advances from Federal
Home
Loan Bank 16,500,000 6,500,000 11,500,000
Other liabilities 1,363,904 1,229,738 760,577
------------- ------------- -------------
Total liabilities 169,524,461 127,172,463 150,360,143
------------- ------------- -------------
SHAREHOLDERS' EQUITY:
Common stock, $1 par
value; 10,000,000
shares authorized;
1,342,018 issued and
outstanding 1,342,018 1,318,368 1,323,768
Paid-in capital 12,003,806 11,787,899 11,837,299
Retained earnings 2,025,970 912,318 1,718,321
Accumulated other
comprehensive income 46,144 50,393 (146,495)
------------- ------------- -------------
Total shareholders'
equity 15,417,938 14,068,978 14,732,893
------------- ------------- -------------
Total liabilities
and shareholders'
equity $184,942,399 $141,241,441 $165,093,036
============ ============ ============
Beach First National Bancshares, Inc. and Subsidiary
Myrtle Beach, South Carolina
Consolidated Statement of Income
(unaudited)
Three Months Ended
March 31
2004 2003
---- ----
INTEREST INCOME
Interest and fees on loans $ 2,222,578 $ 1,723,473
Investment securities 153,409 113,298
Federal funds sold 16,140 8,124
----------- -----------
Total interest income 2,392,127 1,844,895
INTEREST EXPENSE
Deposits 576,409 562,633
Other borrowings 84,260 44,812
----------- -----------
Total interest expense 660,669 607,445
Net interest income 1,731,458 1,237,450
PROVISION FOR POSSIBLE LOAN
LOSSES 215,000 68,000
----------- -----------
Net interest income after
provision for possible
loan losses 1,516,458 1,169,450
----------- -----------
NONINTEREST INCOME
Service fees on
deposit accounts 131,091 121,382
Gain on sale of
investment securities (3) 73,639
Other income
96,680 87,634
----------- -----------
Total noninterest income 227,768 282,655
----------- -----------
NONINTEREST EXPENSES
Salaries and wages 554,850 483,130
Employee benefits
122,718 98,852
Supplies and printing 18,529 29,444
Advertising and public
relations 49,488 41,928
Professional fees 43,443 34,736
Depreciation and amortization 108,252 104,997
Occupancy 107,346 86,772
Data processing fees 84,011 66,841
Other operating expenses
167,258 183,296
----------- -----------
Total noninterest expenses 1,255,895 1,129,996
----------- -----------
Income before income taxes 488,331 322,109
INCOME TAX EXPENSE 180,682 119,181
----------- -----------
Net income $ 307,649 $ 202,928
=========== ===========
BASIC NET INCOME PER
COMMON SHARE $ .23 $ .15
=========== ===========
DILUTED NET INCOME PER
COMMON SHARE $ .22 $ .15
=========== ===========
Weighted average common
shares outstanding - basic 1,318,368 1,342,108
Weighted average common
shares outstanding -
diluted 1,327,305 1,358,732
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