MYRTLE BEACH, S.C., Oct. 14, 2003 (PRIMEZONE) -- Beach First National Bancshares, Inc. (OTCBB:BFNB) today announced that its third quarter earnings increased 25.1%.
Net income for the quarter ended September 30, 2003, totaled $270,479, an increase of 25.1% over the same period a year ago. Net income for the nine months ended September 30, 2003, totaled $683,963, an increase of 24.7% over the same period a year ago. Total assets grew to $158.4 million, which represents an increase of 53.2%. Total deposits grew to $131.2 million, an increase of 55.3%. Total loans grew to $130.1 million, a 58.7% increase. Return on average equity for the nine months ended September 30, 2003, was 6.48%, compared to 5.48% for the same period a year ago.
Walt Standish, president and chief executive officer, said, "All four offices in the Beach First branch network continue to perform well and have contributed to our success thus far in 2003. We are especially pleased to have this earnings increase with both the North Myrtle Beach and Hilton Head Island offices open less than one year."
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $158 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 offers a full line of banking products and services, including NetTeller internet banking service. The company's stock trades under the symbol BFNB.
Beach First National Bancshares, Inc. and Subsidiary Myrtle Beach, South Carolina Consolidated Balance Sheets September 30, December 31, 2003 2002 2002 ---- ---- ---- (unaudited) (unaudited) (audited) ASSETS Cash and due from banks $ 4,363,595 $ 4,717,941 $ 4,457,614 Federal funds sold and short term investments 3,277,756 2,572,433 5,429,214 Investment securities available for sale 12,228,511 8,249,910 7,552,282 Loans, net 128,541,354 80,854,581 92,024,574 Federal Reserve Bank stock 309,000 164,700 164,700 Federal Home Loan Bank stock 575,000 200,000 200,000 Premises and equipment, net 4,373,662 2,830,590 4,577,770 Other assets 4,700,044 3,832,917 4,002,671 ------------ ------------ ------------ Total assets $158,368,922 $103,423,072 $118,408,825 ============ ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES: Deposits Noninterest bearing deposits $ 25,542,423 $14,592,449 $ 19,316,292 Interest bearing deposits 105,662,578 69,885,295 80,549,745 ------------ ----------- ------------ Total deposits 131,205,001 84,477,744 99,866,037 Other borrowings 11,500,000 4,000,000 4,000,000 Other liabilities 1,331,889 1,164,650 614,420 ------------ ----------- ------------ Total liabilities 144,036,890 89,642,394 104,480,457 ------------ ----------- ------------ SHAREHOLDERS' EQUITY: Common stock, $1 par value; 10,000,000 shares authorized; 1,318,368 shares issued and outstanding 1,318,368 1,318,368 1,318,368 Paid-in capital 11,787,899 11,814,253 11,787,899 Retained earnings (deficit) 1,393,352 550,425 709,390 Accumulated other comprehensive income (167,587) 123,986 112,711 ------------ ------------ ------------ Total shareholders' equity 14,332,032 13,780,678 13,928,368 ------------ ------------ ------------ Total liabilities and shareholders' equity $158,368,922 $103,423,072 $118,408,825 ============ ============ ============ 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, ------------- ------------- 2003 2002 2003 2002 ---- ---- ---- ---- INTEREST INCOME Interest and fees on loans $5,752,885 $4,251,053 $2,125,266 $1,515,803 Investment securities 386,932 296,076 130,495 117,426 Federal funds sold and short term investments 36,940 84,457 11,762 14,229 ---------- ---------- ---------- ----------- Total interest income 6,176,757 4,631,586 2,267,523 1,647,458 INTEREST EXPENSE Deposits 1,732,938 1,505,346 568,939 472,658 Other borrowings 143,197 34,543 49,798 34,352 ---------- ---------- ---------- ----------- Total interest expense 1,876,135 1,539,889 618,737 507,010 Net interest income 4,300,622 3,091,697 1,648,786 1,140,448 PROVISION FOR POSSIBLE LOAN LOSSES 566,000 314,000 275,000 132,000 ---------- ---------- ---------- ----------- Net interest income after provision for possible loan losses 3,734,622 2,777,697 1,373,786 1,008,448 ---------- ---------- ---------- ----------- NONINTEREST INCOME Service fees on deposit accounts 364,145 300,797 117,247 110,294 Loss on sale of investment securities 134,703 525 (108) 333 Other income 269,357 142,887 69,655 72,160 ---------- ---------- ---------- ----------- Total noninterest income 768,205 444,209 186,794 182,787 ---------- ---------- ---------- ----------- NONINTEREST EXPENSES Salaries and wages 1,514,336 1,041,756 530,882 372,301 Employee benefits 290,330 180,272 92,758 65,513 Supplies and printing 77,505 58,850 20,236 17,183 Advertising and public relations 118,141 67,331 40,826 31,571 Professional fees 92,355 108,338 31,220 44,099 Depreciation and amortization 317,272 234,987 106,055 69,432 Occupancy 264,074 161,360 91,793 55,729 Data processing fees 226,572 156,091 81,437 63,369 Other operating expenses 523,801 338,766 143,064 128,743 ---------- ---------- ---------- ----------- Total noninterest expenses 3,424,386 2,347,751 1,138,271 847,940 ---------- ---------- ---------- ----------- Income before income taxes 1,078,441 874,155 422,309 343,293 INCOME TAX EXPENSE 394,478 325,848 151,830 127,115 ---------- ---------- ---------- ----------- Net income $ 683,963 $ 548,307 $ 270,479 $ 216,178 ========== ========== ========== =========== BASIC NET INCOME PER COMMON SHARE $ .52 $ .42 $ .21 $ .16 ========== ========== ========== =========== DILUTED NET INCOME PER COMMON SHARE $ .51 $ .41 $ .20 $ .16 ========== ========== ========== =========== Weighted average common shares outstanding - basic 1,318,368 1,318,368 1,318,368 1,318,368 Weighted average common shares outstanding - diluted 1,339,237 1,324,480 1,339,237 1,324,480