MYRTLE BEACH, S.C., April 18, 2006 (PRIMEZONE) -- Beach First National Bancshares, Inc. (Nasdaq:BFNB) today announced that its first quarter 2006 earnings increased 151% over the same period last year.
Net income for the quarter ended March 31, 2006, increased 151%, totaling $1,211,807, or $0.37 per diluted share, when compared to the $481,852, or $0.23 per diluted share, reported for the quarter ended March 31, 2005. Total assets grew to $426.7 million, which represents an increase of 48% from the same period a year ago. Total deposits grew to $337.9 million, an increase of 40% from the same period a year ago. Total loans grew to $349.2 million, a 58% increase over the same period last year.
Return on average shareholders' equity was 12.02% for March 31, 2006, compared to 11.44% for March 31, 2005. The net interest margin was 4.42% for the period ended March 31, 2006, when compared to 4.54% for the same period a year ago. Book value per share stood at $12.63 per share at March 31, 2006, compared to $8.12 per share at March 31, 2005.
Walt Standish, president and chief executive officer, said, "The year is off to a great start at Beach First. Net income exceeded $1 million for the second consecutive quarter, fueled by good loan and deposit growth in both the consumer and commercial areas. We experienced double digit growth in earnings, deposits, and loans as compared to March 31, 2005, and crossed the $400 million mark in asset size for the first time in the company's history. We continue to invest in technology and staffing to support our growth and expansion. We are working toward a September timeframe for moving into our new main office on Grissom Parkway."
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $426.7 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.
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 is available at http://media.primezone.com/prs/single/?pkgid=703
Beach First National Bancshares, Inc. and Subsidiaries
Myrtle Beach, South Carolina
Consolidated Condensed Balance Sheets
(unaudited)
March 31, December 31,
2006 2005 2005
---- ---- ----
(unaudited) (unaudited) (audited)
---------
ASSETS
Cash and due from banks $ 4,599,760 $ 4,537,722 $ 4,284,868
Federal funds sold and
short-term investments 6,133,853 16,707,372 25,521,071
Investment securities
available for sale 52,099,895 34,748,012 43,975,876
Loans, net 344,306,128 218,587,069 307,424,435
Federal Reserve Bank stock 534,000 309,000 534,000
Federal Home Loan Bank
stock 2,318,100 1,336,400 2,011,400
Premises and equipment,
net 6,463,619 5,267,876 6,672,507
Cash value of life
insurance 3,331,263 3,209,759 3,301,417
Other assets 6,922,087 2,871,932 3,663,660
------------- ------------- -------------
Total assets $ 426,708,705 $ 287,575,142 $ 397,389,234
============= ============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposits
Noninterest bearing
deposits $ 28,884,753 $ 28,111,244 $ 31,152,603
Interest bearing
deposits 308,985,257 212,551,306 279,741,607
------------- ------------- -------------
Total deposits 337,870,010 240,662,550 310,894,210
Advances from Federal
Home Loan Bank 32,500,000 19,000,000 34,000,000
Other borrowings 3,299,945 -- 1,504,009
Junior subordinated
debentures 10,310,000 10,310,000 10,310,000
Other liabilities 2,648,541 1,254,330 1,555,602
------------- ------------- -------------
Total liabilities 386,628,496 271,226,880 358,263,821
------------- ------------- -------------
SHAREHOLDERS' EQUITY
Common stock, $1 par
value;10,000,000 shares
authorized; 3,174,458
issued and outstanding at
March 31, 2006 and
2,016,158 at March 31,
2005 and 3,169,958 at
December 31, 2005 3,174,458 2,016,158 3,169,958
Paid-in capital 30,215,578 11,351,276 30,157,843
Retained earnings 7,725,390 3,635,791 6,513,582
Accumulated other
comprehensive income
(loss) (1,035,217) (654,963) (715,970)
------------- ------------- -------------
Total
shareholders' equity 40,080,209 16,348,262 39,125,413
------------- ------------- -------------
Total liabilities and
shareholders' equity $ 426,708,705 $ 287,575,142 $ 397,389,234
============= ============= =============
Beach First National Bancshares, Inc. and Subsidiaries
Myrtle Beach, South Carolina
Consolidated Condensed Statements of Income
(unaudited)
Three Months Ended For the Year Ended
March 31 December 31
-------- ---------
2006 2005 2005
---- ---- ----
(unaudited) (unaudited) (audited)
INTEREST INCOME
Interest and fees
on loans $ 6,823,870 $ 3,635,643 $ 18,938,675
Investment securities 582,144 393,722 1,838,313
Federal funds sold 145,054 28,154 127,961
Other 5,256 -- 15,682
------------ ------------- -------------
Total interest income 7,556,324 4,057,519 20,920,631
INTEREST EXPENSE
Deposits 2,696,889 1,080,257 5,912,891
Advances from the FHLB
and federal funds
purchased 341,889 124,865 747,209
Junior subordinated
debentures 177,247 66,967 528,812
------------ ------------ ------------
Total interest expense 3,216,025 1,272,089 7,188,912
Net interest income 4,340,299 2,785,430 13,731,719
PROVISION FOR POSSIBLE
LOAN LOSSES 522,200 500,000 2,184,000
------------ ------------ ------------
Net interest income
after provision for
possible loan losses 3,818,099 2,285,430 11,547,719
------------ ------------ ------------
NONINTEREST INCOME
Service fees on
deposit accounts 127,965 140,461 549,689
Gain on sale of loan 22,259 14,610 14,610
Loss on sale of
investment securities -- (529) (3,935)
Income from cash value
life insurance 34,850 25,338 89,809
Mortgage loan referral
fees 66,385 39,821 249,757
Other income 60,061 43,479 217,947
------------ ----------- ------------
Total noninterest
invome 311,520 263,180 1,117,877
------------ ----------- ------------
NONINTEREST EXPENSES
Salaries and wages 1,023,484 794,166 3,371,922
Employee benefits 234,307 171,506 675,496
Supplies and printing 28,439 26,316 101,889
Advertising and public
relations 83,515 72,971 295,509
Professional fees 77,522 72,707 327,130
Depreciation and
amortization 130,402 126,484 539,406
Occupancy 189,484 183,815 724,313
Data processing fees 116,969 109,688 455,646
Other operating
expenses 353,671 229,985 1,053,867
------------ ---------- -----------
Total noninterest
expenses 2,237,793 1,787,638 7,545,178
------------ ----------- -----------
Income before income
taxes 1,891,826 760,972 5,120,418
INCOME TAX EXPENSE 680,019 279,120 1,760,775
------------ ------------ -----------
Net income $ 1,211,807 $ 481,852 $ 3,359,643
============ ============ ===========
BASIC NET INCOME PER
COMMON SHARE $ .38 $ .24 $ 1.27
============ =========== ===========
DILUTED NET INCOME PER
COMMON SHARE $ .37 $ .23 $ 1.23
============= =========== ===========
Weighted average common
shares outstanding -
basic 3,172,108 2,014,391 2,650,576
Weighted average common
shares outstanding -
diluted 3,243,080 2,105,422 2,740,899
(Unaudited)
(In thousands)
Asset Quality Ratios and Other Data
March 31, March 31, 2005 December 31,
--------- -------------- ------------
2006 2005 2005
---- ---- ----
Total nonperforming loans $ 1,899 $ 299 $ 1,111
Allowance for loan losses 4,883 2,919 4,364
Nonperforming loans as a
percent of total
loans 0.54% 0.14% 0.36%
Nonperforming assets,
past due and restructured
loans to total assets 0.45% 0.10% 0.28%
Net charge-offs to average
total loans 0.001% 0.001% 0.10%
Allowance for loan losses
to total loans 1.40% 1.32% 1.40%
Allowance for loan losses
to nonperforming loans 257.10% 975.70% 392.80%
For the Qtr ended For the Year ended
March 31, December 31,
--------- ------------
2006 2005 2005
---- ---- ----
Interest rate spread 3.88% 4.21% 4.10%
Net interest margin 4.42% 4.54% 4.67%