Beach First National Bancshares (BFNB) Inactive
Filed: 17 Jul 03, 12:00am
Beach First National Bancshares, Inc.
1550 Oak Street
Myrtle Beach, SC 29577
843.626.2265
Contact: Walt Standish, President and Chief Executive Officer
843.916.7813
Dick Burch, Senior Vice President and Chief Financial Officer
843.916.7806
Net income for the quarter ended June 30, 2003, totaled $210,456, an increase of 26% over the same period a year ago. Total assets grew to $151 million, which represents an increase of 66%. Total deposits grew to $129 million, an increase of 69%. Total loans grew to $118 million, a 59% increase.
Walt Standish, president and chief executive officer, said, “The company’s strong performance during the second quarter is due to solid growth in all areas of the balance sheet. In May, Beach First experienced its best ever month for loan growth, with our new offices in North Myrtle Beach and Hilton Head Island adding to the growth. Deposit growth also continued in the double digits as our tourist-driven economies are now well into the summer season. Our banking offices continue to perform well and the company remains well-positioned for continued earnings improvement.”
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, an $151 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.
| June 30, | December 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2002 | 2003 | 2002 | |||||||||
| (unaudited) | (unaudited) | (audited) | |||||||||
| ASSETS | |||||||||||
| Cash and due from banks | $ | 5,164,565 | $ | 2,345,181 | $ | 4,457,614 | |||||
| Federal funds sold and short term investments | 6,963,000 | 4,692,000 | 5,429,214 | ||||||||
| Investment securities available for sale | 12,847,087 | 6,955,589 | 7,552,282 | ||||||||
| Loans, net | 116,652,441 | 73,228,372 | 92,024,574 | ||||||||
| Federal Reserve Bank stock | 164,700 | 164,700 | 164,700 | ||||||||
| Federal Home Loan Bank stock | 325,000 | 160,300 | 200,000 | ||||||||
| Premises and equipment, net | 4,417,109 | 2,383,556 | 4,577,770 | ||||||||
| Other assets | 4,553,953 | 935,371 | 4,002,671 | ||||||||
| Total assets | $ | 151,087,854 | $ | 90,865,069 | $ | 118,408,825 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
| LIABILITIES: | |||||||||||
| Deposits | |||||||||||
| Noninterest bearing deposits | $ | 24,980,944 | $ | 12,461,006 | $ | 19,316,292 | |||||
| Interest bearing deposits | 104,082,120 | 64,025,840 | 80,549,745 | ||||||||
| Total deposits | 129,063,064 | 76,486,846 | 99,866,037 | ||||||||
| Advances from Federal Home Loan Bank | 6,500,000 | 4,000,000 | |||||||||
| Other liabilities | 1,201,760 | 837,792 | 614,420 | ||||||||
| Total liabilities | 136,764,824 | 77,324,638 | 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 | 11,787,899 | 11,787,899 | ||||||||
| Retained earnings | 1,122,874 | 334,247 | 709,390 | ||||||||
| Accumulated other comprehensive income | 93,889 | 99,917 | 112,711 | ||||||||
| Total shareholders' equity | 14,323,030 | 13,540,431 | 13,928,368 | ||||||||
| Total liabilities and shareholders' equity | $ | 151,087,854 | $ | 90,865,069 | $ | 118,408,825 | |||||
| Six Months Ended | Three Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | |||||||||||||
| 2003 | 2002 | 2003 | 2002 | |||||||||||
| INTEREST INCOME | ||||||||||||||
| Interest and fees on loans | $ | 3,627,619 | $ | 2,735,250 | $ | 1,904,147 | $ | 1,413,181 | ||||||
| Investment securities | 256,437 | 190,543 | 142,221 | 97,996 | ||||||||||
| Fed funds sold & short term investments | 25,178 | 35,300 | 17,053 | 11,521 | ||||||||||
| Total interest income | 3,909,234 | 2,960,093 | 2,063,421 | 1,522,698 | ||||||||||
| INTEREST EXPENSE | ||||||||||||||
| Deposits | 1,163,999 | 1,008,653 | 605,333 | 492,383 | ||||||||||
| Other borrowings | 93,399 | 190 | 48,587 | 190 | ||||||||||
| Total interest expense | 1,257,398 | 1,008,843 | 653,920 | 492,573 | ||||||||||
| Net interest income | 2,651,836 | 1,951,250 | 1,409,501 | 1,030,125 | ||||||||||
| PROVISION FOR POSSIBLE LOAN | ||||||||||||||
| LOSSES | 291,000 | 182,000 | 223,000 | 98,000 | ||||||||||
| Net interest income after provision | ||||||||||||||
| for possible loan losses | 2,360,836 | 1,769,250 | 1,186,501 | 932,125 | ||||||||||
| NONINTEREST INCOME | ||||||||||||||
| Service fees on deposit accounts | 246,897 | 190,504 | 125,515 | 104,843 | ||||||||||
| Gain (Loss) on sale of investment securities | 134,811 | 192 | 61,463 | (295 | ) | |||||||||
| Other income | 199,702 | 70,726 | 112,068 | 36,168 | ||||||||||
| Total noninterest income | 581,410 | 261,422 | 299,046 | 140,716 | ||||||||||
| NONINTEREST EXPENSES | ||||||||||||||
| Salaries and wages | 983,454 | 669,455 | 500,324 | 356,311 | ||||||||||
| Employee benefits | 197,571 | 114,760 | 98,720 | 56,887 | ||||||||||
| Supplies and printing | 57,270 | 43,724 | 27,825 | 21,152 | ||||||||||
| Advertising and public relations | 77,315 | 35,761 | 35,387 | 28,448 | ||||||||||
| Legal and Professional fees | 61,135 | 64,240 | 24,991 | 40,584 | ||||||||||
| Depreciation and amortization | 211,217 | 165,554 | 106,220 | 92,210 | ||||||||||
| Occupancy | 172,282 | 105,631 | 85,510 | 51,262 | ||||||||||
| Data processing fees | 145,135 | 92,722 | 78,295 | 53,403 | ||||||||||
| Other operating expenses | 380,735 | 207,964 | 194,351 | 103,038 | ||||||||||
| Total noninterest expenses | 2,286,114 | 1,499,811 | 1,151,623 | 803,295 | ||||||||||
| Income before income taxes | 656,132 | 530,861 | 333,923 | 269,546 | ||||||||||
| INCOME TAX | 242,648 | 198,733 | 123,467 | 102,411 | ||||||||||
| EXPENSE | ||||||||||||||
| Net income | $ | 413,484 | $ | 332,128 | $ | 210,456 | $ | 167,135 | ||||||
| BASIC NET INCOME PER COMMON | ||||||||||||||
| SHARE | $ | .31 | $ | .25 | $ | .16 | $ | .13 | ||||||
| DILUTED NET INCOME PER COMMON | ||||||||||||||
| SHARE | $ | .31 | $ | .25 | $ | .15 | $ | .12 | ||||||
| Weighted average common shares outstanding - basic | 1,318,368 | 1,318,368 | 1,318,368 | 1,318,368 | ||||||||||
| Weighted average common shares outstanding - diluted | 1,333,354 | 1,324,480 | 1,333,354 | 1,324,480 | ||||||||||