Beach First National Bancshares (BFNB) Inactive
Filed: 17 Oct 03, 12:00am
Contact: Walt Standish, President and Chief Executive Officer
843.916.7813
Dick Burch, Senior Vice President and Chief Financial Officer
843.916.7806
FOR IMMEDIATE RELEASE
Myrtle Beach, SC, October 14, 2003 – Beach First National Bancshares, Inc. 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.
| 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 | 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 | |||||
| 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 | ||||||||||
| Gain (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 | ||||||||||