Beach First National Bancshares (BFNB) 8-K Results of Operations and Financial Condition

Exhibit 99.1

News Release
Contact:      Walt Standish, President and Chief Executive Officer
                      843.916.7813
                      Dick Burch, Executive Vice President and Chief Financial Officer
                      843.916.7806

FOR IMMEDIATE RELEASE

Beach First Reports Earnings Growth of 151%
Assets Grow to $427 Million

Myrtle Beach, SC, April 18, 2006 – 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.

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 income		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

Beach First National Bancshares, Inc. and Subsidiaries

(Unaudited)
(In thousands)

Asset Quality Ratios and Other Data	March 31,			March 31,			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	%