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NEWS ANNOUNCEMENT
Date: April 25, 2007
Contact: Susan J. Cooke
To: News Media
Release Date: Immediate
COASTAL FINANCIAL CORPORATION
ANNOUNCES FISCAL 2007 SECOND QUARTER EARNINGS
Myrtle Beach, South Carolina, (April 25, 2007) . . . Coastal Financial
Corporation (Nasdaq/CFCP) today announced earnings for the second fiscal quarter
ended March 31, 2007.
Net income for the second quarter of fiscal 2007 decreased 4.7% to $4.4 million
or $0.20 per share ($0.19 per share diluted), as compared to $4.6 million or
$0.22 per share ($0.21 per share diluted) for the same period of fiscal 2006.
Net income for the first two quarters of fiscal 2007 increased 2.4% to $9.3
million or $0.42 per share ($0.41 per share diluted), compared to $9.1 million
or $0.42 per share ($0.41 per share diluted) for the same period of fiscal 2006.
At March 31, 2007, assets totaled $1.68 billion, an increase of 2.1% from $1.64
billion at March 31, 2006. During the same period, Customer Deposits decreased
0.8%, from $891.1 million to $883.9 million, and net loans receivable increased
7.7%, from $1.0 billion to $1.1 billion. In comparing the second quarters of
fiscal 2006 and 2007, net interest income after provision for loan losses grew
7.5% to $13.8 million. Returns on average assets and average equity were 1.12%
and 15.59%, respectively, for the six months ended March 31, 2007, as compared
to 1.14% and 18.38% for the comparable period in fiscal 2006.
At March 31, 2007, non-performing assets to total assets was 0.20% as compared
with 0.26% at March 31, 2006.
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Michael C. Gerald, President and Chief Executive Officer of Coastal Financial
Corporation, noted that, during the second quarter of fiscal 2007, the
corporation announced a 9.9% increase in fiscal 2007 first quarter net income,
and a $.05 per share cash dividend payable April 20, 2007 to Shareholders of
record April 6, 2007.
Coastal Financial Corporation, headquartered in Myrtle Beach, South Carolina,
offers a broad range of commercial, consumer and mortgage financial services
through its subsidiary, Coastal Federal Bank. Coastal Federal Bank, with assets
of $1.7 billion, is a federally chartered and FDIC insured community bank with
twenty-four offices serving the Communities of Horry and Georgetown Counties,
South Carolina and Brunswick and New Hanover Counties, North Carolina.
Additional information about Coastal Federal is available on its web site at
www.coastalfederal.com.
STOCK TRADING INFORMATION
The common stock of Coastal Financial Corporation is traded on the Nasdaq Stock
Market under the symbol "CFCP." For information, contact Raymond James Financial
Services at 1-843-918-7600.
DIVIDEND REINVESTMENT AND DIRECT STOCK PURCHASE PLAN
Coastal Financial Corporation offers Shareholders a Dividend Reinvestment and
Direct Stock Purchase Plan which provides existing and new shareholders a
convenient means for making purchases of Coastal Financial shares free of fees
and brokerage commissions. Additional cash contributions, up to $1,000 per
quarter, can be made to purchase additional shares. For more information,
contact the Transfer Agent at 1-800-866-1340, Ext. 2514, or Investor Relations.
SHAREHOLDER SERVICES
Shareholders desiring to enroll in the Coastal Financial Corporation Dividend
Reinvestment Plan, change the name, address, or ownership of their stock
certificates, report lost or stolen certificates, or consolidate accounts should
contact the Transfer Agent at 1-800-866-1340, Ext. 2514, or Investor Relations.
INVESTOR RELATIONS
Analysts, investors and others seeking financial information should contact:
Susan J. Cooke - Senior Vice President and Secretary
Coastal Financial Corporation
2619 Oak Street
Myrtle Beach, South Carolina 29577
(843) 205-2676
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FORWARD LOOKING STATEMENTS
This report may contain certain "forward-looking statements" within the meaning
of Section 27A of the Securities Exchange Act of 1934, as amended, that
represent the Company's expectations or beliefs concerning future events. All
forward-looking statements are based on assumptions and involve risks and
uncertainties, many of which are beyond the Company's control and which may
cause its actual results, performance or achievements to differ materially from
the results, performance or achievements contemplated by the forward-looking
statements. Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. They often include words
such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or words
of similar meaning, or future or conditional verbs such as "will," "would,"
"should," "could" or "may." Forward-looking statements speak only as of the date
they are made. Such risks and uncertainties include, among other things:
o Competitive pressures among depository and other financial institutions in the
Company's market areas may increase significantly.
o Adverse changes in the economy or business conditions, either nationally or in
the Company's market areas, could increase credit-related losses and expenses
and/or limit growth.
o Increases in defaults by borrowers and other delinquencies could result in
increases in the Company's provision for losses on loans and related expenses.
o The Company's inability to manage growth effectively, including the successful
expansion of the Company's Customer support, administrative infrastructure and
internal management systems, could adversely affect the Company's results of
operations and prospects.
o Fluctuations in interest rates and market prices could reduce the Company's
net interest margin and asset valuations and increase expenses.
o The consequences of continued bank acquisitions and mergers in the Company's
market areas, resulting in fewer but much larger and financially stronger
competitors, could increase competition for financial services to the Company's
detriment.
o The Company's continued growth will depend in part on its ability to enter new
markets successfully and capitalize on other growth opportunities.
o Changes in legislative or regulatory requirements, or actions by the
Securities and Exchange Commission ("SEC"), the Financial Accounting Standards
Board ("FASB"), or the Public Company Accounting Oversight Board, applicable to
the Company and its subsidiaries could increase costs, limit certain operations
and adversely affect results of operations.
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o Changes in tax requirements, including tax rate changes, new tax laws and
revised tax law interpretations may increase the Company's tax expense or
adversely affect its Customers' businesses.
o Company initiatives now in place or introduced in the future, not producing
results consistent with historic growth rates or results which justify their
costs.
In light of these risks, uncertainties and assumptions, you should not place
undue reliance on any forward-looking statements in this report. Except as may
be required by applicable law or regulation, the Company undertakes no
obligation to publicly update or otherwise revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
5
COASTAL FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited - Dollars in Thousands Except Per Share Data)
<Table>
<Caption>
Three Months Ended Six Months Ended
March 31, March 31, Percentage March 31, March 31, Percentage
2007 2006 Change 2007 2006 Change
--------- --------- ---------- -------- --------- ----------
Interest Income $27,266 $24,138 12.96% $54,664 $47,176 15.87%
Interest Expense 13,461 10,970 22.71% 26,995 20,732 30.21%
--------- --------- -------- ---------
Net Interest Income 13,805 13,168 4.84% 27,669 26,444 4.63%
Provision for Loan Losses 0 330 -100.00% 225 730 -69.18%
--------- --------- -------- ---------
Net Interest Income After
Provision for Loan Losses 13,805 12,838 7.53% 27,444 25,714 6.73%
Other Income (1) 4,965 4,201 18.19% 9,996 7,790 28.32%
General & Administrative
Expenses (2) 12,065 9,926 21.55% 23,314 19,606 18.91%
--------- --------- -------- ---------
Earnings Before Taxes 6,705 7,113 -5.74% 14,126 13,898 1.64%
Income Taxes 2,280 2,469 -7.65% 4,819 4,810 0.19%
--------- --------- -------- ---------
Net Income $ 4,425 $ 4,644 -4.72% $ 9,307 $ 9,088 2.41%
========= ========= ======== =========
Earnings Per Common Share(3)(4)
Basic $ 0.20 $ 0.22 -9.09% $ 0.42 $ 0.42 n/a
========= ========= ======== =========
Diluted $ 0.19 $ 0.21 -9.52% $ 0.41 $ 0.41 n/a
========= ========= ======== =========
Average Common Shares
Outstanding(3)(4)
Basic (in thousands) 22,228 21,502 3.38% 22,180 21,437 3.47%
Diluted (in thousands) 22,871 22,184 3.10% 22,838 22,132 3.19%
Net Interest Margin 3.54% 3.57% -0.84% 3.54% 3.64% -2.75%
Return on Average Assets 1.06% 1.15% -7.83% 1.12% 1.14% -1.75%
Return on Average Equity 14.43% 18.63% -22.54% 15.59% 18.38% -15.18%
</Table>
(1) Gains on sales of securities of zero and $25 are included in other income
for the quarter and six months ended March 31, 2007, respectively. For the
quarter and six months ended March 31, 2006, gains (losses) on sales of
securities were $30 and ($16), respectively.
(2) Expenses related to the proposed merger with BB&T Corporation, primarily
consisting of professional fees, totaled approximately $718 and $1.1 million for
the quarter and six months ended March 31, 2007, respectively. In addition, the
quarter and six-month periods ended March 31, 2007, include a charitable
contribution pledge of $1.0 million.
(3) Earnings per share and average common shares outstanding for the quarter and
six months ended March 31, 2006 have been computed to conform to the alternative
transition method as provided under FSP FAS 123R-3 "Transition Election Related
to Accounting for the Tax Effects of Share-Based Payment Awards," adopted by the
Company effective October 1, 2006.
(4) All share and per share data have been retroactively restated for all common
stock dividends.
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COASTAL FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited - Dollars in Thousands Except Per Share Data)
(CONTINUED)
<Table>
<Caption>
Percentage
At At At Change from
March 31, Sept 30, March 31, September 30,
2007 2006 2006 2006
--------- -------- ---------- -------------
Total Assets $1,677,734 $1,659,475 $1,643,991 1.10%
Loans Receivable, Net $1,086,259 $1,090,084 $1,008,168 -0.35%
Customer Deposits (1) $ 883,921 $ 909,788 $ 891,13 -2.84%
Shareholders' Equity $ 129,318 $ 112,824 $ 100,209 14.62%
Non-Performing Assets
to Total Assets (2) 0.20% 0.21% 0.26% -4.76%
Allowance for Loan Losses as a
Percentage of Total Net Loans 1.17% 1.17% 1.21% n/a
Tangible Book Value
Per Share $ 5.70 $ 5.20 $ 4.65 9.62%
</Table>
<Table>
<Caption>
At or for the At or for the
Three Months Ended Three Months Ended
March 31, Sept. 30, Percentage
2007 2006 Change
------------------ ------------------ ----------
Credit Quality:
Non-Performing Loans $2,758 $ 2,990 -7.76%
Non-Performing Loans as a % of Loans 0.25% 0.27% -7.41%
Allowance for Loan Losses as a % of
Non-Performing Loans 461.86% 425.67% 8.50%
Non-Performing Assets (2) $3,390 $ 3,561 -4.80%
Non-Performing Assets as a % of Loans
and Foreclosed Property 0.31% 0.33% -6.06%
Net Loan Charge-Offs
as a % of Average Loans (Annualized) 0.01% 0.02% -50.00%
Stock Performance at quarter end:
Market Price Per Share of Common Stock $ 15.63 $ 12.60 24.05%
Indicated Annual Dividend $0.20 $0.20 n/a
Dividend Yield 1.28% 1.59% -19.50%
Price/Book Ratio 274.00% 242.00% 13.22%
Market Capitalization $354,879 $273,250 29.87%
</Table>
(1) Customer Deposits exclude brokered deposits. Brokered deposits were
$159,662, $153,317 and $189,304 at March 31, 2007, September 30, 2006 and March
31, 2006, respectively.
(2) Non-performing assets consist of non-accrual loans 90 days or more past due
and real estate owned.