U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
AMENDMENT NO. 1
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2001
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___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______________ to ________________
Commission file number: 33-95562
BEACH FIRST NATIONAL BANCSHARES, INC.
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(Exact name of small business issuer as specified in its charter)
South Carolina 58-1030117
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(State of Incorporation) (I.R.S. Employer Identification No.)
1550 Oak Street, Myrtle Beach, South Carolina 29577
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(Address of principal executive offices)
(843) 626-2265
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(Issuer's telephone number)
Not Applicable
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(Former name, former address and former fiscal year, if changed since last
report)
Check whether the issuer: (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. Yes X No
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State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:
On August 13, 2001, 1,318,368 shares of the issuer's common stock, par value
$1.00 per share, were issued and outstanding.
The undersigned registrant hereby amends Part I. Financial Statements -
Consolidated Statements Of Cash Flows in order to correctly state the amounts of
cash flows for the six months ended June 30, 2001. The line item for "Purchase
of premises and equipment" was incorrectly stated in the original report for the
quarter ended June 30, 2001 on Form 10-QSB.
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements.
Beach First National Bancshares, Inc. and Subsidiary
Myrtle Beach, South Carolina
Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
2001 2000
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OPERATING ACTIVITIES
Net income $ 165,344 $ 78,988
Adjustments to reconcile net income to net cash provided by operating
activities:
Deferred income taxes - 42,198
Provisions for loan losses 133,448 77,152
Depreciation and amortization 84,524 92,294
Writedown on real estate acquired in settlement of loans - 15,000
Loss on sale of investment securities 7,749 6,104
Increase (decrease) in other assets 31,655 (316,324)
Increase (decrease) in other liabilities 113,065 263,049
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Net cash provided by operating activities 535,785 258,461
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INVESTING ACTIVITIES
Purchase of investment securities - (209,313)
Proceeds from sale or call of investment securities 1,305,814 717,973
Decrease (increase) in Federal funds sold & short term investments 4,209,629 (2,420,111)
Increase in loans, net (12,167,977) (7,451,473)
Purchase of premises and equipment (963,063) (71,578)
Proceeds from sale of ORE - 84,820
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Net cash used in investing activities (7,615,597) (9,349,682)
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FINANCING ACTIVITIES
Decrease in Federal funds purchased - (2,820,000)
Net increase in deposits 9,072,721 11,302,129
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Net cash provided by financing activities 9,072,721 8,482,129
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Net increase (decrease) in cash and cash equivalents 1,992,909 (609,092)
CASH AND CASH EQUIVALENTS, BEGINNING
OF PERIOD $ 1,359,158 $ 2,516,526
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CASH AND CASH EQUIVALENTS, END OF
PERIOD $ 3,352,067 $ 1,907,434
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CASH PAID FOR
Income taxes $ 24,299 $ 3,770
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Interest $ 1,419,481 $ 978,929
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The accompanying notes are an integral part of these consolidated financial
statements.
SIGNATURES
In accordance with Section 13 or 15(d) of the Securities Exchange Act
of 1934 (the "Exchange Act"), the registrant caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
BEACH FIRST NATIONAL BANCSHARES, INC.
Date: August 31, 2001 By: /s/ Walter E. Standish, III
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Walter E. Standish, III
President/Chief Executive Officer
/s/ Richard Burch
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Richard Burch
Chief Financial and Principal
Accounting Officer