Exhibit 99.1
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News Release For Immediate Release
April 15, 2003
Beach First National Bank For Additional Information
1550 Oak Street Contact: Walt Standish, President
Myrtle Beach, SC 29577 & CEO or Dick Burch, CFO
Phone: (843) 626-2265
Earnings Grow 23% on Strong Loan and Deposit Growth at Beach First
Myrtle Beach, SC, April 15, 2003 - Beach First National Bancshares, Inc. (OTC
Bulletin Board: BFNB), holding company for Beach First National Bank, today
announced its results for the first quarter ending March 31, 2003.
Net income for the quarter ended March 31, 2003, totaled $202,928, an increase
of 23% when compared to the $164,993, reported for the same period a year ago.
Total assets grew to $141 million, which represents an increase of 68% from the
same period a year ago. Total deposits grew to $120 million, an increase of 72%
from the same period a year ago . Total loans grew to $103 million, a 48%
increase from the same period a year ago.
Walt Standish, president and chief executive officer, said, "We are pleased to
achieve these results during a busy and productive first quarter for the bank.
In February 2003, just a few months after the opening of our new North Myrtle
Beach office, we opened a new office on Hilton Head Island. We also expanded our
product line to include Internet Banking. Both offices have been warmly received
and customers are also responding positively to the internet banking product.
Our expansion into new markets and the ensuing customer relationships that are
developed have contributed to our strong financial performance."
Beach First National Bancshares, Inc. is the parent of Beach First National
Bank, a $141 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. The company's stock trades under the symbol BFNB.
Beach First National Bancshares, Inc. and Subsidiary
Myrtle Beach, South Carolina
Consolidated Balance Sheets
March 31, December 31,
2003 2002 2002
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(unaudited) (unaudited) (audited)
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ASSETS
Cash and due from banks $ 4,123,657 $ 1,625,858 $ 4,457,614
Federal funds sold and short-term investments 13,696,000 2,990,000 5,429,214
Investment securities available for sale 12,527,987 6,447,304 7,552,282
Loans, net 101,415,012 68,573,079 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 4,679,225 2,411,855 4,577,770
Other assets 4,309,861 976,989 4,002,671
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Total assets $ 141,241,441 $ 83,320,085 $ 118,408,825
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LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposits
Noninterest bearing deposits $ 15,575,039 $ 11,230,026 $ 19,316,292
Interest bearing deposits 103,867,686 58,146,229 80,549,745
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Total deposits 119,442,726 69,376,255 99,866,037
Advances from Federal Home Loan Bank 6,500,000 - 4,000,000
Other liabilities 1,229,738 648,967 614,420
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Total liabilities 127,172,464 70,025,222 104,480,457
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SHAREHOLDERS' EQUITY:
Common stock, $1 par value; 10,000,000 shares
authorized; 1,318,368 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 912,318 167,112 709,390
Accumulated other comprehensive income 50,393 21,484 112,711
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Total shareholders' equity 14,068,977 13,294,863 13,928,368
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Total liabilities and shareholders' equity $ 141,241,441 $ 83,320,085 $ 118,928,368
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Beach First National Bancshares, Inc. and Subsidiary
Myrtle Beach, South Carolina
Consolidated Statement of Income
(unaudited)
Three Months Ended
June 30,
March 31
2003 2002
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INTEREST INCOME
Interest and fees on loans $ 1,723,473 $ 1,322,069
Investment securities 113,298 92,547
Federal funds sold 8,125 22,780
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Total interest income 1,844,895 1,437,396
INTEREST EXPENSE
Deposits 562,633 516,271
Other borrowings 44,812 -
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Total interest expense 607,445 516,271
Net interest income 1,237,450 921,125
PROVISION FOR POSSIBLE LOAN
LOSSES 68,000 84,000
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Net interest income after provision for possible
loan losses 1,169,450 837,125
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NONINTEREST INCOME
Service fees on deposit accounts
121,382 85,661
Gain on sale of investment securities 73,639 487
Other income 87,634 34,558
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Total noninterest income 282,656 120,706
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NONINTEREST EXPENSES
Salaries and wages 483,130 313,144
Employee benefits 98,852 57,873
Supplies and printing 29,444 20,515
Advertising and public relations 41,928 7,313
Professional fees 34,736 23,655
Depreciation and amortization 104,997 73,344
Occupancy 86,772 54,369
Data processing fees 66,841 39,320
Other operating expenses 183,298 106,983
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Total noninterest expenses 1,129,997 696,516
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Income before income taxes 322,109 261,315
INCOME TAX EXPENSE 119,181 96,322
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Net income $ 202,928 $ 164,993
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BASIC NET INCOME PER COMMON SHARE $ .15 $ .13
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DILUTED NET INCOME PER COMMON SHARE $ .15 .12
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Weighted average common shares outstanding - basic 1,318,368 1,318,368
Weighted average common shares outstanding - diluted 1,327,305 1,320,765