MYRTLE BEACH, S.C., Oct. 14, 2003 (PRIMEZONE) -- Beach First National Bancshares, Inc. (OTCBB:BFNB) 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.
Beach First National Bancshares, Inc. and Subsidiary
Myrtle Beach, South Carolina
Consolidated Balance Sheets
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
(deficit) 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
============ ============ ============
Beach First National Bancshares, Inc. and Subsidiary
Myrtle Beach, South Carolina
Consolidated Statement of Income
(unaudited)
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
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