MYRTLE BEACH, S.C., April 17, 2007 (PRIME NEWSWIRE) -- Beach First National Bancshares, Inc. (Nasdaq:BFNB) today announced that its first quarter 2007 earnings increased 33.1 percent over the same period last year.
Net income for the quarter ended March 31, 2007, increased 33.1 percent, totaling $1,612,384 or $0.33 per diluted share, when compared to the $1,211,807, or $0.25 per diluted share, reported for the quarter ended March 31, 2006. Total assets grew to $552.8 million, which represents an increase of 30 percent from the same period a year ago. Total deposits grew to $445.1 million, an increase of 32 percent from the same period a year ago. Total loans grew to $448.0 million, a 28 percent increase over the same period last year.
Annualized return on average shareholders' equity was 14.05 percent for March 31, 2007, compared to 12.02 percent for March 31, 2006. The net interest margin was 4.39 percent for the period ended March 31, 2007, when compared to 4.42 percent for the same period a year ago. Book value per share stood at $9.89 per share at March 31, 2007, compared to $8.42 per share at March 31, 2006.
Walt Standish, president and chief executive officer, said, "Beach First continues to perform well in 2007. During the first quarter, we completed our move to our new headquarters at Grissom Parkway and celebrated with a well-received Grand Opening event. We have continued to build the infrastructure needed to run a growing bank with an expanded presence in both the Grand Strand and Hilton Head Island markets. Our new mortgage loan division continues to expand, building Beach First's presence in the Carolinas and mid-Atlantic states."
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $543.7 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 Global Market under the symbol BFNB and the website is beachfirst.com.
The Beach First National Bank logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=703
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, greater than expected noninterest expenses, excessive loan losses and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. For a more detailed description of factors that could cause or contribute to such differences, please see our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
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
March 31, December 31,
2007 2006 2006
---- ---- -----
(unaudited) (unaudited) (audited)
ASSETS
Cash and due from banks $ 7,654,093 $ 4,599,760 $ 5,198,945
Federal funds sold and
short-term investments 4,655,718 6,133,853 14,010,667
Investment securities
available for sale 69,191,574 52,099,895 68,474,531
Loans, net 427,957,250 344,306,128 392,848,582
Mortgage Loans Held for
Sale 13,865,389 -- 12,478,222
Federal Reserve Bank stock 984,000 534,000 984,000
Federal Home Loan Bank
stock 2,607,800 2,318,100 2,475,600
Premises and equipment, net 14,967,965 8,373,573 14,344,330
Cash value of life
insurance 3,456,030 3,331,263 3,424,586
Other assets 7,467,395 5,012,133 5,961,876
------------- ------------- -------------
Total assets $ 552,807,214 $ 426,708,705 $ 520,201,339
============= ============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposits
Noninterest bearing
deposits $ 35,863,807 $ 28,884,753 $ 37,194,469
Interest bearing deposits 409,193,216 308,985,257 379,162,660
------------- ------------- -------------
Total deposits 445,057,023 337,870,010 416,357,129
Advances from Federal Home
Loan Bank 37,500,000 32,500,000 37,500,000
Other borrowings 7,133,561 3,299,945 7,209,820
Junior subordinated
debentures 10,310,000 10,310,000 10,310,000
Other liabilities 5,526,823 2,648,541 3,364,811
------------- ------------- -------------
Total liabilities 505,527,407 386,628,496 474,741,760
------------- ------------- -------------
SHAREHOLDERS' EQUITY:
Common stock, $1 par value;
10,000,000 shares
authorized; 4,779,241
issued and outstanding at
March 31, 2007 and
4,761,687 at March 31,
2006 and 4,768,413 at
December 31, 2006 4,779,241 4,761,687 4,768,413
Paid-in capital 28,695,185 28,628,349 28,657,576
Retained earnings 14,319,179 7,725,389 12,706,795
Accumulated other
comprehensive loss (513,798) (1,035,216) (673,205)
------------- ------------- -------------
Total shareholders'
equity 47,279,807 40,080,209 45,459,579
------------- ------------- -------------
Total liabilities and
shareholders' equity $ 552,807,214 $ 426,708,705 $ 520,201,339
============= ============= =============
Beach First National Bancshares, Inc. and Subsidiaries
Myrtle Beach, South Carolina
Consolidated Condensed Statements of Income
For the Year
Three Months Ended Ended
March 31, December 31,
--------- ------------
2007 2006 2006
---- ---- ----
(unaudited) (unaudited) (audited)
INTEREST INCOME
Interest and fees on loans $ 9,716,457 $ 6,823,870 $33,096,343
Investment securities 904,843 582,144 2,897,719
Federal funds sold 69,027 145,054 469,819
Other 5,900 5,256 22,929
----------- ----------- -----------
Total interest income 10,696,227 7,556,324 36,486,810
INTEREST EXPENSE
Deposits 4,467,285 2,696,889 13,711,212
Advances from the FHLB and
federal funds purchased 428,816 341,889 1,546,286
Junior subordinated
debentures 318,380 177,247 771,740
----------- ----------- -----------
Total interest expense 5,214,481 3,216,025 16,029,238
Net interest income 5,481,746 4,340,299 20,457,572
PROVISION FOR POSSIBLE LOAN
LOSSES 351,200 522,200 2,174,400
----------- ----------- -----------
Net interest income after
provision for possible
loan losses 5,130,546 3,818,099 18,283,172
----------- ----------- -----------
NONINTEREST INCOME
Service fees on deposit
accounts 135,488 127,965 514,286
Gain on sale of loans -- 22,259 60,392
Gain on sale of fixed asset 3,850 -- --
Gain on sale of investment
securities -- -- 1,007
Income from cash value life
insurance 36,759 34,850 143,717
Income from mortgage
operations 1,773,197 66,385 2,136,250
Other income 384,807 60,061 1,134,697
----------- ----------- -----------
Total noninterest income 2,334,101 311,520 3,990,349
----------- ----------- -----------
NONINTEREST EXPENSES
Salaries and wages 2,332,432 1,023,484 6,018,633
Employee benefits 400,906 234,307 1,138,653
Supplies and printing 51,182 28,439 126,705
Advertising and public
relations 143,606 83,515 387,056
Professional fees 127,989 77,522 311,627
Depreciation and amortization 315,739 130,402 518,551
Occupancy 448,618 189,484 1,065,091
Data processing fees 171,457 116,969 547,747
Other operating expenses 966,725 353,671 2,461,594
----------- ----------- -----------
Total noninterest expenses 4,958,654 2,237,793 12,575,57
----------- ----------- -----------
Income before income taxes 2,505,993 1,891,826 9,697,864
INCOME TAX EXPENSE 893,609 680,019 3,502,136
----------- ----------- -----------
Net income $ 1,612,384 $ 1,211,807 $ 6,195,728
=========== =========== ===========
BASIC NET INCOME PER COMMON
SHARE $ 0.34 $ 0.26 $ 1.30
=========== =========== ===========
DILUTED NET INCOME PER COMMON
SHARE $ 0.33 $ 0.25 $ 1.27
=========== =========== ===========
Weighted average common
shares outstanding - basic 4,769,102 4,758,162 4,764,072
Weighted average common
shares outstanding -
diluted 4,926,803 4,864,620 4,874,562
Beach First National Bancshares, Inc. and Subsidiaries
Asset Quality Ratios and Other Data
(Unaudited)
(In thousands)
March 31, March 31, Dec. 31,
2007 2006 2006
-------- -------- --------
Total nonperforming loans $ 1,107 $ 1,899 $ 1,625
Allowance for loan losses 6,172 4,883 5,888
Nonperforming loans as a
percent of total loans 0.24% 0.54% 0.40%
Nonperforming assets, past
due and restructured loans
to total assets 0.32% 0.45% 0.31%
Net charge-offs to average
total loans 0.004% 0.001% 0.17%
Allowance for loan losses to
total loans 1.38% 1.40% 1.43%
Allowance for loan losses to
nonperforming loans 557.70% 257.10% 362.45%
For the Quarter For the Year
Ended Ended
March 31, December 31,
--------- ------------
2007 2006 2006
---- ---- ----
Interest rate spread 3.84% 3.88% 4.06%
Net interest margin 4.39% 4.42% 4.62%