Coastal Financial (NASDAQ:CFCP)
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Coastal Financial Corporation (NASDAQ:CFCP) today
announced earnings for the year ended September 30, 2005, and the
declaration of a 10% stock dividend. The stock dividend will be
payable November 25, 2005 to Shareholders of record as of November 10,
2005. As a result, all share and per share data has been retroactively
restated to give effect to the common stock dividend.
Net income for fiscal 2005 was $17.2 million or $0.89 per share
($0.84 per share diluted), compared to $14.8 million or $0.78 per
share ($0.74 per share diluted) for fiscal 2004. Diluted earnings per
share increased 13.5% over the prior year. Net interest income after
provision for loan losses increased to $47.1 million for fiscal 2005
from $40.5 million for the year ended September 30, 2004.
Net income for the fourth quarter of fiscal 2005 was $4.6 million
or $0.24 per share ($0.23 per share diluted), as compared to $3.9
million or $0.20 per share ($0.19 per share diluted) for the fourth
quarter of fiscal 2004. Diluted earnings per share increased 21.0%
over the prior year period.
At September 30, 2005, non-performing assets to total assets were
0.22% as compared with 0.51% at September 30, 2004.
Michael C. Gerald, President and Chief Executive Officer of
Coastal Financial Corporation, said, "We are very pleased with the
performance of Coastal Financial Corporation for fiscal 2005, and
particularly with our Return On Average Shareholders' Equity of 18.8%.
This level of achievement ranks us among the top performing financial
services companies in the nation and reflects well on our exceptional
Associates, the strength of the local markets in which we operate and
our focus on our QUEST FOR EXCELLENCE Business Model.
"Our operating performance for fiscal 2005 reflected healthy
Community-based growth with Customer deposits increasing 19.6% from
$753.4 million at September 30, 2004 to $901.0 million at the end of
this year and loans receivable increasing by 18.0% to $942.4 million".
"During fiscal 2005, our stock price increased by 14.2%. Since
becoming a publicly owned company in 1990, Coastal Financial
Corporation's stock has grown at a compound annual rate of over 30%,
taking our market capitalization from $4.6 million in October 1990, to
$265.7 million at the close of this fiscal year. Put another way, an
initial investment of $10,000 in October of 1990, would have grown to
approximately $522,000 without regard to the reinvestment of cash
dividends."
"Shareholders' equity increased from $85.3 million at September
30, 2004, to $97.2 million at September 30, 2005. Book value per share
was $5.00 at September 30, 2005, compared to $4.44 per share at the
end of fiscal 2004. Returns on average equity and average assets for
fiscal 2005, were 18.75% and 1.20%, respectively, as compared to
18.77% and 1.18%, respectively, for fiscal 2004."
"During the fourth quarter, we announced an 11.7% increase in
third quarter earnings, a $0.05 per share quarterly cash dividend
which is payable on October 26th to Shareholders of record October
12th and the appointment of William O. Marsh, President of Palmetto
Chevrolet and W. Cecil Worsley, III, President and Chief Executive
Officer of the Worsley Companies, to our Board of Directors."
"Coastal Financial Corporation received continued national
attention in the August 2005 edition of a U.S. Banker Magazine which,
for the 6th consecutive year, ranked Coastal Financial the #1
Community Bank in the Carolinas. In this edition, U.S. Banker Magazine
featured its Ranking of the Top 100 Publicly Traded Mid-Tier Banks.
This Ranking featured Banks with assets between $1 and $10 billion,
ranked by 3-year average Return On Average Equity. Coastal Financial
Corporation was ranked 29th nationally in this listing."
"Noteworthy also is the nearing of completion of our newest branch
office, which is located on Oak Island Drive in Oak Island, North
Carolina, the commencement of construction on a new prototype branch
office at the intersection of Hwy 701 and Country Club Drive in
Conway, South Carolina, the completion of plans for construction of
new branches at the intersection of Hwy 544 and Singleton Ridge Road
in Conway, South Carolina, at Sayebrook West on Hwy 544 in Surfside
Beach, South Carolina and at the intersection of Hwys 90 and 57 in
Longs, South Carolina, and the recently released 2005 FDIC SUMMARY OF
DEPOSITS REPORT, which, for the 5th consecutive year, ranked Coastal
Federal Bank the leader in deposit market share for Horry County,
South Carolina for the twelve months ended June 30, 2005. Coastal
Federal Bank has enjoyed this top ranking for seven of the past ten
years. This report also showed that Coastal Federal Bank is ranked 3rd
in deposit market share for Brunswick County, North Carolina."
"We believe these results clearly indicate the progress we made
during the fourth quarter toward our Basic Corporate Objective of
Maximizing the Value of Our Shareholders' Investment and our Long-Term
Goal of Being the Best Financial Services Company in our Marketplace,"
concluded Mr. Gerald.
Coastal Financial Corporation, headquartered in Myrtle Beach,
South Carolina, offers a broad range of commercial, consumer and
mortgage financial services through two subsidiaries, Coastal Federal
Bank and Coastal Retirement, Estate and Tax Planners, Inc. Coastal
Federal Bank, with $1.5 billion in assets, is a federally chartered
and FDIC insured Community bank with nineteen offices serving the
Communities of Horry and Georgetown Counties, South Carolina and
Brunswick and New Hanover Counties, North Carolina. Coastal
Retirement, Estate and Tax Planners, Inc. offers professional,
objective, fee-based financial planning services. 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 to 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:
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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 news release may contain certain "forward-looking statements"
within the meaning of Section 27A of the Securities Exchange Act of
1934, as amended, that represent Coastal Financial Corporation's (the
"Company") expectations or beliefs concerning future events. Such
forward-looking statements are about matters that are inherently
subject to risks and uncertainties. Factors that could influence the
matters discussed in certain forward-looking statements include the
timing and amount of revenues that may be recognized by the Company,
continuation of current revenue and expense trends (including trends
affecting charge-offs), absence of unforeseen changes in the Company's
markets, legal and regulatory changes, and general changes in the
economy (particularly in the markets served by the Company). Because
of the risks and uncertainties inherent in forward looking statements,
readers are cautioned not to place undue reliance on them, whether
included in this news release or made elsewhere from time to time by
the Company or on its behalf. The Company disclaims any obligation to
update such forward-looking statements.
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COASTAL FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited - Dollars in Thousands Except Per Share Data)
Three Months Twelve Months
Ended Ended
Sept. Sept. Sept. Sept.
30, 30, Percentage 30, 30, Percentage
2005 2004 Change 2005 2004 Change
------- -------- ------- ------ -------- -------
Interest Income $21,363 $17,453 22.40% $78,558 $65,805 19.38%
Interest Expense 8,452 6,059 39.49% 29,730 23,524 26.38%
------ ------ ------ ------
Net Interest Income 12,911 11,394 13.31% 48,828 42,281 15.48%
Provision for Loan
Losses 172 500 -65.60% 1,697 1,750 -3.03%
Net Interest Income ------ ------ ------ ------
After Provision
for Loan Losses 12,739 10,894 16.94% 47,131 40,531 16.28%
Other Income(a) 3,320 2,298 44.47% 12,524 9,171 36.56%
General &
Administrative
Expenses (b) 8,999 7,156 25.75% 33,519 27,269 22.92%
------ ----- ------ ------
Earnings Before
Taxes 7,060 6,036 16.96% 26,136 22,433 16.51%
Income Taxes 2,442 2,125 14.92% 8,982 7,627 17.77%
------ ------ ------ -------
Net Income $ 4,618 $ 3,911 18.08% $17,154 $14,806 15.86%
======= ======= ======= =======
Earnings Per Common
Share
Basic $ 0.24 $ 0.20 20.00% $ 0.89 $ 0.78 14.10%
======= ======= ======= =======
Diluted $ 0.23 $ 0.19 21.05% $ 0.84 $ 0.74 13.51%
======= ======= ======= =======
Average Common
Shares Outstanding
Basic (in
thousands) 19,446 19,210 1.23% 19,340 19,060 1.47%
Average Common
Shares Outstanding
Diluted (in
thousands) 20,515 20,210 1.51% 20,423 20,116 1.53%
Net Interest Margin 3.75% 3.81% -1.57% 3.70% 3.64% 1.65%
Return on Average
Assets 1.22% 1.21% 0.83% 1.20% 1.18% 1.69%
Return on Average
Equity 19.14% 19.14% n/a 18.75% 18.77% -0.11%
(a) Losses on sales of securities of $604,000 and $325,000 are
included in other income for the quarter and twelve months ended
September 30, 2005, respectively. For the quarter and twelve months
ended September 30, 2004, losses were $389,000 and $1.1 million,
respectively.
(b) The Company did not incur any prepayment penalties on FHLB
advances for the quarter and twelve months ended September 30, 2005.
For the quarter and twelve months ended September 30, 2004, prepayment
penalties, which are included in general and administrative expenses
were zero and $77,000, respectively.
COASTAL FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited - Dollars in Thousands Except Per Share Data)
(CONTINUED)
Percentage
At At At Change from
Sept. 30, June 30, Sept. 30, September 30,
2005 2005 2004 2004
---------- ----------- ---------- ------------
Total Assets (1) $1,543,459 $ 1,480,556 $ 1,305,094 18.26%
Loans Receivable, Net $ 942,381 $ 911,828 $ 798,976 17.95%
Customer Deposits (1)
(2) $ 901,013 $ 876,615 $ 753,379 19.60%
Shareholders' Equity $ 97,221 $ 95,829 $ 85,348 13.91%
Non-Performing Assets
to Total Assets (3) 0.22% 0.29% 0.51% -56.86%
Allowance for Loan
Losses as a
Percentage of Total
Loans 1.25% 1.30% 1.39% -10.07%
Tangible Book Value
Per Share $ 5.00 $ 4.93 $ 4.44 12.61%
At or for At or for
the the
Three Months Three Months
Ended Ended
Sept. 30, Sept. 30, Percentage
2005 2004 Change
------------ ------------- ----------
Credit Quality:
Non-Performing Loans $ 2,641 $ 5,856 -54.90%
Non-Performing Loans as a %
of Loans 0.28% 0.73% -61.64%
Allowance for Loan Losses as
a % of Non-Performing Loans 444.83% 189.16% 135.16%
Non-Performing Assets (3) $ 3,459 $ 6,641 -47.91%
Non-Performing Assets as a %
of Loans and Foreclosed
Property 0.37% 0.83% -55.42%
Net Loan Charge-Offs
as a % of Average Loans
(Annualized) 0.12% 0.13% -7.69%
Stock Performance
At quarter end:
Market Price Per Share of
Common Stock $ 13.65 $ 11.95 14.23%
Indicated Annual Dividend $ 0.18 $ 0.16 12.50%
Dividend Yield 1.32% 1.34% -1.49%
Price/Book Ratio 273.00% 269.00% 1.49%
Market Capitalization $ 265,689 $ 229,713 15.66%
(1) Total Assets and Customer Deposits in prior periods have been
reclassified to conform to September 30, 2005 presentation.
(2) Customer Deposits exclude brokered deposits. Brokered deposits
were $169,905 and $125,489 at September 30, 2005 and June 30, 2005,
respectively. There were no brokered deposits at September 30, 2004.
(3) Non-performing assets consist of non-accrual loans 90 days or
more past due and real estate owned.
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