Coastal Financial (NASDAQ:CFCP)
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Coastal Financial Corporation Announces Fiscal 2005 Second
Quarter Earnings
MYRTLE BEACH, S.C., April 20 /PRNewswire-FirstCall/ -- Coastal Financial
Corporation (NASDAQ:CFCP) today announced earnings for the second fiscal
quarter ended March 31, 2005.
Net income for the second quarter of fiscal 2005 increased 12.5% to $4.1
million or $0.23 per share ($0.22 per share diluted), as compared to $3.7
million or $0.21 per share ($0.20 per share diluted) for the same period of
fiscal 2004.
Net income for the first two quarters of fiscal 2005 increased 16.9% to $8.2
million or $0.47 per share ($0.44 per share diluted), compared to $7.0 million
or $0.41 per share ($0.38 per share diluted) for the same period of fiscal
2004.
At March 31, 2005, assets totaled $1.45 billion, an increase of 14.8% from
$1.26 billion at March 31, 2004. During the same period, deposits increased
27.9%, from $696.9 million to $891.5 million, and loans receivable increased
12.9%, from $765.6 million to $864.4 million. In comparing the second quarters
of fiscal 2004 and 2005, net interest income after provision for loan losses
grew 14.9% to $11.3 million. Returns on average assets and average equity were
1.19% and 18.6%, respectively, for the six months ended March 31, 2005, as
compared to 1.14% and 18.2% for the comparable period in fiscal 2004.
At March 31, 2005, non-performing assets to total assets was 0.53% as compared
with 0.58% at March 31, 2004.
Michael C. Gerald, President and Chief Executive Officer of Coastal Financial
Corporation, said, "We are very pleased with the continued earnings momentum of
Coastal Financial Corporation for the first two quarters of fiscal 2005. This
continued level of operating performance reflects well on our Commitment to our
Customers and Communities, and to our steadfast dedication to our QUEST FOR
EXCELLENCE Business Model."
"During the second quarter of fiscal 2005, we announced a 21.9% increase in
fiscal 2005 first quarter net income, a $.045 per share cash dividend payable
April 20, 2005 to Shareholders of record April 6, 2005 and the launch of The
Carolinas' Most Convenient Bank initiative on February 25, 2005. Other notable
events included the opening of our newest branch at 17th Street in Wilmington,
North Carolina and the finalizing of plans and the permitting processes for
construction of new branches in Conway, South Carolina and Oak Island, North
Carolina. These activities are indicative of the continued growth and progress
envisioned under our Vision 2005 Plan, and are an outgrowth of our QUEST FOR
EXCELLENCE Operating Philosophy," 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 assets over $1.4 Billion, 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 offers professional, objective, fee-based financial planning
services. Additional information about Coastal Federal is available on its web
site at http://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, Herzog, Heine, Geduld, Inc. at
1-800-523-4936, Knight Securities at 212-336-8690, Spear, Leeds & Kellogg at
1-800-526-3160 or Trident Securities at 1-800-222-2618.
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:
Susan J. Cooke - Senior Vice President and Secretary
Coastal Financial Corporation
2619 Oak Street
Myrtle Beach, South Carolina 29577
(843) 205-2676
Forward Looking Statements and Related Matters
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. Except as may be required
by applicable law or regulation, the Company disclaims any obligation to update
such forward-looking statements.
References in this news release to the historical performance of the Company's
stock price may not be indicative of future stock price performance.
COASTAL FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited - Dollars in Thousands Except Per Share Data)
Three Months Ended Six Months Ended
March 31, March 31, Pct. March 31, March 31, Pct.
2005 2004 Change 2005 2004 Change
Interest Income $18,912 $16,155 17.07% $36,858 $31,692 16.30%
Interest Expense 7,016 5,848 19.97% 13,446 11,574 16.17%
Net Interest
Income 11,896 10,307 15.42% 23,412 20,118 16.37%
Provision for
Loan Losses 625 500 25.00% 975 1,050 -7.14%
Net Interest Income
After Provision
for Loan Losses 11,271 9,807 14.93% 22,437 19,068 17.67%
Other Income * 3,336 2,430 37.28% 6,102 4,757 28.27%
General &
Administrative
Expenses ** 8,319 6,729 23.63% 16,100 13,345 20.64%
Earnings Before
Taxes 6,288 5,508 14.16% 12,439 10,480 18.69%
Income Taxes 2,153 1,831 17.59% 4,260 3,484 22.27%
Net Income $4,135 $3,677 12.46% $8,179 $6,996 16.91%
Basic $0.23 $0.21 9.52% $0.47 $0.41 14.63%
Diluted $0.22 $0.20 10.00% $0.44 $0.38 15.79%
Average Common Shares
Outstanding
Basic
(in thousands) 17,602 17,349 1.46% 17,525 17,247 1.61%
Average Common Shares
Outstanding
Diluted
(in thousands) 18,658 18,323 1.83% 18,515 18,236 1.53%
Net Interest Margin 3.68% 3.58% 2.79% 3.67% 3.55% 3.38%
Return on Average
Assets 1.17% 1.18% -0.85% 1.19% 1.14% 4.39%
Return on Average
Equity 18.48% 18.70% -1.18% 18.57% 18.17% 2.20%
* Gains on sales of securities of $248,000 and $406,000 are included in
other income for the quarter and six months ended March 31, 2005
respectively. For the quarter and six months ended March 31, 2004,
(losses) were ($67,000) and ($267,000), respectively.
** The Company did not incur any prepayment penalties on FHLB advances for
the quarter and six months ended March 31, 2005. For the quarter and
six months ended March 31, 2004, prepayment penalties, which are
included in general and administrative expenses were $68,000 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
March 31, Sept 30, March 31, September 30,
2005 2004 2004 2004
Total Assets $1,449,346 $1,305,485 $1,262,278 11.02%
Loans Receivable,
Net $864,407 $798,976 $765,576 8.19%
Deposits $891,469 $753,379 $696,910 18.33%
Shareholders' Equity $89,534 $85,348 $81,006 4.90%
Non-Performing Assets
To Total Assets * 0.53% 0.51% 0.58% 3.92%
Allowance for
Loan Losses as a
Percentage of
Total Loans 1.36% 1.39% 1.41% -2.16%
Tangible Book Value
Per Share $5.07 $4.88 $4.65 3.89%
* Non-performing assets consist of nonaccrual loans 90 days or more past
due and real estate owned.
At or for the
Three Months Ended
March 31, September 30, Percentage
2005 2004 Change
Credit Quality:
Non-Performing Loans $7,116 $5,856 21.52%
Non-Performing Loans as
a % of Loans 0.82% 0.73% 12.33%
Allowance for Loan Losses as
a % of Non-Performing Loans 165.37% 189.16% -12.58%
Non-Performing Assets * $7,650 $6,641 15.19%
Non-Performing Assets as
a % of Loans and
Foreclosed Property 0.88% 0.83% 6.02%
Net Loan Charge-Offs as
a % of Average Loans
(Annualized) 0.13% 0.13% n/a
Stock Performance
At Quarter End:
Market Price Per Share of
Common Stock $15.04 $13.14 14.46%
Indicated Annual Dividend $0.18 $0.18 n/a
Dividend Yield 1.20% 1.38% -13.04%
Price/Book Ratio 297.00% 269.00% 10.41%
Market Capitalization $265,415 $229,713 15.54%
DATASOURCE: Coastal Financial Corporation
CONTACT: Susan J. Cooke, Senior Vice President and Secretary of Coastal
Financial Corporation, +1-843-205-2676
Web site: http://www.coastalfederal.com/