Coastal Financial Corporation (NASDAQ:CFCP) today announced
earnings for the first fiscal quarter ended December 31, 2005. Net
income for the first quarter of fiscal 2006 increased 9.8% to $4.4
million or $0.23 per share ($0.22 per share diluted), as compared
to $4.0 million or $0.21 per share ($0.20 per share diluted) for
the same period of fiscal 2005. At December 31, 2005, assets
totaled $1.58 billion, an increase of 14.3% from $1.38 billion at
December 31, 2004. During the same period, Customer Deposits
(excluding brokered deposits) increased 16.1%, from $742.0 million
to $861.7 million, and loans receivable increased 20.1%, from
$817.5 million to $981.9 million. In comparing the first quarters
of fiscal 2005 and 2006, net interest income after provision for
loan losses grew 15.3% to $12.9 million. Returns on average assets
and average equity were 1.14% and 18.1%, respectively, for the
three months ended December 31, 2005, as compared to 1.20% and
18.5% for the comparable period in fiscal 2005. At December 31,
2005, asset quality continued to be good with non-performing assets
to total assets of 0.31% as compared with 0.46% at December 31,
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 the first quarter
of fiscal 2006, particularly given the strong competition for
deposits and loans and difficult interest rate environment."
"During the first quarter of fiscal 2006, we announced a 13.5%
increase in fiscal 2005 diluted per share net income, a 10% stock
dividend, a $.05 per share cash dividend and the results of the
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 at 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. Other notable events and accomplishments during this
quarter include the completion and opening of our Oak Island branch
office on Oak Island Drive in Oak Island, North Carolina and our
Stephens Crossroads branch at the intersection of Hwys 90 and 57 in
Longs, South Carolina, the nearing of completion of our new
prototype branch office at the intersection of Hwy 701 and Country
Club Drive in Conway, South Carolina and the commencement of
construction of new branch offices at the intersection of Hwy 544
and Singleton Ridge Road in Conway, South Carolina and at Sayebrook
West on Hwy 544 in Surfside Beach, South Carolina. These activities
are indicative of the continued growth and progress which have
resulted from our ever-increasing focus on our QUEST FOR EXCELLENCE
Business Model," 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 of $1.6 billion, is a federally chartered and FDIC
insured community bank with twenty-one 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
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.
2511, 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. 2511, 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 This report may contain certain "forward-looking
statements" within the meaning of Section 27A of the Securities
Exchange Act of 1934, as amended, that represent the Company's
expectations or beliefs concerning future events. All
forward-looking statements are based on assumptions and involve
risks and uncertainties, many of which are beyond the Company's
control and which may cause its actual results, performance or
achievements to differ materially from the results, performance or
achievements contemplated by the forward-looking statements.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. They often
include words such as "believe," "expect," "anticipate," "intend,"
"plan," "estimate" or words of similar meaning, or future or
conditional verbs such as "will," "would," "should," "could" or
"may." Forward-looking statements speak only as of the date they
are made. Such risks and uncertainties include, among other things:
-- Competitive pressures among depository and other financial
institutions in the Company's market areas may increase
significantly. -- Adverse changes in the economy or business
conditions, either nationally or in the Company's market areas,
could increase credit-related losses and expenses and/or limit
growth. -- Increases in defaults by borrowers and other
delinquencies could result in increases in the Company's provision
for losses on loans and related expenses. -- The Company's
inability to manage growth effectively, including the successful
expansion of the Company's Customer support, administrative
infrastructure and internal management systems, could adversely
affect the Company's results of operations and prospects. --
Fluctuations in interest rates and market prices could reduce the
Company's net interest margin and asset valuations and increase
expenses. -- The consequences of continued bank acquisitions and
mergers in the Company's market areas, resulting in fewer but much
larger and financially stronger competitors, could increase
competition for financial services to the Company's detriment. --
The Company's continued growth will depend in part on its ability
to enter new markets successfully and capitalize on other growth
opportunities. -- Changes in legislative or regulatory
requirements, or actions by the Securities and Exchange Commission
("SEC"), the Financial Accounting Standards Board ("FASB"), or the
Public Company Accounting Oversight Board, applicable to the
Company and its subsidiaries could increase costs, limit certain
operations and adversely affect results of operations. -- Changes
in tax requirements, including tax rate changes, new tax laws and
revised tax law interpretations may increase the Company's tax
expense or adversely affect its Customers' businesses. -- Company
initiatives now in place or introduced in the future, not producing
results consistent with historic growth rates or results which
justify their costs. In light of these risks, uncertainties and
assumptions, you should not place undue reliance on any
forward-looking statements in this report. Except as may be
required by applicable law or regulation, the Company undertakes no
obligation to publicly update or otherwise revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. -0- *T COASTAL FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited - Dollars in Thousands
Except Per Share Data) Three Months Ended Dec. 31, Dec. 31,
Percentage 2005 2004 Change ---- ---- ------ Interest Income $
23,038 $ 17,957 28.30% Interest Expense 9,762 6,442 51.54% -----
----- Net Interest Income 13,276 11,515 15.29% Provision for Loan
Losses 400 350 14.29% Net Interest Income After ----- -----
Provision for Loan Losses 12,876 11,165 15.32% Other Income(a)
3,588 2,767 29.67% General & Administrative Expenses 9,680
7,780 24.42% ----- ----- Earnings Before Taxes 6,784 6,152 10.27%
Income Taxes 2,341 2,107 11.11% ----- ----- Net Income $ 4,443 $
4,045 9.84% ===== ===== Earnings Per Common Share Basic $ 0.23 $
0.21 9.52% ===== ===== Diluted $ 0.22 $ 0.20 10.00% ===== =====
Average Common Shares Outstanding Basic (in thousands) 19,473
19,261 1.10% Average Common Shares Outstanding Diluted (in
thousands) 20,375 20,364 0.05% Net Interest Margin 3.70% 3.66%
1.09% Return on Average Assets 1.14% 1.20% -5.00% Return on Average
Equity 18.10% 18.51% -2.22% (a) Gains (losses) on sales of
securities of ($46,000) and $158,000 are included in other income
for the quarter ended December 31, 2005 and 2004, respectively.
COASTAL FINANCIAL CORPORATION CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited - Dollars in Thousands Except Per Share Data)
(CONTINUED) Percentage At At At Change from Dec. 31, Sept. 30, Dec.
31, Sept. 30, 2005 2005 2004 2005 ---------- ---------- ----------
--------- Total Assets (1) $1,581,054 $1,543,459 $1,383,600 2.44%
Loans Receivable, Net $ 981,871 $ 942,381 $ 817,511 4.19% Customer
Deposits (1) (2) $ 861,661 $ 901,013 $ 741,975 -4.37% Shareholders'
Equity $ 99,208 $ 97,221 $ 89,251 2.04% Non-Performing Assets to
Total Assets (3) 0.31% 0.22% 0.46% 40.91% Allowance for Loan Losses
as a Percentage of Total Net Loans 1.22% 1.25% 1.40% -2.40%
Tangible Book Value Per Share $ 5.09 $ 5.00 $ 4.63 1.80% At or At
or for the for the Three Months Three Months Ended Ended Dec. 31,
Sept. 30, Percentage 2005 2005 Change ------------- ----------
---------- Credit Quality: Non-Performing Loans $ 4,089 $ 2,641
54.83% Non-Performing Loans as a % of Loans 0.42% 0.28% 50.00%
Allowance for Loan Losses as a % of Non-Performing Loans 293.35%
444.83% -34.05% Non-Performing Assets (3) $ 4,832 $ 3,459 39.69%
Non-Performing Assets as a % of Loans and Foreclosed Property (3)
0.49% 0.37% 32.43% Net Loan Charge-Offs as a % of Average Loans
(Annualized) 0.06% 0.12% -50.00% Stock Performance At quarter end:
Market Price Per Share of Common Stock $ 12.86 $ 13.65 -5.79%
Indicated Annual Dividend $ 0.20 $ 0.18 11.11% Dividend Yield 1.56%
1.32% 18.18% Price/Book Ratio 253.00% 273.00% -7.33% Market
Capitalization $ 250,667 $265,689 -5.65% (1) Total Assets and
Customer Deposits in prior periods have been reclassified to
conform to the December 31, 2005 presentation. (2) Customer
Deposits exclude brokered deposits. Brokered deposits were
$195,536, $169,905 and $4,991 at December 31, 2005, September 30,
2005 and December 31, 2004 respectively. (3) Non-performing assets
consist of non-accrual loans 90 days or more past due and real
estate owned. *T
Coastal Financial (NASDAQ:CFCP)
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Coastal Financial (NASDAQ:CFCP)
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