Coastal Financial Corporation (NASDAQ:CFCP) today announced
earnings for the first fiscal quarter ended December 31, 2006. Net
income for the first quarter of fiscal 2007 increased 9.9% to $4.9
million or $0.23 per share ($0.22 per share diluted), as compared
to $4.4 million or $0.21 per share ($0.20 per share diluted) for
the same period of fiscal 2006. At December 31, 2006, assets
totaled $1.66 billion, an increase of 5.1% from $1.58 billion at
December 31, 2005. During the same period, Customer Deposits
(excluding brokered deposits) increased 3.5%, from $861.7 million
to $891.4 million, and net loans receivable increased 11.1%, from
$981.9 million to $1.1 billion. In comparing the first quarters of
fiscal 2006 and 2007, net interest income after provision for loan
losses grew 5.9% to $13.6 million. Returns on average assets and
average equity were 1.18% and 17.1%, respectively, for the three
months ended December 31, 2006, as compared to 1.14% and 18.1% for
the comparable period in fiscal 2006. At December 31, 2006, asset
quality continued to be good with non-performing assets to total
assets of 0.33% as compared with 0.31% at December 31, 2005.
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 2007, particularly given the strong competition for
deposits and loans and difficult interest rate environment.�
�During the first quarter of fiscal 2007, we announced a $.05 per
share cash dividend, an 11.8% increase in fiscal 2006 diluted per
share net income, and the signing of a definitive merger agreement
with BB&T Corporation.� 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 $1.7
billion, is a federally chartered and FDIC insured community bank
with twenty-four 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. 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 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. COASTAL FINANCIAL CORPORATION�
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited - Dollars in Thousands
Except Per Share Data) � Three Months Ended Dec. 31, Dec. 31,
Percentage Change 2006� 2005� � Interest Income $ 27,398� $ 23,038�
18.93% Interest Expense 13,533� 9,762� 38.63% � Net Interest Income
13,865� 13,276� 4.44% � Provision for Loan Losses 225� 400� -43.75%
Net Interest Income After Provision for Loan Losses 13,640� 12,876�
5.93% � Other Income (1) 5,030� 3,588� 40.19% � General &
Administrative Expenses (2) 11,250� 9,680� 16.22% � Earnings Before
Taxes 7,420� 6,784� 9.38% � Income Taxes 2,539� 2,341� 8.46% � �
Net Income $ 4,881� $ 4,443� 9.86% � Earnings Per Common Share (3)
(4) � Basic $ 0.23� $ 0.21� 9.52% Diluted $ 0.22� $ 0.20� 10.00% �
Average Common Shares Outstanding (3) (4) Basic (in thousands)
21,698� 21,420� 1.30% � Average Common Shares Outstanding Diluted
(in thousands) 22,408� 22,133� 1.24% � Net Interest Margin 3.54%
3.70% -4.32% � Return on Average Assets 1.18% 1.14% 3.51% � Return
on Average Equity 17.07% 18.10% -5.69% � (1) Gains (losses) on
sales of securities of $25 and ($46) are included in other income
for the quarter ended December 31, 2006 and 2005, respectively. (2)
Expenses related to the merger totaled approximately $390 at
December 31, 2006. (3) Earnings per share and average common shares
outstanding for the quarter ended December 31, 2005 have been
computed to conform to the alternative transition method as
provided under FSP FAS 123 R-3 "Transition Election Related to
Accounting for the Tax Effects of Share-Based Payment Awards,"
adopted by the Company effective October 1, 2006. (4) All share and
per share data have been retroactively restated for all common
stock dividends. COASTAL FINANCIAL CORPORATION CONSOLIDATED
FINANCIAL HIGHLIGHTS (Unaudited - Dollars in Thousands Except Per
Share Data) (CONTINUED) � � Percentage Change from � � � At Dec.
31, At Sept. 30, At Dec. 31, Sept. 30, 2006� 2006� 2005� 2006� �
Total Assets $ 1,660,925� $ 1,659,475� $ 1,581,054� 0.09% � Loans
Receivable, Net $ 1,090,952� $ 1,090,084� $ 981,871� 0.08% �
Customer Deposits (1) $ 891,428� $ 909,788� $ 861,661� -2.02% �
Shareholders' Equity $ 115,972� $ 112,824� $ 99,208� 2.79% �
Non-Performing Assets to Total Assets (2) 0.33% 0.21% 0.31% 57.14%
� Allowance for Loan Losses as a Percentage of Total Net Loans
1.17% 1.17% 1.22% n/a� � Tangible Book Value Per Share $ 5.34� $
5.20� $ 4.63� 2.69% At or for the Three Months Ended At or for the
Three Months Ended � Dec. 31, Sept. 30, Percentage 2006� 2006�
Change � Credit Quality: Non-Performing Loans $ 5,008� $ 2,990�
67.49% Non-Performing Loans as a % of Loans 0.46% 0.27% 70.37%
Allowance for Loan Losses as a % of Non-Performing Loans 254.92%
425.67% -40.11% Non-Performing Assets $ 5,552� $ 3,561� 55.91%
Non-Performing Assets as a % of Loans and Foreclosed Property 0.51%
0.33% 54.55% Net Loan Charge-Offs as a % of Average Loans
(Annualized) 0.07% 0.02% 250.00% � Stock Performance At quarter
end: Market Price Per Share of Common Stock $ 16.75� $ 12.60�
32.94% Indicated Annual Dividend $ 0.20� $ 0.20� n/a� Dividend
Yield 1.19% 1.59% -25.16% Price/Book Ratio 314.00% 242.00% 29.75%
Market Capitalization $ 363,764� $ 273,250� 33.12% � (1) Customer
Deposits exclude brokered deposits. Brokered deposits were
$169,539, $153,317 and $195,536 at December 31, 2006, September 30,
2006 and December 31, 2005, respectively. � (2) Non-performing
assets consist of non-accrual loans, generally 90 days or more past
due, and real estate owned.
Coastal Financial (NASDAQ:CFCP)
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