Coastal Financial Corporation Announces Fiscal 2004 Second Quarter
Earnings MYRTLE BEACH, S.C., April 28 /PRNewswire-FirstCall/ --
Coastal Financial Corporation today announced earnings for the
second fiscal quarter ended March 31, 2004. Net income for the
second quarter of fiscal 2004 increased 33.5% to $3.7 million or
$0.26 per share ($0.24 per share diluted), as compared to $2.8
million or $0.19 per share ($0.19 per share diluted) for the same
period of fiscal 2003. Net income for the first two quarters of
fiscal 2004 increased 27.1% to $7.0 million or $0.49 per share
($0.46 per share diluted), compared to $5.5 million or $0.39 per
share ($0.37 per share diluted) for the same period of fiscal 2003.
At March 31, 2004, assets totaled $1.26 billion, an increase of
18.0% from $1.07 billion at March 31, 2003. During the same period,
deposits increased 3.8%, from $671.2 million to $696.9 million, and
loans receivable increased 20.2%, from $636.8 million to $765.6
million. In comparing the second quarters of fiscal 2003 and 2004,
net interest income after provision for loan losses grew 18.9% to
$9.8 million. Returns on average assets and average equity were
1.14% and 18.17%, respectively, for the six months ended March 31,
2004, as compared to 1.08% and 15.97% for the comparable period in
fiscal 2003. At March 31, 2004, non-performing assets to total
assets was 0.58% as compared with 0.67% at March 31, 2003. 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 2004. 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 Operating Philosophy." "During the second
quarter of fiscal 2004, we announced a 20.7% increase in fiscal
2004 first quarter net income, a ten percent stock dividend payable
March 24, 2004 to Shareholders of record March 10, 2004, and a $.05
per share cash dividend payable April 23, 2004 to Shareholders of
record April 9, 2004. Other notable events included national
recognition of Coastal Financial Corporation in the March 2004
edition of THRIFTINVESTOR Magazine. This issue featured an article
which listed the Top 10 Mutual Thrift Conversion IPOs since January
1, 1990. This publication ranked Coastal Financial Corporation #1
in the nation with a total return since IPO of 5,394% based upon
data available at February 27, 2004. 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 $1.2 billion, is a federally
chartered and FDIC insured community bank with eighteen 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 and at a discount to market price. 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 Per-
Per- March 31, March 31, centage March 31, March 31, centage 2004
2003 Change 2004 2003 Change Interest Income $16,155 $14,743 9.58%
$31,692 $29,483 7.49% Interest Expense 5,848 5,625 3.96% 11,574
11,432 1.24% Net Interest Income 10,307 9,118 13.04% 20,118 18,051
11.45% Provision for Loan Losses 500 870 -42.53% 1,050 1,305
-19.54% Net Interest Income After Provision for Loan Losses 9,807
8,248 18.90% 19,068 16,746 13.87% Other Income * 2,430 2,715
-10.50% 4,757 5,382 -11.61% General & Administrative Expenses
** 6,729 6,683 0.69% 13,345 13,547 -1.49% Earnings Before Taxes
5,508 4,280 28.69% 10,480 8,581 22.13% Income Taxes 1,831 1,526
19.99% 3,484 3,077 13.23% Net Income $3,677 $2,754 33.51% $6,996
$5,504 27.11% Basic $0.26 $0.19 36.84% $0.49 $0.39 25.64% Diluted
$0.24 $0.19 26.32% $0.46 $0.37 24.32% Average Common Shares
Outstanding Basic (in thousands) 14,338 14,145 1.36% 14,254 14,110
1.02% Average Common Shares Outstanding Diluted (in thousands)
15,143 14,710 2.94% 15,071 14,755 2.14% Net Interest Margin 3.55%
3.87% -8.27% 3.52% 3.84% -8.33% Return on Average Assets 1.18%
1.05% 12.38% 1.14% 1.08% 5.56% Return on Average Equity 18.70%
15.69% 19.18% 18.17% 15.97% 13.78% * Gains (losses) on sales of
securities of ($67,000) and ($267,000) are included in other income
for the quarter and six months ended March 31, 2004, respectively.
For the quarter and six months ended March 31, 2003, gains were
$301,000 and $515,000, respectively. ** Prepayment penalties on
FHLB advances of $68,000 and $77,000 are included in general and
administrative expenses for the quarter and six months ended March
31, 2004, respectively. For the quarter and six months ended March
31, 2003, prepayment penalties were $564,000 and $1.7 million,
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, 2004 2003 2003 2003 Total Assets $1,262,278
$1,181,209 $1,069,869 6.86% Loans Receivable, Net $765,576 $701,833
$636,842 9.08% Deposits $696,910 $697,012 $671,192 -0.01%
Shareholders' Equity $81,006 $73,707 $70,678 9.90% Non-Performing
Assets To Total Assets ** 0.58% 0.77% 0.67% -24.68% Allowance for
Loan Losses as a Percentage of Total Loans 1.41% 1.40% 1.40% 0.71%
Tangible Book Value Per Share $5.63 $5.18 $4.99 8.69% At or for the
Three Months Ended March 31, September 30, Percentage 2004 2003
Change Credit Quality: Non-Performing Loans $6,068 $7,449 -18.54%
Non-Performing Loans as a % of Loans 0.79% 1.06% -25.47% Allowance
for Loan Losses as a % of Non-Performing Loans 177.29% 131.99%
34.32% Non-Performing Assets ** $7,337 $9,077 -19.17%
Non-Performing Assets as a % of Loans and Foreclosed Property 0.96%
1.29% -25.58% Net Loan Charge-Offs as a % of Average Loans
(Annualized) 0.03% 0.11% -72.73% Stock Performance At Quarter End:
Market Price Per Share of Common Stock $16.25 $12.72 27.75%
Indicated Annual Dividend $0.20 $0.20 n/a Dividend Yield 1.23%
1.57% -21.66% Price/Book Ratio 289.00% 245.00% 17.96% Market
Capitalization $233,838 $180,765 29.36% ** Non-performing assets
consist of nonaccrual loans, accruing loans 90 days or more past
due and real estate owned. DATASOURCE: Coastal Financial
Corporation CONTACT: Susan J. Cooke of Coastal Financial
Corporation, +1-843-205-2676 Web site:
http://www.coastalfederal.com/
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