Coastal Financial Corporation Announces Fiscal 2005 First Quarter
Earnings MYRTLE BEACH, S.C., Jan. 26 /PRNewswire-FirstCall/ --
Coastal Financial Corporation (NASDAQ:CFCP) today announced
earnings for the first fiscal quarter ended December 31, 2004. Net
income for the first quarter of fiscal 2005 increased 21.9% to $4.0
million or $0.23 per share ($0.22 per share diluted), as compared
to $3.3 million or $0.19 per share ($0.18 per share diluted) for
the same period of fiscal 2004. At December 31, 2004, assets
totaled $1.38 billion, an increase of 12.9% from $1.23 billion at
December 31, 2003. During the same period, deposits increased 9.5%,
from $682.2 million to $747.0 million, and net loans receivable
increased 13.3%, from $721.6 million to $817.5 million. In
comparing the first quarters of fiscal 2004 and 2005, net interest
income after provision for loan losses grew 20.6% to $11.2 million.
Returns on average assets and average equity were 1.20% and 18.5%,
respectively, for the three months ended December 31, 2004, as
compared to 1.10% and 17.7% for the comparable period in fiscal
2004. At December 31, 2004, asset quality continued to be good with
non- performing assets to total assets of 0.46% as compared with
0.68% at December 31, 2003. 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 2005, particularly given the strong
competition for deposits and loans. During the first quarter of
fiscal 2005, we commenced our fifth year of operational initiatives
under the guidance of our Vision 2005 strategic plan. Throughout
fiscal 2004 and during the first quarter of fiscal 2005, we have
made good progress toward the goals established under this plan.
Our operating results for this quarter indicate that we continue to
be rewarded for these initiatives." "During the first quarter of
fiscal 2005, we announced a 29.0% increase in fiscal 2004 diluted
per share net income and a $.045 per share cash dividend. Other
notable events and accomplishments during this quarter include the
nearing completion of the construction on our permanent banking
office at 17th Street in Wilmington, North Carolina and the
commencement of The Experience of FANtastic! Customer Service and
The Carolinas' Best Totally Free Checking With A Gift
Convenience/Service initiatives. 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 $1.3
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 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. COASTAL FINANCIAL CORPORATION CONSOLIDATED FINANCIAL
HIGHLIGHTS (Unaudited - Dollars in Thousands Except Per Share Data)
Three Months Ended Dec. 31, Dec. 31, Percentage 2004 2003 Change
Interest Income $17,957 $15,535 15.59% Interest Expense 6,442 5,725
12.52% Net Interest Income 11,515 9,810 17.38% Provision for Loan
Losses 350 550 -36.36% Net Interest Income After Provision for Loan
Losses 11,165 9,260 20.57% Other Income* 2,767 2,326 18.96% General
& Administrative Expenses ** 7,780 6,614 17.63% Earnings Before
Taxes 6,152 4,972 23.73% Income Taxes 2,107 1,653 27.47% Net Income
$4,045 $3,319 21.87% Earnings Per Common Share *** Basic $0.23
$0.19 21.05% Diluted $0.22 $0.18 22.22% Average Common Shares
Outstanding Basic (in thousands) *** 17,510 17,218 1.70% Average
Common Shares Outstanding Diluted (in thousands) *** 18,513 18,315
1.08% Net Interest Margin 3.66% 3.51% 4.27% Return on Average
Assets 1.20% 1.10% 9.09% Return on Average Equity 18.51% 17.70%
4.58% *Gains (losses) on sales of securities of $158,000 and
($200,000) are included in other income for the quarter ended
December 31, 2004 and 2003, respectively. **Prepayment penalties on
FHLB advances of $0 and $9,000 are included in general and
administrative expenses for the quarter ended December 31, 2004 and
2003, respectively. ***All share and per share data have been
restated to reflect three 10% stock dividends declared on February
18, 2004, July 30, 2004, and December 15, 2004. 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, September 30, 2004 2004
2003 2004 ............ ........... ........... ............. Total
Assets $1,383,899 $1,305,485 $1,225,338 6.01% Loans Receivable, Net
$817,511 $798,976 $721,578 2.32% Deposits $746,966 $753,379
$682,242 -0.85% Shareholders' Equity $89,436 $85,348 $76,288 4.79%
Non-Performing Assets to Total Assets * 0.46% 0.51% 0.68% -9.80%
Allowance for Loan Losses as a Percentage of Total Net Loans 1.40%
1.39% 1.43% 0.72% Tangible Book Value Per Share $5.10 $4.88 $4.42
4.51% * Non-performing assets consist of nonaccrual loans, accruing
loans 90 days or more past due and real estate owned. At or for the
At or for the Three Months Ended Three Months Ended Dec. 31, Sept.
30, Percentage 2004 2004 Change .............. ..............
.............. Credit Quality: Non-Performing Loans $5,630 $5,856
-3.86% Non-Performing Loans as a % of Loans 0.69% 0.73% -5.48%
Allowance for Loan Losses as a % of Non-Performing Loans 202.70%
189.16% 7.16% Non-Performing Assets * $6,305 $6,641 -5.06%
Non-Performing Assets as a % of Loans and Foreclosed Property*
0.77% 0.83% -7.23% Net Loan Charge-Offs as a % of Average Loans
(Annualized) 0.01% 0.13% -92.31% Stock Performance At quarter end:
Market Price Per Share of Common Stock** $17.42 $13.14 32.57%
Indicated Annual Dividend** $0.18 $0.18 n/a Dividend Yield 1.03%
1.38% -25.36% Price/Book Ratio 342.00% 269.00% 27.14% Market
Capitalization $305,485 $229,713 32.99% **All share and per share
data have been restated to reflect three 10% stock dividends
declared on February 18, 2004, July 30, 2004, and December 15,
2004. 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/
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Coastal Financial (NASDAQ:CFCP)
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