Coastal Financial Corporation (NASDAQ:CFCP) today announced
earnings for the second fiscal quarter ended March 31, 2006. Net
income for the second quarter of fiscal 2006 increased 12.3% to
$4.6 million or $0.24 per share ($0.23 per share diluted), as
compared to $4.1 million or $0.21 per share ($0.20 per share
diluted) for the same period of fiscal 2005. Net income for the
first two quarters of fiscal 2006 increased 11.1% to $9.1 million
or $0.47 per share ($0.45 per share diluted), compared to $8.2
million or $0.42 per share ($0.40 per share diluted) for the same
period of fiscal 2005. At March 31, 2006, assets totaled $1.64
billion, an increase of 13.5% from $1.45 billion at March 31, 2005.
During the same period, Customer Deposits increased 10.7%, from
$804.7 million to $891.1 million, and loans receivable increased
16.6%, from $864.4 million to $1.0 billion. In comparing the second
quarters of fiscal 2005 and 2006, net interest income after
provision for loan losses grew 13.9% to $12.8 million. Returns on
average assets and average equity were 1.14% and 18.4%,
respectively, for the six months ended March 31, 2006, as compared
to 1.19% and 18.6% for the comparable period in fiscal 2005. At
March 31, 2006, non-performing assets to total assets was 0.26% as
compared with 0.53% at March 31, 2005. 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
2006. 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 2006, we announced a 9.8%
increase in fiscal 2006 first quarter net income, and a $.05 per
share cash dividend payable April 14, 2006 to Shareholders of
record March 31, 2006. Other notable events include the nearing of
completion of our new prototype branch offices at the intersection
of Hwy 701 and Country Club Drive in Conway, South Carolina, 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 results and activities are indicative of the
continued growth and progress envisioned under 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 over $1.6 billion, is a federally chartered and FDIC
insured community bank with twenty-two 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
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. -0- *T COASTAL FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited - Dollars in Thousands
Except Per Share Data) Three Months Ended March 31, March 31,
Percentage 2006 2005 Change Interest Income $ 24,138 $ 18,912
27.63% Interest Expense 10,970 7,016 56.36% Net Interest Income
13,168 11,896 10.69% Provision for Loan Losses 330 625 -47.20% Net
Interest Income After Provision for Loan Losses 12,838 11,271
13.90% Other Income/a 4,201 3,336 25.93% General &
Administrative Expenses 9,926 8,319 19.32% Earnings Before Taxes
7,113 6,288 13.12% Income Taxes 2,469 2,153 14.68% Net Income $
4,644 $ 4,135 12.31% Earnings Per Common Share Basic $ 0.24 $ 0.21
14.29% Diluted $ 0.23 $ 0.20 15.00% Average Common Shares
Outstanding Basic (in thousands) 19,547 19,362 0.96% Average Common
Shares Outstanding Diluted (in thousands) 20,440 20,524 -0.41% Net
Interest Margin 3.57% 3.68% -2.99% Return on Average Assets 1.15%
1.17% -1.71% Return on Average Equity 18.63% 18.48% 0.81% COASTAL
FINANCIAL CORPORATION CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited
- Dollars in Thousands Except Per Share Data) Six Months Ended
March 31, March 31, Percentage 2006 2005 Change Interest Income
$47,176 $36,858 27.99% Interest Expense 20,732 13,446 54.19% Net
Interest Income 26,444 23,412 12.95% Provision for Loan Losses 730
975 -25.13% Net Interest Income After Provision for Loan Losses
25,714 22,437 14.61% Other Income/a 7,790 6,102 27.66% General
& Administrative Expenses 19,606 16,100 21.78% Earnings Before
Taxes 13,898 12,439 11.73% Income Taxes 4,810 4,260 12.91% Net
Income $ 9,088 $ 8,179 11.11% Earnings Per Common Share Basic $
0.47 $ 0.42 11.90% Diluted $ 0.45 $ 0.40 12.50% Average Common
Shares Outstanding Basic (in thousands) 19,488 19,278 1.09% Average
Common Shares Outstanding Diluted (in thousands) 20,380 20,367
0.06% Net Interest Margin 3.64% 3.67% -0.82% Return on Average
Assets 1.14% 1.19% -4.20% Return on Average Equity 18.38% 18.57%
-1.02% /a: Gains (losses) on sales of securities of $30,000 and
($16,000) are included in other income for the quarter and six
months ended March 31, 2006, respectively. For the quarter and six
months ended March 31, 2005, gains on sales of securities were
$248,000 and $406,000, respectively. COASTAL FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited - Dollars in Thousands
Except Per Share Data) Percentage Change At At At from March 31,
Sept. 30, March 31, Sept. 30, 2006 2005 2005 2005 ---------
-------- -------- -------- Total Assets (1) $1,643,991 $1,543,459
$1,448,158 6.51% Loans Receivable, Net $1,008,168 $ 942,381 $
864,407 6.98% Customer Deposits (1)(2) $ 891,136 $ 901,013 $
804,656 -1.10% Shareholders' Equity $ 100,209 $ 97,221 $ 89,534
3.07% Non-Performing Assets to Total Assets (3) 0.26% 0.22% 0.53%
18.18% Allowance for Loan Losses as a Percentage of Total Net Loans
1.21% 1.25% 1.36% -3.20% Tangible Book Value Per Share $ 5.12 $
5.00 $ 4.61 2.40% At or At or For The For The Three Months Three
Months Ended Ended March 31, Sept. 30, Percentage 2006 2005 Change
................................. Credit Quality: Non-Performing
Loans $ 3,137 $ 2,641 18.78% Non-Performing Loans as a % of Loans
0.31% 0.28% 10.71% Allowance for Loan Losses as a % of
Non-Performing Loans 389.12% 444.83% -12.52% Non-Performing Assets
(3) $ 4,258 $ 3,459 23.10% Non-Performing Assets as a % of Loans
and Foreclosed Property 0.42% 0.37% 13.51% Net Loan Charge-Offs as
a % of Average Loans (Annualized) 0.05% 0.12% -58.33% Stock
Performance At quarter end: Market Price Per Share of Common Stock
$ 13.76 $ 13.65 0.81% Indicated Annual Dividend $ 0.20 $ 0.18
11.11% Dividend Yield 1.45% 1.32% 9.85% Price/Book Ratio 269.00%
273.00% -1.47% Market Capitalization $269,464 $265,689 1.42% (1)
Total Assets and Customer Deposits in prior periods have been
reclassified to conform to the March 31, 2006 presentation. (2)
Customer Deposits exclude brokered deposits. Brokered deposits were
$189,304, $169,905 and $85,625 at March 31, 2006, September 30,
2005 and March 31, 2005, respectively. (3) Non-performing assets
consist of non-accrual loans 90 days or more past due and real
estate owned. *T
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