Coastal Financial Corporation (NASDAQ:CFCP) today announced
earnings for the third quarter and nine months ended June 30, 2006.
Net income for the third quarter of fiscal 2006 increased 13.3% to
$4.9 million or $0.25 per share ($0.24 per share diluted), as
compared to $4.4 million or $0.22 per share ($0.21 per share
diluted) for the same period of fiscal 2005. Net income for the
first three quarters of fiscal 2006 increased 11.9% to $14.0
million or $0.72 per share ($0.69 per share diluted), compared to
$12.5 million or $0.65 per share ($0.61 per share diluted) for the
same period of fiscal 2005. At June 30, 2006, assets totaled $1.6
billion, an increase of 9.7%, or $143.5 million, from $1.5 billion
at June 30, 2005. Customer deposits increased 5.8% to $927.1
million at June 30, 2006, as compared to $876.6 million at June 30,
2005 and Shareholders' equity grew by 7.0% during the same period.
Returns on average assets and average equity were 1.21% and 19.48%,
respectively, for the three months ended June 30, 2006, compared to
1.19% and 18.80%, respectively, for the prior year period. At June
30, 2006, non-performing assets to total assets were 0.12% as
compared with 0.29% at June 30, 2005. Michael C. Gerald, President
and Chief Executive Officer of Coastal Financial Corporation, said:
"Our financial performance during this quarter, and year-to-date,
reflects well on our region's continuing economic strength and on
Coastal Financial's ability to effectively execute its strategic
plans. The increase in Customer deposits and loans through internal
growth and de novo branching activities coupled with our steadfast
dedication to our QUEST FOR EXCELLENCE Business Model have also
been key factors in our exceptional financial performance through
the first nine months of fiscal 2006." "During the third quarter,
we announced a 12.3% increase in fiscal 2006 second quarter net
income over the comparable prior year quarter, and a five cents
($.05) per share cash dividend which was paid July 21, 2006 to
Shareholders of record as of July 7, 2006. "Other notable events
and accomplishments during this quarter include the opening of our
newest branch office in Conway, South Carolina, the acquisition of
a site for a new branch office at the intersection of Highway17 and
Windy Hill Road in North Myrtle Beach, South Carolina, and the
nearing of completion of new branch offices at the intersection of
Highways 544 and Singleton Ridge Road in Conway, South Carolina and
at Sayebrook Village West in Surfside Beach, South Carolina. These
events and accomplishments clearly indicate the progress we made
during the third quarter toward our Basic Corporate Objective of
Maximizing The Value Of Our Shareholders' Investment and our
Long-Term Goal of Being The Best Financial Services Company In Our
Marketplace," 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. -0- *T 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 *T 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 Nine Months Ended June
30, June 30, % June 30, June 30, % 2006 2005 Change 2006 2005
Change -----------------------------------------------------
Interest Income $25,572 $20,337 25.74% $72,748 $57,195 27.19%
Interest Expense 11,662 7,831 48.92% 32,393 21,278 52.24% -------
------- ------- ------- Net Interest Income 13,910 12,506 11.23%
40,355 35,917 12.36% Provision for Loan Losses 430 550 -21.82%
1,160 1,525 -23.93% ------- ------- ------- ------- Net Interest
Income After Provision for Loan Losses 13,480 11,956 12.75% 39,195
34,392 13.97% Other Income(a) 4,672 3,101 50.66% 12,461 9,204
35.39% General & Administrative Expenses 10,556 8,420 25.37%
30,162 24,520 23.01% ------- ------- ------- ------- Earnings
Before Taxes 7,596 6,637 14.45% 21,494 19,076 12.68% Income Taxes
2,659 2,281 16.57% 7,469 6,541 14.19% ------- ------- -------
------- Net Income $ 4,937 $ 4,356 13.34% $14,025 $12,535 11.89%
======= ======= ======= ======= Earnings Per Common Share Basic $
0.25 $ 0.22 13.64% $ 0.72 $ 0.65 10.77% ======= ======= =======
======= Diluted $ 0.24 $ 0.21 14.29% $ 0.69 $ 0.61 13.11% =======
======= ======= ======= Average Common Shares Outstanding Basic (in
thousands) 19,609 19,423 0.96% 19,518 19,314 1.06% Average Common
Shares Outstanding Diluted (in thousands) 20,436 20,497 -0.30%
20,404 20,400 0.02% Net Interest Margin 3.68% 3.71% -0.81% 3.65%
3.68% -0.82% Return on Average Assets 1.21% 1.19% 1.68% 1.17% 1.19%
-1.68% Return on Average Equity 19.48% 18.80% 3.62% 18.74% 18.56%
0.97% (a) Losses on sales of securities of $443,000 and $459,000
are included in other income for the quarter and nine months ended
June 30, 2006, respectively. For the quarter and nine months ended
June 30, 2005, gains (losses) on sales of securities were
($127,000) and $279,000, respectively. COASTAL FINANCIAL
CORPORATION CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited - Dollars
in Thousands Except Per Share Data) (CONTINUED) Percentage At At At
Change from June 30, Sept 30, June 30, Sept. 30, 2006 2005 2005
2005
.....................................................................
Total Assets (1) $1,624,081 $1,543,459 $1,480,547 5.22% Loans
Receivable, Net $1,053,077 $ 942,381 $ 911,828 11.75% Customer
Deposits (1) (2) $ 927,071 $ 901,013 $ 876,610 2.89% Shareholders'
Equity $ 102,577 $ 97,221 $ 95,829 5.51% Non-Performing Assets to
Total Assets (3) 0.12% 0.22% 0.29% -45.45% Allowance for Loan
Losses as a Percentage of Total Net Loans 1.19% 1.25% 1.30% -4.80%
Tangible Book Value Per Share $ 5.21 $ 5.00 $ 4.93 4.20% At or At
or for the for the Three Months Three Months Ended Ended June 30,
Sept. 30, Percentage 2006 2005 Change ............ ............
............ Credit Quality: Non-Performing Loans $ 1,290 $ 2,641
-51.15% Non-Performing Loans as a % of Loans 0.12% 0.28% -57.14%
Allowance for Loan Losses as a % of Non-Performing Loans 973.18%
444.83% 118.78% Non-Performing Assets (3) $ 1,930 $ 3,459 -44.20%
Non-Performing Assets as a % of Loans and Foreclosed Property 0.18%
0.37% -51.35% Net Loan Charge-Offs as a % of Average Loans
(Annualized) 0.03% 0.12% -75.00% Stock Performance At quarter end:
Market Price Per Share of Common Stock $ 13.04 $ 13.65 -4.47%
Indicated Annual Dividend $ 0.20 $ 0.18 11.11% Dividend Yield 1.53%
1.32% 15.91% Price/Book Ratio 250.00% 273.00% -8.42% Market
Capitalization $ 256,605 $ 265,689 -3.42% (1) Total Assets and
Customer Deposits in prior periods have been reclassified to
conform to the June 30, 2006 presentation. (2) Customer Deposits
exclude brokered deposits. Brokered deposits were $135,177,
$169,905 and $125,486 at June 30, 2006, September 30, 2005 and June
30, 2005, 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)
éŽåŽ» æ ªä¾¡ãƒãƒ£ãƒ¼ãƒˆ
ã‹ã‚‰ 5 2024 ã¾ã§ 6 2024
Coastal Financial (NASDAQ:CFCP)
éŽåŽ» æ ªä¾¡ãƒãƒ£ãƒ¼ãƒˆ
ã‹ã‚‰ 6 2023 ã¾ã§ 6 2024