Coastal Financial Corporation (NASDAQ:CFCP) today announced
earnings for the year ended September 30, 2006. Net income for
fiscal 2006 was $19.0 million or $0.88 per share ($0.85 per share
diluted), compared to $17.2 million or $0.81 per share ($0.76 per
share diluted) for fiscal 2005. Diluted earnings per share
increased 11.8% over the prior year. Net interest income after
provision for loan losses increased to $53.2 million for fiscal
2006 from $47.1 million for the year ended September 30, 2005. Net
income for the fourth quarter of fiscal 2006 was $5.0 million or
$0.23 per share ($0.22 per share diluted), as compared to $4.6
million or $0.22 per share ($0.20 per share diluted) for the fourth
quarter of fiscal 2005. Diluted earnings per share increased 10.0%
over the prior year period. At September 30, 2006, non-performing
assets to total assets were 0.21% as compared with 0.22% at
September 30, 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 fiscal 2006, and particularly with our Return On Average
Shareholders� Equity of 18.6% for the twelve months ended September
30, 2006. This level of achievement ranks us among the top
performing financial services companies in the nation and reflects
well on our exceptional Associates, the strength of the local
markets in which we operate and our focus on our QUEST FOR
EXCELLENCE Business Model.� �Our operating performance for fiscal
2006 reflected healthy Community-based growth with Loans
Receivable, Net, increasing by 15.7%, to $1.1 billion and Total
Assets increasing by 7.5%, to $1.7 billion. �During fiscal 2006,
our stock price increased by 1.5%. Since becoming a publicly owned
company in 1990, Coastal Financial Corporation�s stock price has
grown at a compound annual rate of over 28%, taking our market
capitalization from $4.9 million in October 1990, to $273.3 million
at the close of this fiscal year. Put another way, an initial
investment of $10,000 in October of 1990, would have grown to
approximately $529,000 without regard to the reinvestment of cash
dividends.� �Shareholders� equity increased from $97.2 million at
September 30, 2005, to $112.8 million at September 30, 2006. Book
value per share was $5.20 at September 30, 2006, compared to $4.54
per share at the end of fiscal 2005. Returns on average equity and
average assets for fiscal 2006, were 18.55% and 1.18%,
respectively, as compared to 18.75% and 1.20%, respectively, for
fiscal 2005.� �During the fourth quarter, we announced a 13.3%
increase in third quarter earnings and a 10% stock dividend which
was paid September 29, 2006 to Shareholders of record as of
September 8, 2006. In addition, a $0.05 per share quarterly cash
dividend was declared October 3, 2006 and is payable on November 3,
2006 to Shareholders of record as of October 20, 2006. �Coastal
Financial Corporation received continued national attention in the
September 2006 edition of a U.S. Banker Magazine which, for the 7th
consecutive year, ranked Coastal Financial the #1 Community Bank in
the Carolinas. In this edition, U.S. Banker Magazine featured its
Ranking of the Top 100 Publicly Traded Mid-Tier Banks. This Ranking
featured Banks with assets between $1 and $10 billion, ranked by
3-year average Return On Average Equity. Coastal Financial
Corporation was ranked 20th nationally in this listing.�
�Noteworthy also is opening of our newest branch offices which are
located 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, and the recently released 2006 FDIC
SUMMARY OF DEPOSITS REPORT, which, for the 6th consecutive year,
ranked Coastal Federal Bank the leader in deposit market share for
Horry County, South Carolina for the twelve months ended June 30,
2006. Coastal Federal Bank has enjoyed this top ranking for eight
of the past eleven years. This report also showed that Coastal
Federal Bank is ranked 3rd in deposit market share for Brunswick
County, North Carolina.� �We believe these results clearly indicate
the progress we made during the fourth 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 $1.7 billion in assets, 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, Inc. 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 Capital
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 and Direct Stock Purchase 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 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 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 news release. 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
CORPORATIONCONSOLIDATED FINANCIAL HIGHLIGHTS(Unaudited - Dollars in
Thousands Except Per Share Data) � � Three Months Ended Twelve
Months Ended Sept. 30,2006 Sept. 30,2005 PercentageChange Sept. 30,
2006 Sept. 30,2005 PercentageChange � Interest Income $26,906�
$21,363� 25.95% $99,653� $78,558� 26.85% Interest Expense 12,680�
8,452� 50.02% 45,073� 29,730� 51.61% � Net Interest Income 14,226�
12,911� 10.18% 54,580� 48,828� 11.78% � Provision for Loan Losses
225� 172� 30.81% 1,385� 1,697� -18.38% � Net Interest Income After
Provision for Loan Losses 14,001� 12,739� 9.91% 53,195� 47,131�
12.87% � Other Income/a 4,604� 3,320� 38.68% 17,065� 12,524� 36.26%
� General & Administrative Expenses 10,896� 8,999� 21.08%
41,058� 33,519� 22.49% � Earnings Before Taxes 7,709� 7,060� 9.19%
29,202� 26,136� 11.73% � Income Taxes 2,733� 2,442� 11.92% 10,201�
8,982� 13.57% � Net Income $4,976� $4,618� 7.75% $19,001� $17,154�
10.77% � Earnings Per Common Share � � Basic $0.23� $0.22� 4.54%
$0.88� $0.81� 8.64% Diluted $0.22� $0.20� 10.00% $0.85� $0.76�
11.84% � � Average Common Shares Outstanding Basic (in thousands)
21,662� 21,391� 1.27% 21,509� 21,274� 1.10% � � Average Common
Shares Outstanding Diluted (in thousands) 22,477� 22,566� -0.39%
22,406� 22,465� -0.26% � Net Interest Margin 3.74% 3.75% -0.27%
3.67% 3.70% -0.81% � Return on Average Assets 1.21% 1.22% -0.82%
1.18% 1.20% -1.67% � Return on Average Equity 18.48% 19.14% -3.45%
18.55% 18.75% -1.07% � /a: (Gains)/losses on sales of securities of
($62,000) and $397,000 are included in other income for the quarter
and twelve months ended September 30, 2006, respectively. For the
quarter and twelve months ended September 30, 2005, losses were
$604,000 and $325,000, respectively. Coastal Financial Corporation
(NASDAQ:CFCP) today announced earnings for the year ended September
30, 2006. Net income for fiscal 2006 was $19.0 million or $0.88 per
share ($0.85 per share diluted), compared to $17.2 million or $0.81
per share ($0.76 per share diluted) for fiscal 2005. Diluted
earnings per share increased 11.8% over the prior year. Net
interest income after provision for loan losses increased to $53.2
million for fiscal 2006 from $47.1 million for the year ended
September 30, 2005. Net income for the fourth quarter of fiscal
2006 was $5.0 million or $0.23 per share ($0.22 per share diluted),
as compared to $4.6 million or $0.22 per share ($0.20 per share
diluted) for the fourth quarter of fiscal 2005. Diluted earnings
per share increased 10.0% over the prior year period. At September
30, 2006, non-performing assets to total assets were 0.21% as
compared with 0.22% at September 30, 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 fiscal 2006, and particularly
with our Return On Average Shareholders' Equity of 18.6% for the
twelve months ended September 30, 2006. This level of achievement
ranks us among the top performing financial services companies in
the nation and reflects well on our exceptional Associates, the
strength of the local markets in which we operate and our focus on
our QUEST FOR EXCELLENCE Business Model." "Our operating
performance for fiscal 2006 reflected healthy Community-based
growth with Loans Receivable, Net, increasing by 15.7%, to $1.1
billion and Total Assets increasing by 7.5%, to $1.7 billion.
"During fiscal 2006, our stock price increased by 1.5%. Since
becoming a publicly owned company in 1990, Coastal Financial
Corporation's stock price has grown at a compound annual rate of
over 28%, taking our market capitalization from $4.9 million in
October 1990, to $273.3 million at the close of this fiscal year.
Put another way, an initial investment of $10,000 in October of
1990, would have grown to approximately $529,000 without regard to
the reinvestment of cash dividends." "Shareholders' equity
increased from $97.2 million at September 30, 2005, to $112.8
million at September 30, 2006. Book value per share was $5.20 at
September 30, 2006, compared to $4.54 per share at the end of
fiscal 2005. Returns on average equity and average assets for
fiscal 2006, were 18.55% and 1.18%, respectively, as compared to
18.75% and 1.20%, respectively, for fiscal 2005." "During the
fourth quarter, we announced a 13.3% increase in third quarter
earnings and a 10% stock dividend which was paid September 29, 2006
to Shareholders of record as of September 8, 2006. In addition, a
$0.05 per share quarterly cash dividend was declared October 3,
2006 and is payable on November 3, 2006 to Shareholders of record
as of October 20, 2006. "Coastal Financial Corporation received
continued national attention in the September 2006 edition of a
U.S. Banker Magazine which, for the 7th consecutive year, ranked
Coastal Financial the #1 Community Bank in the Carolinas. In this
edition, U.S. Banker Magazine featured its Ranking of the Top 100
Publicly Traded Mid-Tier Banks. This Ranking featured Banks with
assets between $1 and $10 billion, ranked by 3-year average Return
On Average Equity. Coastal Financial Corporation was ranked 20th
nationally in this listing." "Noteworthy also is opening of our
newest branch offices which are located 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, and
the recently released 2006 FDIC SUMMARY OF DEPOSITS REPORT, which,
for the 6th consecutive year, ranked Coastal Federal Bank the
leader in deposit market share for Horry County, South Carolina for
the twelve months ended June 30, 2006. Coastal Federal Bank has
enjoyed this top ranking for eight of the past eleven years. This
report also showed that Coastal Federal Bank is ranked 3rd in
deposit market share for Brunswick County, North Carolina." "We
believe these results clearly indicate the progress we made during
the fourth 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 $1.7 billion in
assets, 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, Inc. 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 Capital 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 and Direct
Stock Purchase 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 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 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 news release. 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 Sept. 30, Sept. 30,
Percentage 2006 2005 Change -----------------------------------
Interest Income $26,906 $21,363 25.95% Interest Expense 12,680
8,452 50.02% ------------------------- Net Interest Income 14,226
12,911 10.18% Provision for Loan Losses 225 172 30.81%
------------------------- Net Interest Income After Provision for
Loan Losses 14,001 12,739 9.91% Other Income/a 4,604 3,320 38.68%
General & Administrative Expenses 10,896 8,999 21.08%
------------------------- Earnings Before Taxes 7,709 7,060 9.19%
Income Taxes 2,733 2,442 11.92% ------------------------- Net
Income $4,976 $4,618 7.75% ========================= Earnings Per
Common Share Basic $0.23 $0.22 4.54% =========================
Diluted $0.22 $0.20 10.00% ========================= Average Common
Shares Outstanding Basic (in thousands) 21,662 21,391 1.27% Average
Common Shares Outstanding Diluted (in thousands) 22,477 22,566
-0.39% Net Interest Margin 3.74% 3.75% -0.27% Return on Average
Assets 1.21% 1.22% -0.82% Return on Average Equity 18.48% 19.14%
-3.45% /a: (Gains)/losses on sales of securities of ($62,000) and
$397,000 are included in other income for the quarter and twelve
months ended September 30, 2006, respectively. For the quarter and
twelve months ended September 30, 2005, losses were $604,000 and
$325,000, respectively. COASTAL FINANCIAL CORPORATION CONSOLIDATED
FINANCIAL HIGHLIGHTS (Unaudited - Dollars in Thousands Except Per
Share Data) Twelve Months Ended - Sept. 30, Sept. 30, Percentage
2006 2005 Change --------------------------------------- Interest
Income $99,653 $78,558 26.85% Interest Expense 45,073 29,730 51.61%
--------------------------- Net Interest Income 54,580 48,828
11.78% Provision for Loan Losses 1,385 1,697 -18.38%
--------------------------- Net Interest Income After Provision for
Loan Losses 53,195 47,131 12.87% Other Income/a 17,065 12,524
36.26% General & Administrative Expenses 41,058 33,519 22.49%
--------------------------- Earnings Before Taxes 29,202 26,136
11.73% Income Taxes 10,201 8,982 13.57% ---------------------------
Net Income $19,001 $17,154 10.77% ===========================
Earnings Per Common Share Basic $0.88 $0.81 8.64%
=========================== Diluted $0.85 $0.76 11.84%
=========================== Average Common Shares Outstanding Basic
(in thousands) 21,509 21,274 1.10% Average Common Shares
Outstanding Diluted (in thousands) 22,406 22,465 -0.26% Net
Interest Margin 3.67% 3.70% -0.81% Return on Average Assets 1.18%
1.20% -1.67% Return on Average Equity 18.55% 18.75% -1.07% /a:
(Gains)/losses on sales of securities of ($62,000) and $397,000 are
included in other income for the quarter and twelve months ended
September 30, 2006, respectively. For the quarter and twelve months
ended September 30, 2005, losses were $604,000 and $325,000,
respectively. *T
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