Coast Financial Holdings Reports Third Quarter Earnings of $106,000
October 28 2005 - 3:23PM
PR Newswire (US)
BRADENTON, Fla., Oct. 28 /PRNewswire-FirstCall/ -- Coast Financial
Holdings, Inc. (NASDAQ:CFHI), parent company of Coast Bank of
Florida, today reported that strong loan and deposit growth
contributed to earnings for the quarter ended September 30, 2005.
Net income was $106,000, or $0.03 per diluted share, compared to
$269,000, or $0.07 per diluted share, in the third quarter of 2004.
Following a $1.3 million provision for loan losses in the second
quarter of 2005, Coast Financial reported a loss of $775,000, or
$0.21 per diluted share, for the nine months ended September 30,
2005, compared to earnings of $513,000, or $0.14 per diluted share,
for the same period a year earlier. More financial information can
be found in the Company's third quarter 10-Q previously filed with
the Securities and Exchange Commission. "We believe that we are
successfully growing our franchise, and over the past year have
added branches to our network and expanded our ATM delivery channel
to better serve our new and existing customers," said Brian Peters,
president and CEO. "Our focus will continue to be to improve
shareholder value through continued, profitable growth. Tampa Bay
is a robust market today, with employment up 3.7% this year, fueled
by new employers moving into the Tampa area from higher cost
markets. A friendly business climate and an efficient
infrastructure are further draws in the area. We believe our
franchise expansion will afford solid opportunities for our growth
in the coming years." "In the last nine months we have opened four
branches in Pinellas County. To staff these new office locations
and take advantage of other opportunities in key market areas, we
have hired a number of exceptional bankers and loan officers.
Already, we have started to generate strong loans and deposits from
the new locations. We are also moving forward with our previously
announced plans to lease eight sites in the greater Tampa Bay area.
This expansion will mark our entrance into Hillsborough and Polk
counties as well as increase our presence in Pinellas and Manatee
counties, by adding three branches in Hillsborough County, two
branches in Polk County, two branches in Pinellas County and one
branch in Manatee County. While these new locations will increase
overhead expenses and temporarily decrease our short-term
profitability, they should contribute to solid profitability within
the next few years," said Peters. Coast also announced plans to add
47 kiosk ATM locations in Hillsborough, Pasco, Pinellas, Polk and
Manatee Counties. "ATM's are an excellent way to attract core
deposits while greatly increasing convenience for our customers,"
said Peters. "We expect to have 34 ATM locations operating by the
end of the year, and the remaining 13 open in the first quarter of
2006." About the Company As of September 30, 2005, Coast Financial
Holdings, Inc. had $483 million in total assets and through its
banking subsidiary, Coast Bank of Florida
(http://www.coastfl.com/), operates 12 full-service banking
locations in Manatee and Pinellas County, Florida. Coast Bank of
Florida is a commercial bank that provides full-service banking
operations to its customers from its headquarters location and from
branch offices in Bradenton, Palmetto, Longboat Key, Seminole,
Kenneth City and St. Petersburg. This press release and other
statements to be made by the Company contain certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act, including but not limited to
statements relating to projections and estimates of earnings,
revenues, cost-savings, expenses, or other financial items;
statements of management's plans, strategies, and objectives for
future operations, and management's expectations as to future
performance and operations and the time by which objectives will be
achieved; statements concerning proposed new products and services;
and statements regarding future economic, industry, or market
conditions or performance. Forward-looking statements are typically
identified by words or phrases such as "believe," expect,"
anticipate," project," and conditional verbs such as "may,"
"could," and "would," and other similar expressions or verbs. Such
forward-looking statements reflect management's current
expectations, beliefs, estimates, and projections regarding the
Company, its industry and future events, and are based upon certain
assumptions made by management. These forward-looking statements
are not guarantees of future performance and necessarily are
subject to risks, uncertainties, and other factors (many of which
are outside the control of the Company) that could cause actual
results to differ materially from those anticipated. These risks,
uncertainties, and other factors include, among others: changes in
general economic or business conditions, either nationally or in
the State of Florida, changes in the interest rate environment, the
Company's ability to successfully open and operate new branches and
collect on delinquent loans, changes in the regulatory environment,
and other risks described in the Company's Form 10-KSB for the
fiscal year ended December 31, 2004 and as described from time to
time by the Company in other reports filed by it with the
Securities and Exchange Commission. Any forward-looking statement
speaks only to the date on which the statement is made, and the
Company disclaims any obligation to update any forward-looking
statement, whether as a result of new information, future events or
otherwise. If the Company does update any forward-looking
statements, no inference should be drawn that the Company will make
additional updates with respect to that statement or any other
forward-looking statements. Contacts: Brian P. Peters, President
and CEO 877-COASTFL Brian F. Grimes, EVP and CFO 877-COASTFL
DATASOURCE: Coast Financial Holdings, Inc. CONTACT: Brian P.
Peters, President and CEO, , or Brian F. Grimes, EVP and CFO, ,
both of Coast Financial Holdings, Inc., 1-877-COASTFL Web site:
http://www.coastfl.com/
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