Beach First National Bank in Myrtle Beach, South Carolina (SC)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of April 09, 2010

  • Beach First National Bank in Myrtle Beach, South Carolina (SC)
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Beach First National Bank - Overview

  • General
  • FDIC Certificate #: 34242
    Status: Inactive
    Closing history: Corrections
    Acquiring institution: Bank of North Carolina (#33527)
    Federal Reserve ID: 2391252
    Date Established: September 23, 1996
    Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
    Offices: 7 (Interstate: No)
    OTS Docket #: 16097
    FDIC's unique #: 57001
    Numeric code: 3
    Regulator: OCC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    State Chartered: No
    Date of Deposit Insurance: September 23, 1996
    Last Structure Change Effective Date: April 09, 2010
    Last Structure Change Process Date: April 12, 2010
    Last Data Update: April 12, 2010
    Data Source Date: April 05, 2012
  • Location
  • Address: 3751 Robert M. Grissom Parkway Suite 100, Myrtle Beach, SC 29577
    County: Horry
    Quarterly Banking Profile Region: Atlanta
    FDIC Geographic Region: Atlanta
    FDIC Supervisory Region: Atlanta
    FDIC Field Office: Columbia Sc
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Southeast
    Metropolitan Statistical Area (MSA): Myrtle Beach, SC (#5330)
    Combined Statistical Area (CSA): Myrtle Beach-Conway-Georgetown, SC (#396)
    Core Based Statistical Area (CBSA): Myrtle Beach-North Myrtle Beach-Conway, SC (#34820)
    CBSA Metro Statistical Area: Myrtle Beach-North Myrtle Beach-Conway, SC (#34820)
  • History of Changes
  • Absorption - Assisted
  • Financial Summary
  • Total assets: $590.0 mil

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2009)

  • Dollar figures in thousands
  • 131Total employees (full-time equivalent)
  • $602,167Total assets
  • $16,127Cash and due from depository institutions
  • $5,960Interest-bearing balances
  • $67,123Securities
  • $1,944Federal funds sold & reverse repurchase agreements
  • $485,488Net loans & leases
  • $17,108Loan loss allowance
  • $0Trading account assets
  • $4,338Bank premises and fixed assets
  • $9,538Other real estate owned
  • $0Goodwill and other intangibles
  • $0Life insurance assets
  • $17,609All other assets
  • $602,167Total liabilities and capital
  • $576,826Total liabilities
  • $516,026Total deposits
  • $487,794Interest-bearing deposits
  • $516,026Deposits held in domestic offices
  • 90.57%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $57,685Other borrowed funds
  • $0Subordinated debt
  • $3,115All other liabilities
  • $25,341Total equity capital
  • $25,341Total bank equity capital
  • $25,341Perpetual preferred stock
  • $0Common stock
  • $736Surplus
  • $36,564Undivided profits
  • Memoranda
  • $-11,959Noncurrent loans and leases
  • $27,485Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $62,115Earning assets
  • $330Long-term assets (5+ years)
  • $3,601Average Assets, year-to-date
  • $560,515Average Assets, quarterly
  • $85,196Volatile liabilities
  • $662,409Insider loans
  • $624,096FHLB advances
  • $223,729Loans and leases held for sale
  • $12,380Unused loan commitments
  • $55,000Tier 1 (core) risk-based capital
  • $13,444Tier 2 risk-based capital
  • $2,669Total risk weighted assets
  • $27,485Total unused commitments
  • $0Restructured Loans and leases
  • $5,960Derivatives

Income and Expense (December 31, 2009)

  • Dollar figures in thousands
  • $31,918Total interest income
  • $16,878Total interest expense
  • $15,040Net interest income
  • $33,500Provision for loan and lease losses
  • $8,116Total noninterest income
  • $0Fiduciary activities
  • $223Service charges on deposit accounts
  • $0Trading account gains & fees
  • $7,893Additional noninterest income
  • $24,268Total noninterest expense
  • $9,998Salaries and employee benefits
  • $2,503Premises and equipment expense
  • $11,767Additional noninterest expense
  • -$34,612Pre-tax net operating income
  • $506Securities gains (losses)
  • -$4,591Applicable income taxes
  • -$29,515Income before extraordinary items
  • $0Extraordinary gains - net
  • -$29,515Net income attributable to bank
  • $0Net charge-offs
  • -$29,515Cash dividends
  • $25,035Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2009)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.11%Yield on earning assets
  • 2.70%Cost of funding earning assets
  • 2.41%Net interest margin
  • 1.30%Noninterest income to earning assets
  • 3.89%Noninterest expense to earning assets
  • -4.52%Net operating income to assets
  • -4.46%Return on assets (ROA)
  • -5.15%Pretax return on assets
  • -70.47%Return on equity (ROE)
  • -70.47%Retained earnings to average equity (YTD only)
  • 4.60%Net charge-offs to loans
  • 133.81%Credit loss provision to net charge-offs
  • -0.04%Efficiency ratio
  • 104,802Assets per employee
  • 4.60%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 3.40%Loss allowance to noncurrent loans
  • 27.54%Noncurrent assets plus other real estate owned to assets
  • 11.90%Noncurrent loans to loans
  • 12.36%Net loans and leases to deposits
  • 94.08%Net loans and leases to core deposits
  • 152.92%Equity capital to assets
  • 4.21%Core capital (leverage) ratio
  • 4.05%Tier 1 risk-based capital ratio
  • 5.43%Total risk-based capital ratio
  • Memoranda
  • $7Average assets
  • $662,409Average earning assets
  • $41,881Average equity
  • $624,300Average loans

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