Beach Community Bancshares Inc. Reports Audited Group and Company Earnings Results for the Year Ended December 31, 2011
Beach Community Bancshares Inc. reported audited group and company earnings results for the year ended December 31, 2011. For the year, the group reported total interest income of $21,891,699 and net interest income of $12,130,016 compared to total interest income of $26,607,306 and net interest income of $13,468,705 reported in the same period last year. Net interest income after provision for loan losses was $8,768,805 against $5,422,288 reported last year. Net loss was $6,309,711 against $9,777,263 reported last year. Net cash used in operating activities was $767,700 against net cash provided by operating activities of $1,003,488 and purchase of premises and equipment was $896,284 against $373,982 reported last year.
For the year, the parent company reported interest income of $2,817 and net interest loss of $238,857 compared to interest income of $4,779 and net interest loss of $232,367 reported in the same period last year. Loss before income tax was $6,309,711 against $9,728,564 and net loss was $6,309,711 against $9,777,263 reported last year. Net cash provided by operating activities was $20 against $105,646 reported last year.