Exhibit 99.1

		News Release 3751 Grissom Parkway, Suite 100 Myrtle Beach, SC 29577 843.626.2265

Banking Should Always Be This Easy.

Contact:		Walt Standish, President and Chief Executive Officer 843.916.7813 Gary Austin, Executive Vice President and Chief Financial Officer 843.916.7806

Beach First Announces Third Quarter 2009 Results

Myrtle Beach, SC, November 5, 2009 — Beach First National Bancshares, Inc., parent of Beach First National Bank (NASDAQ: BFNB) has announced its results for the third quarter and year to date 2009.

“During the third quarter, we continued to grow our bank by adding personal and business customers,” said Walt Standish, president and chief executive officer. “Information recently announced by the FDIC shows that our bank ranks 5^th in market share in Horry County out of a total of 27 banks and 4^th in market share on Hilton Head Island out of 19 banks. As a local community bank, we play an important part in the growth of our communities by helping our customers, by being a major employer, and by giving back to the community in many ways,” he said.

“We also accomplished several goals that we believe position us well for future growth and success,” Standish said. “We’ve expanded our menu of business services which will greatly enhance our opportunities to develop new customer relationships. We introduced E-Statements, a new service which gives customers the option to receive their bank statements electronically. This environmentally friendly product is a win-win for customers and the bank, providing added convenience, while saving paper and time, and cutting costs,” he said.

Standish said, “We are dedicated to helping our customers find financial solutions during a complex economy. The bank analyzed its loan portfolio and has increased its reserve for potential loan losses to almost $15 million. In addition, we have more than $25.8 million in equity in the Company at this time,” Standish said.

While we believe the economic picture is improving from a year ago, the decline in real estate values along coastal South Carolina, and especially in Horry County, continues to impact customers and in turn, the financial performance of the bank. For the three months ended September 30, 2009, the Company recorded a net loss of $14,197,821, or ($2.93) per diluted share. The net loss for the three months ended September 30, 2009 was impacted by a non-cash $8.2 million tax valuation allowance.

The Company evaluated the expected realization of its current and deferred tax assets totaling $11.3 million, primarily comprised of future tax benefits associated with the allowance for loan losses and net operating loss carryforwards, and concluded that a valuation allowance of $8.2 million was required for the deferred tax asset. The valuation allowance is a non-cash item. The remaining federal income tax receivable of $3.1 million as of September 30, 2009 will be received when the Company files its federal income tax return for 2009. This issue has become more common in the current banking environment and has been addressed similarly by many publicly traded companies.

(M O R E)

Beach First Announces Third Quarter 2009 Results		P. 2

As a step to further strengthen its financial condition, the Company has hired Sandler O’Neill + Partners, L.P., a nationally recognized investment banking firm, to assist the Company in its analysis of strategic alternatives.

Standish said, “Despite the ongoing challenges, the bank continues to gain new customers and expand relationships with existing customers by offering excellent service and robust products that meet important loan and deposit needs in our communities. We are seeing signs of economic improvement in our markets, and are confident that as the real estate markets improve, it will have a positive effect on our customers and the bank’s performance,” he stated.

Standish announced that as part of the bank’s oversight by the Office of the Comptroller of the Currency (OCC), the bank’s board of directors has signed a consent order designed to strengthen the bank’s financial condition and operations. “This document has a similar content to the formal agreement signed with the OCC last October. The order supports the continued efforts of the bank and provides direction for further improvements,” Standish said, “Our management team remains focused on these issues and on taking the appropriate actions to address the challenges we face.”

Additional Financial Data

	•		The Company ended the third quarter of 2009 with a Tier 1 Capital to average assets ratio of 5.23% and with a Total Capital to risk weighted assets ratio of 8.53%.
	•		Total deposits were $549.9 million at the end of the third quarter 2009.
	•		Total loans were $526.7 million at the end of the third quarter 2009.
	•		The loan loss reserve stands at 2.88% of portfolio loans.
	•		Book value per share stood at $5.34 per share at September 30, 2009.
	•		Beach First has not held and does not hold any Fannie Mae or Freddie Mac stock.
	•		Beach First has not held and does not hold any subprime mortgages or any subprime mortgage backed securities.

Beach First National Bank is a $646 million financial institution headquartered in Myrtle Beach, South Carolina. In addition to its multi-state mortgage lending division, Beach First operates seven banking locations in Myrtle Beach, Surfside Beach, North Myrtle Beach, Pawleys Island, and Hilton Head Island, South Carolina, and offers a full line of banking products and services including NetTeller internet banking. The Company’s stock trades on the NASDAQ Global Market under the symbol BFNB and the website is beachfirst.com.

Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements include but are not limited to (1) statements regarding potential future economic recovery, (2) statements with respect to Beach First’s plans, objectives, expectations and intentions and other statements that are not historical facts, and (3) other statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” and “projects,” as well as similar expressions. These forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our Company or any person that the future events, plans, or expectations contemplated by our Company will be achieved.

(M O R E)

Beach First Announces Third Quarter 2009 Results		P. 3

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which the Company will conduct operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the Company’s loan portfolio and allowance for loan losses; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in Beach First’s loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in the U.S. legal and regulatory framework; (5) the risk that the preliminary financial information reported herein by Beach First and the current preliminary analysis of Beach First will be different when the Beach First review is finalized; (6) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) and the impact of such conditions on the Company; and (7) whether Beach First will be able to accomplish the directives contained in the Order and continue as a going concern. Additional factors that could cause Beach First’s results to differ materially from those described in the forward-looking statements can be found in Beach First’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the Company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. Beach First does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

-30-

Beach First National Bancshares, Inc. and Subsidiaries
Myrtle Beach, South Carolina
Consolidated Balance Sheets

		September 30,				December 31,				September 30,
		2009				2008				2008
		(unaudited)				(audited)				(unaudited)
Assets
Cash and due from banks		$	10,391,051			$	4,830,112			$	6,716,033
Short-term investments			11,115,155				1,469,273				1,594,955
Federal funds sold			5,611,000				5,111,000				8,219,000
Total cash and cash equivalents			27,117,206				11,410,385				16,529,988
Investment securities			76,834,314				70,594,811				70,501,563
Portfolio loans, net of unearned income			519,394,361				551,156,821				553,485,128
Allowance for loan losses (ALL)			(14,984,114	)			(8,642,651	)			(7,663,434	)
Portfolio loans, net of ALL			504,410,247				542,514,170				545,821,694
Mortgage loans held for sale			7,317,872				7,210,088				5,328,679
Federal Reserve Bank stock			1,119,000				1,014,000				1,014,000
Federal Home Loan Bank stock			3,660,600				3,545,100				3,545,100
Premises and equipment, net			14,818,906				15,624,792				15,908,455
Cash value of life insurance			3,776,303				3,674,106				3,641,485
Investment in BFNB Trusts			310,000				310,000				310,000
OREO and repossessed assets			9,652,972				3,111,741				2,381,215
Other assets			7,264,836				9,806,424				7,916,168
Total assets		$	656,282,256			$	668,815,617			$	672,898,347
Liabilities and shareholders’ equity
Liabilities
Deposits
Noninterest bearing deposits		$	27,070,150			$	24,628,632			$	33,358,001
Interest bearing deposits			522,875,848				508,730,077				503,350,295
Total deposits			549,945,998				533,358,709				536,708,296
Advances from Federal Home Loan Bank			55,000,000				55,000,000				55,000,000
Federal funds purchased			—				—				—
Other borrowings and repurchase agreements			9,590,868				16,165,022				11,537,176
Junior subordinated debentures			10,310,000				10,310,000				10,310,000
Other liabilities			5,580,158				4,263,797				5,341,014
Total liabilities		$	630,427,024			$	619,097,528			$	618,896,486
Shareholders’ equity
Common stock, $1 par value; 10,000,000 shares authorized; 4,845,018 issued and outstanding at September 30, 2009, December 31, 2008, and at September 30, 2008			4,845,018				4,845,018				4,845,018
Paid-in capital			29,527,291				29,513,166				29,508,457
Retained earnings			(9,141,581	)			14,875,309				20,005,060
Accumulated other comprehensive income (loss)			624,504				484,596				(356,674	)
Total shareholders’ equity			25,855,232				49,718,089				54,001,861
Total liabilities and shareholders’ equity		$	656,282,256			$	668,815,617			$	672,898,347

Beach First National Bancshares, Inc. and Subsidiaries
Myrtle Beach, South Carolina
Consolidated Statements of Income

		Nine Months Ended								Three Months Ended
		September 30,								September 30,
		2009				2008				2009				2008
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Interest income
Interest and fees on loans		$	22,403,427			$	28,972,905			$	7,135,075			$	9,508,908
Investment securities			2,351,807				2,757,353				738,076				851,011
Fed funds sold and short term investments			33,845				111,185				11,122				24,300
Other			8,212				13,486				2,305				4,041
Total interest income			24,797,291				31,854,929				7,886,578				10,388,260
Interest expense
Deposits			11,945,734				14,154,313				3,433,000				4,522,376
Advances from the FHLB, federal funds purchased and other borrowings			1,937,910				2,215,458				641,027				735,416
Junior subordinated debentures			273,106				446,256				76,642				134,530
Total interest expense			14,156,750				16,816,027				4,150,669				5,392,322
Net interest income			10,640,541				15,038,902				3,735,909				4,995,938
Provision for loan losses			23,700,000				2,291,000				8,800,000				977,000
Net interest income (loss) after provision for loan losses			(13,059,459	)			12,747,902				(5,064,091	)			4,018,938
Noninterest income
Service fees on deposit accounts			158,692				261,606				51,385				52,129
Mortgage production related income			5,221,676				2,707,666				1,255,215				1,043,967
Merchant income			852,606				737,825				383,256				352,996
Income from cash value life insurance			103,261				102,537				34,356				29,954
Gain (loss) on sale of investment securities			158,830				21,034				(147,264	)			21,034
Gain on sale of fixed assets			—				220				—				—
(Loss) on sale of OREO (and writedowns)			(930,773	)			(409,439	)			(25,612	)			(406,548	)
Other income			1,272,935				810,685				478,004				291,741
Total noninterest income			6,837,227				4,232,134				2,029,340				1,385,273
Noninterest expense
Salaries and wages			6,591,768				5,665,648				2,004,770				1,991,960
Employee benefits			1,268,609				1,245,430				396,829				445,577
Supplies and printing			85,101				152,897				29,340				47,981
Advertising and public relations			189,126				426,432				21,192				107,490
Professional fees			633,746				525,943				216,449				186,783
Depreciation and amortization			850,787				842,634				277,539				292,428
Occupancy			1,227,590				1,190,710				390,032				384,468
Data processing fees			609,928				844,434				200,877				207,909
Mortgage production related expenses			895,670				596,794				260,677				217,776
Merchant processing			689,429				685,406				308,243				279,224
Other operating expenses			4,620,853				2,590,699				1,633,825				929,078
Total noninterest expenses			17,662,607				14,767,027				5,739,773				5,090,674
Income (loss) before income taxes			(23,884,839	)			2,213,009				(8,774,524	)			313,537
Income tax (benefit) expense			132,050				791,374				5,423,297				112,122
Net income (loss)		$	(24,016,889	)		$	1,421,635			$	(14,197,821	)		$	201,415
Basic net income (loss) per common share		$	(4.96	)		$	0.29			$	(2.93	)		$	0.04
Diluted net income (loss) per common share		$	(4.96	)		$	0.29			$	(2.93	)		$	0.04
Weighted average common shares outstanding
Basic			4,845,018				4,845,018				4,845,018				4,845,018
Diluted			4,845,018				4,904,259				4,845,018				4,877,147

Beach First National Bancshares, Inc. and Subsidiaries
Myrtle Beach, South Carolina
Summary Financial Data

		Three Months								Nine months
		September 30,								September 30,
		2009				2008				2009				2008
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Net Income			($14,197,821	)		$	201,415				($24,016,889	)		$	1,421,635
Average assets			678,904,379				671,223,216				693,564,980				653,756,864
Average equity			39,065,682				53,174,837				44,302,341				53,376,159
Average loans			545,035,562				564,189,563				563,946,939				546,539,465
End of period loans			526,712,233				558,813,807				526,712,233				558,813,807
End of period portfolio loans			519,394,361				553,485,128				519,394,361				553,485,128
Return on average assets			(8.30	)%			0.12	%			(4.63	)%			0.29	%
Return on average equity			(144.19	)%			1.51	%			(72.48	)%			3.56	%
Allowance for loan losses		$	14,984,114			$	7,663,434			$	14,984,114			$	7,663,434
Net charge-offs			6,850,177				959,619				17,358,537				1,563,182
Allowance for loan losses to total loans			2.84	%			1.37	%			2.84	%			1.37	%
Allowance for loan losses to portfolio loans			2.88	%			1.38	%			2.88	%			1.38	%
Net charge-offs to average total loans (annualized)			4.99	%			0.68	%			4.12	%			0.38	%
Total nonperforming assets as a percent of total assets			10.21	%			3.01	%			10.21	%			3.01	%
Nonperforming loans as a percent of total loans			10.89	%			3.20	%			10.89	%			3.20	%
Allowance for loan losses to nonperforming loans (coverage)			26.14	%			42.84	%			26.14	%			42.84	%
Interest rate spread			2.13	%			2.87	%			1.94	%			2.79	%
Net interest margin			2.30	%			3.11	%			2.15	%			3.21	%