New Century Bancorp Reports First Quarter 2005 Earnings
14 May 2005 - 3:06AM
PR Newswire (US)
New Century Bancorp Reports First Quarter 2005 Earnings DUNN, N.C.,
May 13 /PRNewswire-FirstCall/ -- New Century Bancorp (the
"Company") (OTC:NCBC) (BULLETIN BOARD: NCBC) , the holding company
for New Century Bank and New Century Bank of Fayetteville, reported
net income for the quarter ended March 31, 2005 of $805,000
compared to $84,000 for the same period in 2004. The increase in
earnings is attributed to the rapid growth of New Century Bank of
Fayetteville and New Century Bank's office in Goldsboro, NC; both
offices officially opened early in first quarter 2004. In addition,
first quarter 2004 earnings reflected a larger provision for loan
losses than in 2005, due to exceptional loan growth during that
period. Basic and diluted earnings per share for first quarter 2005
were $0.29 and $0.27, respectively. For 2004, basic and diluted
earnings per share were both $0.03. As of March 31, 2005, the
Company reported total assets of $357.6 million compared to $235.2
million at March 31, 2004, an increase of 52%. Total deposits were
$295.7 million and total loans were $288.0 million at the end of
first quarter 2005, compared to total deposits of $195.7 million
and total loans of $190.6 million as of the end of first quarter
2004, increases of 51% and 51%, respectively. "New Century Bancorp
is off to a great start in 2005," said John Q. Shaw, president and
CEO for the Company. "We are pleased with these results. Loan
growth has been steady and these earnings assets have boosted net
interest income, which is the largest factor in our net income
results. Noninterest income has continued at the same level as in
2004, a year in which we experienced positive growth in this area,
while noninterest expenses have increased due to our investment in
people and in the infrastructure of our Company through our bank
offices." New Century Bank has offices in Dunn, NC, Clinton, NC,
and Goldsboro, NC and New Century Bank of Fayetteville serves
Fayetteville through a new headquarters and banking office at 2818
Raeford Road in Fayetteville, NC. http://www.newcenturybanknc.com/
The information as of and for the quarter and year ended March 31,
2005 as presented is unaudited. This news release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without
limitation, (i) statements regarding certain of our goals and
expectations with respect to earnings, earnings per share, revenue,
expenses and the growth rate in such items, as well as other
measures of economic performance, including statements relating to
estimates of credit quality trends, and (ii) statements preceded
by, followed by or that include the words "may," "could," "should,"
"would," "believe," "anticipate," "estimate," "expect," "intend,"
"plan," "projects," "outlook" or similar expressions. The actual
results might differ materially from those projected in the
forward-looking statements for various reasons, including, but not
limited to, our ability to manage growth, our limited operating
history, substantial changes in financial markets, regulatory
changes, changes in interest rates, loss of deposits and loan
demand to other savings and financial institutions, and changes in
real estate values and the real estate market. Additional
information concerning factors that could cause actual results to
materially differ from those in the forward-looking statements is
contained in the Company's SEC filings, including its periodic
reports under the Securities Exchange Act of 1934, as amended,
copies of which are available upon request from the Company. New
Century Bancorp, Inc. Selected Financial Information and Other Data
($ in thousands, except per share and nonfinancial data) At or for
the three months Ended March 31, 2005 2004 Operating Data: Total
interest income $5,127 $2,898 Total interest expense 1,901 914 Net
interest income 3,226 1,984 Provision for loan losses 500 603 Net
interest income after provision 2,726 1,381 Noninterest income 556
348 Noninterest expense 2,062 1,607 Income before income taxes
1,220 122 Provision for income taxes 415 38 Net income $805 $84 Per
Share Data (1): Earnings per share - basic $0.29 $0.03 Earnings per
share - diluted 0.27 0.03 Market price High 24.00 18.18 Low 19.00
13.77 Close 24.00 18.18 Book value 10.69 9.80 Weighted average
shares outstanding Basic 2,811,477 2,795,334 Diluted 2,981,144
2,898,394 Selected Quarter-End Balance Sheet Data: Loans $287,981
$190,603 Allowance for loan losses 4,083 2,954 Other earning assets
54,885 34,785 Total assets 357,600 235,239 Deposits 295,716 195,666
Borrowings 18,450 11,772 Shareholders' equity 30,067 27,399
Selected YTD Average Balances: Total assets $339,386 $209,076
Loans, net of allowance 271,619 166,038 Total interest-earning
assets 321,899 197,537 Deposits 278,041 169,391 Total
interest-bearing liabilities 271,509 155,873 Shareholders' Equity
30,374 27,549 Selected Performance Ratios: Return on average assets
0.96% 0.16% Return on average equity 10.75% 1.23% Noninterest
expense to average assets 2.46% 3.09% Asset Quality Ratios:
Nonperforming loans to period-end loans 0.14% 0.16% Allowance for
loan losses to period-end loans 1.42% 1.55% Net loan charge-offs to
average loans 0.00% 0.02% Other Data: Number of banking offices 4 4
Number of full time equivalent employees 74 61 (1) 2004 share and
per share data restated to reflect the Company's 11-for-10 stock
split in the form of a 10% stock dividend that was declared in June
2004. DATASOURCE: New Century Bancorp CONTACT: Lisa F. Campbell,
Senior Vice President and CFO of New Century Bancorp,
+1-910-892-7080, or Web site: http://www.newcenturybanknc.com/
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