New Century Bancorp Reports Earnings for Third Quarter 2005
02 November 2005 - 9:40AM
PR Newswire (US)
DUNN, N.C., Nov. 1 /PRNewswire-FirstCall/ -- New Century Bancorp,
Inc. (the "Company") (NASDAQ:NCBC), the holding company for New
Century Bank and New Century Bank of Fayetteville, reported net
income for the quarter ended September 30, 2005 of $812,000
compared to $661,000 for the same period in 2004. Basic and diluted
earnings per share for third quarter 2005 were $0.19 and $0.18,
respectively, compared to basic and diluted earnings per share for
third quarter 2004 of $0.16 and $0.15, respectively. For the nine
months period ended September 30, 2005, net income for the Company
was $2.6 million, compared to $1.2 million for the same period in
2004, an increase of 117%. Basic and diluted earnings per share for
the first nine months of 2005 were $0.62 and $ $0.58, respectively,
compared to basic and diluted earnings per share for the first nine
months of 2004 of $0.28 and $0.27, respectively. As of September
30, 2005, the Company reported total assets of $401.5 million
compared to $324.1 million at September 30, 2004, an increase of
24%. Total deposits were $336.2 million and total loans were $320.7
million at the end of third quarter 2005, compared to total
deposits of $267.0 million and total loans of $251.2 million as of
the end of third quarter 2004, increases of 26% and 28%,
respectively. "The management team and our Board of Directors are
pleased with New Century Bancorp's financial results in 2005," said
John Q. Shaw, president and CEO of the Company. "Increases in net
income are a result of earning assets that grew substantially over
the past year, and continue to grow at a steady rate. Positive
growth in noninterest income resulted from mortgage and SBA lending
activities, as it has for most of 2005. "During the third quarter
we expanded our facilities by leasing a new Operations Center in
downtown Dunn and completing a new banking office in Goldsboro. We
look forward to the opportunities that these new facilities will
provide as we strive to serve our customers in all of our markets."
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 nine months ended
September 30, 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.
DATASOURCE: New Century Bancorp CONTACT: Lisa F. Campbell,
Executive Vice President and CFO of New Century Bancorp, Inc.,
+1-910-892-7080, or Web site: http://www.newcenturybanknc.com/
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