DUNN, N.C., Jan. 31 /PRNewswire-FirstCall/ -- New Century Bancorp
(the "Company") (NASDAQ:NCBC), the holding company for New Century
Bank and New Century Bank South (formerly New Century Bank of
Fayetteville), reported net income for the year ended December 31,
2005, of $3.6 million, compared to $2.1 million for the same period
in 2004, an increase of 71%. Basic and diluted earnings per share
for the year 2005 were $0.86 and $0.79, respectively, compared to
basic and diluted earnings per share for 2004 of $0.50 and $0.48,
respectively. For the quarter ended December 31, 2005, the Company
reported net income of $1.0 million, compared to $913,000 for the
same period in 2004. Basic and diluted earnings per share for
fourth quarter 2005 were $0.24 and $0.22, respectively, compared to
basic and diluted earnings per share for fourth quarter 2004 of
$0.22 and $0.21, respectively. As of December 31, 2005, the Company
reported total assets of $436.4 million compared to $328.3 million
at December 31, 2004, an increase of 33% Total deposits were $367.0
million and total loans were $326.9 million at year end 2005,
compared to total deposits of $270.2 million and total loans of
$262.8 million at year end 2004, increases of 36% and 24%,
respectively. "On behalf of the Board of Directors and our
management team, I am pleased to present these results for 2005,
the year in which we celebrated our fifth full year of operations,"
said John Q. Shaw, president and CEO for New Century Bancorp. "In
addition to the hard work of our staff members, these results can
also be attributed to a 43% increase in net interest income due to
continued growth in earning assets from our maturing markets and
the recent interest rate hikes by the Federal Reserve. Net income
in 2005 was also enhanced by a 48% increase in non-interest income
thanks to gains on sales of loans to the Small Business
Administration and higher fees from pre-sold mortgages. "We are
seen differently now in the markets we serve than we were five
years ago, particularly in Dunn where we currently hold a 34% share
of the deposit base, making us the number one bank in Dunn with
regard to deposit share. During the fourth quarter, we held a grand
opening for our permanent facility in Goldsboro, NC, an office that
has produced outstanding results for the past two years through a
temporary facility. We also opened a second office in Clinton, NC,
and we look forward to positive results from this office in the
coming years." New Century Bank has offices in Dunn, NC, Clinton,
NC, and Goldsboro, NC and New Century Bank South serves
Fayetteville through a headquarters and banking office at 2818
Raeford Road in Fayetteville, NC. The information as of and for the
quarter year ended December 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.
http://www.newcenturybanknc.com/ New Century Bancorp, Inc. Selected
Financial Information and Other Data ($ in thousands, except per
share and nonfinancial data) At or for the At or for the three
months twelve months Ended December Ended December 31, 31, 2005
2004 2005 2004 Operating Data: Total interest income $7,155 4,713
$24,679 15,408 Total interest expense 3,028 1,666 10,089 5,187 Net
interest income 4,127 3,047 14,590 10,221 Provision for loan losses
469 295 2,172 1,684 Net interest income after provision 3,658 2,752
12,418 8,537 Noninterest income 751 586 2,496 1,692 Noninterest
expense 2,558 1,909 9,129 6,962 Income before income taxes 1,851
1,429 5,785 3,267 Provision for income taxes 841 516 2,164 1,173
Net income $1,010 913 $3,621 2,094 Per Share Data, restated for an
11-for-10 stock split effective June 2004 and a 3-for-2 stock split
effective July 2005: Earnings per share - basic $0.24 $0.22 $0.86
$0.50 Earnings per share - diluted 0.22 0.20 0.79 0.47 Market price
High 28.50 17.27 28.50 20.17 Low 24.75 13.33 12.67 9.62 Close 24.75
13.67 24.75 13.67 Book value 7.77 6.98 Weighted average shares
outstanding Basic 4,234,469 4,210,334 4,218,159 4,197,689 Diluted
4,589,995 4,480,434 4,565,548 4,436,579 Selected Quarter End
Balance Sheet Data: Loans $326,852 $262,750 Allowance for loan
losses 5,298 3,598 Other earning assets 90,878 51,051 Total assets
436,367 328,311 Deposits 367,003 270,230 Borrowings 21,743 14,685
Junior Subordinated Debentures 12,372 12,372 Shareholders' equity
32,974 29,443 Selected Average Balances: 4th qtr YTD Total assets
$416,958 $333,567 $381,494 $277,431 Loans, net of allowance 320,098
256,878 297,045 219,257 Total interest-earning assets 401,066
317,612 367,135 261,217 Deposits 349,763 275,956 317,648 231,510
Total interest-bearing liabilities 329,898 257,520 303,889 245,774
Shareholders' Equity 32,784 29,093 31,583 30,483 Selected
Performance Ratios: Return on average assets 0.96% 1.09% 0.95%
0.75% Return on average equity 12.22% 12.48% 11.47% 6.87% Net
interest margin 4.08% 3.73% 3.97% 3.91% Noninterest expense to
average assets 2.43% 2.28% 2.39% 2.51% Asset Quality Ratios:
Nonperforming loans to period- end loans 0.47% 0.33% 0.47% 0.33%
Allowance for loan losses to period-end loans 1.62% 1.37% 1.62%
1.37% Net loan charge-offs to average loans 0.32% 0.68% 0.16% 0.20%
Other Data: Number of banking offices 5 4 Number of full time
equivalent employees 92 72 First Call Analyst: FCMN Contact:
DATASOURCE: New Century Bancorp CONTACT: Lisa F. Campbell,
Executive Vice President and CFO of New Century Bancorp,
+1-910-892-7080, or Web site: http://www.newcenturybanknc.com/
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