New Century Bancorp Reports Record Earnings for First Quarter 2006
12 May 2006 - 3:06AM
PR Newswire (US)
DUNN, N.C., May 11 /PRNewswire-FirstCall/ -- New Century Bancorp
(the "Company") (OTC:NCBC) (BULLETIN BOARD: NCBC) , the holding
company for New Century Bank and New Century Bank South, reported
net income for the quarter ended March 31, 2006 of $1.1 million, or
basic and diluted earnings per share of $0.25 and $0.23,
respectively, compared to net income of $805,000 or basic and
diluted earnings per share of $0.19 and $0.18, respectively, for
the same period in 2005, representing an increase in net income of
36% in the year-to- year comparison. As of March 31, 2006, the
Company reported total assets of $442.9 million compared to $357.6
million at March 31, 2005, an increase of 24%. Total deposits were
$374.1 million and total loans were $339.7 million compared to
total deposits of $295.7 million and total loans of $287.9 million
at the end of first quarter 2005, increases of 27% and 18%,
respectively. "The year 2006 has started off well for New Century
Bancorp," said John Q. Shaw, president and CEO for the Company.
"Our earnings results were above the first quarter of last year,
primarily due to our performance regarding net interest income. As
prime lending rates have increased, and as we have continued to
grow earning assets, our net interest margin has increased and the
results are reflected in net interest income. "Our Company is
growing. During the first quarter we opened a new office in a
temporary location in Lillington, NC. David Stephens and his staff
of experienced, local bankers are already creating good customer
relationships in that market. A ribbon-cutting is planned for the
temporary facility in early May, as we continue our search for a
permanent location in this vital Harnett County community. In
addition, we announced the pending acquisition of Progressive State
Bank, which is headquartered in Lumberton, NC. Progressive, which
has five offices, will become part of New Century Bank South
(formerly New Century Bank of Fayetteville). Progressive
shareholders have approved the merger, and with regulatory approval
expected, the merger is planned to be final in July." New Century
Bank has offices in Dunn, NC, Clinton, NC, Goldsboro, NC, and
Lillington, NC, and New Century Bank South serves Fayetteville
through a new headquarters and banking office at 2818 Raeford Road
in Fayetteville, NC. The information as of and for the quarter and
year ended March 31, 2006 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, 2006 2005 Operating Data: Total
interest income $7,652 $5,127 Total interest expense 3,321 1,901
Net interest income 4,331 3,226 Provision for loan losses 408 500
Net interest income after provision 3,923 2,726 Noninterest income
553 556 Noninterest expense 2,738 2,062 Income before income taxes
1,738 1,220 Provision for income taxes 669 415 Net income $1,069
$805 Per Share Data (1): Earnings per share - basic $0.25 $0.19
Earnings per share - diluted 0.23 0.18 Market price High 25.00
16.00 Low 20.20 12.67 Close 20.30 16.00 Book value 8.02 7.13
Weighted average shares outstanding Basic 4,250,384 4,217,216
Diluted 4,567,272 4,471,716 Selected Quarter-End Balance Sheet
Data: Gross loans $339,650 $287,981 Allowance for loan losses 5,673
4,083 Other earning assets 84,260 56,031 Total assets 442,970
357,600 Deposits 374,119 295,716 Borrowings 32,649 18,450
Shareholders' equity 34,138 30,067 Selected YTD Average Balances:
Total assets $440,339 $339,454 Loans, net of allowance 330,645
271,654 Total interest-earning assets, net of allowance 416,599
321,935 Deposits 371,431 278,050 Total interest-bearing liabilities
351,541 271,511 Shareholders' Equity 33,982 30,415 Selected
Performance Ratios: Return on average assets 0.98% 0.96% Return on
average equity 12.76% 10.73% Noninterest expense to average assets
2.52% 2.46% Asset Quality Ratios: Nonperforming loans to period-end
loans 0.27% 0.07% Allowance for loan losses to period-end loans
1.67% 1.42% Net loan charge-offs to average loans 0.04% 0.02% Other
Data: Number of banking offices 6 4 Number of full-time equivalent
employees 105 74 (1) 2005 share and per share data restated to
reflect the Company's 3-for-2 stock split that was declared in July
2005. 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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