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NEW CENTURY BANCORP NC
Symbol U : NCBC
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New Century Bancorp Reports Third Quarter 2012 Earnings

2012-11-07 13:21 ET - News Release

Company reports year-over-year quarterly and year-to-date earnings increases.

DUNN, N.C., Nov. 7, 2012 /PRNewswire/ -- New Century Bancorp (the "Company" NASDAQ: NCBC), the holding company for New Century Bank, today reported net income of $632,000 for the quarter ended September 30, 2012, and basic and diluted earnings per share of $0.09, compared to a net loss of ($22,000) and basic and diluted losses per share of ($0.00) for the quarter ended September 30, 2011.  For the nine months ended September 30, 2012, the Company reported net income of $3.9 million, and basic and diluted earnings per share of $0.57, compared to a net loss of ($762,000) and basic and diluted losses per share of ($0.11) for the same period a year ago.

Total assets for the Company as of September 30, 2012, were $577.8 million, total deposits were $481.3 million and total loans were $386.0 million, compared to total assets of $616.5 million, total deposits of $527.1 million, and total loans of $439.4 million for the same date in 2011.

Positively impacting year-to-date 2012 results are a $2.4 million loan recovery during first quarter 2012 and a $557,000 gain on the sale of New Century Bank's Pembroke and Raeford branches to Lumbee Guaranty Bank during second quarter 2012.

"We continue to be pleased with our improving results," said William L. Hedgepeth, president and CEO of New Century Bancorp and New Century Bank. "While bolstered by the loan recovery and the gain on the sale of two branch offices, our results from operations are strong on their own. We are still focused on reducing non-performing assets and on working with customers to help them deal with the lingering impact of the recent recession. We've reduced non-interest expenses, while offering a full line of current products and services, including upgraded online services. The Company remains well-capitalized, which is the highest capital category.

"We are lending money to businesses and individuals in our communities, to not only support our customers, but in support of the overall economic health of our markets. This is one of the primary roles of a community bank.

"In August, we announced the opening of our loan production office in Raleigh, NC. We are off to a great start in meeting the lending needs of customers in Wake County and in building our customer base in this key market.

"As the quarter ended, the Federal Deposit Insurance Corporation (FDIC) released deposit market share data as of June 30, 2012, and I am pleased to report New Century maintained the number one position in deposit market share in Dunn, our headquarters city, for the tenth straight year. We congratulate our staff here on their hard work and success in developing strong, lasting deposit customer relationships."

New Century Bank has branch offices in these North Carolina communities: Dunn, Clinton, Fayetteville, Goldsboro, Lillington, Lumberton, and loan production offices in Greenville and Raleigh.

The information as of and for the quarter and nine months ended September 30, 2012, 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 data)











 At or for the three months ended 


At or for the nine months ended




















September 30, 2012


June 30, 2012


March 31, 2012


December 31, 2011


September 30, 2011


September 30, 2012


September 30, 2011


September 30, 2010

Summary of Operations:

















Total interest income

$                 6,198


$                    6,325


$                    6,619


$                  7,086


$                   7,584


$                 19,142


$                  23,297


$                 25,285


Total interest expense

1,623


1,684


1,772


1,903


2,089


5,080


6,522


7,318


Net interest income

4,575


4,641


4,847


5,183


5,495


14,062


16,775


17,967


Provision for loan losses

189


(649)


(2,136)


319


2,194


(2,597)


5,900


14,366


Net interest income after provision

4,386


5,290


6,983


4,864


3,301


16,659


10,875


3,601


Noninterest income

757


1,199


626


642


643


2,582


2,176


1,975


Noninterest expense

4,170


4,648


4,216


4,574


4,114


13,034


14,531


13,842


   Income (loss) before income taxes

973


1,841


3,393


932


(170)


6,207


(1,480)


(8,266)


Provision for income taxes (benefit)

341


683


1,281


333


(148)


2,305


(718)


(3,186)


Net income (loss)

$                      632


$                    1,158


$                    2,112


$                     599


$                       (22)


$                   3,902


$                      (762)


$                  (5,080)

Share and Per Share Data:


































Earnings (loss) per share - basic

$                     0.09


$                     0.17


$                     0.31


$                    0.09


$                    (0.00)


$                     0.57


$                     (0.11)


$                   (0.74)


Earnings (loss) per share - diluted

$                     0.09


$                     0.17


$                     0.31


$                    0.03


$                    (0.00)


$                     0.57


$                     (0.11)


(0.74)


Book value per share

7.76


7.66


7.49


7.22


7.14


7.76


7.14


7.22


Tangible book value per share

7.72


7.61


7.41


7.14


7.05


7.72


7.05


7.11


Ending shares outstanding

6,913,636


6,913,636


6,913,636


6,860,367


6,860,367


6,913,636


6,860,367


6,913,636


Weighted average shares outstanding:

















   Basic

6,913,636


6,913,636


6,859,196


6,860,367


6,861,034


6,892,946


6,896,102


6,864,543


   Diluted

6,914,085


6,913,636


6,859,196


6,860,367


6,861,034


6,893,064


6,896,102


6,864,543

Selected Performance Ratios:


































Return on average assets

0.44%


0.83%


1.45%


0.39%


-0.01%


0.91%


-0.16%


-1.05%


Return on average equity

4.69%


8.82%


16.89%


4.80%


-0.18%


9.98%


-2.03%


-12.12%


Net interest margin

3.51%


3.63%


3.64%


3.68%


3.77%


3.61%


3.85%


3.97%


Efficiency ratio (1)

78.21%


79.59%


77.03%


78.52%


67.03%


78.31%


76.68%


69.41%

Period End Balance Sheet Data:


































Loans, held for sale

$                          -


$                           -


$                    1,552


$                         -


$                          -


$                          -


$                           -


$                          -


Loans, net of unearned income

386,096


390,403


399,760


417,624


439,410


386,096


439,410


467,876


Total Earning Assets

514,767


515,397


534,057


536,390


564,928


514,767


564,928


594,425


Core Deposit Intangible

327


356


516


545


583


327


583


737


Total Assets

577,833


563,682


580,996


589,651


616,580


577,833


616,580


643,185


Deposits

481,320


471,184


489,966


501,377


527,172


481,320


527,172


548,866


Short term debt

26,195


22,953


23,301


21,877


23,850


26,195


23,850


24,138


Long term debt

12,372


12,372


12,372


14,372


14,372


12,372


14,372


14,372


Shareholders' equity

53,671


52,954


51,777


49,546


48,949


53,671


48,949


49,906

Selected Average Balances:


































Gross Loans

$               386,217


$                396,190


$                409,009


$               429,642


$                449,650


$               397,099


$                 458,676


$               487,847


Total Earning Assets

518,761


514,147


535,317


559,110


578,349


520,492


582,777


604,379


Core Deposit Intangible

339


379


533


569


602


415


640


794


Total Assets

569,048


563,850


585,249


608,118


625,768


572,482


629,372


646,134


Deposits

474,069


471,829


495,649


518,508


534,271


480,492


537,884


548,483


Short term debt

24,609


22,961


23,004


23,476


24,491


24,018


22,075


21,178


Long term debt

12,372


12,372


13,845


14,372


14,372


12,372


16,372


16,920


Shareholders' equity

53,619


52,783


50,300


49,486


49,855


52,239


50,299


56,026

Asset Quality Ratios:


































Nonperforming loans

$                 18,613


$                  16,579


$                  19,270


$                 19,636


$                 20,116


$                 18,613


$                  20,116


$                   9,678


Other real estate owned

2,849


3,859


2,391


3,031


3,230


2,849


$                    3,230


3,812


Allowance for loan losses 

8,588


8,510


9,568


10,034


10,338


8,588


$                  10,338


8,081


Nonperforming loans (2)to period-end loans

4.82%


4.25%


4.82%


4.70%


4.58%


4.82%


4.58%


2.07%


Allowance for loan losses to period-end loans

2.22%


2.18%


2.39%


2.40%


2.35%


2.22%


2.35%


1.73%


Delinquency Ratio (3)

0.47%


0.77%


0.23%


1.02%


0.93%


0.47%


0.93%


1.23%


Net loan charge-offs to average loans

-0.42%


-0.42%


-1.64%


0.68%


1.92%


-0.42%


-0.37%


4.56%




















































(1)  Efficiency ratio is calculated as non-interest expenses divided by the sum of net interest income and non-interest income.

(2)  Nonperforming loans consist of non-accrual loans and restructured loans.

(3)  Delinquency Ratio includes 30-89 days past due and excludes non-accrual loans.

SOURCE New Century Bancorp

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