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

2012-07-30 13:24 ET - News Release

Quarter sees improving asset quality, reduction in nonperforming loans, and steady net interest margin, as well as strong capital ratios.

DUNN, N.C., July 30, 2012 /PRNewswire/ -- New Century Bancorp (the "Company" NASDAQ: NCBC), the holding company for New Century Bank, today reported net income of $744,000 for the quarter ended June 30, 2012, and basic and diluted earnings per share of $0.11, compared to a net loss of ($861,000) and basic and diluted losses per share of ($0.13) for the quarter ended June 30, 2011.  For the six months ended June 30, 2012, the Company reported net income of $2.9 million, and basic and diluted earnings per share of $0.41, compared to a net loss of ($740,000) and basic and diluted losses per share of ($0.11) for the same period a year ago.

Total assets for the Company as of June 30, 2012, were $563.0 million, total deposits were $471.2 million, and total loans were $390.4 million, compared to total assets of $629.1 million, total deposits of $538.8 million, and total loans of $458.5 million for the same date in 2011.

Early in the second quarter, New Century completed the sale of its Pembroke and Raeford offices to Lumbee Guaranty Bank, resulting in a one-time gain of $557,000 which was included in non-interest income.  

"We are pleased with our second quarter and year-to-date results," said William L. Hedgepeth, president and CEO of New Century Bancorp and New Century Bank. "Through a focused approach, asset quality has improved, non-performing loans have been reduced, and net interest margin has remained steady.  Another positive indicator is that our capital ratios have continued to improve, and we remain well-capitalized which is the highest capital category. As always, we are working to strengthen New Century Bank through the products and services we offer our customers and how we serve them, as well as through a process of continually improving and upgrading our systems. We believe this is critical for remaining a strong community bank as we go forward."

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

The information as of and for the quarter ended June 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 six months ended




















June 30, 2012


March 31, 2012


December 31, 2011


September 30, 2011


June 30, 2011


June 30, 2012


June 30, 2011


June 30, 2010

Summary of Operations:

















Total interest income

$6,325


$6,619


$7,086


$7,584


$7,798


$12,944


$15,713


$16,857


Total interest expense

1,684


1,772


1,903


2,089


2,193


3,457


4,433


4,879


Net interest income

4,641


4,847


5,183


5,495


5,605


9,487


11,280


11,978


Provision for loan losses

23


(2,136)


319


2,194


2,542


(2,113)


3,706


1,909


Net interest income after provision

4,618


6,983


4,864


3,301


3,063


11,600


7,574


10,069


Noninterest income

1,179


626


642


643


892


1,806


1,533


1,342


Noninterest expense

4,629


4,216


4,574


4,114


5,339


8,845


10,417


9,111


   Income (loss) before income taxes

1,168


3,393


932


(170)


(1,384)


4,561


(1,310)


2,300


Provision for income taxes (benefit)

424


1,281


333


(148)


(523)


1,704


(570)


769


Net income (loss)

$744


$2,112


$599


$(22)


$(861)


$2,857


$(740)


$1,531

Share and Per Share Data:


































Earnings (loss) per share - basic

$0.11


$0.31


$0.09


$(0.00)


$(0.13)


$0.41


$ (0.11)


$0.22


Book value per share

7.60


7.49


7.22


7.14


7.08


7.60


7.08


8.19


Tangible book value per share

7.55


7.41


7.14


7.05


6.99


7.55


6.99


8.08


Ending shares outstanding

6,913,636


6,913,636


6,860,367


6,860,367


6,913,636


6,913,636


6,913,636


6,891,784


Weighted average shares outstanding:

















   Basic

6,913,636


6,859,196


6,860,367


6,861,034


6,913,636


6,913,636


6,913,636


6,842,218


   Diluted

6,913,636


6,859,196


6,860,367


6,861,034


6,913,636


6,913,636


6,913,636


6,851,055

Selected Performance Ratios:


































Return on average assets

0.53%


1.45%


0.39%


-0.01%


-0.55%


1.00%


-0.24%


0.48%


Return on average equity

5.67%


16.89%


4.80%


-0.18%


-6.82%


11.15%


-2.95%


5.53%


Net interest margin

3.63%


3.64%


3.68%


3.77%


3.84%


3.64%


3.92%


4.04%


Efficiency ratio (1)

79.54%


77.03%


78.52%


67.03%


82.18%


78.32%


81.30%


68.40%

Period End Balance Sheet Data:


































Loans, held for sale

$  -


$1,552


$ -


$ -


$ -


$  -


$  -


$ -


Loans, net of unearned income

390,403


399,760


417,624


439,410


458,523


390,403


458,523


490,883


Total Earning Assets

514,724


534,057


536,390


564,928


583,854


514,724


583,854


619,867


Other intangible assets

356


516


545


583


622


356


622


776


Total Assets

563,010


580,996


589,651


616,580


629,135


563,010


629,135


663,001


Deposits

471,184


489,966


501,377


527,172


538,812


471,184


538,812


566,031


Short term debt

22,953


23,301


21,877


23,850


23,746


22,953


23,746


20,138


Long term debt

12,372


12,372


14,372


14,372


14,372


12,372


14,372


18,372


Shareholders' equity

52,541


51,777


49,546


48,949


48,965


52,541


48,965


56,442

Selected Average Balances:


































Gross Loans

$396,190


$409,009


$429,642


$449,650


$460,236


$402,600


$463,263


$488,557


Total Earning Assets

514,132


535,317


559,110


578,349


585,273


524,724


579,642


597,852


Other intangible assets

384


533


569


602


640


459


659


813


Total Assets

563,835


585,249


608,118


625,768


631,204


574,225


631,205


638,930


Deposits

471,829


495,649


518,508


534,271


539,690


483,739


577,956


542,152


Short term debt

22,961


23,004


23,476


24,491


23,604


23,719


23,863


25,151


Long term debt

12,372


13,845


14,372


14,372


14,372


12,372


14,372


12,372


Shareholders' equity

52,774


50,300


49,486


49,855


50,669


51,537


50,525


55,815

Asset Quality Ratios:


































Nonperforming loans

$16,579


$19,270


$19,636


$20,116


$16,307


$16,579


$16,307


$13,885


Other real estate owned

3,859


2,391


3,031


3,230


3,380


3,859


3,380


3,215


Allowance for loan losses 

9,183


9,568


10,034


10,338


10,378


9,183


10,378


10,006


Nonperforming loans (2)to period-end loans

4.25%


4.82%


4.70%


4.58%


3.56%


4.25%


3.56%


2.83%


Allowance for loan losses to period-end loans

2.35%


2.39%


2.40%


2.35%


2.26%


2.35%


2.26%


2.04%


Delinquency Ratio (3)

0.77%


0.23%


1.02%


0.93%


0.48%


0.77%


0.48%


0.75%


Net loan charge-offs to average loans

-0.42%


-1.64%


0.68%


1.92%


1.94%


0.63%


1.43%


0.73%




















































(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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