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

2012-04-24 13:13 ET - News Release

Net income boosted by loan recovery.

DUNN, N.C., April 24, 2012 /PRNewswire/ -- New Century Bancorp (the "Company" NASDAQ: NCBC), the holding company for New Century Bank, today reported net income of $2.1 million for the quarter ended March, 31, 2012, and basic and diluted earnings per share of $0.31, compared to net income of $121,000 and basic and diluted earnings per share of $0.02 for the quarter ended March 31, 2011.

Total assets for the Company as of March 31, 2012, were $581.0 million, total deposits were $490.0 million, and total loans were $399.8 million, compared to total assets of $632.3 million, total deposits of $542.3 million, and total loans of $461.6 million as of the same date in 2011. Loan demand remains soft due to the economy's slow recovery, resulting in lower total loans in a year-to-year comparison. Total deposits are also lower in a year-to-year comparison, as the bank's need for deposits is related to loan demand.

"Our quarterly earnings were boosted by a reduction in our loan loss provision due to a large recovery on a loan, which is a positive outcome for the Company," said William L. Hedgepeth, president and CEO of New Century Bancorp and New Century Bank. "Even without the recovery, our earnings—the results of day-to-day operations—were strong. We are pleased with these results, as they reflect the hard work of our staff.

"There are still challenges ahead for us, as there are for all community banks, specifically a difficult regulatory environment and a still sluggish economy. As a locally owned and operated community bank offering strong products and services to individuals and small businesses through people who live here and know these communities, we are in a unique position to understand and serve our customers and our market. And that is exactly what we are doing."

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 March 31, 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.

www.newcenturybanknc.com

  














New Century Bancorp, Inc.









Selected Financial Information and Other Data









($ in thousands, except per share data)










 At or for the three months ended 














March 31, 2012


December 31, 2011


September 30, 2011


June 30, 2011


March 31, 2011


March 31, 2010

Summary of Operations:












  Total interest income

$     6,619


$     7,086


$       7,584


$      7,798


$       7,915


$      8,333

  Total interest expense

1,772


1,903


2,089


2,193


2,240


2,446

  Net interest income

4,847


5,183


5,495


5,605


5,675


5,887

  Provision for loan losses

(2,136)


319


2,194


2,542


1,164


1,270

    Net interest income after provision

6,983


4,864


3,301


3,063


4,511


4,617

  Noninterest income

626


642


643


892


641


667

  Goodwill Impairment

-


-


-


-


-


-

  Noninterest expense

4,216


4,574


4,114


5,339


5,079


4,606

    Income (loss) before income taxes

3,393


932


(170)


(1,384)


73


678

  Provision for income taxes (benefit)

1,281


333


(148)


(523)


(48)


221

       Net income (loss)

$     2,112


$         599


$           (22)


$        (861)


$          121


$         457

Share and Per Share Data:
























  Earnings (loss) per share - basic

$       0.31


$        0.09


$        (0.00)


$       (0.13)


$         0.02


$        0.07

  Book value per share

7.49


7.22


7.14


7.08


7.20


8.03

  Tangible book value per share

7.41


7.14


7.05


6.99


7.10


7.91

  Ending shares outstanding

6,913,636


6,860,367


6,860,367


6,913,636


6,913,636


6,837,952

  Weighted average shares outstanding:












     Basic

6,859,196


6,860,367


6,861,034


6,913,636


6,913,636


6,837,952

     Diluted

6,859,196


6,860,367


6,861,034


6,913,636


6,913,653


6,845,714

Selected Performance Ratios:
























  Return on average assets

1.45%


0.39%


-0.01%


-0.55%


0.08%


0.30%

  Return on average equity

16.89%


4.80%


-0.18%


-6.82%


0.97%


3.34%

  Net interest margin

3.64%


3.68%


3.77%


3.84%


3.94%


4.08%

  Efficiency ratio (1)

77.03%


78.52%


67.03%


82.18%


80.41%


70.28%

Period End Balance Sheet Data:
























  Loans, held for sale

$     1,552


$              -


$                -


$              -


$               -


$              -

  Loans, net of unearned income

399,760


417,624


439,410


458,523


461,604


496,448

  Total Earning Assets

534,057


536,390


564,928


583,854


581,942


602,436

  Goodwill and other intangible assets

516


545


583


622


660


814

  Total Assets

580,996


589,651


616,580


629,135


632,327


642,883

  Deposits

489,966


501,377


527,172


538,812


542,271


542,348

  Short term debt

23,301


21,877


23,850


23,746


23,295


21,744

  Long term debt

12,372


14,372


14,372


14,372


14,372


18,372

  Shareholders' equity

51,777


49,546


48,949


48,965


49,778


54,934

Selected Average Balances:

























  Gross Loans

$ 409,009


$    429,642


$     449,650


$  460,236


$   466,324


$   483,665

  Total Earning Assets

535,317


559,110


578,349


585,273


583,601


585,277

  Goodwill and other intangible assets

533


569


602


640


679


832

  Total Assets

585,249


608,118


625,768


631,204


631,582


625,307

  Deposits

495,649


518,508


534,271


539,690


539,751


531,115

  Short term debt

23,004


23,476


24,491


23,604


22,125


21,802

  Long term debt

13,845


14,372


14,372


14,372


16,372


13,972

  Shareholders' equity

50,300


49,486


49,855


50,669


50,379


55,533

Asset Quality Ratios:

























  Nonperforming loans

$   19,270


$     19,636


$       20,116


$    16,307


$     15,206


$     18,956

  Other real estate owned

2,391


3,031


3,230


3,380


5,019


2,680

  Allowance for loan losses 

9,568


10,034


10,338


10,378


10,118


11,232

  Nonperforming loans (2) to period-end loans

4.82%


4.70%


4.58%


3.56%


3.29%


3.82%

  Allowance for loan losses to period-end loans

2.39%


2.40%


2.35%


2.26%


2.19%


2.26%

  Delinquency Ratio (3)

0.23%


1.02%


0.93%


0.48%


0.59%


0.45%

  Net loan charge-offs to average loans

-1.64%


0.68%


1.92%


1.94%


-0.57%


0.05%








































(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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