Bancorp reports record results as 5th anniversary of opening is
celebrated DUNN, N.C., Aug. 2 /PRNewswire-FirstCall/ -- New Century
Bancorp (the "Company") (OTC:NCBC) (BULLETIN BOARD: NCBC) , the
holding company for New Century Bank and New Century Bank of
Fayetteville, reported net income for the quarter ended June 30,
2005 of $987,000 compared to $435,000 for the same period in 2004.
Basic and diluted earnings per share for second quarter 2005 were
$0.23 and $0.22, respectively, compared to basic and diluted
earnings per share for second quarter 2004 of $0.10 and $0.10,
respectively. For the six month period ended June 30, 2005, net
income for the Company was $1.8 million, compared to $520,000 for
the same period in 2004. Basic and diluted earnings per share for
the first six months of 2005 were $0.42 and $0.40, respectively,
compared to basic and diluted earnings per share for the first six
months of 2004 of $0.12 and $0.12, respectively. As of June 30,
2005, the Company reported total assets of $384.1 million compared
to $289.0 million at June 30, 2004, an increase of 33%. Total
deposits were $321.5 million and total loans were $300.6 million at
the end of second quarter 2005, compared to total deposits of
$246.2 million and total loans of $233.4 million as of the end of
second quarter 2004, increases of 31% and 29%, respectively. "We
continue to experience positive financial results both at New
Century Bank and New Century Bank of Fayetteville," said John Q.
Shaw, president and CEO for the Company. "Our growth rate in net
income was fueled by an increase in earning assets of 29%, as well
as good increases in net interest income and non-interest income,
which was impacted by mortgage and SBA lending activities. "Our
office in Goldsboro, NC is growing and will soon move into a
permanent full-service facility, scheduled to open in August. Also
during the third quarter, a second office is scheduled to open in
Clinton, NC to more effectively support that community. Lastly, our
Operations Center in downtown Dunn, NC is scheduled to open within
the next few weeks. We are excited about each of these new
facilities and the opportunities they bring. "As we passed our
fifth anniversary on May 24th of this year, we celebrated with our
customers and friends. And, as always, we are thankful for our
customers and our shareholders who have supported us." New Century
Bank has offices in Dunn, NC, Clinton, NC, and Goldsboro, NC and
New Century Bank of Fayetteville 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 six
months ended June 30, 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", "project", "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 At or for the six months months Ended June 30, Ended June
30, 2005 2004 2005 2004 Operating Data: Total interest income
$5,870 $3,537 $10,994 $6,435 Total interest expense 2,419 1,132
4,321 2,046 Net interest income 3,451 2,405 6,673 4,389 Provision
for loan losses 433 477 932 1,079 Net interest income after
provision 3,018 1,928 5,741 3,310 Noninterest income 610 426 1,166
773 Noninterest expense 2,141 1,678 4,204 3,285 Income before
income taxes 1,487 676 2,704 798 Provision for income taxes 500 241
915 278 Net income $987 $435 $1,789 $520 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 $0.23
$0.10 $0.42 $0.12 Earnings per share - diluted 0.22 0.10 0.40 0.12
Market price High 16.13 20.17 16.13 20.17 Low 13.33 11.51 12.67
9.18 Close 14.67 14.50 14.67 14.50 Book value 7.46 6.59 Weighted
average shares outstanding Basic 4,219,102 4,193,001 4,218,159
4,193,001 Diluted 4,480,687 4,347,592 4,475,183 4,369,999 Selected
Quarter End Balance Sheet Data: Loans $300,631 $233,394 Allowance
for loan losses 4,433 3,347 Other earning assets 69,729 43,297
Total assets 384,141 289,038 Deposits 321,524 246,210 Borrowings
17,805 14,513 Junior Subordinated Debentures 12,372 - Shareholders'
equity 31,102 27,648 Selected Average Balances: Total assets
$375,131 $259,222 $357,008 $234,149 Loans, net of allowance 289,390
214,228 280,551 190,133 Total interest-earning assets 361,468
246,449 343,655 221,993 Deposits 312,755 217,808 295,665 193,598
Total interest-bearing liabilities 300,472 199,652 285,569 177,763
Shareholders' Equity 31,132 27,727 30,794 27,638 Selected
Performance Ratios: Return on average assets 1.06% 0.34% 1.01%
0.46% Return on average equity 12.71% 3.15% 11.72% 3.79% Net
interest margin 3.73% 3.92% 3.84% 3.98% Noninterest expense to
average assets 2.29% 2.60% 2.37% 2.82% Asset Quality Ratios:
Nonperforming loans to period-end loans 0.22% 0.42% Allowance for
loan losses to period-end loans 1.47% 1.42% Net loan charge-offs to
average loans 0.06% 0.10% Other Data: Number of banking offices 4 4
Number of full time equivalent employees 77 64 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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