Welcome!

News Feed Item

New Century Bancorp Reports Fourth Quarter and Year-End 2013 Earnings

Strong earnings continue as plans move forward on strategic acquisition of Select Bancorp, Inc.

DUNN, N.C., April 2, 2014 /PRNewswire/ -- New Century Bancorp (the "Company" NASDAQ: NCBC), the holding company for New Century Bank, reported net income of $2.9 million for the year ended December 31, 2013, and basic and diluted earnings per share of $0.43, compared to net income of $4.6 million and basic and diluted earnings per share of $0.67 for the year ended December 31, 2012. In 2012, the Company's earnings were bolstered by two non-recurring events: a $2.6 million loan recovery in the first quarter and a $557,000 gain on the sale of New Century Bank's Pembroke and Raeford branches in the second quarter. In a year-to-year comparison of net income, these non-recurring events are significant.

For the quarter ended December 31, 2013, the Company reported net income of $239,000 and basic and diluted income per share of $0.04, compared to net income of $735,000 and basic and diluted income per share of $0.11 for the same period in 2012. For fourth quarter 2013, the Company's net income was impacted by $427,000 in expenses related to its announced acquisition of Greenville-based Select Bancorp, Inc.

Total assets, deposits, and loans for the Company as of December 31, 2013, were $525.6 million, $448.5 million, and $346.5 million, respectively. 

On September 30, 2013, the Company announced that New Century Bancorp and Select Bancorp, Inc., the holding company for Select Bank & Trust Company, had signed a strategic merger agreement. Subject to the approval of federal and state regulatory agencies and shareholders of both companies, plans call for the merger to close in mid-2014. As of this writing, plans for the merger are in progress.

New Century Bancorp President and CEO William L. Hedgepeth II said, "We enjoyed a good year in 2013 and are pleased to report net income of $2.9 million. Plans for our merger with Select Bancorp are moving forward and we all look forward to this new chapter in our history and all we intend to accomplish as a strong, experienced, community banking organization."

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

The information as of and for the quarter and year ended December 31, 2013, 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, 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 year ended




















December 31,

2013


September 30,

2013


June 30,

2013


March 31,

2013


December 31,

2012


December 31,

2013


December 31,

2012


December 31,

2011

Summary of Operations:

















Total interest income

$                   5,456


$                    5,600


$                    5,968


$                  5,878


$                   5,990


$                22,903


$                  25,132


$                     30,383


Total interest expense

1,186


1,299


1,355


1,418


1,552


5,258


6,632


8,425


Net interest income

4,270


4,301


4,613


4,460


4,438


17,645


18,500


21,958


Provision for loan losses

280


(130)


(375)


(100)


-


(325)


(2,597)


6,218


Net interest income after provision

3,990


4,431


4,988


4,560


4,438


17,970


21,097


15,740


Noninterest income

632


624


755


619


1,015


2,629


3,598


2,817


Noninterest expense

3,838


3,912


3,756


3,921


4,201


15,428


17,236


19,105


Merger-related expense

427


-


-


-


-


427


-


-


   Income before income taxes

357


1,143


1,987


1,258


1,252


4,743


7,459


(548)


Provision for income taxes (benefit)

118


493


728


465


517


1,803


2,822


(385)


Net income

$                      239


$                      650


$                    1,259


$                     793


$                      735


$                  2,941


$                   4,637


$                        (163)


















Share and Per Share Data:

















Earnings per share - basic

$                     0.04


$                     0.09


$                     0.18


$                    0.12


$                     0.11


$                    0.43


$                     0.67


$                       (0.02)


Earnings per share - diluted

$                     0.04


$                     0.09


$                     0.18


$                    0.12


$                     0.11


$                    0.43


$                     0.67


$                       (0.02)


Book value per share

$                     8.09


$                     8.09


$                     8.00


$                    7.93


$                     7.84


$                    8.09


7.84


7.22


Tangible book value per share

$                     8.07


$                     8.06


$                     7.97


$                    7.89


$                     7.79


$                    8.07


7.79


7.14


Ending shares outstanding

6,921,352


6,921,352


6,921,352


6,916,506


6,913,636


6,921,352


6,913,636


6,860,367


Weighted average shares outstanding:

















   Basic

6,921,352


6,921,352


6,921,352


6,914,934


6,913,636


6,918,814


6,898,147


6,887,168


   Diluted

6,924,339


6,924,142


6,922,942


6,916,011


6,914,345


6,919,760


6,898,377


6,887,168


















Selected Performance Ratios:

















Return on average assets

0.18%


0.47%


0.91%


0.56%


0.50%


0.53%


0.81%


-0.03%


Return on average equity

1.68%


4.61%


9.09%


5.86%


5.37%


5.28%


8.79%


-0.33%


Net interest margin

3.41%


3.41%


3.61%


3.37%


3.33%


3.45%


3.48%


3.91%


Efficiency ratio (1)

78.29%


79.43%


69.97%


77.20%


77.04%


76.10%


78.00%


77.10%


















Period End Balance Sheet Data:

















Loans, held for sale

$                          -


$                           -


$                      406


$                     432


$                          -


$                         -


$                          -


$                             -


Loans, net of unearned income

346,500


349,087


355,651


360,431


367,892


346,500


367,892


417,624


Total Earning Assets

477,852


505,489


499,819


523,675


543,674


477,852


549,493


536,390


Core Deposit Intangible

182


211


240


269


298


182


298


545


Total Assets

525,646


545,018


550,008


567,517


585,453


525,646


588,237


589,651


Deposits

448,458


459,811


465,489


482,983


498,559


448,458


498,559


501,377


Short term debt

6,305


14,207


13,858


14,658


17,848


6,305


17,848


21,877


Long term debt

12,372


12,372


12,372


12,372


12,372


12,372


12,372


14,372


Shareholders' equity

56,004


55,991


55,403


54,840


54,179


56,004


54,179


49,546


















Selected Average Balances:

















Gross Loans

$                347,201


$                347,142


$                359,559


$               365,871


$               375,413


$               354,871


$                391,648


$                   451,358


Total Earning Assets

496,698


500,079


512,953


537,230


530,344


511,597


532,193


565,867


Core Deposit Intangible

193


223


252


283


310


237


389


621


Total Assets

538,616


548,460


557,298


577,092


580,974


555,354


574,624


624,015


Deposits

457,405


462,994


472,986


489,150


485,844


470,526


481,837


533,000


Short term debt

9,615


13,929


13,851


18,215


23,961


13,517


24,003


21,924


Long term debt

12,372


12,372


12,372


12,372


12,372


12,372


12,372


16,372


Shareholders' equity

56,456


55,911


55,529


54,890


54,352


55,701


52,769


50,094


















Asset Quality Ratios:

















Nonperforming loans

$                 15,855


$                  17,400


$                  15,656


$                 11,180


$                 12,030


$                15,855


$                  11,180


$                     19,636


Other real estate owned

2,008


2,164


2,370


2,340


2,833


2,008


2,340


3,031


Allowance for loan losses 

7,054


6,858


7,218


7,775


7,897


7,054


7,775


10,034


Nonperforming loans (2)to period-end loans (4)

4.58%


4.98%


4.40%


3.10%


3.27%


4.58%


3.10%


4.70%


Allowance for loan losses to period-end loans (4)

2.04%


1.96%


2.03%


2.16%


2.15%


2.04%


2.16%


2.40%


Delinquency Ratio (3)

0.25%


0.16%


0.87%


0.79%


0.32%


0.25%


0.32%


1.02%


Net loan charge-offs to average loans

0.10%


0.26%


0.20%


0.02%


0.85%


0.15%


-0.12%


1.37%




















































(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.

(4)  Excludes loans held for sale

 

 

SOURCE New Century Bancorp

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams. In his session at 22nd Cloud Expo | DXWorld Expo, Daniel Jones, CTO of EngineerBetter, will answer: How can we improve willpower and decrease technical debt? Is the present bias real? How can we turn it to our advantage? Can you increase a team’s effective IQ? How do DevOps & Product Teams increase empathy, and what impact does empath...
DevOps promotes continuous improvement through a culture of collaboration. But in real terms, how do you: Integrate activities across diverse teams and services? Make objective decisions with system-wide visibility? Use feedback loops to enable learning and improvement? With technology insights and real-world examples, in his general session at @DevOpsSummit, at 21st Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, explored how leading organizations use data-driven DevOps to close th...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
"Digital transformation - what we knew about it in the past has been redefined. Automation is going to play such a huge role in that because the culture, the technology, and the business operations are being shifted now," stated Brian Boeggeman, VP of Alliances & Partnerships at Ayehu, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
You know you need the cloud, but you're hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You're looking at private cloud solutions based on hyperconverged infrastructure, but you're concerned with the limits inherent in those technologies. What do you do?
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
"We started a Master of Science in business analytics - that's the hot topic. We serve the business community around San Francisco so we educate the working professionals and this is where they all want to be," explained Judy Lee, Associate Professor and Department Chair at Golden Gate University, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...