Accessibility Statement Skip Navigation
  • Resources
  • Investor Relations
  • Journalists
  • Agencies
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Explore Our Platform
  • Plan Campaigns
  • Create with AI
  • Distribute Press Releases
  • Amplify Content
  • All Products
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Hamburger menu
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • Explore Our Platform
  • Plan Campaigns
  • Create with AI
  • Distribute Press Releases
  • Amplify Content
  • All Products
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS

New Century Bancorp Reports First Quarter 2013 Earnings

Company begins year on a strong note reporting first quarter net income of $794,000.


News provided by

New Century Bancorp

May 01, 2013, 05:26 ET

Share this article

Share toX

Share this article

Share toX

DUNN, N.C., May 1, 2013 /PRNewswire/ -- New Century Bancorp (the "Company") (NASDAQ: NCBC), the holding company for New Century Bank, today reported net income of $794,000 for the quarter ended March 31, 2013, and basic and diluted earnings per share of $0.12, compared to net income of $2.1 million and basic and diluted earnings per share of $0.31 for the quarter ended March 31, 2012, when earnings were positively impacted by a substantial loan recovery.

Total assets for the Company as of March 31, 2013, were $567.5 million, total deposits were $483.0 million, and total loans were $360.4 million, compared to total assets of $581.0 million, total deposits of $490.0 million, and total loans of $399.8 million as of the same date in 2012. During the course of the year, loan demand remained soft in many business sectors and the decrease in total loans and total deposits in a year-to-year comparison reflects that. 

Commenting on first quarter 2013 results, President and CEO William L. Hedgepeth II said, "We are pleased with these results from operations and with getting a positive start in 2013. On a linked quarter basis, our net interest margin shows slight improvement, and noninterest expenses were down in both a linked quarter and year-to-year comparison. Core earnings, results achieved from the day-to-day operations of New Century Bank, were strong and asset quality continues to improve.

"We've already made progress on many fronts this year, including updating our deposit products and services to more closely align them with customer expectations today. Many of our services are Internet-based, such as online banking, bill pay and cash management, allowing customers to bank at their convenience. We will continue to focus on offering great products and services to our customers in responsible ways.

"Challenges remain, in our industry and in the economy, but we believe we now have the personnel and processes in place to address and overcome those challenges." 

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

The information as of and for the quarter ended March 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, 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, 2013


December 31, 2012


September 30, 2012


June 30, 2012


March 31, 2012


March 31, 2011

Summary of Operations:













Total interest income

$                    5,879


$                    5,990


$                    6,198


$                   6,325


$                    6,619


$                   7,915


Total interest expense

1,418


1,552


1,623


1,684


1,772


2,240


Net interest income

4,461


4,438


4,575


4,641


4,847


5,675


Provision for loan losses

(100)


-


189


(649)


(2,136)


1,164


Net interest income after provision

4,561


4,438


4,386


5,290


6,983


4,511


Noninterest income

619


1,015


757


1,199


626


641


Noninterest expense

3,921


4,201


4,170


4,648


4,216


5,079


   Income before income taxes

1,258


1,252


973


1,841


3,393


73


Provision for income taxes (benefit)

464


517


341


683


1,281


(48)


Net income

$                      794


$                       735


$                       632


$                   1,158


$                    2,112


$                      121














Share and Per Share Data:













Earnings per share - basic

$                     0.12


$                      0.11


$                      0.09


$                     0.17


$                     0.31


$                     0.02


Earnings per share - diluted

$                     0.12


$                      0.11


$                      0.09


$                     0.17


$                     0.31


$                     0.02


Book value per share

$                     7.93


$                      7.84


$                      7.76


$                     7.66


$                     7.49


$                     7.20


Tangible book value per share

$                     7.89


$                      7.79


$                      7.72


$                     7.61


$                     7.41


$                     7.10


Ending shares outstanding

6,916,506


6,913,636


6,913,636


6,913,636


6,913,636


6,913,636


Weighted average shares outstanding:













   Basic

6,914,934


6,913,636


6,913,636


6,913,636


6,859,196


6,913,636


   Diluted

6,916,011


6,914,345


6,914,085


6,913,636


6,859,196


6,913,653














Selected Performance Ratios:













Return on average assets

0.56%


0.50%


0.44%


0.83%


1.45%


0.08%


Return on average equity

5.87%


5.37%


4.69%


8.82%


16.89%


0.97%


Net interest margin

3.37%


3.33%


3.49%


3.63%


3.64%


3.94%


Efficiency ratio (1)

77.19%


77.04%


78.21%


79.59%


77.03%


80.41%














Period End Balance Sheet Data:













Loans, held for sale

$                      432


$                           -


$                           -


$                          -


$                    1,552


$                          -


Loans, net of unearned income

360,432


367,892


386,096


390,403


399,760


461,604


Total Earning Assets

523,675


543,674


525,962


515,397


534,057


581,942


Core Deposit Intangible

269


298


327


356


516


660


Total Assets

567,516


585,453


577,833


563,682


580,996


632,327


Deposits

482,983


498,559


481,320


471,184


489,966


542,271


Short term debt

14,658


17,848


26,195


22,953


23,301


23,295


Long term debt

12,372


12,372


12,372


12,372


12,372


14,372


Shareholders' equity

54,839


54,179


53,671


52,954


51,777


49,778














Selected Average Balances:













Gross Loans

$                365,871


$                 375,413


$                 386,217


$               396,190


$                409,009


$                466,324


Total Earning Assets

537,230


530,344


520,852


514,147


535,317


583,601


Core Deposit Intangible

283


310


339


379


533


679


Total Assets

577,092


580,974


569,048


563,850


585,249


631,582


Deposits

489,150


485,844


474,069


471,829


495,649


539,751


Short term debt

18,215


23,961


24,609


22,961


23,004


22,125


Long term debt

12,372


12,372


12,372


12,372


13,845


16,372


Shareholders' equity

54,890


54,352


53,619


52,783


50,300


50,379














Asset Quality Ratios:













Nonperforming loans

$                  11,180


$                  12,030


$                  18,613


$                 16,579


$                  19,270


$                 15,206


Other real estate owned

2,340


2,833


2,849


3,859


2,391


5,019


Allowance for loan losses 

7,775


7,897


8,588


8,510


9,568


10,118


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

3.10%


3.27%


4.82%


4.25%


4.82%


3.29%


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

2.16%


2.15%


2.22%


2.18%


2.39%


2.19%


Delinquency Ratio (3)

0.79%


0.32%


0.47%


0.77%


0.23%


0.59%


Net loan charge-offs to average loans

0.02%


0.73%


0.11%


0.41%


-1.64%


-0.57%








































(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

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

icon3
440k+
Newsrooms &
Influencers
icon1
9k+
Digital Media
Outlets
icon2
270k+
Journalists
Opted In
GET STARTED

Modal title

Contact PR Newswire

  • Call PR Newswire at 888-776-0942
    from 8 AM - 9 PM ET
  • Chat with an Expert
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Italy
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom
  • Vietnam

My Services

  • All New Releases
  • Platform Login
  • ProfNet
  • Data Privacy

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Platform Login
  • ProfNet
Call PR Newswire at
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookies
Copyright © 2025 Cision US Inc.