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New Century Bancorp Inc. (NCBC) filed Quarterly Report for the period ended 2011-06-30.
New Century Bancorp Inc. has a market cap of $22.5 million; its shares were traded at around $3.24 with and P/S ratio of 0.6.
This is the annual revenues and earnings per share of NCBC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of NCBC.
Highlight of Business Operations:
During the first six months of 2011, total assets grew by $2.2 million to $629.1 million as of June 30, 2011. Earning assets at June 30, 2011 totaled $583.8 million and consisted of $448.1 million in net loans, $76.8 million in investment securities, $56.5 million in overnight investments and interest-bearing deposits in other banks and $2.5 million in non-marketable equity securities. Total deposits and shareholders’ equity at the end of the second quarter of 2011 were $538.8 million and $49.0 million, respectively.
Since the end of 2010, gross loans have decreased by $12.0 million to $458.5 million as of June 30, 2011 due to continued soft loan demand and efforts to reduce concentration levels in construction and commercial real estate loans. Gross loans consisted of $40.6 million in commercial and industrial loans, $204.4 million in commercial real estate loans, $28.2 million in multi-family residential loans, $8.4 million in consumer loans, $100.0 million in residential real estate, and $77.2 million in construction loans. The deferred loan fees and costs on these loans was ($359,000).
At June 30, 2011, the Company held $19.5 million in federal funds sold, an increase of $12.3 million from December 31, 2010. Interest-earning deposits in other banks were $36.9 million at June 30, 2011, a $15.3 million increase from December 31, 2010. The Company’s investment securities at June 30, 2011 were $76.8 million, a decrease of $13.1 million from December 31, 2010. The investment portfolio as of June 30, 2011 consisted of $37.8 million in government agency debt securities, $31.2 million in mortgage-backed securities and $5.8 million in municipal securities. The unrealized gain on these securities was $2.0 million.
At June 30, 2011, non-earning assets were $45.3 million, which reflects an increase of $0.1 million from the $45.2 million as of December 31, 2010. Non-earning assets as of June 30, 2011 included $8.3 million in cash and due from banks, bank premises and equipment of $12.7 million, core deposit intangible of $622,000, accrued interest receivable of $2.3 million, foreclosed real estate of $3.4 million, and other assets which consisted of $7.9 million in bank owned life insurance (“BOLI”), $4.8 million in deferred tax assets, $1.6 million in taxes receivable, $2.2 million in prepaid expenses, and $1.5 million in all other assets. Since the income on BOLI is included in non-interest income, this asset is not included in the Company’s calculation of earning assets.
Total impaired loans at June 30, 2011 were $20.6 million, this includes $14.1 million in loans that were classified as impaired because they were in non-accrual and $6.5 million in loans that were determined to be impaired for other reasons. Of these loans, $6.8 million required a specific reserve of $2.1 million at June 30, 2011. Total impaired loans at December 31, 2010 were $16.5 million. This includes $10.6 million in loans that were considered to be impaired due to being in non-accrual status and $5.9 million in loans that were deemed to be impaired for other reasons. Of these loans, $10.8 required a specific reserve of $3.3 million at December 31, 2010.
Non-Interest Income. Non-interest income for the quarter ended June 30, 2011 was $892,000, an increase of $222,000 from the second quarter of 2010. Service charges on deposit accounts decreased $62,000 to $376,000 for the quarter ended June 30, 2011 as compared to $438,000 for the same period for 2010. Mortgage fee income increased $7,000 to $61,000 for the quarter ended June 30, 2011 as compared to the same period in 2010. Other non-deposit fees and income increased $277,000 to $455,000 for the quarter ended June 30, 2011 as compared to the same period in 2010 primarily as a result of $242,000 in common stock receivable as consideration in the resolution of a loan participation interest pertaining to the alleged borrower fraud.
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