New Century Bancorp Inc. (NCBC, Financial) filed Quarterly Report for the period ended 2010-03-31.
New Century Bancorp Inc. has a market cap of $41 million; its shares were traded at around $6 with a P/E ratio of 120 and P/S ratio of 1.2.
Since the end of 2009, gross loans have increased by $15.3 million to $496.4 million as of March 31, 2010. Gross loans consisted of $70.8 million in commercial and industrial loans, $206.3 million in commercial real estate loans, $23.7 million in multi-family residential loans, $12.1 million in consumer loans, $105.2 million in residential real estate, and $78.3 million in construction loans.
At March 31, 2010, the Company held $4.4 million in federal funds sold, a decrease of $2.3 million from December 31, 2009. Interest-earning deposits in other banks were $18.4 million at March 31, 2010, a $5.7 million increase from December 31, 2009. The Companys investment securities at March 31, 2010 were $92.3 million, a decrease of $4.0 million from December 31, 2009. The investment portfolio as of March 31, 2010 consisted of $52.1 million in government agency debt securities, $30.6 million in
At March 31, 2010, non-earning assets were $40.1 million, which reflects a decrease of $1.8 million from the $41.9 million as of December 31, 2009. Non-earning assets as of March 31, 2010 included $8.0 million in cash and due from banks, bank premises and equipment of $12.2 million, core deposit intangible of $0.8 million, accrued interest receivable of $2.6 million, foreclosed real estate of $2.7 million, and other assets totaling $6.3 million. Also, the Company also has an investment in bank owned life insurance of $7.5 million at March 31, 2010, which increased $65,000 from December 31, 2009 due to an increase in cash surrender value. Since the income on this investment is included in non-interest income, the asset is not included in the Companys calculation of earning assets.
As of March 31, 2010, there were $19.0 million of loans that were considered to be impaired due to being in non-accrual status. $11.6 million of these impaired loans required a specific reserve of $5.4 million at March 31, 2010. At December 31, 2009, $16.5 million in loans, which was comprised of $16.0 million in non-accrual loans and $500,000 in other loans that management had classified as impaired for other reasons, were classified as impaired of which $9.7 million required a specific reserve of $4.2 million. The allowance for loan losses was $11.2 million at March 31, 2010 or 2.26% of gross loans outstanding. This is an increase of 11 basis points from the 2.15% of gross loans at December 31, 2009. The allowance for loan losses at March 31, 2010 represented 59.3% of impaired loans compared to 63.3% at December 31, 2009. This increase in the allowance for the first three months of 2010 resulted from provisions for loan losses of $1.3 million, partially offset by net charge-offs of $0.1 million. Most of the loans charged-off in 2010 were classified as impaired at December 31, 2009 and had been specifically reserved for as part of the allowance for loan loss calculation. It is managements assessment that the allowance for loan losses as of March 31, 2010 is appropriate in light of the risk inherent within the Companys loan portfolio. No assurances, however, can be made that further adjustments to the allowance for loan losses may not be deemed necessary.
Non-Interest Income. Non-interest income for the quarter ended March 31, 2010 was $667,000, a decrease of $159,000 from the first quarter of 2009. Service charges on deposit accounts remained approximately the same at $439,000 for the quarter ended March 31, 2010 as compared to $435,000 for the same period for 2009. Mortgage fee income declined $119,000 to $28,000 for the quarter ended March 31, 2010 as compared to the same period in 2009, primarily as a result of the Companys third party provider for the funding of mortgage loans going out of business in August of 2009. Other non-deposit fees and income decreased $44,000 to $200,000 for the quarter ended March 31, 2010 as compared to the same period in 2009 primarily as a result of a $24,000 decrease in rental income on foreclosed real estate and a $22,000 decrease in gains on principal pay-downs on mortgage backed securities.
Read the The complete Report
New Century Bancorp Inc. has a market cap of $41 million; its shares were traded at around $6 with a P/E ratio of 120 and P/S ratio of 1.2.
Highlight of Business Operations:
During the first three months of 2010, total assets grew by $12.5 million to $642.9 million as of March 31, 2010. Earning assets at March 31, 2010 totaled $602.8 million and consisted of $485.2 million in net loans, $92.3 million in investment securities, $22.8 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 third quarter were $542.3 million and $54.9 million, respectively.Since the end of 2009, gross loans have increased by $15.3 million to $496.4 million as of March 31, 2010. Gross loans consisted of $70.8 million in commercial and industrial loans, $206.3 million in commercial real estate loans, $23.7 million in multi-family residential loans, $12.1 million in consumer loans, $105.2 million in residential real estate, and $78.3 million in construction loans.
At March 31, 2010, the Company held $4.4 million in federal funds sold, a decrease of $2.3 million from December 31, 2009. Interest-earning deposits in other banks were $18.4 million at March 31, 2010, a $5.7 million increase from December 31, 2009. The Companys investment securities at March 31, 2010 were $92.3 million, a decrease of $4.0 million from December 31, 2009. The investment portfolio as of March 31, 2010 consisted of $52.1 million in government agency debt securities, $30.6 million in
At March 31, 2010, non-earning assets were $40.1 million, which reflects a decrease of $1.8 million from the $41.9 million as of December 31, 2009. Non-earning assets as of March 31, 2010 included $8.0 million in cash and due from banks, bank premises and equipment of $12.2 million, core deposit intangible of $0.8 million, accrued interest receivable of $2.6 million, foreclosed real estate of $2.7 million, and other assets totaling $6.3 million. Also, the Company also has an investment in bank owned life insurance of $7.5 million at March 31, 2010, which increased $65,000 from December 31, 2009 due to an increase in cash surrender value. Since the income on this investment is included in non-interest income, the asset is not included in the Companys calculation of earning assets.
As of March 31, 2010, there were $19.0 million of loans that were considered to be impaired due to being in non-accrual status. $11.6 million of these impaired loans required a specific reserve of $5.4 million at March 31, 2010. At December 31, 2009, $16.5 million in loans, which was comprised of $16.0 million in non-accrual loans and $500,000 in other loans that management had classified as impaired for other reasons, were classified as impaired of which $9.7 million required a specific reserve of $4.2 million. The allowance for loan losses was $11.2 million at March 31, 2010 or 2.26% of gross loans outstanding. This is an increase of 11 basis points from the 2.15% of gross loans at December 31, 2009. The allowance for loan losses at March 31, 2010 represented 59.3% of impaired loans compared to 63.3% at December 31, 2009. This increase in the allowance for the first three months of 2010 resulted from provisions for loan losses of $1.3 million, partially offset by net charge-offs of $0.1 million. Most of the loans charged-off in 2010 were classified as impaired at December 31, 2009 and had been specifically reserved for as part of the allowance for loan loss calculation. It is managements assessment that the allowance for loan losses as of March 31, 2010 is appropriate in light of the risk inherent within the Companys loan portfolio. No assurances, however, can be made that further adjustments to the allowance for loan losses may not be deemed necessary.
Non-Interest Income. Non-interest income for the quarter ended March 31, 2010 was $667,000, a decrease of $159,000 from the first quarter of 2009. Service charges on deposit accounts remained approximately the same at $439,000 for the quarter ended March 31, 2010 as compared to $435,000 for the same period for 2009. Mortgage fee income declined $119,000 to $28,000 for the quarter ended March 31, 2010 as compared to the same period in 2009, primarily as a result of the Companys third party provider for the funding of mortgage loans going out of business in August of 2009. Other non-deposit fees and income decreased $44,000 to $200,000 for the quarter ended March 31, 2010 as compared to the same period in 2009 primarily as a result of a $24,000 decrease in rental income on foreclosed real estate and a $22,000 decrease in gains on principal pay-downs on mortgage backed securities.
Read the The complete Report
