New Century Bancorp Reports Q4 EPS $0.09 vs $0.02 Prior; Revenues $599K vs $125K Prior

New Century Bancorp

, the holding company for New Century Bank, today reported net income of $599,000 for the quarter ended December 31, 2011, and basic and diluted earnings per share of $0.09, compared to net income of $125,000 and basic and diluted earnings per share of $0.02 for the quarter ended December 31, 2010. For the year ended December 31, 2011, the Company reported a net loss of $163,000 and basic and diluted losses per share of $0.02, compared to results for the year ended December 31, 2010, for which the Company reported a net loss of $4.96 million and basic and diluted losses per share of $0.72. Results for 2010 were negatively impacted by a more than $10 million addition to loan loss provision as the result of a fraud committed by a borrower. Total assets for the Company as of December 31, 2011, were $589.7 million, total deposits were $501.4 million, and total loans were $417.6 million, compared to total assets of $626.9 million, total deposits of $534.6 million, and total loans of $470.5 million as of the same date in 2010. While deposits declined, the decline was directly related to soft loan demand due to a slow economy. The need for deposits is proportionate to loan demand, as deposits are used to fund loans.