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EX-99.1 2 firststateexb99jan31.txt 1 PRESS RELEASE - JANUARY 31, 2005 FOR IMMEDIATE RELEASE 1st STATE BANCORP, INC. FOR MORE INFORMATION CONTACT: JAMES C. McGILL (336) 227 - 8861 1st STATE BANCORP, INC. ANNOUNCES INCREASED EARNINGS BURLINGTON, NORTH CAROLINA 1ST STATE BANCORP, INC. (NASDAQ: FSBC) 1st State Bancorp, Inc. (Nasdaq: FSBC), the parent holding company for 1st State Bank, has reported earnings for the quarter ended December 31, 2004. Net income for the quarter ended December 31, 2004 increased $94,000, or 12.4% to $852,000, from net income of $758,000 earned in the quarter ended December 31, 2003. Basic and diluted earnings per share were $0.30 and $0.29 per share, respectively, for the quarter ended December 31, 2004 compared with $0.27 and $0.26, respectively, in the previous year. The increase in earnings for the quarter resulted from increased net interest income, increased non-interest income and decreased non-interest expense. These factors were partially offset by increased provision for loan losses and increased income taxes. Net interest income increased $255,000 or 9.1% to $3.1 million for the quarter ended December 31, 2004 from the $2.8 million recorded in the quarter ended December 31, 2003. The Company's net interest income as a percentage of average interest earning assets increased 17 basis points to 3.48% for the quarter ended December 31, 2004 from the 3.31% reported in the quarter ended December 31, 2003. This net increase results primarily from increased interest income from the recent increases in short term interest rates by the Federal Reserve Board. The increased provision for loan losses took into account, among other factors, loan charge-offs of $300,000 recorded in the quarter. At December 31, 2004, the allowance for loan losses was $3,985,000, amounting to 1.69% of loans held for investment compared to 1.68% at both September 30, 2004 and December 31, 2003. Nonperforming assets totaled $3,662,000 at December 31, 2004 down from $3,979,000 at September 30, 2004. 2 At December 31, 2004, 1st State Bancorp, Inc. had total assets of $373 million, deposits of $268 million and stockholders' equity of $66.4 million. The book value per share of common stock was $22.45 per share at December 31, 2004. 1st State Bancorp, Inc., through its subsidiary 1st State Bank, currently services its customers from seven full service banking offices in Alamance County. This press release contains statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations, and releases. The Company intends that such forward-looking statements are based on current expectations regarding important risk factors including, but not limited to, the impact of interest rates on financing issues. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved. 3 1ST STATE BANCORP, INC. (NASDAQ: FSBC) SUMMARY OF FINANCIAL HIGHLIGHTS Selected Financial Data: December 31, September 30, (in thousands - unaudited) 2004 2004 ---- ---- Total assets $372,947 $377,714 Loans receivable 235,928 235,719 Allowance for loan losses (3,985) (3,956) Loans held for sale 913 930 Investment securities 111,401 119,612 Cash and cash equivalents 11,162 9,854 Deposit accounts 268,432 262,734 Advances from Federal Home Loan Bank 33,500 44,000 Dividend payable 296 296 Total stockholders' equity 66,377 65,914 Selected Operating Data: Three months ended (in thousands - unaudited) 12/31/2004 12/31/2003 ---------- ---------- Interest income $ 4,337 $ 4,047 Interest expense 1,270 1,235 Net interest income 3,067 2,812 Provision for loan losses 330 60 Net interest income after provision for loan losses 2,737 2,752 Non-interest income 648 526 Non-interest expense 2,066 2,103 Income before taxes 1,319 1,175 Income tax expense 467 417 Net income 852 758 Per Share Data: Three months ended (unaudited) 12/31/2004 12/31/2003 ---------- ---------- Basic earnings per share $0.30 $0.27 Diluted earnings per share 0.29 0.26 Average shares outstanding - basic 2,832,135 2,812,451 Average shares outstanding - diluted 2,979,575 2,961,691 Cash dividends per share $0.10 $0.10 Book value at September 30 $22.45 $21.36 Shares outstanding at September 30 2,956,373 2,966,284 4 Interest Margin Three months ended (% of average assets - unaudited) 12/31/2004 12/31/2003 ---------- ---------- Yield on interest earning assets 4.92% 4.77% Cost of interest bearing liabilities 1.80% 1.79% Interest rate spread 3.12% 2.98% Net interest income as a percentage of average interest earning assets 3.48% 3.31% Asset Quality December 31, December 31, (unaudited) 2004 2003 ---- ---- Allowance for loan losses to gross loans held for investment 1.69% 1.68% Nonperforming assets to total assets 0.98% 1.19%
The following information was filed by 1St State Bancorp Inc on Tuesday, February 1, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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1074078 Quarterly Reports
- 10-Q Quarterly Report August 2005
- 10-Q Quarterly Report May 2005
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10-Q Quarterly Report February 2005
- 10-Q Quarterly Report August 2004
- 10-Q Quarterly Report May 2004
