Please wait while we load the requested 10-Q report or click the link below:
https://last10k.com/sec-filings/report/1074078/000091431705001743/form10q-68513_firststate.txt
SEC Filings
1074078 Annual Reports
1074078 Quarterly Reports
1074078 Corporate News
Earnings Release
Financial Exhibit December 2005
Earnings Release
Financial Exhibit August 2005
Financial Exhibit
New Agreement June 2005
Earnings Release
Financial Exhibit April 2005
Earnings Release
Financial Exhibit February 2005
Accountant Change
Financial Exhibit January 2005
Financial Exhibit
Other Events November 2004
Earnings Release
Financial Exhibit October 2004
SEC Filing July 2004
SEC Filing April 2004
Earnings Release
Financial Exhibit
Financial Exhibit
December 2005
Earnings Release
Financial Exhibit
Financial Exhibit
August 2005
Financial Exhibit
New Agreement
New Agreement
June 2005
Earnings Release
Financial Exhibit
Financial Exhibit
April 2005
Earnings Release
Financial Exhibit
Financial Exhibit
February 2005
Accountant Change
Financial Exhibit
Financial Exhibit
January 2005
Financial Exhibit
Other Events
Other Events
November 2004
Earnings Release
Financial Exhibit
Financial Exhibit
October 2004
SEC Filing
July 2004
SEC Filing
April 2004
Last10K.com | 10-Q Quarterly Report Fri May 13 2005
EX-99 2 firststate8kapr2205ex99.txt 1 PRESS RELEASE - APRIL 22, 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 holding company for 1st State Bank, has reported increased earnings for the quarter ended March 31, 2005. Net income for the quarter ended March 31, 2005 increased 13.5% to $884,000, from net income of $779,000 earned in the quarter ended March 31, 2004. Basic earnings per share increased $0.03 per share to $0.31 per share for the quarter ended March 31, 2005, from $0.28 per share for the quarter ended March 31, 2004. Diluted earnings per share increased $0.04 per share to $0.30 per share for the quarter ended March 31, 2005 from $0.26 per share for the quarter ended March 31, 2004. Net income for the six months ended March 31, 2005 increased 12.9% to $1,736,000, from net income of $1,537,000 earned in the six months ended March 31, 2004. Basic earnings per share increased $0.07 per share to $0.62 per share for the six months ended March 31, 2005, from $0.55 per share for the quarter ended March 31, 2004. Diluted earnings per share increased $0.06 per share to $0.58 per share for the six months ended March 31, 2005 from $0.52 per share for the same period in the prior year. Net interest income increased $289,000 or 10.5% to $3.1 million for the quarter ended March 31, 2005 from the $2.8 million recorded in the quarter ended March 31, 2004. The Company's net interest income as a percentage of average interest earning assets increased 24 basis points to 3.48% for the quarter ended March 31, 2005 from the 3.24% reported in the quarter ended March 31, 2004. This net increase results primarily from increased interest income from the recent increases in short term interest rates by the Federal Reserve Board. At March 31, 2005, 1st State Bancorp, Inc. had total assets of $373 million, deposits of $279 million and stockholders' equity of $64.7 million. The book value per share of common stock was $22.29 per share at March 31, 2005. 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. 2
1st STATE BANCORP, INC. (NASDAQ:FSBC) SUMMARY OF FINANCIAL HIGHLIGHTS SELECTED FINANCIAL DATA: MARCH 31, SEPTEMBER 30, (IN THOUSANDS - UNAUDITED) 2005 2004 ---- ---- Total assets $ 372,753 $ 377,714 Loans receivable, net 234,418 231,763 Loans held for sale 1,975 930 Investment securities 110,634 119,612 Cash and cash equivalents 9,030 9,854 Deposit accounts 278,769 262,734 Advances from Federal Home Loan Bank 23,500 44,000 Total stockholders' equity 64,731 65,914
SELECTED OPERATING DATA: THREE MONTHS ENDED SIX MONTHS ENDED (IN THOUSANDS - UNAUDITED) 3/31/2005 3/31/2004 3/31/2005 3/31/2004 --------- --------- --------- --------- Interest income $4,512 $3,954 $8,850 $8,001 Interest expense 1,458 1,189 2,728 2,424 ------ ------ ------ ------ Net interest income 3,054 2,765 6,122 5,577 Provision for loan losses 60 60 390 120 ------ ------ ------ ------ Net interest income after provision for loan losses 2,994 2,705 5,732 5,457 Non-interest income 460 590 1,106 1,116 Non-interest expense 2,077 2,056 4,142 4,159 ------ ------ ------ ------ Income before taxes 1,377 1,239 2,696 2,414 Income tax expense 493 460 960 877 ------ ------ ------ ------ Net income $ 884 $ 779 $1,736 $1,537 ====== ====== ====== ====== 3
PER SHARE DATA: THREE MONTHS ENDED SIX MONTHS ENDED (UNAUDITED) 3/31/2005 3/31/2004 3/31/2005 3/31/2004 --------- --------- --------- --------- Basic earnings per share $ 0.31 $ 0.28 $ 0.62 $ 0.55 Diluted earnings per share 0.30 0.26 0.58 0.52 Average shares outstanding - basic 2,811,410 2,814,005 2,821,942 2,813,224 Average shares outstanding - diluted 2,962,132 2,971,283 2,969,782 2,966,119 Cash dividends per share $ 0.10 $ 0.10 $ 0.20 $ 0.20 Book value at March 31 $ 22.29 $ 21.71 Shares outstanding at March 31 2,903,517 2,962,323
INTEREST MARGIN THREE MONTHS ENDED SIX MONTHS ENDED (% OF AVERAGE ASSETS - UNAUDITED) 3/31/2005 3/31/2004 3/31/2005 3/31/2004 --------- --------- --------- --------- Yield on interest earning assets 5.15% 4.64% 5.03% 4.70% Cost of interest bearing liabilities 2.07% 1.71% 1.93% 1.75% ----- ----- ----- ----- Interest rate spread 3.08% 2.93% 3.10% 2.95% Net interest income as a percentage of average interest earning assets 3.48% 3.24% 3.48% 3.28%
ASSET QUALITY MARCH 31, MARCH 31, (UNAUDITED) 2005 2004 ---- ---- Allowance for loan losses to gross loans 1.55% 1.66% held for investment Nonperforming assets to total assets 0.75% 1.23%
The following information was filed by 1St State Bancorp Inc on Monday, April 25, 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.
View differences made from one quarter to another to evaluate 1St State Bancorp Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by 1St State Bancorp Inc.
Assess how 1St State Bancorp Inc's management team is paid from their Annual Proxy
1St State Bancorp Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2005 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
SEC Filing Tools
CIK: 1074078
Form Type: 10-Q Quarterly Report
Accession Number: 0000914317-05-001743
Submitted to the SEC: Fri May 13 2005 2:48:05 PM EST
Accepted by the SEC: Fri May 13 2005
Period: Thursday, March 31, 2005
Industry: State Commercial Banks
External Resources:
Bookmark the Permalink: https://last10k.com/sec-filings/1074078/0000914317-05-001743.htm
SEC Filing Exhibit
PDF Download
Loading SEC Filing Exhibit...
Excel DownloadLoading SEC Filing Financial Summary...