EX-99
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firststate8kapr2205ex99.txt

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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.



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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 ====== ====== ====== ======
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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.

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