We are excited about our recent growth as our Downtown Raleigh office is open at 16 West Martin Street, in the old Capital Club building, and our full-service office in Wilmington is open at 1411 Commonwealth Drive. We look forward to building new and expanding existing relationships in these markets. We are taking relationship banking from the capital to the coast.
For the year ended December 31, 2007, North State Bancorp (the “Company”), the holding company for North State Bank, reported net income of $3.1 million compared to $3.3 million for the same period in 2006, a decrease of 6.1%. For the quarter ended December 31, 2007, net income was $610,000 compared to $960,000 for the same period in 2006. The difference in our year-to-year net income comparison was a result of strong loan growth, which required an increase in our loan loss reserves amount, and investing in our infrastructure through new office openings and staff.
Total assets as of December 31, 2007 were $548.5 million, compared to total assets of $455.5 million at December 31, 2006, an increase of $93.0 million or 20.4%. Total deposits for North State Bank at December 31, 2007 were $457.3 million and total loans were $469.2 million, compared to total deposits of $402.1 million and total loans of $345.9 million reported at December 31, 2006, increases of 13.7% and 35.6%, respectively. The Company has no exposure to “subprime” loans.
An exciting note about our stock performance, according to Equity Research Services, North State Bancorp has the best five-year price appreciation at 489% of all 49 publicly traded banks in North Carolina. By comparison, our peers have seen a median increase of 115%.
Plans for Summer Salute 2008 are well underway, with new co-chairs Jim Branch, president of Hand Up Foundation and member of our Board, and Sandra Temple, North State Bank’s executive vice president and chief operations officer, at the helm. Thank you to Jeannette Hyde and Steve Salisbury for their leadership the first four years. In that short time, we contributed nearly $500,000 to Hospice of Wake County.
Thank you for your interest in North State Bank. If you would like to know more about how we can help you reach your financial needs, give one of our staff members a call.
