Raleigh, NC. . .For the quarter-ended September 30, 2002, North State Bancorp, the holding company for North State Bank, reported net income of $316,000 compared to $100,000 for the same period in 2001. Net income for the nine months ended September 30, 2002 was $583,000, compared to $46,000 for the same period in 2001.
Total deposits as of September 30, 2002 were $164.5 million and total loans were $110.5 million, compared to $97.5 million in total deposits and $70 million in total loans reported for the third quarter of 2001, increases of 68.7% and 57.8%, respectively.
Total assets for North State Bancorp as of September 30, 2002 were $193.6 million, compared to total assets of $118 million as of September 30, 2001, an increase of 64.1%.
“The third quarter was an exceptional quarter for our bank,” said Larry D. Barbour, president and CEO for North State. “We experienced growth in core deposits and in our loan portfolio. Perhaps more importantly, we are pleased with the customer relationships we are developing – relationships where we can serve these customers’ financial needs for years to come. That is the key to our bank realizing the vision we had when we opened our doors. We believe we can grow soundly and profitably while providing a level of service that reminds our customers how important they are to us.”
North State Bank is a full service community bank, founded in 2000, headquartered in Raleigh and currently serves Wake County with two offices, one in Raleigh and one in Garner.
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The information as of and for the quarter ended September 30, 2002 as presented is unaudited. This news release contains forward-looking statements. The actual results might differ materially from those projected in the forward-looking statements for various reasons, including our limited operating history, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Bank's FDIC filings, including its periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from the Bank.
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