Exhibit 99.1
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| FOR IMMEDIATE RELEASE | | | CONTACT: | | | Frank W. Wingate | | |
| January 30, 2004 | | | | | | President and | | |
| | | | | | Chief Executive Officer | | |
| | | | | | (864) 297-6333 | | |
NEW COMMERCE BANCORP REPORTS FOURTH QUARTER RESULTS
GREENVILLE, SC – New Commerce BanCorp (OTC Bulletin Board: NCBS.OB), parent company of New Commerce Bank, reported in a press release on January 20, 2004 the results as of and for the year ended December 31, 2003. As a part of this press release, the Company reported nonperforming loans of $72,000, or 0.12% of gross loans. Today, the Company announced that a decision was made to classify two additional loans amounting to $464,000 as nonperforming as of December 31, 2003. Therefore, total nonperforming loans as of December 30, 2003 totaled $536,000 or 0.9% of the $58.0 million of gross loans.
This decision did not impact any other items of income or financial position previously reported. Following is the Financial Highlights table with this change reflected.
New Commerce Bank has two offices serving individual and business clients in the Golden Strip area of Greenville County. The main office is located on East Butler Road at I-385 and the Five Forks office is located on Woodruff Road at Batesville Road in Simpsonville.
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NEW COMMERCE BANCORP AND SUBSIDIARY
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
STATEMENT OF OPERATIONS DATA:
| Three Months Ended | Year Ended |
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| December 31,
| December 31,
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| 2003
| 2002
| 2003
| 2002
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| Net interest income | | | $ | 632 | | $ | 517 | | $ | 2,259 | | $ | 1,971 | |
| Provision for loan losses | | | | 98 | | | 42 | | | 272 | | | 110 | |
| Noninterest income | | | | 190 | | | 137 | | | 647 | | | 408 | |
| Noninterest expense | | | | 663 | | | 604 | | | 2,498 | | | 2,207 | |
| Income before income tax expense | | | | 61 | | | 8 | | | 136 | | | 62 | |
| Income tax expense | | | | 22 | | | 3 | | | 50 | | | 24 | |
| Net income | | | | 39 | | | 5 | | | 86 | | | 38 | |
| Basic earnings per share | | | $ | 0.04 | | $ | 0.01 | | $ | 0.09 | | $ | 0.04 | |
| Diluted earnings per share | | | $ | 0.04 | | $ | 0.01 | | $ | 0.08 | | $ | 0.04 | |
| Weighted average shares outstanding: | | |
| Basic | | | | 1,000,000 | | | 1,000,000 | | | 1,000,000 | | | 1,000,000 | |
| Diluted | | | | 1,021,892 | | | 1,018,372 | | | 1,018,961 | | | 1,014,473 | |
BALANCE SHEET DATA:
| December 31,
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| 2003
| 2002
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| Total assets | | | $ | 85,044 | | $ | 63,633 | | | | | | | |
| Total earning assets | | | | 78,230 | | | 56,282 | | | | | | | |
| Gross loans | | | | 58,044 | | | 38,430 | | | | | | | |
| Allowance for loan losses | | | | 726 | | | 492 | | | | | | | |
| Investment securities | | | | 14,573 | | | 14,510 | | | | | | | |
| Total deposits | | | | 71,876 | | | 47,522 | | | | | | | |
| Total interest-bearing deposits | | | | 59,758 | | | 42,354 | | | | | | | |
| Other borrowings | | | | 3,750 | | | 4,725 | | | | | | | |
| Total liabilities | | | | 76,375 | | | 54,794 | | | | | | | |
| Shareholders' equity | | | | 8,669 | | | 8,839 | | | | | | | |
| Book value per share | | | $ | 8.67 | | $ | 8.84 | | | | | | | |
SELECTED RATIOS:
| December 31,
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| 2003
| 2002
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| Net interest margin | | | | 3.61 | % | | 4.03 | % | | | | | | |
| Allowance for loan losses as | | |
| a percentage of gross loans | | | | 1.25 | % | | 1.28 | % | | | | | | |
| Gross loans to deposits | | | | 80.76 | % | | 80.86 | % | | | | | | |
| Non-performing loans to gross loans | | | | 0.92 | % | | 0.00 | % | | | | | | |
| Net charge-offs (recoveries) to | | |
| average loans | | | | 0.08 | % | | 0.07 | % | | | | | | |
| Capital ratios (Bank only): | | |
| Tier 1 capital (to risk-weighted assets) | | | | 10.50 | % | | 14.47 | % | | | | | | |
| Total capital (to risk-weighted assets) | | | | 11.56 | % | | 15.47 | % | | | | | | |
| Leverage ratio (to average assets) | | | | 9.44 | % | | 11.85 | % | | | | | | |
