Exhibit 99.1
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| FOR IMMEDIATE RELEASE | | | CONTACT: | | | Frank W. Wingate | | |
| April 20, 2004 | | | | | | President and | | |
| | | | | | | Chief Executive Officer | | |
| | | | | | | (864) 297-6333 | | |
NEW COMMERCE BANCORP REPORTS FIRST QUARTER RESULTS
GREENVILLE, SC — New Commerce BanCorp (OTC Bulletin Board: NCBS.OB), parent company of New Commerce Bank, reported first quarter 2004 net income of $23,676, or $0.02 per diluted share, compared to net income of $6,353 or $0.01 per diluted share, for the same period in 2003.
Assets totaled $90.3 million at March 31, 2004 and represented a $28.1 million increase from March 31, 2003. The loan portfolio increased $18.4 million to $61.1 million from March 31, 2003 and represented 68% of total assets. There were no non-performing loans as of the end of the quarter. Total deposits were $76.4 million at March 31, 2004, a $28.3 million increase from the first quarter of 2003.
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.
Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future growth and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, greater than expected non interest expenses or excessive loan losses which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
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NEW COMMERCE BANCORP AND SUBSIDIARY
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
STATEMENT OF INCOME DATA:
| Three Months Ended |
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| March 31,
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| 2004
| 2003
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| Net interest income | | | $ | 670 | | $ | 523 | |
| Provision for loan losses | | | | 63 | | | 44 | |
| Noninterest income | | | | 122 | | | 101 | |
| Noninterest expense | | | | 691 | | | 570 | |
| Income before income tax expense | | | | 38 | | | 10 | |
| Income tax expense | | | | 14 | | | 4 | |
| Net income | | | | 24 | | | 6 | |
| Basic earnings per share | | | $ | 0.02 | | $ | 0.01 | |
| Diluted earnings per share | | | $ | 0.02 | | $ | 0.01 | |
| Weighted average shares outstanding: | | |
| Basic | | | | 1,000,000 | | | 1,000,000 | |
| Diluted | | | | 1,045,003 | | | 1,017,977 | |
BALANCE SHEET DATA:
| March 31,
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| 2004
| 2003
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| Total assets | | | $ | 90,332 | | $ | 62,245 | |
| Total earning assets | | | | 83,110 | | | 55,647 | |
| Gross loans | | | | 61,092 | | | 42,669 | |
| Allowance for loan losses | | | | 672 | | | 534 | |
| Investment securities | | | | 15,114 | | | 12,863 | |
| Total deposits | | | | 76,401 | | | 48,129 | |
| Total interest-bearing deposits | | | | 62,471 | | | 41,037 | |
| Other borrowings | | | | 4,500 | | | 4,950 | |
| Total liabilities | | | | 81,537 | | | 53,460 | |
| Shareholders' equity | | | | 8,796 | | | 8,785 | |
| Book value per share | | | $ | 8.80 | | $ | 8.79 | |
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SELECTED RATIOS:
| March 31,
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| 2004
| 2003
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| Net interest margin | | | | 3 | .48% | | 3 | .82% |
| Allowance for loan losses as | | |
| a percentage of gross loans | | | | 1 | .10% | | 1 | .25% |
| Gross loans to deposits | | | | 79 | .96% | | 88 | .65% |
| Non-performing loans to gross loans | | | | 0 | .00% | | 0 | .00% |
| Net charge-offs (recoveries) to | | |
| average loans | | | | 0 | .20% | | 0 | .01% |
| Capital ratios (Bank only): | | |
| Tier 1 capital (to risk-weighted assets) | | | | 10 | .00% | | 13 | .68% |
| Total capital (to risk-weighted assets) | | | | 10 | .94% | | 14 | .71% |
| Leverage ratio (to average assets) | | | | 8 | .78% | | 11 | .90% |
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