UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2006
OR
| ¨ | TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
COMMISSION FILE NUMBER 000-50400
NEW CENTURY BANCORP, INC.
(Exact name of registrant as specified in its charter)
| NORTH CAROLINA | 20-0218264 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
| 700 W. Cumberland Street, Dunn, North Carolina | 28334 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone number, including area code: (910) 892-7080
Securities registered pursuant to Section 12(b) of the Act
NONE
Securities registered pursuant to Section 12(g) of the Act:
COMMON STOCK, PAR VALUE $1.00 PER SHARE
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ¨ Yes x No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ¨ Yes x No
Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer x
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ¨ Yes x No
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. $ 72,853,377
Indicate the number of shares outstanding of each of the registrant’s classes of Common Stock as of the latest practicable date. 6,505,177 shares outstanding as of April 9, 2007
Documents Incorporated by Reference.
None.
Explanatory Note
This Amendment to New Century Bancorp, Inc.’s Annual Report on Form 10-K is filed for the sole purpose of correcting a typographical error in Item 7 – Management’s Discussion and Analysis. Specifically, the discussion of asset quality and the allowance for loan losses on page 40-41 of such report should have stated that the registrant’s impaired loans at December 31, 2006 totaled $11.8 million, as was correctly reported elsewhere in Management’s Discussion and Analysis and in the notes to the registrant’s audited financial statements filed pursuant to Item 8 of the report.
The registrant’s discussion and analysis of asset quality and the allowance for loan loses, as corrected, is reproduced under Item 7 below.
ITEM 7—MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
ASSET QUALITY AND THE ALLOWANCE FOR LOAN LOSSES
The Financial Statements are prepared on the accrual basis of accounting, including the recognition of interest income on the loan portfolio, unless a loan is placed on a nonaccrual basis. Loans are placed on a nonaccrual basis when there are serious doubts about the collectibility of principal or interest. Amounts received on non-accrual loans generally are applied first to principal and then to interest only after all principal has been collected. Restructured loans are those for which concessions, including the reduction of interest rates below a rate otherwise available to that borrower or the deferral of interest or principal, have been granted due to the borrower’s weakened financial condition. Interest on restructured loans is accrued at the restructured rates when it is anticipated that no loss of original principal will occur. The Company’s impaired loans totaled $11.8 million at December 31, 2006 and were comprised of $3.2 million in non-accrual and restructured loans, $1.2 million in loans that were 90 days or more past due and still accruing and $7.4 million in other loans that management has classified as impaired for other reasons.
The allowance for loan losses is maintained at a level considered adequate by management to provide for anticipated loan losses based on management’s assessment of various factors affecting the loan portfolio, including a review of problem loans, business conditions and loss experience and an overall evaluation of the quality of the underlying collateral. The allowance is increased by provisions charged to operations and reduced by loans charged off, net of recoveries. While management believes that it uses the best information available to determine the allowance for loan losses, unforeseen market conditions could result in adjustments to the allowance for loan losses, and net income could be significantly affected, if circumstances differ substantially from the assumptions used in making the final determination. Additional information regarding the Company’s allowance for loan losses and loan loss experience are presented in Note D to the accompanying financial statements.
SIGNATURES
Pursuant to the requirements of Section 13 of the Securities Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
| NEW CENTURY BANCORP, INC. | ||||
| Registrant | ||||
| By: | /s/ William L. Hedgepeth, II | |||
| William L. Hedgepeth, II | ||||
| Date: April 18, 2007 | President and Chief Executive Officer | |||
Pursuant to the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
/s/ William L. Hedgepeth II William L. Hedgepeth, II, President and Chief Executive Officer | April 18, 2007 | |||
/s/ Lisa F. Campbell Lisa F. Campbell, Executive Vice President and Chief Financial Officer | April 18, 2007 | |||
John Q. Shaw, Jr., Director | April , 2007 | |||
J. Gary Ciccone, Director | April 18, 2007 | |||
John W. McCauley, Director | April 18, 2007 | |||
/s/ Oscar N. Harris Oscar N. Harris, Director | April 18, 2007 | |||
/s/ Clarence L. Tart, Jr. Clarence L. Tart, Jr., Director | April 18, 2007 | |||
/s/ Gerald W. Hayes, Jr. Gerald W. Hayes, Jr., Director | April 18, 2007 | |||
/s/ Thurman C. Godwin, Jr. Thurman C. Godwin, Jr., Director | April 18, 2007 | |||
/s/ Carlie C. McLamb Carlie C. McLamb, Director | April 18, 2007 | |||
Anthony Rand, Director | April , 2007 | |||
