Exhibit 99.1
FOR IMMEDIATE RELEASE CONTACT: Frank W. Wingate
April 30, 2003 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 2003 net income of $6,353
compared to net income of $4,506 for the same period in 2002. Earnings per share
for the quarter was $0.01 per share compared to earnings per share of one-half
cent for the first quarter of 2002.
Assets totaled $62.2 million at March 31, 2003 and represented a $10.8 million
increase from March 31, 2002. The loan portfolio increased $12.8 million to
$42.1 million from March 31, 2002 and represented 68% of total assets. There
were no non-performing loans as of the end of the quarter. Total deposits were
$48.1 million at March 31, 2003, a $13.2 million increase from the first quarter
of 2002.
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.
Statements in this press release may consist of forward-looking information
under the Private Securities Litigation Reform Act of 1995. The accuracy of the
forward-looking information is necessarily subject to and involves risks and
uncertainties which could cause actual results to differ materially from the
forward-looking information. These risks and uncertainties include, but are not
limited to, unforeseen general economic conditions such as a downturn in the
economy, competitive risks, and other factors set forth from time to time in our
filings with the Securities and Exchange Commission. When used in this release,
words such as "believes," "estimates," "plans," "expects," "should," "will,"
"may," "might," "outlook," and "anticipates" are intended to identify
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 OPERATIONS DATA:
- ----------------------------
Three Months Ended
March 31,
------------------------------------- Percent
2003 2002 Change
----------------- --------------- -----------
Net interest income $ 523 $ 462 13%
Provision for loan losses 44 9 389%
Non-interest income 101 56 80%
Non-interest expense 570 501 14%
Income before income tax expense 10 8
Income tax expense 4 3
Net income 6 5
Basic and diluted earnings per share $ 0.01 $ .005
Weighted average shares outstanding:
Basic 1,000,000 1,000,000
Diluted 1,017,977 1,000,000
BALANCE SHEET DATA:
- ------------------
Three Months Ended
March 31,
------------------------------------- Percent
2003 2002 Change
----------------- --------------- -----------
Total assets $ 62,245 $ 51,375 21%
Total earning assets 55,647 45,410 23%
Gross loans 42,669 29,722 44%
Allowance for loan losses 534 414 29%
Investment securities 12,863 15,688 (18)%
Total deposits 48,129 35,575 35%
Total interest-bearing deposits 41,037 30,275 36%
Other borrowings 4,950 6,905 (28)%
Total liabilities 53,460 42,734 25%
Shareholders' equity 8,785 8,641 2%
Book value per share $ 8.79 $ 8.64 2%
SELECTED RATIOS:
- ---------------
March 31,
---------------------------------
2003 2002
--------------- ---------------
Net interest margin 3.82% 4.18%
Allowance for loan losses as
a percentage of gross loans 1.25% 1.39%
Gross loans to deposits 88.65% 83.40%
Non-performing loans to gross loans 0.00% 0.00%
Net charge-offs (recoveries) to
average loans 0.01% 0.00%
Capital ratios (Bank only):
Tier 1 capital (to risk-weighted assets) 13.68% 16.93%
Total capital (to risk-weighted assets) 14.71% 17.92%
Leverage ratio (to average assets) 11.90% 14.45%