North State Bancorp, the holding company for North State Bank, has reported a net income of $833,000, or $0.11 per diluted share, for the first quarter of 2009, an increase of 32.4%, compared to $629,000, or $0.09 per diluted share, for the corresponding quarter of 2008.
Net interest income increased $270,000 or 5.6% from $4.84m for the first quarter of 2008 to $5.11m for the same period in 2009.
At March 31, 2009, total assets grew 26.1% from $571.49m to $720.62m, total deposits grew 30.2% from $493.37m to $642.57m, and total loans increased 9.8% from $500.67m to $549.56m from March 31, 2008.
Larry Barbour, president and CEO of North State Bancorp, said: We are pleased with these results in what are very challenging times. During the first quarter, we also announced the creation of a new division, CommunityPLUS which has historically served our property management firms since the bank’s inception.
Specifically, deposits for this segment grew 29.3% from an average balance of $107.3m in December of 2008 to an average of $138.8m in March 2009. Furthermore, all of our offices have created solid core deposit growth in all of our markets in the first quarter of 2009. This growth should enable us to continue our pursuit of high performance in our markets of Wake County, New Hanover County and Carteret County, North Carolina.
