Welcome

We are so pleased to have our redesigned website go live! The site offers some of the same great information about our bank and our products & services as well as some new areas and features. Our goal is to meet all our customers’ banking needs in a progressive manner – considering their business needs today, but also those that will result from future growth. Our website is one part of how we partner with our customers technologically. We also offer DepositScan, a way to make deposits right from your office or home; mobile banking, so you can do your banking from your mobile phone; and e-statements, receive your banking statements electronically.

 

I am pleased to provide our financial results. For the year ended December 31, 2007, North State Bancorp (the “Company”), the holding company for North State Bank, reported net income of $3.1 million compared to $3.3 million for the same period in 2006, a decrease of 6.1%. For the quarter ended December 31, 2007, net income was $610,000 compared to $960,000 for the same period in 2006. The difference in our year-to-year net income comparison was a result of strong loan growth, which required an increase in our loan loss reserves amount, and investing in our infrastructure through new office openings and staff.

 

Total assets as of December 31, 2007, were $548.5 million, compared to total assets of $455.5 million at December 31, 2006, an increase of $93.0 million or 20.4%. Total deposits for North State Bank at December 31, 2007 were $457.3 million and total loans were $469.2 million, compared to total deposits of $402.1 million and total loans of $345.9 million reported at December 31, 2006, increases of 13.7% and 35.6%, respectively. The Company has no exposure to “subprime” loans.

 

An exciting note about our stock performance, according to Equity Research Services, North State Bancorp has the best five-year price appreciation at 489% of all 49 publicly traded banks in North Carolina. By comparison, our peers have seen a median increase of 115%.

 

Plans for Summer Salute 2008 are well underway, with new co-chairs Jim Branch, president of Hand Up Foundation and member of our Board, and Sandra Temple, North State Bank’s executive vice president and chief operations officer, at the helm. Thank you to Jeannette Hyde and Steve Salisbury for their leadership the first four years. In that short time, we contributed nearly $500,000 to Hospice of Wake County.

Thank you for your interest in North State Bank. If you would like to know more about how we can help you reach your financial needs, give one of our staff members a call.