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North State Bancorp Reports Profitable 2008
Date:1/29/2009

RALEIGH, N.C., Jan. 29 /PRNewswire-FirstCall/ -- North State Bancorp (OTC Bulletin Board: NSBC) (the "Company"), the holding company for North State Bank, reported total assets of $687.6 million as of December 31, 2008, compared to total assets of $547.5 million at December 31, 2007, an increase of $140.1 million or 25.6%.

Total deposits for North State Bank at December 31, 2008 were $612.7 million and total loans were $546.4 million, compared to total deposits of $457.3 million and total loans of $469.2 million reported at December 31, 2007, an increase of $155.4 million or 34.0% and $77.2 million or 16.5%, respectively. The Company has no exposure to subprime loans and has chosen not to participate in the Capital Purchase Plan of the U.S. Government's Troubled Asset Relief Program (TARP).

North State Bancorp reported net income of $2.4 million for the year ended December 31, 2008 compared to $3.1 million for the same period in 2007, a decrease of $700,000 or 22.6%. Net income per diluted share was $.32 for the year ended December 31, 2008 compared to $0.42 for the same period in 2007. For the quarter ended December 31, 2008, net income was $507,000 or $.07 per diluted share compared to $610,000 or $0.08 per diluted share for the same period in 2007.

According to President & CEO Larry D. Barbour, "North State Bank experienced good growth with well-aligned customers during a very difficult time for the financial industry as a whole. Despite sharp decreases in interest rates, our net interest margin was maintained at levels higher than most of our peers. However, we did experience lower profitability in 2008. This was driven, in part, by higher non-interest expenses as we opened two new full service offices and set aside a higher provision for potential problem loans. While we have utmost confidence in our customers, the unusual economic situation in our country requires prudence and preparation. The new full service offices opened in 2008 are located in downtown Raleigh, Wake County, NC and in Wilmington, New Hanover County, NC. Construction of our new corporate headquarters and full service office at 6200 Falls of Neuse Road also began in 2008 and will open in 2009. We also committed financial resources to grow in new markets by opening a loan production office in Morehead City, Carteret County, NC in June 2008.

"Overall we are comfortable with our ability to manage these challenges as we believe we are well positioned compared to our peers. Specifically, North State Bank's asset quality ratios of non-performing loans to period-end loans and net charge-offs to average loans were .93% and .27%, respectively, at December 31, 2008. This compares to average ratios of 1.73% and .33%, respectively, for the SNL Bank Index consisting of banks with assets of between $500 million and $1 billion. In spite of the current economic headwinds, North State Bank remains focused on our niches of customers including professionals, professional firms, non-profits, high net worth individuals and property management companies. We are confident that our investments in new facilities and additional personnel as well as our niche- based focus will provide North State Bank with competitive advantages in 2009. North State Bank is well capitalized, has good liquidity and looks forward with confidence to the challenges we know 2009 will bring."

Founded in 2000, North State Bank is a full-service community bank, currently serving Wake and New Hanover counties through seven full-service offices at: Six Forks Road at North Hills, Falls of Neuse Road, Blue Ridge Road, New Falls of Neuse Road in Wake Forest and 16 Martin Street in downtown Raleigh, and Highway 70 West in Garner, and the intersection of Military Cutoff and Eastwood Roads in Wilmington, NC. In addition, North State Bank operates a loan production office in Carteret County at 4650-A Arendell Street, Morehead City, NC.


    Stock Symbol: OTC-BB: NSBC                         www.northstatebank.com

The information as of and for the quarter and year ended December 31, 2008 as presented is unaudited. This news release contains forward-looking statements. The actual results might differ materially from those projected in the forward-looking statements for various reasons, including the local, regional and national economies, substantial changes in financial markets, changes in real estate values and the real estate market, changes in interest rates, our ability to manage growth, loss of deposits and loan demand to other savings and financial institutions, and regulatory changes. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's SEC filings, including its periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from the Company.



     North State Bancorp
    Selected Financial Information and Other Data (Unaudited)

                                    At or for the Three    At or for the
                                       Months Ended         Year Ended
                                       December 31,         December 31,
                                     2008       2007       2008       2007
                                   (Dollars in thousands, except per share)
    Earnings Summary:
      Total interest income         $9,103     $8,858    $36,075    $32,738
      Total interest expense         4,145      4,300     15,817     15,439
        Net interest income          4,958      4,558     20,258     17,299
      Provision for loan losses        881        662      2,755      1,339
        Net interest income after
         provision for loan losses   4,077      3,896     17,503     15,960
      Noninterest income               201        275      1,226      1,121
      Noninterest expense            3,388      3,176     14,809     12,033
         Income before income
          taxes                        890        995      3,920      5,048
      Income taxes                     383        385      1,555      1,953
        Net income                    $507       $610     $2,365     $3,095

    Share and Per Share Data:
      Earnings per share - basic     $0.07      $0.09      $0.33      $0.45
      Earnings per share -
       diluted                       $0.07      $0.08      $0.32      $0.42
      Book value per share           $4.96      $4.52      $4.96      $4.52
      Weighted average shares
       outstanding:
          Basic                  7,171,268  6,972,779  7,158,545  6,917,365
          Diluted                7,333,067  7,298,720  7,356,364  7,301,377

    Financial Condition Period
     End:
      Cash, federal funds sold
       and due from banks          $88,272    $30,766    $88,272    $30,766
      Investment securities         37,156     34,843     37,156     34,843
      Loans                        546,357    469,228    546,357    469,228
      Less allowance for loan
       losses                        6,376      5,020      6,376      5,020
      Other assets                  22,172     17,703     22,172     17,703
          Total assets            $687,581   $547,520   $687,581   $547,520

      Deposits                    $612,678   $457,310   $612,678   $457,310
      Other borrowings              35,093     54,218     35,093     54,218
      Other liabilities              4,264      4,435      4,264      4,435
      Shareholders' equity          35,546     31,557     35,546     31,557
         Total liabilities and
          shareholders' equity    $687,581   $547,520   $687,581   $547,520

    Financial Condition Average
     Balances:
      Cash, federal funds sold
       and due from banks          $77,375    $18,230    $32,237    $29,129
      Investment securities         31,338     37,078     29,776     38,600
      Loans                        542,528    446,785    520,075    393,927
      Less allowance for loan
       losses                        6,106      4,571      5,608      4,185
      Other assets                  18,034     17,363     18,052     15,356
          Total assets            $663,169   $514,885   $594,532   $472,827

      Deposits                    $590,346   $432,861   $512,855   $412,125
      Other borrowings              34,905     45,308     43,057     26,347
      Other liabilities              2,397      5,479      4,094      5,136
      Shareholders' equity          35,521     31,237     34,526     29,219
         Total liabilities and
          shareholders' equity    $663,169   $514,885   $594,532   $472,827
                                                                        -
    Performance Ratios:
      Return on average assets       0.30%      0.47%      0.40%      0.65%
      Return on average equity       5.68%      7.75%      6.85%     10.59%
      Net interest margin            3.07%      3.66%      3.52%      3.81%
      Efficiency ratio              65.67%     65.71%     68.93%     65.33%

    Asset Quality Ratios:
      Net loan charge-offs to
       average loans                -0.37%      0.00%     -0.27%     -0.08%
      Nonperforming loans to
       period-end loans              0.93%      0.66%      0.93%      0.66%
      Nonperforming assets to
       total assets                  1.07%      0.57%      1.07%      0.57%
      Ratio of allowance for
       loan losses to
       nonperforming loans            1.26 x     1.62 x     1.26 x     1.62 x
      Allowance for loan losses
       to period-end loans           1.17%      1.07%      1.17%      1.07%

    Other Data:
      Average equity to average
       assets                        5.36%      6.07%      5.81%      6.18%
      Total shareholders' equity
       to assets                     5.17%      5.76%      5.17%      5.76%
      Number of offices:
          Full service banking
           offices                       7          6          7          6
          Loan production
           offices                       1          1          1          1
      Number of employees (FTEs)       100         99        100         99


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SOURCE North State Bancorp
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