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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
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SOURCE North State Bancorp
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