Penny Stock News: North State Bancorp Reports 1st Quarter Earnings

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May 13, 2011 /PRNewswire/ — North State Bancorp (OTCBB: NSBC the “Company”), the holding company for North State Bank, reported net income for the quarter ended March 31, 2011 of $204,000, which is $310,000 less than the $514,000 earned in the period ended March 31, 2010.  Diluted earnings per share were $0.03 for the quarter ended March 31, 2011 compared to $0.07 for 2010. 

Total assets for the Company as of March 31, 2011, were $649.6 million compared to $701.1 million as of March 31, 2010, a decrease of $51.5 million.  Total deposits and total loans as of March 31, 2011, were $577.7 million and $480.2 million, respectively, compared to total deposits and total loans at March 31, 2010, of $628.1 million and $518.4 million, respectively.  The reduction in total assets and total deposits is the result of the Company’s efforts to eliminate non-core fundings, specifically brokered and internet deposits, which decreased $23.4 million over the twelve-month period ended March 31, 2011.  Core deposits, which primarily includes demand deposit and money market accounts for our customers, increased by $25.0 million for the same period.  These changes in deposit mix resulted in a ratio of non-interest bearing deposits to total deposits of 23.7%, one of the highest in the state of North Carolina.  

Penny Stocks are stocks traded for under $2 and they represent the small cap companies. They trade on the OTCBB so you will not find them on the major stock exchanges. They are very cheap stocks and normally come for businesses needing capital. They are a very risky investment as the business can go under and leave you with a stock worth nothing. However that being said penny stock trading can be a great money maker, and there are numerous traders who make 6 figures and more from them each year.

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