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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.  

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Article source: http://www.prnewswire.com/news-releases/north-state-bancorp-reports-1st-quarter-earnings-121801498.html