The corporate parent of North State Bank posted significantly higher fourth-quarter and year-end profits.
Raleigh-based North State Bancorp reported Thursday that its fourth-quarter net income totaled $945,000, or 13 cents per share, up 60 percent from a year ago. Net income for the all of 2012 rose 61 percent to $1.8 million.
The bank said the improved 2012 performance was primarily due to higher noninterest income driven by increased volume and profitability at its mortgage division. Noninterest income totaled $8.5 million, up from $5.1 million a year earlier.
"Low interest rates and soft loan demand make these difficult times for banks in general, so we are proud that we were able to improve our results in spite of these challenges," CEO Larry Barbour said in a statement.
North State has seven branches in Wake and New Hanover counties.