SELECT BANCORP REPORTS 2nd QUARTER 2012 EARNINGS
July 11, 2012
Company reports positive earnings, completes Gibsonville acquisition, new Burlington branch approved
- $880,000 in net income for first half of 2012, a 53% increase over first half of 2011
- Annual growth of 21% for assets, 19% for deposits, and 16% for loans
- Select Bank completed its Gibsonville, NC branch acquisition on January 13th
- New Burlington branch approved by FDIC and NC Commissioner of Banks
GREENVILLE, NC, July 11, 2012- For the quarter ended June 30, 2012, Select Bancorp (“Select”), the holding company for Select Bank & Trust Company, reported net income of $459,000, or earnings per share of $0.20, compared to net income of $322,000, or earnings per share of $0.14, for the same period in 2011. For the six month period ended as of the same date, Select reported net income of $880,000 in 2012, or earnings per share of $0.36, compared to net income of $576,000 for the six months ended June 30, 2011, or earnings per share of $0.25.
As of June 30, 2012, the Company reported total assets of $240.4 million, an increase of 21% over total assets of $199.3 million as of June 30, 2011. Total deposits grew 19% to $190.8 million and total loans are up 16% to $182.4 million, over total deposits of $160.5 million and total loans of $157.1 million reported June 30, 2011.
“We are pleased to report our twenty-ninth consecutive quarterly profit and year-over-year growth in assets, deposits, and loans of 21%, 19%, and 16%, respectively,” said Mark A. Holmes, President and CEO of Select. “We are also pleased that the quality of our loan portfolio remains strong. Non-accrual loans at June 30, 2011, stood at $50,000, or 0.03% of outstanding loans and our allowance for loan losses was $3.4 million or 1.86% of outstanding loans. This speaks to our credit culture, the strength of the markets we serve, and our continued adherence to a common sense approach to banking.”
“On January 13, 2012 we completed the acquisition of Bank of Atlanta’s Gibsonville Community Bank office, our fifth banking location. We recently received approval from the FDIC and the NC Commissioner of Banks to open our sixth banking office at 523 South Worth Street, in downtown Burlington. Don Jennings [Senior Vice President and Area Executive of Select] and his team have enjoyed bringing Select’s common sense approach to banking to Gibsonville and Elon and look forward to doing the same in Burlington, Graham, and Alamance County,” stated Holmes of the banks continued growth.
Select Bank & Trust is a community bank headquartered in Greenville, NC and serves Greenville/Pitt County through its headquarters office at 3600 Charles Boulevard, a second Greenville location at 3800 East Tenth Street, Elizabeth City/Northeastern North Carolina from 104 Nance Court just off Halstead Boulevard, Washington/Beaufort County from 155 North Market Street, Suite 103 in downtown Washington and Gibsonville/Eastern Triad from 220 Burlington Street in downtown Gibsonville, NC.
The information as of and for the quarter ended June 30, 2012, as presented is unaudited. This news release contains forward-looking statements. Actual results may differ materially from those projected, for various reasons, including our ability to manage growth, our limited operating history, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market.