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Select Bancorp 3rd Quarter 2013 Earnings

October 21, 2013

SELECT BANCORP REPORTS 3rd QUARTER 2013 EARNINGS 

Company reports record earnings, announces strategic merger agreement with New Century Bancorp 

  • $1.6 million in net income through 9/30/13, a 20% increase over first nine months of 2012
  • Annual growth of 10% for assets, 13% for loans and 11% for deposits
  • Announced strategic merger agreement with New Century Bancorp on September 30, 2013 

GREENVILLE, NC . . . For the quarter ended September 30, 2013, Select Bancorp (“Select”), the holding company for Select Bank & Trust Company, reported net income of $575,000, or earnings per share of $0.24, compared to net income of $494,000, or earnings per share of $0.21, for the same period in 2012.  For the nine month period ended September 30, 2013, Select reported net income of $1.6 million, or earnings per share of $0.66, compared to net income of $1.4 million for the nine months ended September 30, 2012, or earnings per share of $0.57. 

As of September 30, 2013, the Company reported assets of $275.7 million, an increase of 10% over assets of $249.9 million as of September 30, 2012.  Loans were up 13% to $212.0 million over loans of $188.4 million reported September 30, 2012.  Deposits grew to $221.3 million at quarter-end, an increase of 11% over September 30, 2012 deposits of $199.5 million. 

“We are pleased to report our thirty-fourth consecutive quarterly profit and year-over-year growth in assets, loans and deposits of 10%, 13%, and 11%, respectively” said Mark A. Holmes, President and CEO of Select.  “Also, the quality of our loan portfolio remains strong.  Past due and non-accrual loans at September 30, 2013 stood at $339,000, or less than 0.2% of outstanding loans and our allowance for loan losses, the provision against potential loan losses, was $4.1 million or 1.9% 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 September 30, 2013, the Board of Directors of Select Bancorp, Inc. approved a strategic merger agreement with New Century Bancorp.  The merger is subject to regulatory and shareholder approvals.  Together with New Century we look forward to creating the new Select Bank as we continue our mission: To become the Bank of choice in the communities we serve, by providing exceptional customer service, superior products and experienced bankers using a “Common Sense” approach to banking. 

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, Gibsonville/Eastern Triad from 220 Burlington Street in downtown Gibsonville, NC and Burlington/Alamance County from 523 South Worth Street in downtown Burlington, NC.

 

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The information as of and for the quarter ended September 30, 2013, 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.