Select Bancorp Reports 2012 Results
Company reports record earnings, double digit growth, successful expansion in eastern Triad
- $2.0 million in net income for 2012, a 54% increase
- Annual growth of 20% for assets, 25% for deposits, and 17% for loans
- Completed Gibsonville branch acquisition in January
- Opened downtown Burlington office in October
GREENVILLE, N.C., Jan. 18, 2013 /PRNewswire/ -- For the quarter ended December 31, 2012, Select Bancorp ("Select"), the holding company for Select Bank & Trust Company, reported net income of $602,000, or earnings per share of $0.25, compared to net income of $346,000, or earnings per share of $0.15, for the same period in 2011. For the twelve month period ended as of the same date, Select reported net income of $2.0 million, or earnings per share of $0.80, compared to net income of $1.3 million for the twelve months ended December 31, 2011, or earnings per share of $0.55.
As of December 31, 2012, the Company reported total assets of $257.9 million, an increase of 20% over total assets of $215.0 million as of December 31, 2011. Total deposits grew 25% to $206.0 million and total loans are up 17% to $199.8 million, over total deposits of $164.9 million and total loans of $170.0 million reported December 31, 2011.
"We are pleased to report our thirty-first consecutive quarterly profit and year-over-year growth in assets, deposits, and loans of 20%, 25%, and 17%, respectively," said Mark A. Holmes, President and CEO of Select.
"The quality of our loan portfolio remains strong. Non-accrual loans at December 31, 2011 were $64,000, just 0.03% of outstanding loans while our allowance for loan losses was 1.8% 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 office. We opened our sixth banking office at 523 South Worth Street in downtown Burlington on October 1, 2012. Don Jennings and his team are having great success with Select's 'common sense approach to banking' in the eastern Triad."
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.
The information as of and for the quarter and year ended December 31, 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.
SOURCE Select Bancorp, Inc.