Select Bancorp Reports 3rd Quarter 2012 Earnings
Company reports positive earnings, double-digit growth, Burlington NC branch open for business
- Net income for nine months ended 9/30/12 is $1.4 million, up 47% over nine months ended 9/30/11
- Net income for third quarter 2012 is $494,000, up 38% over third quarter of 2011
- Annual growth of 20% for assets, 23% for deposits, and 16% for loans
- Downtown Burlington NC branch open for business on October 1, 2012
GREENVILLE, N.C., Oct. 16, 2012 /PRNewswire/ -- For the quarter ended September 30, 2012, Select Bancorp ("Select"), the holding company for Select Bank & Trust Company, reported net income of $494,000, or earnings per share of $0.21, compared to net income of $359,000, or earnings per share of $0.16, for the same period in 2011. For the nine month period ended as of the same date, Select reported net income of $1.4 million in 2012, or earnings per share of $0.57, compared to net income of $935,000 for the nine months ended September 30, 2011, or earnings per share of $0.41.
As of September 30, 2012, the Company reported total assets of $249.9 million, an increase of 20% over total assets of $208.6 million as of September 30, 2011. Total deposits grew 23% to $199.5 million and total loans are up 16% to $188.4 million, over total deposits of $162.2 million and total loans of $162.7 million reported September 30, 2011.
"We are pleased to report our thirtieth consecutive quarterly profit and year-over-year growth in assets, deposits, and loans of 20%, 23%, and 16%, respectively," said Mark A. Holmes , President and CEO of Select. "Also we are pleased that the quality of our loan portfolio remains strong. Non-accrual loans at September 30, 2012, stood at $122,000, or less than 0.1% of outstanding loans and our allowance for loan losses, the provision against potential loan losses, was $3.5 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.
"We opened our sixth banking office at 523 South Worth Street in downtown Burlington on October 1, 2012. Don Jennings and his team have enjoyed bringing Select's common sense approach to banking to Gibsonville, Elon and the Eastern Triad and look forward to doing the same in Burlington, Graham and Alamance County."
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 ended September 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.
SOURCE Select Bancorp
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