Select Bancorp Reports 1st Quarter 2013 Earnings

Company reports higher earnings, solid growth and excellent asset quality

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Apr 22, 2013, 02:05 ET

GREENVILLE, N.C., April 22, 2013 /PRNewswire/ -- For the quarter ended March 31, 2013, Select Bancorp ("Select"), the holding company for Select Bank & Trust Company, reported net income of $501,000, or earnings per share of $0.20, compared to net income of $421,000, or earnings per share of $0.18, for the same period in 2012.

As of March 31, 2013, Select reported total assets of $259.6 million, an increase of 8% over total assets of $239.5 million as of March 31, 2012. Total deposits grew 8% to $207.5 million over total deposits of $192.4 million as of March 31, 2012. Select reported total loans of $201.7 million, an increase of 13% over total loans of $178.9 million as reported March 31, 2012.

"We are pleased to report our thirty-second consecutive quarterly profit, higher earnings, solid growth and excellent asset quality," said Mark A. Holmes, president and CEO of Select. "Our first quarter 2013 net income is up 19% over the first quarter 2012. The quality of our loan portfolio remains strong. Past due and non-accrual loans were $531,000 or 0.26% of outstanding loans at March 31, 2013 and our allowance for loan losses was $3.8 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."

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 March 31, 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.

www.selectbankandtrust.com

SOURCE Select Bancorp