Select Bancorp Reports 2nd Quarter 2013 Earnings
Company reports record earnings, solid growth and excellent credit quality
-- $1.1 million in net income for first half of 2013, a 21% increase over first half of 2012
-- Annual growth of 10% for assets, 15% for loans and 12% for deposits
-- Credit quality remains excellent
GREENVILLE, N.C., July 9, 2013 /PRNewswire/ -- For the quarter ended June 30, 2013, Select Bancorp ("Select"), the holding company for Select Bank & Trust Company, reported net income of $567,000, or earnings per share of $0.24, compared to net income of $459,000, or earnings per share of $0.19, for the same period in 2012. For the six month period ended as of the same date, Select reported net income of $1.1 million in 2013, or earnings per share of $0.43, compared to net income of $880,000 for the six months ended June 30, 2012, or earnings per share of $0.36.
As of June 30, 2013, the Company reported assets of $265.3 million, an increase of 10% over assets of $240.4 million as of June 30, 2012. Loans we up 15% to $209.7 million over loans of $182.4 million reported June 30, 2012. Deposits grew 12% to $213.7 million at quarter-end, an increase of 12% over June 30, 2012 deposits of $190.8 million.
"We are pleased to report our thirty-third consecutive quarterly profit and double digit growth in assets, loans and deposits," said Mark A. Holmes, CEO of Select. "Also, the quality of our loan portfolio remains strong. Non-accrual loans were just $31,000, or 0.01% of outstanding loans at June 30, 2013, and our allowance for loan losses was $4.0 million or 1.9% of outstanding loans. Our mission is to become the Bank of choice in the markets we serve, by providing exceptional customer service, superior products and experienced bankers using a 'common sense' approach to banking. This financial performance demonstrates that we are on mission at Select."
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 June 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.
SOURCE Select Bancorp, Inc.
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