Select Bancorp Reports Third Quarter 2010 Earnings

GREENVILLE, N.C., Nov. 2, 2010 /PRNewswire/ --

• Net income for nine months ended September 30, 2010, is $712,000, nearly three times the income reported for the same period in 2009.
• Net income for third quarter 2010 is $305,000, more than three times third quarter of 2009.
• Assets, deposits, and loans all experienced significant growth at 23%, 41%, 23%, respectfully.

For the quarter ended September 30, 2010, Select Bancorp ("Select"), the holding company for Select Bank & Trust Company, reported net income of $305,000 or earnings per share of $0.13, compared to net income of $101,000 or earnings per share of $0.04 for the same period in 2009.  For the nine month period ended as of the same date, Select reported net income of $712,000 in 2010 or earnings per share of $0.31, compared to net income of $256,000 for the nine months ended September 30, 2009, or earnings per share of $0.11.

As of September 30, 2010, the Company reported total assets of $188.3 million, an increase of 23% over total assets of $152.7 million as of September 30, 2009.  Total deposits grew 41% to $148.0 million and total loans are up 23% to $142.4 million, over total deposits of $104.9 million and total loans of $115.7 million reported September 30, 2009.  

"We are very pleased to report our twenty-second consecutive quarterly profit, as well as year-over-year growth in assets, deposits, and loans," commented Mark A. Holmes, president and CEO of Select.  "The quality of our loan portfolio remains strong, which we believe is a testament to our credit culture, the strength of the markets we serve, and our continued adherence to a common sense approach to banking."

Highlights from the quarter include:

• Assets, deposits and loans increased 23%, 41%, and 23%, respectively in a year to year comparison over the totals report as of the same date in 2009.
• Non-accrual loans as of September 30, 2010, stood at $141,000 or 0.1% of outstanding loans, and our allowance for loan losses, the provision against potential loan losses, was $2.2 million or 1.52% of outstanding loans.  
• Shareholders were rewarded for the company's continued good performance and their belief in Select when the Board of Directors declared a six-for-five stock split effected in the form of a 20% stock dividend for shareholders of record as of July 1, 2010.

"In the face of difficult economic conditions and unprecedented changes in the financial services industry, Select has continued to thrive," shared Holmes. "We believe our steady growth is a result of staying true to the common sense values and principles our bank was founded on, as well as good, loyal customers and shareholders."

In July, Select Bank and Trust raised the annual percentage yield on EasyGreen Checking, its newest checking product, to 4.08% on balances up to $25,000.  This account encourages and rewards "green" behaviors like e-statements, direct deposit, and online banking and bill pay.  

Select Bank & Trust is a community bank headquartered in Greenville, NC and currently serves Greenville/Pitt County through its headquarters office at 3600 Charles Boulevard, a second Greenville location at 3800 East Tenth Street and Elizabeth City/Northeastern North Carolina from an office at 104 Nance Court just off Halstead Boulevard.

The information as of and for the quarter and nine months ended September 30, 2010, 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