Select Bancorp Reports 1st Quarter 2011 Earnings

GREENVILLE, N.C., April 29, 2011 /PRNewswire/ --

• $254,000 in net income for first quarter 2011, a 69% increase over first quarter 2010
• Annual growth of 12% for assets, 14% for deposits, and 17% for loans
• Select Bank opens new office in downtown Washington, NC on April 1st

For the quarter ended March 31, 2011, Select Bancorp ("Select"), the holding company for Select Bank & Trust Company, reported net income of $254,000, or earnings per share of $0.11, compared to net income of $151,000, or earnings per share of $0.07, for the same period in 2010.

As of March 31, 2011, the Company reported total assets of $197.9 million, an increase of 12% over total assets of $176.7 million as of March 31, 2010.  Total deposits grew 14% to $155.6 million and total loans are up 17% to $151.5 million, over total deposits of $136.3 million and total loans of $129.8 million reported March 31, 2010.  

"We are pleased to report improving earnings, solid growth and excellent asset quality," said Mark A. Holmes, president and CEO of Select.  "Our first quarter 2011 net income is up 69% over the first quarter 2010 and is our twenty-fourth consecutive quarterly profit.  The quality of our loan portfolio remains strong.  Non-accrual loans at March 31, 2011 stood at $74,000 or 0.05% of outstanding loans and our allowance for loan losses was $2.4 million or 1.58% of outstanding loans.  This speaks to our credit culture, the strength of the markets we serve and our continued use of a common sense approach to banking.

"We opened our fourth banking office at the corner of Market and Second Streets in downtown Washington, NC on April 1, 2011.  Sonny Swanner and his team of experienced bankers look forward to bringing Washington/Beaufort County 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 and Washington/Beaufort County from 155 North Market Street, Suite 103 in downtown Washington.

The information as of and for the quarter ended March 31, 2011, 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