Select Bancorp Reports 2010 Results

GREENVILLE, N.C., Feb. 7, 2011 /PRNewswire/ --

• Net income for twelve months ended 12/31/10 is $1.0 million, 2.5 times prior year.
• Net income for fourth quarter 2010 is $302,000, more than twice fourth quarter of 2009.
• Annual loan growth of 19%.

For the quarter ended December 31, 2010, Select Bancorp ("Select"), the holding company for Select Bank & Trust Company, reported net income of $302,000, or earnings per share of $0.13, compared to net income of $143,000, or earnings per share of $0.06, for the same period in 2009. For the twelve month period ended as of the same date, Select reported net income of $1.0 million in 2010, or earnings per share of $0.45, compared to net income of $399,000 for the twelve months ended December 31, 2009, or earnings per share of $0.18.

As of December 31, 2010, the Company reported total assets of $193.7 million, an increase of 2% over total assets of $190.5 million as of December 31, 2009. Total deposits grew 7% to $153.1 million and total loans are up 19% to $146.2 million, over total deposits of $143.1 million and total loans of $122.6 million reported December 31, 2009.  

"We are pleased to report our twenty-third consecutive quarterly profit and year-over-year growth in loans of 19%," 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 December 31, 2010, stood at $75,000, or 0.05% of outstanding loans and our allowance for loan losses, the provision against potential loan losses, was $2.1 million or 1.45% 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."

In June, to reward shareholders for their belief in Select and to allow them to participate in its success, the Board of Directors declared a six for five stock split to be effected in the form of a 20% stock dividend for shareholders of record as of July 1, 2010.

In March, Select Bank introduced a new checking account that encourages "green" behaviors, such as e-statements, direct deposit, and online banking and bill pay. EasyGreen Checking currently offers an annual percentage yield of 4.08% on account balances up to $25,000.

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 104 Nance Court just off Halstead Boulevard.

The information as of and for the quarter ended December  31, 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