Select Bancorp Reports 2nd Quarter 2011 Earnings

GREENVILLE, N.C., July 14, 2011 /PRNewswire/ -- For the quarter ended June 30, 2011, Select Bancorp ("Select"), the holding company for Select Bank & Trust Company, reported net income of $322,000, or earnings per share of $0.14, compared to net income of $256,000, or earnings per share of $0.11, for the same period in 2010.  For the six month period ended June 30, 2011, Select reported net income of $576,000, or earnings per share of $0.25, compared to net income of $407,000 for the six months ended June 30, 2010, or earnings per share of $0.21.

As of June 30, 2011, the Company reported total assets of $199.3 million, an increase of 8% over total assets of $183.7 million as of June 30, 2010.  Total deposits grew 12% to $160.5 million and total loans are up 16% to $157.1 million, over total deposits of $143.7 million and total loans of $135.2 million reported June 30, 2010.  

"We are pleased to report our twenty-fifth consecutive quarterly profit and year-over-year growth in assets, deposits, and loans of 8%, 12%, and 16%, respectively," 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 June 30, 2011 stood at $167,000, or 0.11% of outstanding loans.  Our allowance for loan losses was $2.7 million or 1.72% of outstanding loans.  These speak to our credit culture, the strength of the markets we serve, and our continued adherence to 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 are well on their way toward establishing Select's common sense approach to banking in Washington/Beaufort County."

Select Bank & Trust is a community bank headquartered in Greenville, NC and serves Greenville/Pitt County through its headquarters office at 3600 Charles Boulevard and 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 June 30, 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