Select Bancorp Reports 3rd Quarter 2011 Earnings

GREENVILLE, N.C., Oct. 25, 2011 /PRNewswire/ -- For the quarter ended September 30, 2011, Select Bancorp ("Select"), the holding company for Select Bank & Trust Company, reported net income of $359,000, or earnings per share of $0.16, compared to net income of $305,000, or earnings per share of $0.13, for the same period in 2010.  For the nine month period ended as of the same date, Select reported net income of $935,000 in 2011, or earnings per share of $0.41, compared to net income of $712,000 for the nine months ended September 30, 2010, or earnings per share of $0.31.

As of September 30, 2011, the Company reported total assets of $208.6 million, an increase of 11% over total assets of $188.3 million as of September 30, 2010.  Total deposits grew 10% to $162.2 million and total loans are up 14% to $162.7 million, over total deposits of $148.0 million and total loans of $142.4 million reported September 30, 2010.  

"We are pleased to report our twenty-sixth consecutive quarterly profit and year-over-year growth in assets, deposits, and loans of 11%, 10%, and 14%, 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 September 30, 2011, stood at $207,000, or 0.1% of outstanding loans and our allowance for loan losses, the provision against potential loan losses, was $2.9 million or 1.8% 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.

"On October 3, 2011 we announced plans to acquire the Gibsonville Community Bank office from Bank of Atlanta.  We expect to close the transaction on December 31, 2011-pending regulatory approval.  With a great staff in place, approximately 24 million in deposits and $2 million in loans, we look forward to bringing Select's 'common sense approach to banking' to this part of North Carolina's Triad region."

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, NC.

The information as of and for the quarter ended September 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