Select Bancorp Reports Year-End and Fourth Quarter 2009 Earnings

GREENVILLE, N.C., Jan. 27 /PRNewswire/ -- Select Bancorp ("Select" or the "Company"), the holding company for Select Bank & Trust Co., today reported year-end and fourth quarter 2009 financial results.  Net income for Select for the year-ended December 31, 2009, was $399,000, or earnings per share of $0.21, compared to net income of $856,000 for the twelve months ended December 31, 2008, or earnings per share of $0.45.  For the quarter ended December 31, 2009, Select reported net income of $143,000, or earnings per share of $0.08, compared to net income of $203,000, or earnings per share of $0.11, for the same period in 2008.  

As of December 31, 2009, Select reported total assets of $190.8 million, an increase of 40% over total assets of $136.0 million as of December 31, 2008.  Total deposits grew 60% to $143.1 million and total loans are up 22% to $122.6 million, over total deposits of $89.7 million and total loans of $100.2 million reported December 31, 2008.

"While net income is down in a year-to-year comparison, Select is reporting positive earnings for the nineteenth consecutive quarter," said Mark A. Holmes, president and CEO of Select.  "In light of current economic conditions, we are pleased with these results, as well as with our balance sheet growth over the past year.  We had year-over-year increases in assets, deposits, and loans of 13%, 18%, and 19%, respectively, excluding the addition of Worthington Federal Bank's Elizabeth City office.  

"The quality of our loan portfolio remains strong.  Non-accrual loans stood at only $47,499 at December 31, 2009, or 0.04% of outstanding loans, while we maintain a reserve against potential loan losses of $1.6 million or 1.31% of outstanding loans.

"On December 31, 2009, we completed the acquisition of Worthington Federal Bank's Elizabeth City office.  With an experienced and dedicated staff in place, managing approximately $37 million in deposits and $3 million in loans, we are already enjoying bringing Select's 'common sense approach to banking' to Elizabeth City and Northeastern North Carolina.  We look forward to a great year in 2010."

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

The information as of and for the quarter and year ended December 31, 2009, 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.

SOURCE Select Bancorp, Inc.

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