Select Bank issues report

Published 12:08 am Wednesday, February 1, 2012

For the quarter ended Dec. 31, 2011, Select Bancorp, the holding company for Select Bank & Trust Company, reported net income of $346,000, or earnings per share of $0.15, compared to net income of $302,000, or earnings per share of $0.13, for the same period in 2010. For the 12-month period ended as of the same date, Select reported net income of $1.3 million, or earnings per share of $0.55, compared to net income of $1.0 million for the 12 months ended Dec. 31, 2010, or earnings per share of $0.45. As of Dec. 31, 2011, the company reported total assets of $215.0 million, an increase of 11 percent over total assets of $193.7 million as of Dec. 31, 2010. Total deposits grew 8 percent to $164.9 million, and total loans are up 16 percent to $170.0 million, over total deposits of $153.1 million and total loans of $146.2 million reported Dec. 31, 2010.

“We are pleased to report our 27th consecutive quarterly profit and year-over-year growth in loans of 16 percent,” said Mark A. Holmes, president and CEO of Select. “The quality of our loan portfolio remains strong. Non-accrual loans at Dec. 31, 2011, were 0.6 percent of outstanding loans while our allowance for loan losses was 1.7 percent 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.”