Select Bank reports earnings

Published 9:06 pm Tuesday, April 24, 2012

For the quarter ended March 31, Select Bancorp, the holding company for Select Bank & Trust Company, reported net income of $421,000, or earnings per share of $0.18, compared to net income of $254,000, or earnings per share of $0.11, for the same period in 2011.

As of March 31, the company reported total assets of $239.5 million, an increase of 21 percent over total assets of $197.9 million as of March 31, 2011. Total deposits grew 24 percent to $192.4 million, and total loans are up 18 percent to $178.9 million, over total deposits of $155.6 million and total loans of $151.5 million reported March 31, 2011.

“We are pleased to report our 28th-consecutive quarterly profit, improved earnings, solid growth and excellent asset quality,” said Mark A. Holmes, president and CEO of Select. “Our first quarter 2012 net income is up 66% over the first quarter 2011. The quality of our loan portfolio remains strong. Past due and nonaccrual loans were 1.3 million, or 0.70 percent, of outstanding loans at March 31, 2012, and our allowance for loan losses was $3.2 million or 1.78 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.”