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Select Bancorp Reports Fourth Quarter and Year-End 2016 Earnings

DUNN, N.C., Jan. 27, 2017 (GLOBE NEWSWIRE) -- Select Bancorp, Inc. (the “Company”) (NASDAQ:SLCT), the holding company for Select Bank & Trust, today reported net income for the year ended December 31, 2016 of $6.8 million and basic and diluted earnings per share of $0.58, compared to net income of $6.6 million and basic and diluted earnings per share of $0.56 for the year ended December 31, 2015.

For the fourth quarter of 2016, the Company reported net income of $1.6 million, and basic and diluted earnings per share of $0.14, compared to net income of $1.6 million and basic and diluted earnings per share of $0.14 for the fourth quarter of 2015.

Total assets, deposits, and total loans for the Company as of December 31, 2016 were $846.6 million, $679.7 million, and $677.2 million, respectively, compared to total assets of $817.0 million, total deposits of $651.2 million, and total loans of $617.4 million as of the same date in 2015.

For the twelve months ended December 31, 2016, return on average assets was 0.81% and return on average equity was 6.61%, compared to 0.86% and 6.42%, respectively, for the twelve months ended December 31, 2015.

Non-performing loans decreased to $6.9 million at December 31, 2016 from $8.3 million at December 31, 2015. Non-performing loans equaled 1.02% of loans at December 31, 2016, decreasing from 1.41% of loans at December 31, 2015. Foreclosed real estate equaled $599,000 at December 31, 2016, compared to $1.4 million at December 31, 2015.  For the year ended December 31, 2016, net charge-offs were $126,000, or 0.08% of average loans, compared to net charge offs of $714,000, or 0.12% of average loans in 2015. At December 31, 2016, the allowance for loan losses was $8.4 million, or 1.24% of total loans, as compared to $7.0 million, or 1.14% of total loans, at December 31, 2015.

Net interest margin was 4.06% and 3.98% for the year and quarter ending December 31, 2016, as compared to 4.38% and 4.18% for the year and quarter ending December 31, 2015.

“We are pleased to report another year of record earnings,” President and CEO William L. Hedgepeth II said. “Our strategy has been growth-oriented and efficiency driven, while delivering value to our shareholders.”

Among the highlights of 2016, Hedgepeth said, “We strategically combined branches in our Greenville market and relocated our Raleigh branch. We increased loans by approximately 10% over the previous year and improved our return on equity and efficiency ratio while our asset quality remains solid.”

Mr. Hedgepeth added, "We continue to actively expand our market footprint, focusing on higher growth North Carolina markets. We recently completed our branch restructuring, and anticipate growing in the Raleigh and Wilmington areas as we move forward. Our new location in the Raleigh market, along with our recent entrance in the Leland/Wilmington market and the Morehead City area, should help with growth in new markets in addition to our proactive effort to grow our existing footprint.  We believe we have the capital necessary to focus on continued growth in these promising markets. As consolidation in our industry continues, we are attracting new customers who are not happy with a larger financial institution, and we are also attracting experienced and knowledgeable employees from these consolidations.”

Select Bank & Trust has branch offices in these North Carolina communities: Dunn, Burlington, Clinton, Elizabeth City, Fayetteville, Goldsboro, Greenville, Leland, Lillington, Lumberton, Morehead City, Raleigh and Washington.

The information as of and for the quarter and year ended December 31, 2016, as presented is unaudited. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of our goals and expectations with respect to earnings, earnings per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends and market share growth, and (ii) statements preceded by, followed by or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or similar expressions. The actual results might differ materially from those projected in the forward-looking statements for various reasons, including, but not limited to, our ability to manage growth, 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. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s SEC filings, including its periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from the Company. Except as required by law, the Company assumes no obligation to update the forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

/EIN News/ --  

Select Bancorp, Inc.
Selected Financial Information and Other Data
($ in thousands, except per share data)
 
  At or for the three months ended At or for the twelve months ended
                                                 
                                                 
    December     September                 December     December     December     December  
    31,     30,     June 30,     March 31,     31,     31,     31,     31,  
    2016     2016     2016     2016     2015     2016     2015     2014  
                                                 
Summary of Operations:                                                
Total interest income $ 8,877   $ 8,755   $ 8,645   $ 8,432   $ 8,425   $ 34,709   $ 33,341   $ 26,104  
Total interest expense   985     909     912     927     890     3,733     3,542     4,519  
Net interest income   7,892     7,846     7,733     7,505     7,535     30,976     29,799     21,585  
Provision for (recovery of) loan losses   669     337     158     352     506     1,516     890       (194
Net interest income after provision   7,223     7,509     7,575     7,153     7,029     29,460     28,909     21,779  
Noninterest income   740     785     831     866     916     3,222     3,292     2,675  
Merger/Acquisition related expenses   -     -     -     -     240     -     378     1,941  
Noninterest expense   5,511     5,631     5,519     5,620     5,497     22,281     21,852     18,719  
Income before income taxes   2,452     2,663     2,887     2,399     2,208     10,401     9,971     3,794  
Provision for income taxes   847     924     980     896     570     3,647     3,418     1,437  
Net Income   1,605     1,739     1,907     1,503     1,638     6,754     6,553     2,357  
Dividends on Preferred Stock   -     -     -     4     20     4     77     38  
Net income available to common  shareholders $ 1,605   $ 1,739   $ 1,907   $ 1,499   $ 1,618   $ 6,750   $ 6,476   $ 2,319  
                                                 
Share and Per Share Data:                                
Earnings per share - basic $ 0.14   $ 0.15   $ 0.16   $ 0.13   $ 0.14   $ 0.58   $ 0.56   $ 0.26  
Earnings per share - diluted $ 0.14   $ 0.15   $ 0.16   $ 0.13   $ 0.14   $ 0.58   $ 0.56   $ 0.26  
Book value per share $ 8.95   $ 8.87   $ 8.74   $ 8.56   $ 8.38   $ 8.95   $ 8.38   $ 8.59  
Tangible book value per share $ 8.29   $ 8.20   $ 8.05   $ 7.87   $ 7.67   $ 8.29   $ 7.67   $ 7.83  
Ending shares outstanding   11,645,413     11,632,192     11,619,184     11,584,011     11,583,011     11,645,413     11,583,011     11,377,980  
Weighted average shares outstanding:                                
Basic   11,636,647     11,627,270     11,594,995     11,583,440     11,580,745     11,610,705     11,502,800     8,870,114  
Diluted   11,677,958     11,666,280     11,642,726     11,626,609     11,627,974     11,655,111     11,567,811     8,974,384  
                                 
Selected Performance Ratios:                                
Return on average assets(2)   0.76 %   0.85 %   0.93 %   0.73 %   0.82 %   0.81 %   0.86 %   0.37 %
Return on average equity(2)   6.12 %   6.71 %   7.62 %   6.03 %   6.20 %   6.61 %   6.42 %   3.12 %
Net interest margin   3.98 %   4.27 %   4.24 %   4.14 %   4.18 %   4.06 %   4.38 %   3.88 %
Efficiency ratio (1)   63.84 %   65.24 %   64.44 %   67.14 %   65.05 %   65.15 %   66.04 %   77.16 %
                                 
Period End Balance Sheet Data:                                
Gross Loans $ 677,195   $ 651,743   $ 632,187   $ 629,619   $ 617,398   $ 677,195   $ 617,398   $ 552,038  
Total Earning Assets   770,288     746,349     749,956     753,726     726,408     770,288     726,408     698,266  
Goodwill   6,931     6,931     6,931     6,931     6,931     6,931     6,931     6,931  
Core Deposit Intangible   810     909     1,014     1,125     1,241     810     1,241     1,625  
Total Assets   846,640     844,774     826,588     830,395     817,015     846,640     817,015     766,121  
Deposits   679,661     677,121     661,274     667,654     651,161     679,661     651,161     618,902  
Short term debt   37,090     38,175     40,714     32,218     24,594     37,090     29,673     20,733  
Long term debt   23,039     22,372     18,205     28,559     33,782     23,039     28,703     25,591  
Shareholders' equity   104,273     103,191     101,531     99,210     104,702     104,273     104,702     97,685  
                                 
Selected Average Balances:                                
Gross Loans $ 663,213   $ 641,531   $ 629,333   $ 623,286   $ 601,966   $ 639,412   $ 578,759   $ 430,571  
Total Earning Assets   778,477     737,295     739,002     734,859     714,755     744,024     686,663     565,264  
Core Deposit Intangible   862     965     1,072     1,186     1,139     1,020     1,330     884  
Total Assets   844,162     818,284     822,036     832,738     796,414     829,315     765,284     631,905  
Deposits   679,404     653,016     658,476     672,151     631,855     665,764     607,214     523,954  
Short term debt   33,032     34,573     30,366     30,472     27,686     32,111     32,316     9,957  
Long term debt   23,089     23,189     28,289     28,389     28,489     25,739     20,147     20,494  
Shareholders' equity   104,404     103,026     100,664     100,312     104,732     102,110     102,068     74,365  
                                 
Asset Quality Ratios:                                
Nonperforming loans $ 6,881   $ 7,565   $ 8,788   $ 8,750   $ 8,280   $ 6,881   $ 8,712   $ 11,876  
Other real estate owned   599     548     716     1,888     1,401     599     1,401     1,585  
Allowance for loan losses   8,411     7,889     7,692     7,527     7,021     8,411     7,021     6,844  
Nonperforming loans (3) to period-end loans    1.02 %   1.16 %   1.39 %   1.39 %   1.34 %   1.02 %   1.41 %   2.15 %
Allowance for loan losses to period-end loans    1.24 %   1.21 %   1.22 %   1.20 %   1.14 %   1.24 %   1.14 %   1.24 %
Delinquency Ratio (4)   0.44 %   0.16 %   0.23 %   0.45 %   0.41 %   0.44 %   0.40 %   0.91 %
Net loan charge-offs (recoveries) to average loans   0.08 %   -0.01 %   -0.00 %   -0.10 %   0.34 %   0.02 %   0.12 %   -0.03 %


(1 ) Efficiency ratio is calculated as non-interest expenses divided by the sum of net interest income and non-interest income.
(2 ) Annualized.
(3 ) Nonperforming loans consist of non-accrual loans and restructured loans.
(4 ) Delinquency Ratio includes loans past due 30-89 days and still accruing and excludes non-accrual loans.

 

Mark A. Jeffries
Executive Vice President
Chief Financial Officer 
Office: 910-892-7080 and Direct: 910-897-3603
markj@SelectBank.com
SelectBank.com


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