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Select Bancorp Reports Second Quarter 2017 Earnings

DUNN, N.C., Aug. 01, 2017 (GLOBE NEWSWIRE) -- Select Bancorp, Inc. (the “Company”) (NASDAQ:SLCT), the holding company for Select Bank & Trust, reported another solid quarter of growth and earnings comparing quarter over quarter results. 

The Company’s total assets increased $26.9 million from $879.6 million at March 31, 2017 to $906.5 at June 30, 2017.  The majority of the increase in assets was in the Company’s loan portfolio. The loan portfolio increased by $31.2 million from $706.8 million at March 31, 2017 to $738.0 million at June 30, 2017.   

Deposits have increased $26.6 million from $713.1 million at March 31, 2017 to $739.7 million at June 30, 2017.  The majority of the increase in deposits was in time deposits. The Company’s time deposits increased by $33.6 million from $328.1 million at March 31, 2017 to $361.7 million at June 30, 2017.

Deposits have increased by $60.0 million or 8.83% through the first six months of 2017.  Loans have increased by $60.8 million or 8.98% through the first six months of 2017. 

“The Company’s strong second quarter results reflect our ongoing commitment to deliver exceptional service to our customers and profitable growth to shareholders,” President and Chief Executive Officer William L. Hedgepeth II stated. “Our positive earnings equipped us to seek areas of growth and expansion for the bank and we are thrilled that we have received regulatory approval to open a branch in Wilmington, NC in the fall of this year.  Our market share continues to grow in the Raleigh and the Wilmington areas, and we are pleased with the results in those areas to date.”

Net income for the quarter ended June 30, 2017 is $1.3 million and basic and diluted earnings per share of $0.11, compared to net income of $2.1 million and basic and diluted earnings per share of $0.18 for the quarter ended March 31, 2017.

For the three months ended June 30, 2017, return on average assets was 0.60% and return on average equity was 4.96%, compared to 1.00% and 8.10%, respectively, for the three months ended March 31, 2017.

Non-performing loans decreased to $6.2 million on June 30, 2017 from $8.0 million at March 31, 2017. Non-performing loans equaled 0.83% of loans at June 30, 2017, decreasing from 1.13% of loans at March 31, 2017. Foreclosed real estate equaled $2.7 million at June 30, 2017, compared to $883,000 at March 31, 2017.  For the quarter, net charge-offs were $618,000, or 0.35% of average loans, compared to net charge offs of $195,000, or 0.12% of average loans for the quarter ended March 31, 2017.

Net interest margin was 4.18% for the quarter ending June 30, 2017, as compared to 4.14% for the quarter ending March 31, 2017.

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 ended June 30, 2017, 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 anticipated market share growth in markets such as Raleigh and Wilmington, NC, 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.

Select Bancorp, Inc.
Selected Financial Information and Other Data
($ in thousands, except per share data)
   
  At or for the three months ended (unaudited)   At or for the twelve months ended  
                                 
  June 30,    March 31,   December 31,    September 30,   June 30,   December 31,   December 31,   December 31,  
2017  2017  2016 2016  2016  2016  2015  2014 
Summary of Operations:                                      
Total interest income $ 9,469     $ 9,125     $ 8,877     $ 8,755     $ 8,645     $ 34,709     $ 33,341     $ 26,104    
Total interest expense   1,197       1,047       985       909       912       3,733       3,542       4,519    
Net interest income   8,272       8,078       7,892       7,846       7,733       30,976       29,799       21,585    
Provision for (recovery of) loan losses   1,083       (194 )     669       337       158       1,516       890       (194 )  
Net interest income after provision   7,189       8,272       7,223       7,509       7,575       29,460       28,909       21,779    
Noninterest income   778       730       740       785       831       3,222       3,292       2,675    
Merger/Acquisition related expenses   -       -       -       -       -       -       378       1,941    
Noninterest expense   5,980       5,805       5,511       5,631       5,519       22,281       21,852       18,719    
Income before income taxes   1,987       3,197       2,452       2,663       2,887       10,401       9,971       3,794    
Provision for income taxes   651       1,082       847       924       980       3,647       3,418       1,437    
Net Income   1,336       2,115       1,605       1,739       1,907       6,754       6,553       2,357    
Dividends on Preferred Stock   -       -       -       -       -       4       77       38    
Net income available to common  shareholders $ 1,336     $ 2,115     $ 1,605     $ 1,739     $ 1,907     $ 6,750     $ 6,476     $ 2,319    
                                                 
Share and Per Share Data:                                                
Earnings per share - basic $ 0.11     $ 0.18     $ 0.14     $ 0.15     $ 0.16     $ 0.58     $ 0.56     $ 0.26    
Earnings per share - diluted $ 0.11     $ 0.18     $ 0.14     $ 0.15     $ 0.16     $ 0.58     $ 0.56     $ 0.26    
Book value per share $ 9.26     $ 9.14     $ 8.95     $ 8.87     $ 8.74     $ 8.95     $ 8.38     $ 8.59    
Tangible book value per share $ 8.61     $ 8.48     $ 8.29     $ 8.2     $ 8.05     $ 8.29     $ 7.67     $ 7.83    
Ending shares outstanding   11,662,471       11,661,571       11,645,413       11,632,192       11,619,184       11,645,413       11,583,011       11,377,980    
Weighted average shares outstanding:                                                
Basic   11,662,117       11,652,612       11,636,647       11,627,270       11,594,995       11,610,705       11,502,800       8,870,114    
Diluted   11,727,110       11,714,336       11,677,958       11,666,280       11,642,726       11,655,111       11,567,811       8,974,384    
                                                 
Selected Performance Ratios:                                                
Return on average assets(2)   0.60 %     1.00 %     0.76 %     0.85 %     0.93 %     0.81 %     0.86 %     0.37 %  
Return on average equity(2)   4.96 %     8.10 %     6.12 %     6.71 %     7.62 %     6.61 %     6.42 %     3.12 %  
Net interest margin   4.18 %     4.14 %     3.98 %     4.27 %     4.24 %     4.06 %     4.38 %     3.88 %  
Efficiency ratio (1)   66.08 %     65.91 %     63.84 %     65.24 %     64.44 %     65.15 %     66.04 %     77.16 %  
                                                 
Period End Balance Sheet Data:                                                
Gross Loans $ 738,021     $ 706,758     $ 677,195     $ 651,743     $ 632,619     $ 677,195     $ 617,398     $ 552,038    
Total interest earning assets   816,008       809,164       770,288       746,349       749,956       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   629       716       810       909       1,014       810       1,241       1,625    
Total Assets   906,524       879,624       846,640       844,774       826,588       846,640       817,015       766,121    
Deposits   739,653       713,138       679,661       677,121       661,274       679,661       651,161       618,902    
Short term debt   33,559       33,306       37,090       38,175       37,883       37,090       29,673       20,733    
Long term debt   22,839       22,939       22,039       22,372       20,772       23,039       28,703       25,591    
Shareholders' equity   108,017       106,562       104,273       103,191       101,531       104,273       104,702       97,685    
                                                 
Selected Average Balances:                                                
Gross Loans $ 715,366     $ 686,800     $ 663,213     $ 641,531     $ 629,333     $ 639,412     $ 578,759     $ 430,571    
Total interest earning assets   799,240       776,496       778,477       737,295       739,002       744,024       686,663       565,264    
Core Deposit Intangible   673       764       862       965       1,072       1,020       1,330       884    
Total Assets   887,412       856,712       844,162       818,284       822,036       829,315       765,284       631,905    
Deposits   719,976       689,795       679,404       653,016       658,476       665,764       607,214       523,954    
Short term debt   33,413       35,048       33,032       34,573       30,366       32,111       32,316       9,957    
Long term debt   22,871       22,989       23,089       23,189       28,389       25,739       20,147       20,494    
Shareholders' equity   108,071       105,860       104,404       103,026       100,664       102,110       102,068       74,365    
                                                 
Asset Quality Ratios:                                                
Nonperforming loans $ 6,159     $ 7,956     $ 9,430     $ 7,565     $ 8,788     $ 9,430     $ 8,712     $ 11,876    
Other real estate owned   2,702       883       599       548       716       599       1,401       1,585    
Allowance for loan losses   8,488       8,022       8,411       7,889       7,692       8,411       7,021       6,844    
Nonperforming loans (3) to period-end loans   0.83 %     1.13 %     1.39 %     1.16 %     1.39 %     1.39 %     1.41 %     2.15 %  
Allowance for loan losses to period-end loans   1.15 %     1.14 %     1.24 %     1.21 %     1.22 %     1.24 %     1.14 %     1.24 %  
Delinquency Ratio (4)   0.07 %     0.21 %     0.44 %     0.16 %     0.23 %     0.44 %     0.40 %     0.91 %  
Net loan charge-offs (recoveries) to average loans (2)   0.35 %     0.12 %     0.08 %     (0.01 )%     0.00 %     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 30-89 days past due and excludes non-accrual loans.
 

/EIN News/ --


Efficiency ratio is calculated as non-interest expenses divided by the sum of net interest income and non-interest income. 

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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