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01.08.2014 21:25
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Select Bancorp Reports Second Quarter 2014 Earnings Of The Former New Century Bancorp
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PR Newswire
DUNN, N.C., Aug. 1, 2014
DUNN, N.C., Aug. 1, 2014 /PRNewswire/ -- Select Bancorp, Inc. (the "Company" NASDAQ: SLCT) reports net income for New Century Bancorp for the quarter ended June 30, 2014, of $613,000 and basic and diluted earnings per share of $0.09. For the same quarter in 2013, net income for New Century Bancorp was $1.26 million, and basic and diluted earnings per share were $0.18. For the six-month period ended June 30, 2014, net income for New Century was $885,000 compared to $2.1 million for the prior year period. Basic and fully diluted earnings per share for the six-month period ended June 30, 2014, were $0.13 and for the same period in 2013 were $0.30.
On July 25, 2014, New Century Bancorp acquired Select Bancorp, Inc. and assumed the name, Select Bancorp, Inc. on that date. The financial data reported here is solely the financial information of the entity formerly known as New Century Bancorp. Commencing in the third quarter of 2014, combined financial information of the former New Century and Select entities will be reported upon the July 25, 2014 closing of the merger.
Earnings for both the second quarter and for the six-month period ended June 30, 2014, for New Century Bancorp were impacted by expenses related to its acquisition of the former Greenville-based Select Bancorp, Inc. Total assets, deposits, and loans for New Century Bancorp as of June 30, 2014, were $508.3 million, $428.7 million, and $333.9 million, respectively.
After final approval by the shareholders of both companies and all federal and state regulatory agencies, the strategic merger, jointly announced on September 30, 2013, by New Century Bancorp and the former Greenville-based Select Bancorp, Inc. closed as of the close of business Friday, July 25, 2014.
"These positive earnings represent the final results we will report for the former New Century Bancorp," said William L. Hedgepeth II, president and CEO of Select Bancorp, Inc. and Select Bank & Trust Company. "The decision was made early in the merger process to take the name Select Bancorp, Inc. for our holding company and Select Bank & Trust Company for our community bank franchise following the merger.
"Second quarter 2014 was primarily focused on the many decisions that had to be made to merge the two companies and the two banks. During the same time period, the Company benefited from a loan loss recovery and saw noninterest expenses trend down on a linked quarter basis.
"Now, in third quarter, we are moving forward as one community bank, ready to serve our customers, to gain new customer relationships, and to offer great service and common sense banking."
Select Bancorp, Inc., headquartered in Dunn, North Carolina, is the holding company for Select Bank & Trust Company, a state chartered commercial bank insured by the Federal Deposit Insurance Corporation (FDIC). Select Bank & Trust Company has 14 branch offices in the following North Carolina communities: Burlington, Clinton, Dunn, Elizabeth City, Fayetteville (2), Gibsonville, Goldsboro, Greenville (2), Lillington, Lumberton, Raleigh and Washington. SelectBank.com.
The information as of and for the quarter and six months ended June 30, 2014, 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 (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.
| Select Bancorp, Inc. (formerly New Century Bancorp) | ||||||||||||||||
| Selected Financial Information and Other Data | ||||||||||||||||
| ($ in thousands, except per share data) | ||||||||||||||||
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| | | At or for the three months ended | | At or for the six months ended | ||||||||||||
| | | | | | | | | | | | | | | | | |
| | | June 30, 2014 | | March 31, 2014 | | December 31, 2013 | | September 30, 2013 | | June 30, 2013 | | June 30, 2014 | | June 30, 2013 | | June 30, 2012 |
| Summary of Operations: | | | | | | | | | | | | | | | | |
| | Total interest income | $ 5,261 | | $ 5,314 | | $ 5,456 | | $ 5,600 | | $ 5,968 | | $ 10,575 | | $ 11,847 | | $ 12,944 |
| | Total interest expense | 1,098 | | 1,111 | | 1,186 | | 1,299 | | 1,355 | | 2,209 | | 2,773 | | 3,457 |
| | Net interest income | 4,163 | | 4,203 | | 4,270 | | 4,301 | | 4,613 | | 8,366 | | 9,074 | | 9,487 |
| | Provision for (Recovery of) loan losses | (427) | | (49) | | 280 | | (130) | | (375) | | (476) | | (475) | | (2,786) |
| | Net interest income after provision | 4,590 | | 4,252 | | 3,990 | | 4,431 | | 4,988 | | 8,842 | | 9,549 | | 12,273 |
| | Noninterest income | 565 | | 624 | | 632 | | 623 | | 755 | | 1,189 | | 1,373 | | 1,826 |
| | Noninterest expense | 3,917 | | 4,289 | | 3,838 | | 3,912 | | 3,756 | | 8,206 | | 7,678 | | 8,865 |
| | Merger-related expense | 237 | | 162 | | 427 | | - | | - | | 399 | | - | | - |
| | Income before income taxes | 1,001 Werbung Mehr Nachrichten zur SELECT BANCORP DL-,01 Aktie kostenlos abonnieren
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