Select Bancorp, Inc. (the “Company”
NASDAQ: SLCT),
the holding company for Select Bank & Trust Company, today
reported net income for the quarter ended March 31, 2019 of $3.3
million with basic and diluted earnings per share of $0.17,
compared to net income of $1.9 million and basic earnings per share
of $0.14 and diluted earnings per share of $0.13 for the
comparative quarter ended March 31, 2018.
Total assets, deposits, and total gross loans
for the Company as of March 31, 2019 were $1.2 billion, $951.0
million, and $991.8 million, respectively, compared to total assets
of $1.2 billion, total deposits of $1.0 billion, and total loans of
$978.3 million as of the same date in 2018. The decrease in
deposits was primarily due to the reduction in wholesale
deposits.
Results for the three months ended March 31,
2019 continued to show the impact of the acquisition of Carolina
Premier Bank and the expanded market opportunity in Charlotte and
upstate South Carolina. The acquisition of Carolina Premier was
completed on December 15, 2017. The results for the three months
ended March 31, 2018, included $1.4 million in after-tax
merger-related expenses. For the three months ended March 31, 2019,
return on average assets was 1.08% and return on average equity was
6.32%, compared to 0.64% and 5.61%, respectively, for the three
months ended March 31, 2018. Non-performing loans were $11.6
million at March 31, 2019 and December 31, 2018, respectively.
Non-performing loans equaled 1.17% of total loans at March 31,
2019, decreasing from 1.18% of total loans at December 31, 2018.
Foreclosed real estate equaled $1.0 million at March 31, 2019,
compared to $1.1 million at December 31, 2018. For the first
quarter of 2019, net charge-offs were $217,000, or 0.11% of average
loans, compared to net charge offs of $25,000, or 0.01% of average
loans for the quarter ended December 31, 2018. At March 31, 2019,
the allowance for loan losses was $8.5 million, or 0.86% of total
loans, as compared to $8.7 million, or 0.88% of total loans, at
December 31, 2018.
Net interest margin was 4.09% for the quarter
ended March 31, 2019, as compared to 4.03% for the quarter ended
December 31, 2018.
Select Bank & Trust remains future-focused
and continues to build its franchise based on common sense banking
by opening a 19th branch office in Holly Springs, NC, to serve
the greater Raleigh market and announcing the proposed acquisition
of the Virginia Beach, VA location of City National Bank of West
Virginia. The Holly Springs branch opened on February 19, 2019 and
Virginia Beach is expected to begin operating as Select Bank &
Trust Company in the second quarter of 2019. Management will
continue its forward-thinking continuous review of locations and
their performance with the goal of overall franchise profit
potential.
“Our franchise is based on exciting market
opportunities and continued expansion of our existing markets and
customer relationships. Our solid market position in our North
Carolina markets, our expansion in growth areas of the state, our
South Carolina market extension and the anticipated move into
Virginia Beach support our focus. We will continue to round out our
nice footprint in the southeast,” stated William L. Hedgepeth, II,
President and CEO of the Company. “Our new branch location in Holly
Springs will support customers in the Raleigh area, where we intend
to be very active. It is a good start to 2019 for Select Bank &
Trust and we will work hard to achieve our goals.”
Select Bank & Trust has 19 branch offices in
these North Carolina communities: Dunn, Burlington, Charlotte,
Clinton, Elizabeth City, Fayetteville, Goldsboro, Greenville, Holly
Springs (Raleigh area), Leland, Lillington, Lumberton, Morehead
City, Raleigh, Washington and Wilmington; and in the following
South Carolina communities: Blacksburg, Rock Hill and Six Mile.
About Select Bancorp, Inc.
Select Bancorp, Inc. is a bank holding company
headquartered in Dunn, North Carolina. The Company primarily
conducts operations through its wholly owned subsidiary, Select
Bank & Trust Company, a North Carolina-chartered commercial
bank that provides a full suite of banking services through its
offices in North Carolina and South Carolina. The Company’s common
stock is listed on the Nasdaq Global Market under the symbol
“SLCT”.
Non-GAAP Financial Measures
Certain financial measures we use to evaluate
our performance and discuss in this release and the accompanying
tables are identified as being “non-GAAP financial measures.” In
accordance with the rules of the Securities and Exchange
Commission, or the SEC, we classify a financial measure as being a
non-GAAP (generally accepted accounting principles) financial
measure if that financial measure excludes or includes amounts, or
is subject to adjustments that have the effect of excluding or
including amounts, that are included or excluded, as the case may
be, in the most directly comparable measure calculated and
presented in accordance with GAAP as in effect from time to time in
the United States in our statements of operations, balance sheet or
statements of cash flows. Non-GAAP financial measures do not
include operating and other statistical measures or ratios or
statistical measures calculated using exclusively either financial
measures calculated in accordance with GAAP, operating measures or
other measures that are not non-GAAP financial measures or
both.
The non-GAAP financial measures that we discuss
in this release should not be considered in isolation or as a
substitute for the most directly comparable or other financial
measures calculated in accordance with GAAP. Moreover, the manner
in which we calculate the non-GAAP financial measures that we
discuss in this release may differ from that of other companies
reporting measures with similar names. You should understand how
such other banking organizations calculate their financial measures
similar or with names similar to the non-GAAP financial measures we
have discussed in this release when comparing such non-GAAP
financial measures.
Tangible book value per share is a non-GAAP
measure generally used by financial analysts and investment bankers
to evaluate financial institutions. We calculate: (a) tangible
common equity as shareholders’ equity less goodwill and core
deposit intangibles; and (b) tangible book value per share as
tangible common equity (as described in clause (a)) divided by
shares of common stock outstanding. For tangible book value per
share, the most directly comparable financial measure calculated in
accordance with GAAP is our book value per common share. A
reconciliation of tangible book value per share to book value per
share is included following the “Selected Financial Information and
Other Data” table below.
We believe that this measure is important to
many investors in the marketplace who are interested in changes
from period to period in book value per common share exclusive of
changes in intangible assets. Goodwill and other intangible assets
have the effect of increasing total book value while not increasing
our tangible book value.
Important Note Regarding Forward-Looking
Statements
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, 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, 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; our ability to
obtain the synergies and expense efficiencies anticipated from
mergers and acquisitions; 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 share and per share data) |
|
|
At or for the three months ended (unaudited) |
|
At or for the twelve months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,2019 |
|
December 31,2018 |
|
September 30,2018 |
|
June 30,2018 |
|
March 31,2018 |
|
December 31,2018 |
|
December 31,2017 |
|
December 31,2016 |
Summary of
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest income |
$ |
14,050 |
|
|
$ |
14,544 |
|
|
$ |
14,382 |
|
|
$ |
14,187 |
|
|
$ |
13,722 |
|
|
$ |
56,835 |
|
|
$ |
39,617 |
|
|
$ |
34,709 |
|
Total
interest expense |
|
2,593 |
|
|
|
2,644 |
|
|
|
2,530 |
|
|
|
2,258 |
|
|
|
2,018 |
|
|
|
9,450 |
|
|
|
5,106 |
|
|
|
3,733 |
|
Net
interest income |
|
11,457 |
|
|
|
11,900 |
|
|
|
11,852 |
|
|
|
11,929 |
|
|
|
11,704 |
|
|
|
47,385 |
|
|
|
34,511 |
|
|
|
30,976 |
|
Provision
for loan losses |
|
112 |
|
|
|
(395) |
|
|
|
(459) |
|
|
|
557 |
|
|
|
141 |
|
|
|
(156) |
|
|
|
1,367 |
|
|
|
1,516 |
|
Net
interest income after provision |
|
11,345 |
|
|
|
12,295 |
|
|
|
12,311 |
|
|
|
11,372 |
|
|
|
11,563 |
|
|
|
47,541 |
|
|
|
33,144 |
|
|
|
29,460 |
|
Noninterest income |
|
1,197 |
|
|
|
1,244 |
|
|
|
1,066 |
|
|
|
1,226 |
|
|
|
1,165 |
|
|
|
4,701 |
|
|
|
3,072 |
|
|
|
3,222 |
|
Merger/acquisition related expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,826 |
|
|
|
1,826 |
|
|
|
2,166 |
|
|
|
- |
|
Noninterest expense |
|
8,304 |
|
|
|
7,864 |
|
|
|
7,800 |
|
|
|
8,602 |
|
|
|
8,458 |
|
|
|
32,724 |
|
|
|
25,153 |
|
|
|
22,281 |
|
Income
before income taxes |
|
4,238 |
|
|
|
5,675 |
|
|
|
5,577 |
|
|
|
3,996 |
|
|
|
2,444 |
|
|
|
17,692 |
|
|
|
8,897 |
|
|
|
10,401 |
|
Provision
for income taxes |
|
931 |
|
|
|
1,221 |
|
|
|
1,256 |
|
|
|
886 |
|
|
|
547 |
|
|
|
3,910 |
|
|
|
5,712 |
|
|
|
3,647 |
|
Net
Income |
|
3,307 |
|
|
|
4,454 |
|
|
|
4,321 |
|
|
|
3,110 |
|
|
|
1,897 |
|
|
|
13,782 |
|
|
|
3,185 |
|
|
|
6,654 |
|
Dividends
on Preferred Stock |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4 |
|
Net
income available to common shareholders |
$ |
3,307 |
|
|
$ |
4,454 |
|
|
$ |
4,321 |
|
|
$ |
3,110 |
|
|
$ |
1,897 |
|
|
$ |
13,782 |
|
|
$ |
3,185 |
|
|
$ |
6,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share and Per
Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share - basic |
$ |
0.17 |
|
|
$ |
0.23 |
|
|
$ |
0.27 |
|
|
$ |
0.22 |
|
|
$ |
0.14 |
|
|
$ |
0.87 |
|
|
$ |
0.27 |
|
|
$ |
0.58 |
|
Earnings
per share - diluted |
$ |
0.17 |
|
|
$ |
0.23 |
|
|
$ |
0.27 |
|
|
$ |
0.22 |
|
|
$ |
0.13 |
|
|
$ |
0.87 |
|
|
$ |
0.27 |
|
|
$ |
0.58 |
|
Book
value per share |
$ |
11.04 |
|
|
$ |
10.85 |
|
|
$ |
10.61 |
|
|
$ |
10.03 |
|
|
$ |
9.82 |
|
|
$ |
10.85 |
|
|
$ |
9.72 |
|
|
$ |
8.95 |
|
Tangible
book value per share(1) |
$ |
9.68 |
|
|
$ |
9.47 |
|
|
$ |
9.21 |
|
|
$ |
8.1 |
|
|
$ |
7.87 |
|
|
$ |
9.47 |
|
|
$ |
7.72 |
|
|
$ |
8.29 |
|
Ending
shares outstanding |
|
19,326,485 |
|
|
|
19,311,505 |
|
|
|
19,296,121 |
|
|
|
14,024,887 |
|
|
|
14,013,917 |
|
|
|
19,311,505 |
|
|
|
14,009,137 |
|
|
|
11,645,413 |
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
19,315,686 |
|
|
|
19,302,263 |
|
|
|
15,858,455 |
|
|
|
14,019,273 |
|
|
|
14,011,707 |
|
|
|
15,812,585 |
|
|
|
11,763,050 |
|
|
|
11,610,705 |
|
Diluted |
|
19,365,354 |
|
|
|
19,360,050 |
|
|
|
15,916,734 |
|
|
|
14,086,671 |
|
|
|
14,081,776 |
|
|
|
15,877,633 |
|
|
|
11,826,977 |
|
|
|
11,655,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets(2) |
|
1.08 |
% |
|
|
1.39 |
% |
|
|
1.40 |
% |
|
|
1.02 |
% |
|
|
0.64 |
% |
|
|
1.12 |
% |
|
|
0.35 |
% |
|
|
0.81 |
% |
Return on
average equity(2) |
|
6.32 |
% |
|
|
8.52 |
% |
|
|
10.53 |
% |
|
|
8.92 |
% |
|
|
5.61 |
% |
|
|
8.51 |
% |
|
|
2.93 |
% |
|
|
6.61 |
% |
Net
interest margin |
|
4.09 |
% |
|
|
4.03 |
% |
|
|
4.20 |
% |
|
|
4.41 |
% |
|
|
4.45 |
% |
|
|
4.19 |
% |
|
|
4.09 |
% |
|
|
4.06 |
% |
Efficiency ratio (3) |
|
65.62 |
% |
|
|
59.83 |
% |
|
|
60.38 |
% |
|
|
65.39 |
% |
|
|
65.72 |
% |
|
|
62.83 |
% |
|
|
66.93 |
% |
|
|
65.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
loans |
$ |
991,801 |
|
|
$ |
986,040 |
|
|
$ |
992,805 |
|
|
$ |
992,885 |
|
|
$ |
978,275 |
|
|
$ |
986,040 |
|
|
$ |
982,626 |
|
|
$ |
677,195 |
|
Total
interest-earning assets |
|
1,103,691 |
|
|
|
1,119,344 |
|
|
|
1,078,871 |
|
|
|
1,107,695 |
|
|
|
1,094,694 |
|
|
|
1,119,344 |
|
|
|
1,063,322 |
|
|
|
770,288 |
|
Goodwill |
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,904 |
|
|
|
6,931 |
|
Core
deposit intangible |
|
1,866 |
|
|
|
2,085 |
|
|
|
2,318 |
|
|
|
2,564 |
|
|
|
2,826 |
|
|
|
2,085 |
|
|
|
3,101 |
|
|
|
810 |
|
Total
assets |
|
1,241,048 |
|
|
|
1,258,525 |
|
|
|
1,252,156 |
|
|
|
1,216,731 |
|
|
|
1,222,551 |
|
|
|
1,258,525 |
|
|
|
1,194,135 |
|
|
|
846,640 |
|
Deposits |
|
950,966 |
|
|
|
980,427 |
|
|
|
974,161 |
|
|
|
993,484 |
|
|
|
1,009,481 |
|
|
|
980,427 |
|
|
|
995,044 |
|
|
|
679,661 |
|
Short-term debt |
|
7,000 |
|
|
|
7,000 |
|
|
|
11,002 |
|
|
|
21,071 |
|
|
|
32,173 |
|
|
|
7,000 |
|
|
|
28,279 |
|
|
|
37,090 |
|
Long-term
debt |
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
39,372 |
|
|
|
57,372 |
|
|
|
19,372 |
|
|
|
23,039 |
|
Shareholders' equity |
|
213,451 |
|
|
|
209,611 |
|
|
|
204,705 |
|
|
|
140,702 |
|
|
|
137,673 |
|
|
|
209,611 |
|
|
|
136,115 |
|
|
|
104,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Average Balances: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Loans |
$ |
985,059 |
|
|
$ |
990,504 |
|
|
$ |
988,479 |
|
|
$ |
990,036 |
|
|
$ |
979,420 |
|
|
$ |
987,634 |
|
|
$ |
732,089 |
|
|
$ |
639,412 |
|
Total
interest-earning assets |
|
1,086,958 |
|
|
|
1,141,604 |
|
|
|
1,073,285 |
|
|
|
1,087,683 |
|
|
|
1,073,890 |
|
|
|
1,119,344 |
|
|
|
813,773 |
|
|
|
744,024 |
|
Core
Deposit Intangible |
|
1,951 |
|
|
|
2,171 |
|
|
|
2,411 |
|
|
|
2,661 |
|
|
|
2,955 |
|
|
|
2,547 |
|
|
|
640 |
|
|
|
1,020 |
|
Total
Assets |
|
1,238,847 |
|
|
|
1,267,479 |
|
|
|
1,228,259 |
|
|
|
1,219,225 |
|
|
|
1,198,588 |
|
|
|
1,228,576 |
|
|
|
898,943 |
|
|
|
829,315 |
|
Deposits |
|
949,771 |
|
|
|
987,180 |
|
|
|
986,174 |
|
|
|
1,004,571 |
|
|
|
981,403 |
|
|
|
989,838 |
|
|
|
738,310 |
|
|
|
665,764 |
|
Short-term debt |
|
7,000 |
|
|
|
10,348 |
|
|
|
17,542 |
|
|
|
21,289 |
|
|
|
36,726 |
|
|
|
21,393 |
|
|
|
34,523 |
|
|
|
32,111 |
|
Long-term
debt |
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
37,520 |
|
|
|
19,880 |
|
|
|
49,357 |
|
|
|
14,239 |
|
|
|
25,739 |
|
Shareholders' equity |
|
212,130 |
|
|
|
207,331 |
|
|
|
162,799 |
|
|
|
139,810 |
|
|
|
137,092 |
|
|
|
161,953 |
|
|
|
108,709 |
|
|
|
102,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans (4) |
$ |
11,583 |
|
|
$ |
11,635 |
|
|
$ |
11,162 |
|
|
$ |
10,118 |
|
|
$ |
8,338 |
|
|
$ |
11,635 |
|
|
$ |
6,978 |
|
|
$ |
9,430 |
|
Other
real estate owned |
|
1,046 |
|
|
|
1,088 |
|
|
|
1,020 |
|
|
|
1,497 |
|
|
|
1,525 |
|
|
|
1,088 |
|
|
|
1,258 |
|
|
|
599 |
|
Allowance
for loan losses |
|
8,510 |
|
|
|
8,669 |
|
|
|
9,089 |
|
|
|
9,528 |
|
|
|
8,957 |
|
|
|
8,669 |
|
|
|
8,835 |
|
|
|
8,411 |
|
Nonperforming loans (4) to period-end loans |
|
1.17 |
% |
|
|
1.18 |
% |
|
|
1.12 |
% |
|
|
1.02 |
% |
|
|
0.85 |
% |
|
|
1.18 |
% |
|
|
0.71 |
% |
|
|
1.02 |
% |
Allowance
for loan losses to period-end loans |
|
0.86 |
% |
|
|
0.88 |
% |
|
|
0.92 |
% |
|
|
0.96 |
% |
|
|
0.92 |
% |
|
|
0.88 |
% |
|
|
0.90 |
% |
|
|
1.24 |
% |
Delinquency ratio (5) |
|
0.73 |
% |
|
|
0.51 |
% |
|
|
0.53 |
% |
|
|
0.51 |
% |
|
|
0.25 |
% |
|
|
0.51 |
% |
|
|
0.63 |
% |
|
|
0.44 |
% |
Net loan
charge-offs (recoveries) to average loans (2) |
|
0.11 |
% |
|
|
0.01 |
% |
|
|
(0.01) |
% |
|
|
(0.01) |
% |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
0.13 |
% |
|
|
0.02 |
% |
|
(1) Tangible book value per share (a non-GAAP
measure) is equal to total shareholders’ equity less goodwill,
preferred stock and core deposit intangibles, divided by the number
of outstanding shares of our common stock at the end of the
relevant period. Please refer to the table below for a
reconciliation of this non-GAAP measure. |
(2) Annualized. |
(3) Efficiency ratio is calculated as non-interest
expenses divided by the sum of net interest income and non-interest
income. |
(4) Nonperforming loans consist of non-accrual
loans and restructured loans. |
(5) Delinquency Ratio includes loans 30–89 days past
due and excludes non-accrual loans. |
Reconciliation of GAAP to Non-GAAP Measures |
($ in thousands, except per share data) |
(Unaudited) |
|
|
March 31,2018 |
|
December 31,2018 |
|
September 30,2018 |
|
June 30,2018 |
|
March 31,2018 |
|
December 31,2018 |
|
December 31,2017 |
|
December 31,2016 |
Tangible common
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’
equity |
$ |
213,451 |
|
|
$ |
209,611 |
|
|
$ |
204,705 |
|
|
$ |
140,702 |
|
|
$ |
137,673 |
|
|
$ |
209,611 |
|
|
$ |
136,115 |
|
|
$ |
104,273 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,904 |
|
|
|
6,931 |
|
Core
deposit intangibles |
|
1,866 |
|
|
|
2,085 |
|
|
|
2,318 |
|
|
|
2,564 |
|
|
|
2,826 |
|
|
|
2,085 |
|
|
|
3,101 |
|
|
|
810 |
|
Tangible common equity |
$ |
187,006 |
|
|
$ |
182,947 |
|
|
$ |
177,808 |
|
|
$ |
113,559 |
|
|
$ |
110,268 |
|
|
$ |
182,947 |
|
|
$ |
108,110 |
|
|
$ |
96,532 |
|
Common
shares outstanding(1) |
|
19,326,485 |
|
|
|
19,311,505 |
|
|
|
19,296,121 |
|
|
|
14,024,887 |
|
|
|
14,013,917 |
|
|
|
19,311,505 |
|
|
|
14,009,137 |
|
|
|
11,645,413 |
|
Book
value per common share(2) |
$ |
11.04 |
|
|
$ |
10.85 |
|
|
$ |
10.61 |
|
|
$ |
10.03 |
|
|
$ |
9.82 |
|
|
$ |
10.85 |
|
|
$ |
9.72 |
|
|
$ |
8.95 |
|
Tangible
book value per common share(3) |
$ |
9.68 |
|
|
$ |
9.47 |
|
|
$ |
9.21 |
|
|
$ |
8.10 |
|
|
$ |
7.87 |
|
|
$ |
9.47 |
|
|
$ |
7.72 |
|
|
$ |
8.29 |
|
|
(1) Excludes the dilutive effect of common stock
issuable upon exercise of outstanding stock options. The number of
exercisable options outstanding was 49,668 as of March 31, 2019;
57,787 as of December 31, 2018; 58,279 as of September 30, 2018;
67,398 as of June 30, 2018; 70,069 as of March 31, 2018; and 63,927
as of December 31, 2017. |
(2) We calculate book value per common share as
shareholders’ equity less preferred stock at the end of the
relevant period divided by the outstanding number of shares of our
common stock at the end of the relevant period. |
(3) We calculate tangible book value per common
share as total shareholders’ equity less goodwill, preferred stock
and core deposit intangibles, divided by the number of outstanding
shares of our common stock at the end of the relevant period. |
|
Mark A. JeffriesExecutive Vice PresidentChief
Financial OfficerOffice: 910-892-7080 and Direct:
910-897-3603markj@SelectBank.comSelectBank.com
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