Select Bancorp, Inc. (
NASDAQ: SLCT) (the
“Company”), the holding company for Select Bank & Trust
Company, today reported net income for the quarter ended March 31,
2020 of $1.1 million with basic and diluted earnings per share of
$0.06, compared to net income of $3.3 million with basic and
diluted earnings per share of $0.17 for the comparative quarter
ended March 31, 2019. The decrease in net income in the first
quarter of 2020 compared to 2019 was primarily attributable to
$389,000 of expenses associated with new branches in Cornelius,
North Carolina (the Charlotte area), Holly Springs, North Carolina
(the Raleigh area) and Virginia Beach, Virginia and an increase of
the provision for credit losses of $2.3 million due to
unprecedented changes in certain economic indicators as a result of
the COVID-19 pandemic.
Total assets, deposits, and gross loans for the
Company as of March 31, 2020 were $1.3 billion, $982.7 million, and
$1.0 billion, respectively, compared to total assets of $1.2
billion, total deposits of $951.0 million, and total loans of
$991.8 million as of the same date in 2019.
Comments of the Chief Executive Officer and
Other Matters
William Hedgepeth, President and Chief Executive
Officer stated, “Overall, we were pleased with our first-quarter
earnings and the continued franchise growth from the implementation
of our strategic initiatives. However, the end of the quarter
was punctuated by arrival of the COVID-19 pandemic. As the
implications of this event rapidly evolved and its significance was
understood, we knew the nation was in uncharted territory. We
are extremely concerned for those who are suffering, for the
well-being of our health care workers, and for our customers,
friends, neighbors and employees as they continue to provide
services to their community. Our goal over the past few
weeks, and into the future, is to continue providing crucial
financial services in a safe and timely manner, which will
hopefully help to contribute to a faster recovery in the markets we
serve. We have taken prudent steps to secure our financial
position so that we will have the capacity and ability to meet the
needs of our customers and communities as the impact of COVID-19
continues to affect them and our economy more generally.”
Hedgepeth continued, “We are participating in
the Paycheck Protection Program, or PPP, providing loans to assist
our customers with funds to work through this pandemic.
Within the last couple of weeks, we have assisted more than 990
customers with over $88 million dollars in PPP loans. These
loans, which are eligible for forgiveness, provide funds to be used
by small businesses to continue paying their employees, rent,
mortgages and utilities, all of which assist small businesses with
keeping employees on the payroll. This program is designed to
enhance the economic infrastructure of the communities we serve by
providing the resources needed for small businesses to reopen in
the near future. We have provided additional staff resources,
together with an “all hands on deck” philosophy to facilitate as
many customer requests as possible by assisting them in applying
for and participating in this stimulus program in a very limited
period of time. We also continue to work with our customers in
other ways, such as offering loan payment deferral options in
certain circumstances.”
“We are dealing with unprecedented times and it
is paramount that we remain flexible and accommodate the needs of
the communities in which we operate. All of our branches are
open for drive-thru activity while keeping the health and safety of
our customers and employees as our primary objective. We will
strive to provide as many solutions as possible, in a timely manner
that strengthen the business partnerships we have developed as we
all proceed through the recovery process.”
Other matters of interest to shareholders
are:
- The Company repurchased 275,366 shares of Company common stock
during the first quarter of 2020 under the repurchase plan
authorized by the Board of Directors in 2019. The Company may
repurchase up to an additional 235,140 shares of its common stock
under the repurchase plan.
- Loan growth was over $9.5 million in the first quarter of
2020.
- With the closing of the acquisition of three branches on April
17, 2020 in western North Carolina, our total assets are in excess
of $1.5 billion.
Net Interest Income and Net Interest
Margin
Net interest income was $11.5 million for the
first quarter of 2020 and 2019. On a comparative quarter basis, the
Company’s total interest income was positively affected by
increased loan balances due to growth which was offset by a
decreasing yield, a decrease in securities balances and a lower
yield plus the reduction in other earning assets at a lower yield.
Average total interest-earning assets were $1.1 billion in the
first quarter of 2020 and 2019. The yield on those assets
decreased 4 basis points, from 5.02% in the first quarter of 2019
to 4.98% for the same period in 2020. This was primarily due
to lower rates on recently originated loans and a reduction of
accretion from acquired loans on a comparative quarter basis.
The Company’s average interest-bearing
liabilities increased by $16.8 million, to $788.4 million for the
quarter ended March 31, 2020, from $771.6 million for the first
quarter of 2019. Low-cost savings, NOW and money market
deposits increased $19.3 million while the cost of transactional
deposits decreased from 0.48% to 0.43%, or 5 basis points year over
year. The cost of total deposits increased from 0.90% in the first
quarter of 2019 to 0.94% in the first quarter of 2020 due to the
increase in the cost of time deposits. During the first
quarter of 2020, the Company’s net interest margin was 4.03% and
net interest spread was 3.59%. In the first quarter of 2019, net
interest margin was 4.09% and net interest spread was
3.65%.
Provision for Loan Losses and Asset Quality
During the first quarter of 2020, the Company
recorded a provision for loan losses of $2.3 million, based
primarily on loan growth and adjustments to qualitative allowance
factors and preliminary estimates related to the economic impact of
the COVID-19 pandemic. There was a 0.15% allowance applied to all
loan pools for factors related to the economic impact of COVID-19.
Additionally, due to the COVID-19 pandemic, we increased our
reserve an additional five basis points (.05%) in response to
qualitative factors for gross domestic product, peer group
delinquency, and North Carolina unemployment in all loan
pools. As a result, $1.4 million of the $2.3 million
provision was attributable to the impact COVID -19 on the reserve’s
increase. We granted payment extensions on approximately 285
commercial and consumer loans related to the impact of COVID –
19. On a comparative quarter basis, the Company recorded a
provision for loan losses of $112,000, based primarily on loan
growth and adjustments to qualitative loan factors related to
trends in the loan portfolio for the first quarter of 2019. In the
first quarter of 2020, the Company recorded net charge-offs of
$12,000 compared to net charge-offs of $271,000 in the first
quarter of 2019. These charge-offs resulted in a net
charge-off rate of 0.00% of average loans for the current quarter,
compared to a net charge-off rate of 0.11% in the first quarter of
2019.
Non-interest Income
Non-interest income for the quarter ended March
31, 2020 was $1.4 million, an increase of $247,000 from $1.2
million in the first quarter of 2019. Service charges on deposit
accounts increased $72,000, to $338,000 for the quarter ended March
31, 2020, from $266,000 for the first quarter in 2019. Other
non-deposit fees and income increased $39,000 from the first
quarter of 2019 to the first quarter of 2020. Fees of $185,000 from
presold mortgages and $108,000 from SBA loans totaled $293,000 in
the first quarter of 2020, which represented an increase of
$136,000 from the $157,000 of fees in the first quarter of 2019.
The Company did not sell any investment securities in the first
quarter of 2020 or 2019.
Non-interest Expense
Non-interest expenses increased by $943,000 to
$9.2 million for the quarter ended March 31, 2020, from $8.3
million for the same period in 2019. In general, most
categories of non-interest expenses increased, primarily due to an
increase in the number of branches. The following are
highlights of the significant categories of non-interest expenses
during the first quarter of 2020 versus the same period in
2019:
- Personnel expenses increased $661,000 to $5.6 million, due to
additional personnel and cost-of-living increases.
- Occupancy expenses increased $204,000, primarily due to
additional branches, repairs and maintenance and increased rent
expense due to normal rent escalation.
- Integration-related expenses increased $39,000.
- CDI expense decreased $40,000 due to amortization.
- Information systems expense increased by $249,000 due to
increased expenses related to a new mobile banking platform and
security cost for the core processing system.
- Professional fees decreased by $10,000 to $372,000.
- Deposit insurance expenses decreased by $117,000 due to
increased premium credit earned.
Income Taxes
The Company’s effective tax rate was 20.2% and
21.0% for the quarters ended March 31, 2020 and 2019,
respectively.
Balance Sheet
Total assets at March 31, 2020 were $1.3
billion, an increase of $21.4 million from a year earlier.
Gross loans at March 31, 2020 were $1.0 billion, up $47.7 million
or 4.8% from a year earlier, and total deposits were $982.7
million, an increase of $31.7 million or 3.3% from a year
earlier.
Retail deposits (excluding brokered deposits and
internet time deposits) grew at a rate of 6.1% or $34.3 million as
of March 31, 2020 compared to the same period in 2019. Wholesale
deposits decreased from $26.3 million at March 31, 2019 to $19.5
million at March 31, 2020 as we continue emphasizing core deposit
growth to replace wholesale deposits.
Completion of Acquisition of Three Branches in
Western North Carolina
As previously announced, on April 17, 2020, the
Company’s subsidiary, Select Bank & Trust completed its
purchase of three branches from Entegra Bank, a division of First
Citizens Bank.
The branches are located at 473 Carolina Way,
Highlands, NC; 498 East Main Street, Sylva, NC; and 30 Hyatt Road,
Franklin, NC. As part of the purchase, Select Bank & Trust
Company assumed approximately $185 million in deposits and
purchased approximately $107 million in loans.
About Select Bank & Trust
Company
Select Bank & Trust has 22 full-service
offices in these North Carolina communities: Dunn, Burlington,
Charlotte, Clinton, Cornelius (Charlotte area), Elizabeth City,
Fayetteville, Franklin, Goldsboro, Greenville, Highlands, Holly
Springs (Raleigh area), Leland, Lillington, Lumberton, Morehead
City, Raleigh, Sylva, and Wilmington, North Carolina; in the
following South Carolina communities: Blacksburg and Rock Hill; and
in Virginia Beach, Virginia.
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, South Carolina, and Virginia. 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 share. A reconciliation
of tangible book value per share to book value per share is
included in the tables that accompany this release.
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 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, and 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: the ongoing COVID-19
pandemic and measures intended to prevent its spread, which include
wide disruptions to business activity that may impact the financial
strength of our borrowers; our ability to manage growth or achieve
it at all; substantial changes in financial markets; our ability to
obtain the synergies and expense efficiencies anticipated from our
acquisition activity and branch divestures and consolidations;
regulatory changes; changes in interest rates, including the impact
of such changes on our net interest margin; loss of deposits and
loan demand to other savings and financial institutions; adverse
economic conditions that impact our borrowers’ ability to pay their
debts when due, including the rapid rise in unemployment associated
with the COVID-19 pandemic; 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.
Mark A. JeffriesExecutive Vice PresidentChief
Financial Officer Office: 910-892-7080 and Direct:
910-897-3603markj@SelectBank.comSelectBank.com
SELECT BANCORP, INC. |
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
|
|
March 31, 2020 |
|
December 31, 2019 |
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
(Unaudited) |
|
(Audited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Dollars in thousands) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
20,030 |
|
|
$ |
19,110 |
|
|
$ |
20,052 |
|
|
$ |
20,397 |
|
|
$ |
15,586 |
|
Interest-earning
deposits in other banks |
|
35,544 |
|
|
|
50,920 |
|
|
|
53,093 |
|
|
|
100,584 |
|
|
|
44,894 |
|
Certificates of
deposit |
|
- |
|
|
|
- |
|
|
|
500 |
|
|
|
500 |
|
|
|
1,000 |
|
Federal funds
sold |
|
11,673 |
|
|
|
9,047 |
|
|
|
10,728 |
|
|
|
21,961 |
|
|
|
9,809 |
|
Investment
securities available for sale, at Fair Value |
|
64,738 |
|
|
|
72,367 |
|
|
|
76,941 |
|
|
|
83,102 |
|
|
|
86,727 |
|
Loans held for
sale |
|
1,606 |
|
|
|
928 |
|
|
|
1,714 |
|
|
|
826 |
|
|
|
354 |
|
Loans |
|
1,039,514 |
|
|
|
1,029,975 |
|
|
|
1,014,928 |
|
|
|
997,062 |
|
|
|
991,801 |
|
Allowance for loan
losses |
|
(10,586 |
) |
|
|
(8,324 |
) |
|
|
(8,056 |
) |
|
|
(8,303 |
) |
|
|
(8,510 |
) |
NET LOANS |
|
1,028,928 |
|
|
|
1,021,651 |
|
|
|
1,006,872 |
|
|
|
988,759 |
|
|
|
983,291 |
|
|
|
|
|
|
|
|
|
|
|
Accrued interest
receivable |
|
3,839 |
|
|
|
4,189 |
|
|
|
3,902 |
|
|
|
4,028 |
|
|
|
4,120 |
|
Stock in Federal
Home Loan Bank of Atlanta, at cost |
|
3,059 |
|
|
|
3,045 |
|
|
|
3,045 |
|
|
|
3,045 |
|
|
|
3,342 |
|
Other
non-marketable securities |
|
718 |
|
|
|
719 |
|
|
|
719 |
|
|
|
718 |
|
|
|
738 |
|
Foreclosed real
estate |
|
3,737 |
|
|
|
3,533 |
|
|
|
1,442 |
|
|
|
1,468 |
|
|
|
1,046 |
|
Premises and
equipment, net |
|
17,868 |
|
|
|
17,791 |
|
|
|
18,150 |
|
|
|
18,274 |
|
|
|
17,715 |
|
Right of use lease
asset |
|
8,414 |
|
|
|
8,596 |
|
|
|
8,776 |
|
|
|
8,953 |
|
|
|
8,750 |
|
Bank owned life
insurance |
|
29,950 |
|
|
|
29,789 |
|
|
|
29,621 |
|
|
|
29,451 |
|
|
|
29,282 |
|
Goodwill |
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
Core deposit
intangible ("CDI") |
|
1,431 |
|
|
|
1,610 |
|
|
|
1,803 |
|
|
|
2,011 |
|
|
|
1,866 |
|
Assets held for
sale |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
668 |
|
Other assets |
|
7,380 |
|
|
|
7,202 |
|
|
|
7,697 |
|
|
|
8,141 |
|
|
|
8,310 |
|
TOTAL ASSETS |
$ |
1,263,494 |
|
|
$ |
1,275,076 |
|
|
$ |
1,269,634 |
|
|
$ |
1,316,797 |
|
|
$ |
1,242,077 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Demand |
$ |
250,031 |
|
|
$ |
240,305 |
|
|
$ |
243,889 |
|
|
$ |
252,666 |
|
|
$ |
240,262 |
|
Savings |
|
41,815 |
|
|
|
43,128 |
|
|
|
43,355 |
|
|
|
46,037 |
|
|
|
48,080 |
|
Money market and NOW |
|
306,051 |
|
|
|
280,145 |
|
|
|
283,414 |
|
|
|
292,629 |
|
|
|
262,169 |
|
Time |
|
384,754 |
|
|
|
429,260 |
|
|
|
417,015 |
|
|
|
438,918 |
|
|
|
400,455 |
|
TOTAL DEPOSITS |
|
982,651 |
|
|
|
992,838 |
|
|
|
987,673 |
|
|
|
1,030,250 |
|
|
|
950,966 |
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Debt |
|
20,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,000 |
|
Long-Term
Debt |
|
37,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
Lease
Liability |
|
8,669 |
|
|
|
8,813 |
|
|
|
8,951 |
|
|
|
9,086 |
|
|
|
8,842 |
|
Accrued interest
payable |
|
536 |
|
|
|
578 |
|
|
|
596 |
|
|
|
637 |
|
|
|
519 |
|
Accrued expenses
and other liabilities |
|
2,181 |
|
|
|
2,700 |
|
|
|
2,993 |
|
|
|
2,607 |
|
|
|
3,927 |
|
TOTAL LIABILITIES |
|
1,051,409 |
|
|
|
1,062,301 |
|
|
|
1,057,585 |
|
|
|
1,099,952 |
|
|
|
1,028,626 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
18,056 |
|
|
|
18,330 |
|
|
|
18,513 |
|
|
|
19,262 |
|
|
|
19,326 |
|
Additional
paid-in-capital |
|
138,788 |
|
|
|
140,870 |
|
|
|
142,878 |
|
|
|
150,275 |
|
|
|
150,877 |
|
Retained
Earnings |
|
53,779 |
|
|
|
52,675 |
|
|
|
49,634 |
|
|
|
46,395 |
|
|
|
42,947 |
|
Common stock
issued to deferred compensation trust |
|
(2,791 |
) |
|
|
(2,815 |
) |
|
|
(2,730 |
) |
|
|
(2,652 |
) |
|
|
(2,652 |
) |
Directors'
Deferred Compensation Plan Rabbi Trust |
|
2,791 |
|
|
|
2,815 |
|
|
|
2,730 |
|
|
|
2,652 |
|
|
|
2,652 |
|
Accumulated other
comprehensive income |
|
1,462 |
|
|
|
900 |
|
|
|
1,024 |
|
|
|
913 |
|
|
|
301 |
|
TOTAL SHAREHOLDERS' EQUITY |
|
212,085 |
|
|
|
212,775 |
|
|
|
212,049 |
|
|
|
216,845 |
|
|
|
213,451 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
$ |
1,263,494 |
|
|
$ |
1,275,076 |
|
|
$ |
1,269,634 |
|
|
$ |
1,316,797 |
|
|
$ |
1,242,077 |
|
|
|
|
|
|
|
|
|
|
|
SELECT BANCORP, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
March 31,2020 |
|
December 31,2019 |
|
September 30,2019 |
|
June 30,2019 |
|
March 31,2019 |
|
December 31,2019 |
|
December 31,2018 |
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
13,589 |
|
|
$ |
14,124 |
|
$ |
13,924 |
|
|
$ |
13,515 |
|
|
$ |
13,042 |
|
$ |
54,605 |
|
$ |
53,796 |
|
Federal funds sold and interest-earning |
|
|
|
|
|
|
|
|
|
|
|
|
|
deposits in other banks |
|
168 |
|
|
|
258 |
|
|
581 |
|
|
|
456 |
|
|
|
543 |
|
|
1,838 |
|
|
1,618 |
|
Investments |
|
421 |
|
|
|
434 |
|
|
503 |
|
|
|
601 |
|
|
|
465 |
|
|
2,003 |
|
|
1,421 |
|
TOTAL INTEREST INCOME |
|
14,178 |
|
|
|
14,816 |
|
|
15,008 |
|
|
|
14,572 |
|
|
|
14,050 |
|
|
58,446 |
|
|
56,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market, NOW and savings
deposits |
|
348 |
|
|
|
420 |
|
|
433 |
|
|
|
407 |
|
|
|
356 |
|
|
1,616 |
|
|
1,339 |
|
Time deposits |
|
1,931 |
|
|
|
2,075 |
|
|
2,248 |
|
|
|
1,985 |
|
|
|
1,753 |
|
|
8,061 |
|
|
6,293 |
|
Short-term debt |
|
87 |
|
|
|
6 |
|
|
4 |
|
|
|
26 |
|
|
|
26 |
|
|
62 |
|
|
328 |
|
Long-term debt |
|
352 |
|
|
|
447 |
|
|
455 |
|
|
|
457 |
|
|
|
458 |
|
|
1,817 |
|
|
1,490 |
|
TOTAL INTEREST EXPENSE |
|
2,718 |
|
|
|
2,948 |
|
|
3,140 |
|
|
|
2,875 |
|
|
|
2,593 |
|
|
11,556 |
|
|
9,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
11,460 |
|
|
|
11,868 |
|
|
11,868 |
|
|
|
11,697 |
|
|
|
11,457 |
|
|
46,890 |
|
|
47,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR (RECOVERY OF)
LOAN LOSSES |
|
2,273 |
|
|
|
302 |
|
|
231 |
|
|
|
(207 |
) |
|
|
112 |
|
|
438 |
|
|
(156 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
|
9,187 |
|
|
|
11,566 |
|
|
11,637 |
|
|
|
11,904 |
|
|
|
11,345 |
|
|
46,452 |
|
|
47,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees on the sale of mortgages |
|
293 |
|
|
|
148 |
|
|
218 |
|
|
|
230 |
|
|
|
157 |
|
|
753 |
|
|
497 |
|
Gain on securities |
|
0 |
|
|
|
0 |
|
|
48 |
|
|
|
0 |
|
|
|
0 |
|
|
48 |
|
|
0 |
|
Service charges on deposit accounts |
|
338 |
|
|
|
303 |
|
|
308 |
|
|
|
284 |
|
|
|
266 |
|
|
1,161 |
|
|
1,124 |
|
Other fees and income |
|
813 |
|
|
|
995 |
|
|
874 |
|
|
|
814 |
|
|
|
774 |
|
|
3,457 |
|
|
3,080 |
|
TOTAL NON-INTEREST INCOME |
|
1,444 |
|
|
|
1,446 |
|
|
1,448 |
|
|
|
1,328 |
|
|
|
1,197 |
|
|
5,419 |
|
|
4,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
5,632 |
|
|
|
5,152 |
|
|
5,124 |
|
|
|
5,031 |
|
|
|
4,971 |
|
|
20,278 |
|
|
18,304 |
|
Occupancy and equipment |
|
931 |
|
|
|
973 |
|
|
1,073 |
|
|
|
922 |
|
|
|
727 |
|
|
3,695 |
|
|
3,666 |
|
Deposit insurance |
|
(12 |
) |
|
|
19 |
|
|
(30 |
) |
|
|
90 |
|
|
|
105 |
|
|
184 |
|
|
628 |
|
Professional Fees |
|
372 |
|
|
|
503 |
|
|
518 |
|
|
|
483 |
|
|
|
382 |
|
|
1,886 |
|
|
1,394 |
|
CDI amortization |
|
179 |
|
|
|
193 |
|
|
208 |
|
|
|
205 |
|
|
|
219 |
|
|
825 |
|
|
1,016 |
|
Merger/acquisition related expenses |
|
39 |
|
|
|
171 |
|
|
128 |
|
|
|
107 |
|
|
|
0 |
|
|
406 |
|
|
1,826 |
|
Information systems |
|
1,038 |
|
|
|
974 |
|
|
852 |
|
|
|
877 |
|
|
|
789 |
|
|
3,492 |
|
|
3,372 |
|
Foreclosed-related expenses |
|
5 |
|
|
|
109 |
|
|
(9 |
) |
|
|
10 |
|
|
|
30 |
|
|
140 |
|
|
115 |
|
Other |
|
1,063 |
|
|
|
1,000 |
|
|
1,067 |
|
|
|
1,086 |
|
|
|
1,081 |
|
|
4,234 |
|
|
4,229 |
|
TOTAL NON-INTEREST EXPENSE |
|
9,247 |
|
|
|
9,094 |
|
|
8,931 |
|
|
|
8,811 |
|
|
|
8,304 |
|
|
35,140 |
|
|
34,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES |
|
1,384 |
|
|
|
3,918 |
|
|
4,154 |
|
|
|
4,421 |
|
|
|
4,238 |
|
|
16,731 |
|
|
17,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAXES |
|
280 |
|
|
|
877 |
|
|
915 |
|
|
|
973 |
|
|
|
931 |
|
|
3,696 |
|
|
3,910 |
|
NET INCOME |
$ |
1,104 |
|
|
$ |
3,041 |
|
$ |
3,239 |
|
|
$ |
3,448 |
|
|
$ |
3,307 |
|
$ |
13,035 |
|
$ |
13,782 |
|
NET INCOME PER COMMON SHARE
OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.06 |
|
|
$ |
0.17 |
|
$ |
0.17 |
|
|
$ |
0.18 |
|
|
$ |
0.17 |
|
$ |
0.69 |
|
$ |
0.87 |
|
Diluted |
$ |
0.06 |
|
|
$ |
0.16 |
|
$ |
0.17 |
|
|
$ |
0.18 |
|
|
$ |
0.17 |
|
$ |
0.68 |
|
$ |
0.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Outstanding Shares |
|
18,255,351 |
|
|
|
18,414,393 |
|
|
19,028,572 |
|
|
|
19,318,358 |
|
|
|
19,315,686 |
|
|
19,016,808 |
|
|
15,812,585 |
|
Diluted Outstanding
Shares |
|
18,287,064 |
|
|
|
18,460,118 |
|
|
19,073,235 |
|
|
|
19,359,492 |
|
|
|
19,365,354 |
|
|
19,063,237 |
|
|
15,877,633 |
|
Select
Bancorp, Inc. |
Asset
quality |
|
|
For Periods Ended |
|
March 31,2020 |
|
December 31,2019 |
|
September 30,2019 |
|
June 30,2019 |
|
March 31,2019 |
|
December 31,2019 |
|
December 31,2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
7,201 |
|
|
|
5,941 |
|
|
|
9,083 |
|
|
|
10,521 |
|
|
|
6,337 |
|
|
|
5,941 |
|
|
|
7,257 |
|
Accruing TDRs |
|
5,619 |
|
|
|
6,207 |
|
|
|
6,477 |
|
|
|
6,061 |
|
|
|
5,246 |
|
|
|
6,207 |
|
|
|
4,378 |
|
Total non-performing
loans |
|
12,820 |
|
|
|
12,148 |
|
|
|
15,560 |
|
|
|
16,582 |
|
|
|
11,583 |
|
|
|
12,148 |
|
|
|
11,635 |
|
Foreclosed real estate |
|
3,737 |
|
|
|
3,533 |
|
|
|
1,442 |
|
|
|
1,468 |
|
|
|
1,046 |
|
|
|
3,533 |
|
|
|
1,088 |
|
Total non-performing
assets |
|
16,557 |
|
|
|
15,681 |
|
|
|
17,002 |
|
|
|
18,050 |
|
|
|
12,629 |
|
|
|
15,681 |
|
|
|
12,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past due 90
days or more |
|
1,182 |
|
|
|
1,231 |
|
|
|
2,296 |
|
|
|
2,447 |
|
|
|
3,146 |
|
|
|
1,231 |
|
|
|
3,167 |
|
Allowance for loan losses |
|
10,586 |
|
|
|
8,324 |
|
|
|
8,056 |
|
|
|
8,303 |
|
|
|
8,510 |
|
|
|
8,324 |
|
|
|
8,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to period
ending loans |
|
1.23% |
|
|
|
1.18% |
|
|
|
1.53% |
|
|
|
1.66% |
|
|
|
1.17% |
|
|
|
1.18% |
|
|
|
1.18% |
|
Non-performing loans &
accruing loans past |
|
|
|
|
|
|
|
|
|
|
|
|
|
due 90 days or more to period ending loans |
|
1.35% |
|
|
|
1.30% |
|
|
|
1.76% |
|
|
|
1.91% |
|
|
|
1.49% |
|
|
|
1.30% |
|
|
|
1.50% |
|
Allowance for loans to period
end loans |
|
1.02% |
|
|
|
0.81% |
|
|
|
0.79% |
|
|
|
0.83% |
|
|
|
0.86% |
|
|
|
0.81% |
|
|
|
0.88% |
|
Allowance for loans to
non-performing loans |
|
83% |
|
|
|
69% |
|
|
|
52% |
|
|
|
50% |
|
|
|
73% |
|
|
|
69% |
|
|
|
75% |
|
Allowance for loans to
non-performing Assets |
|
64% |
|
|
|
53% |
|
|
|
47% |
|
|
|
46% |
|
|
|
67% |
|
|
|
53% |
|
|
|
68% |
|
Allowance for loans to
non-performing Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
and accruing loans past due 90 days or more |
|
60% |
|
|
|
49% |
|
|
|
42% |
|
|
|
41% |
|
|
|
54% |
|
|
|
49% |
|
|
|
55% |
|
Non-performing assets to total
assets |
|
1.31% |
|
|
|
1.23% |
|
|
|
1.34% |
|
|
|
1.37% |
|
|
|
1.02% |
|
|
|
1.23% |
|
|
|
1.01% |
|
Non-performing assets to
accruing loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
past due 90 days or more to total assets |
|
1.40% |
|
|
|
1.33% |
|
|
|
1.52% |
|
|
|
1.56% |
|
|
|
1.27% |
|
|
|
1.33% |
|
|
|
1.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECT BANCORP,
INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP
to Non-GAAP Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands,
except per share data, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
March 31,2020 |
|
December 31,2019 |
|
September 30,2019 |
|
June 30,2019 |
|
March 31,2019 |
|
December 31,2019 |
|
December 31,2018 |
Net interest
margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin-tax
equivalent (1) |
|
11,489 |
|
|
|
11,901 |
|
|
|
11,903 |
|
|
|
11,740 |
|
|
|
11,496 |
|
|
|
47,037 |
|
|
|
47,535 |
|
Purchased loan accretion and
early payoff charges |
|
(105 |
) |
|
|
(226 |
) |
|
|
(210 |
) |
|
|
(268 |
) |
|
|
(200 |
) |
|
|
(904 |
) |
|
|
(3,051 |
) |
Net Interest Margin(2)
(Non-GAAP) |
|
11,384 |
|
|
|
11,675 |
|
|
|
11,693 |
|
|
|
11,472 |
|
|
|
11,296 |
|
|
|
46,133 |
|
|
|
44,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable
interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable interest
income |
|
13,589 |
|
|
|
14,124 |
|
|
|
13,924 |
|
|
|
13,515 |
|
|
|
13,042 |
|
|
|
54,645 |
|
|
|
53,822 |
|
Purchased loan accretion and
early payoff charges |
|
(105 |
) |
|
|
(226 |
) |
|
|
(210 |
) |
|
|
(268 |
) |
|
|
(200 |
) |
|
|
(904 |
) |
|
|
(3,051 |
) |
Loans receivable interest
income (Non-GAAP) |
|
13,484 |
|
|
|
13,898 |
|
|
|
13,714 |
|
|
|
13,247 |
|
|
|
12,842 |
|
|
|
53,741 |
|
|
|
50,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired and
non-acquired loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired loans recievable |
|
122,363 |
|
|
|
129,595 |
|
|
|
141,765 |
|
|
|
152,090 |
|
|
|
173,771 |
|
|
|
129,595 |
|
|
|
186,243 |
|
Non-acquired loans
recievable |
|
917,151 |
|
|
|
900,380 |
|
|
|
873,163 |
|
|
|
844,972 |
|
|
|
818,030 |
|
|
|
900,380 |
|
|
|
799,797 |
|
Total gross loans
recievable |
|
1,039,514 |
|
|
|
1,029,975 |
|
|
|
1,014,928 |
|
|
|
997,062 |
|
|
|
991,801 |
|
|
|
1,029,975 |
|
|
|
986,040 |
|
% Acquired |
|
11.8% |
|
|
|
12.6% |
|
|
|
14.0% |
|
|
|
15.3% |
|
|
|
17.5% |
|
|
|
12.6% |
|
|
|
18.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-acquired loans |
|
917,151 |
|
|
|
900,380 |
|
|
|
873,163 |
|
|
|
844,972 |
|
|
|
818,030 |
|
|
|
900,380 |
|
|
|
799,797 |
|
Allowance for loan losses |
|
10,586 |
|
|
|
8,324 |
|
|
|
8,056 |
|
|
|
8,303 |
|
|
|
8,510 |
|
|
|
8,324 |
|
|
|
8,669 |
|
Allowance for loan losses to
non-acquired loans (Non-GAAP) |
|
1.15% |
|
|
|
0.92% |
|
|
|
0.92% |
|
|
|
0.98% |
|
|
|
1.04% |
|
|
|
0.92% |
|
|
|
1.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total gross loan
receivable |
|
1,039,514 |
|
|
|
1,029,975 |
|
|
|
1,014,928 |
|
|
|
997,062 |
|
|
|
991,801 |
|
|
|
1,029,975 |
|
|
|
986,040 |
|
Allowance for loan losses |
|
10,586 |
|
|
|
8,324 |
|
|
|
8,056 |
|
|
|
8,303 |
|
|
|
8,510 |
|
|
|
8,324 |
|
|
|
8,669 |
|
Allowance for loan losses to
total gross loans receivable |
|
1.02% |
|
|
|
0.81% |
|
|
|
0.79% |
|
|
|
0.83% |
|
|
|
0.86% |
|
|
|
0.81% |
|
|
|
0.88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For Periods Ended |
|
March 31,2019 |
|
December 31,2019 |
|
September 30,2019 |
|
June 30,2019 |
|
March 31,2019 |
|
December 31,2019 |
|
December 31,2018 |
Tangible common
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity |
$ |
212,085 |
|
|
$ |
212,775 |
|
|
$ |
212,049 |
|
|
$ |
216,845 |
|
|
$ |
213,451 |
|
|
$ |
212,775 |
|
|
$ |
209,611 |
|
Adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
Core deposit intangibles |
|
1,431 |
|
|
|
1,610 |
|
|
|
1,803 |
|
|
|
2,011 |
|
|
|
1,866 |
|
|
|
1,610 |
|
|
|
2,085 |
|
Tangible common
equity |
$ |
186,075 |
|
|
$ |
186,586 |
|
|
$ |
185,667 |
|
|
$ |
190,255 |
|
|
$ |
187,006 |
|
|
$ |
186,586 |
|
|
$ |
182,947 |
|
Common shares
outstanding(3) |
|
18,055,692 |
|
|
|
18,330,058 |
|
|
|
18,513,078 |
|
|
|
19,261,989 |
|
|
|
19,326,485 |
|
|
|
18,330,058 |
|
|
|
19,311,505 |
|
Book value per common
share(4) |
$ |
11.75 |
|
|
$ |
11.61 |
|
|
$ |
11.45 |
|
|
$ |
11.26 |
|
|
$ |
11.04 |
|
|
$ |
11.61 |
|
|
$ |
10.85 |
|
Tangible book value per common
share(5) |
$ |
10.31 |
|
|
$ |
10.18 |
|
|
$ |
10.03 |
|
|
$ |
9.88 |
|
|
$ |
9.68 |
|
|
$ |
10.18 |
|
|
$ |
9.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net interest margin-tax equivalent reflects tax-exempt income
on a tax-equivalent basis. |
(2) Net interest margin-core and yield on loans - core excludes the
impact of purchase accounting accretion, loan payoff charges and
related deferred fees recognized related to early loan
repayments. |
(3) Excludes the dilutive effect of common stock issuable upon
exercise of stock options. |
(4) 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. |
(5) We calculate the 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. |
Select Bancorp, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Information and Other
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
For the Year Ended |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
2020 |
2019 |
2019 |
|
2019 |
|
2019 |
2019 |
2018 |
2017 |
Summary of Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
$ |
14,178 |
|
|
$ |
14,816 |
|
|
$ |
15,008 |
|
|
$ |
14,572 |
|
|
$ |
14,050 |
|
|
$ |
58,446 |
|
|
$ |
56,835 |
|
|
$ |
39,617 |
|
Total interest expense |
|
2,718 |
|
|
|
2,948 |
|
|
|
3,140 |
|
|
|
2,875 |
|
|
|
2,593 |
|
|
|
11,556 |
|
|
|
9,450 |
|
|
|
5,106 |
|
Net interest income |
|
11,460 |
|
|
|
11,868 |
|
|
|
11,868 |
|
|
|
11,697 |
|
|
|
11,457 |
|
|
|
46,890 |
|
|
|
47,385 |
|
|
|
34,511 |
|
Provision for loan losses |
|
2,273 |
|
|
|
302 |
|
|
|
231 |
|
|
|
(207 |
) |
|
|
112 |
|
|
|
438 |
|
|
|
(156 |
) |
|
|
1,367 |
|
Net interest income after provision |
|
9,187 |
|
|
|
11,566 |
|
|
|
11,637 |
|
|
|
11,904 |
|
|
|
11,345 |
|
|
|
46,452 |
|
|
|
47,541 |
|
|
|
33,144 |
|
Noninterest income |
|
1,444 |
|
|
|
1,446 |
|
|
|
1,448 |
|
|
|
1,328 |
|
|
|
1,197 |
|
|
|
5,419 |
|
|
|
4,701 |
|
|
|
3,072 |
|
Merger/acquisition related expenses |
|
39 |
|
|
|
171 |
|
|
|
128 |
|
|
|
107 |
|
|
|
- |
|
|
|
406 |
|
|
|
1,826 |
|
|
|
2,166 |
|
Noninterest expense |
|
9,208 |
|
|
|
8,923 |
|
|
|
8,803 |
|
|
|
8,704 |
|
|
|
8,304 |
|
|
|
34,734 |
|
|
|
32,724 |
|
|
|
25,153 |
|
Income before income taxes |
|
1,384 |
|
|
|
3,918 |
|
|
|
4,154 |
|
|
|
4,421 |
|
|
|
4,238 |
|
|
|
16,731 |
|
|
|
17,692 |
|
|
|
8,897 |
|
Provision for income taxes |
|
280 |
|
|
|
877 |
|
|
|
915 |
|
|
|
973 |
|
|
|
931 |
|
|
|
3,696 |
|
|
|
3,910 |
|
|
|
5,712 |
|
Net Income |
|
1,104 |
|
|
|
3,041 |
|
|
|
3,239 |
|
|
|
3,448 |
|
|
|
3,307 |
|
|
|
13,035 |
|
|
|
13,782 |
|
|
|
3,185 |
|
Dividends on Preferred Stock |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income available to common shareholders |
$ |
1,104 |
|
|
$ |
3,041 |
|
|
$ |
3,239 |
|
|
$ |
3,448 |
|
|
$ |
3,307 |
|
|
$ |
13,035 |
|
|
$ |
13,782 |
|
|
$ |
3,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share and Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic |
$ |
0.06 |
|
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.18 |
|
|
$ |
0.17 |
|
|
$ |
0.69 |
|
|
$ |
0.87 |
|
|
$ |
0.27 |
|
Earnings per share - diluted |
$ |
0.06 |
|
|
$ |
0.16 |
|
|
$ |
0.17 |
|
|
$ |
0.18 |
|
|
$ |
0.17 |
|
|
$ |
0.68 |
|
|
$ |
0.87 |
|
|
$ |
0.27 |
|
Book value per share |
$ |
11.75 |
|
|
$ |
11.61 |
|
|
$ |
11.45 |
|
|
$ |
11.26 |
|
|
$ |
11.04 |
|
|
$ |
11.61 |
|
|
$ |
10.85 |
|
|
$ |
9.72 |
|
Tangible book value per share(1) |
$ |
10.31 |
|
|
$ |
10.18 |
|
|
$ |
10.03 |
|
|
$ |
9.88 |
|
|
$ |
9.68 |
|
|
$ |
10.18 |
|
|
$ |
9.47 |
|
|
$ |
7.72 |
|
Ending shares outstanding |
|
18,055,692 |
|
|
|
18,330,058 |
|
|
|
18,513,078 |
|
|
|
19,261,989 |
|
|
|
19,326,485 |
|
|
|
18,330,058 |
|
|
|
19,311,505 |
|
|
|
14,009,137 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
18,255,351 |
|
|
|
18,414,393 |
|
|
|
19,028,572 |
|
|
|
19,318,358 |
|
|
|
19,315,686 |
|
|
|
19,016,808 |
|
|
|
15,812,585 |
|
|
|
11,763,050 |
|
Diluted |
|
18,287,064 |
|
|
|
18,460,118 |
|
|
|
19,073,235 |
|
|
|
19,359,492 |
|
|
|
19,365,354 |
|
|
|
19,063,237 |
|
|
|
15,877,633 |
|
|
|
11,826,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets(2) |
|
0.35% |
|
|
|
0.95% |
|
|
|
0.99% |
|
|
|
1.10% |
|
|
|
1.08% |
|
|
|
1.03% |
|
|
|
1.12% |
|
|
|
0.35% |
|
Return on average equity(2) |
|
2.07% |
|
|
|
5.67% |
|
|
|
5.93% |
|
|
|
6.41% |
|
|
|
6.32% |
|
|
|
6.08% |
|
|
|
8.51% |
|
|
|
2.93% |
|
Net interest margin |
|
4.03% |
|
|
|
4.05% |
|
|
|
3.94% |
|
|
|
4.06% |
|
|
|
4.09% |
|
|
|
4.04% |
|
|
|
4.19% |
|
|
|
4.09% |
|
Efficiency ratio (3) |
|
71.36% |
|
|
|
67.02% |
|
|
|
66.11% |
|
|
|
66.83% |
|
|
|
65.62% |
|
|
|
66.40% |
|
|
|
62.83% |
|
|
|
66.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans |
$ |
1,039,514 |
|
|
$ |
1,029,975 |
|
|
$ |
1,014,928 |
|
|
$ |
997,062 |
|
|
$ |
991,801 |
|
|
$ |
1,029,975 |
|
|
$ |
986,040 |
|
|
$ |
982,626 |
|
Total interest-earning assets |
|
1,137,010 |
|
|
|
1,167,857 |
|
|
|
1,153,612 |
|
|
|
1,148,417 |
|
|
|
1,103,691 |
|
|
|
1,167,857 |
|
|
|
1,119,344 |
|
|
|
1,063,322 |
|
Goodwill |
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,579 |
|
|
|
24,904 |
|
Core deposit intangible |
|
1,431 |
|
|
|
1,610 |
|
|
|
1,803 |
|
|
|
2,011 |
|
|
|
1,866 |
|
|
|
1,610 |
|
|
|
2,085 |
|
|
|
3,101 |
|
Total assets |
|
1,263,494 |
|
|
|
1,275,076 |
|
|
|
1,269,634 |
|
|
|
1,316,797 |
|
|
|
1,242,077 |
|
|
|
1,275,076 |
|
|
|
1,258,525 |
|
|
|
1,194,135 |
|
Deposits |
|
982,651 |
|
|
|
992,838 |
|
|
|
987,673 |
|
|
|
1,030,250 |
|
|
|
950,966 |
|
|
|
992,838 |
|
|
|
980,427 |
|
|
|
995,044 |
|
Short-term debt |
|
20,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,000 |
|
|
|
- |
|
|
|
7,000 |
|
|
|
28,279 |
|
Long-term debt |
|
37,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
19,372 |
|
Shareholders' equity |
|
212,085 |
|
|
|
212,775 |
|
|
|
212,049 |
|
|
|
216,845 |
|
|
|
213,451 |
|
|
|
212,775 |
|
|
|
209,611 |
|
|
|
136,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Average Balances: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Loans |
$ |
1,020,630 |
|
|
$ |
1,017,750 |
|
|
$ |
1,013,331 |
|
|
$ |
982,876 |
|
|
$ |
985,059 |
|
|
$ |
1,004,051 |
|
|
$ |
987,634 |
|
|
$ |
732,089 |
|
Total interest-earning assets |
|
1,147,631 |
|
|
|
1,166,758 |
|
|
|
1,197,266 |
|
|
|
1,160,387 |
|
|
|
1,086,958 |
|
|
|
1,164,149 |
|
|
|
1,119,344 |
|
|
|
813,773 |
|
Core Deposit Intangible |
|
1,507 |
|
|
|
1,680 |
|
|
|
1,878 |
|
|
|
1,741 |
|
|
|
1,951 |
|
|
|
1,812 |
|
|
|
2,547 |
|
|
|
640 |
|
Total Assets |
|
1,255,943 |
|
|
|
1,272,475 |
|
|
|
1,300,137 |
|
|
|
1,261,972 |
|
|
|
1,238,847 |
|
|
|
1,268,728 |
|
|
|
1,228,576 |
|
|
|
898,943 |
|
Deposits |
|
972,162 |
|
|
|
989,721 |
|
|
|
1,013,504 |
|
|
|
970,011 |
|
|
|
949,771 |
|
|
|
981,132 |
|
|
|
989,838 |
|
|
|
738,310 |
|
Short-term debt |
|
12,747 |
|
|
|
- |
|
|
|
- |
|
|
|
6,824 |
|
|
|
7,000 |
|
|
|
3,414 |
|
|
|
21,393 |
|
|
|
34,523 |
|
Long-term debt |
|
44,625 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
49,357 |
|
|
|
14,239 |
|
Shareholders' equity |
|
214,502 |
|
|
|
212,849 |
|
|
|
216,556 |
|
|
|
215,722 |
|
|
|
212,130 |
|
|
|
214,324 |
|
|
|
161,953 |
|
|
|
108,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans (4) |
$ |
12,820 |
|
|
$ |
12,148 |
|
|
$ |
15,560 |
|
|
$ |
16,582 |
|
|
$ |
11,583 |
|
|
$ |
12,148 |
|
|
$ |
11,635 |
|
|
$ |
6,978 |
|
Other real estate owned |
|
3,737 |
|
|
|
3,533 |
|
|
|
1,442 |
|
|
|
1,468 |
|
|
|
1,046 |
|
|
|
3,533 |
|
|
|
1,088 |
|
|
|
1,258 |
|
Allowance for loan losses |
|
10,586 |
|
|
|
8,324 |
|
|
|
8,056 |
|
|
|
8,303 |
|
|
|
8,510 |
|
|
|
8,324 |
|
|
|
8,669 |
|
|
|
8,835 |
|
Nonperforming loans (4) to period-end loans |
|
1.23% |
|
|
|
1.18% |
|
|
|
1.53% |
|
|
|
1.66% |
|
|
|
1.17% |
|
|
|
1.18% |
|
|
|
1.18% |
|
|
|
0.71% |
|
Allowance for loan losses to period-end loans |
|
1.02% |
|
|
|
0.81% |
|
|
|
0.79% |
|
|
|
0.83% |
|
|
|
0.86% |
|
|
|
0.81% |
|
|
|
0.88% |
|
|
|
0.90% |
|
Delinquency ratio (5) |
|
0.43% |
|
|
|
0.34% |
|
|
|
0.09% |
|
|
|
0.12% |
|
|
|
0.41% |
|
|
|
0.34% |
|
|
|
0.19% |
|
|
|
0.48% |
|
Net loan charge-offs (recoveries) to average loans (2) |
|
0.00% |
|
|
|
0.01% |
|
|
|
0.19% |
|
|
|
0.00% |
|
|
|
0.11% |
|
|
|
0.08% |
|
|
|
0.00% |
|
|
|
0.13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tangible book value per share (a non GAAP
measure) is equal to total shareholders’ equity less goodwill 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 above for a reconciliation of this
non-GAAP measure. |
(2) Annualized. |
(3) Efficiency ratio is calculated as a
non-interest expenses divided by the sum of net interest income and
non-interest income. |
(4) Nonperforming loans consist of non-accrural
loans and accruing TDR loans. |
(5) Delinquency Ratio includes loans 30-89 days
past due and excludes non-accrual loans. |
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