0001144204-14-047652.txt : 20140807 0001144204-14-047652.hdr.sgml : 20140807 20140807140357 ACCESSION NUMBER: 0001144204-14-047652 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140801 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140807 DATE AS OF CHANGE: 20140807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SELECT BANCORP, INC. CENTRAL INDEX KEY: 0001263762 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 200218264 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50400 FILM NUMBER: 141023087 BUSINESS ADDRESS: STREET 1: LISA CAMPBELL STREET 2: 700 WEST CUMBERLAND ST CITY: DUNN STATE: NC ZIP: 283351988 BUSINESS PHONE: (910) 892-7080 MAIL ADDRESS: STREET 1: LISA CAMPBELL STREET 2: 700 WEST CUMBERLAND ST CITY: DUNN STATE: NC ZIP: 283351988 FORMER COMPANY: FORMER CONFORMED NAME: NEW CENTURY BANCORP INC DATE OF NAME CHANGE: 20030915 8-K 1 v385947_8k.htm CURRENT REPORT

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 1, 2014

 

 

SELECT BANCORP, INC.

 

(Exact Name of Registrant as Specified in Charter)

 

North Carolina 000-50400 20-0218264
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)
     
700 W. Cumberland Street, Dunn, North Carolina 28334
(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s Telephone Number, Including Area Code:   (910) 892-7080

 

Not Applicable

 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

 

Item 2.02.Results of Operations and Financial Condition.

 

On August 1, 2014, Select Bancorp, Inc. (the “Registrant”) reported earnings for New Century Bancorp, Inc., for the quarter ended June 30, 2014. 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 in the press release included herewith is solely the financial information of the former New Century Bancorp.

 

A copy of the press release (the “Press Release”) announcing New Century Bancorp’s results for the second quarter, including a table of selected financial information, is filed as Exhibit 99.1 hereto and incorporated by reference herein.

 

This information contained in Item 2.02 of this Current Report shall not be deemed “filed” for purposes of section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01.Financial Statements and Exhibits.

 

(d)Exhibits

 

Exhibit No.   Description
99.1   Press release dated August 1, 2014, regarding New Century Bancorp’s financial results for the second quarter ended June 30, 2014.

 

This Current Report on Form 8-K (including information included or incorporated by reference herein) may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of Registrant’s goals and expectations with respect to earnings, income 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. These statements are based upon the current belief and expectations of Registrant’s management and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond Registrant’s control).

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

  SELECT BANCORP, INC.
   
   
Date: August 7, 2014 By:  /s/ Lisa F. Campbell
    Lisa F. Campbell
Executive Vice President and Chief Accounting Officer

 

 
 

 

EXHIBIT INDEX

 

EXHIBIT NO.DESCRIPTION OF EXHIBIT

 

99.1Press release, dated August 1, 2014, regarding New Century Bancorp’s financial results for the second quarter ended June 30, 2014.

 

 
 

 

 EX-99.1 2 v385947_ex99-1.htm PRESS RELEASE

 

EXHIBIT 99.1

 

 

FOR RELEASE: August 1, 2014

Lisa F. Campbell

Executive Vice President

Chief Accounting Officer

Office: 910-892-7080 and Direct: 910-897-3660

LisaC@SelectBank.com

SelectBank.com

 

 

SELECT BANCORP REPORTS SECOND QUARTER 2014 EARNINGS

OF THE FORMER NEW CENTURY BANCORP

 

Second quarter saw final merger preparation, a recovery on loan losses, and lower noninterest expenses.

 

DUNN, NC . . . 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.”

 

- more -
 

 

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)

 

   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    425    357    1,142    1,987    1,426    3,243    5,234 
Provision for income taxes   388    153    118    493    728    541    1,192    1,964 
Net income  $613   $272   $239   $649   $1,259   $885   $2,051   $3,270 
                                         
Share and Per Share Data:                                        
Earnings per share - basic  $0.09   $0.04   $0.04   $0.09   $0.18   $0.13   $0.30   $0.47 
Earnings per share - diluted  $0.09   $0.04   $0.04   $0.09   $0.18   $0.13   $0.30   $0.47 
Book value per share  $8.30   $8.17   $8.09   $8.09   $8.00    8.30    8.01    7.66 
Tangible book value per share  $8.29   $8.14   $8.07   $8.06   $7.97    8.29    7.98    7.61 
Ending shares outstanding   6,931,168    6,921,742    6,921,352    6,921,352    6,921,352    6,931,168    6,916,233    6,913,636 
Weighted average shares outstanding:                                        
   Basic   6,923,640    6,921,561    6,921,352    6,921,352    6,921,352    6,922,651    6,916,233    6,913,636 
   Diluted   6,928,428    6,924,164    6,924,339    6,924,142    6,922,942    6,926,318    6,917,471    6,913,636 
                                         
Selected Performance Ratios:                                        
Return on average assets   0.48%    0.21%    0.18%    0.47%    0.91%    0.34%    0.73%    1.15% 
Return on average equity   4.35%    1.94%    1.68%    4.61%    9.09%    3.13%    7.51%    12.76% 
Net interest margin   3.62%    3.60%    3.41%    3.41%    3.61%    3.59%    3.49%    3.64% 
Efficiency ratio (1)   82.85%    88.85%    78.29%    79.45%    69.97%    85.88%    73.50%    78.36% 
                                         
Period End Balance Sheet Data:                                        
Loans, held for sale  $-   $-   $-   $-   $406   $-   $406   $- 
Loans, net of unearned income   333,868    345,827    346,500    349,087    355,651    333,868    355,245    390,403 
Total earning assets   458,696    470,544    477,852    505,489    499,819    458,696    499,819    515,397 
Core deposit intangible   124    153    182    211    240    124    240    356 
Total assets   508,282    520,276    525,646    545,018    550,008    508,282    550,008    563,682 
Deposits   428,734    441,298    448,458    459,811    465,489    428,734    465,489    471,184 
Short term debt   7,179    7,625    6,305    14,207    13,858    7,179    13,858    22,953 
Long term debt   12,372    12,372    12,372    12,372    12,372    12,372    12,372    12,372 
Shareholders' equity   57,551    56,523    56,004    55,991    55,403    57,551    55,403    52,954 
                                         
Selected Average Balances:                                        
Gross loans  $336,286   $346,968   $347,201   $347,142   $359,559   $341,597   $362,698   $402,600 
Total earning assets   465,901   473,136   496,698   500,079   512,953    469,498    525,024    524,732 
Core deposit intangible   136    167    193    223    252    151    267    454 
Total assets   514,539    520,746    538,616    548,460    557,298    517,384    567,141    574,232 
Deposits   435,976    441,637    457,405    462,994    472,986    438,791    481,024    483,739 
Short term debt   6,748    7,354    9,615    13,929    13,851    7,049    16,021    23,719 
Long term debt   12,372    12,372    12,372    12,372    12,372    12,372    12,372    12,372 
Shareholders' equity   57,158    56,780    56,456    55,911    55,529    56,970    55,211    51,541 
                                         
Asset Quality Ratios:                                        
Nonperforming loans  $12,952   $14,605   $15,855   $17,400   $15,657   $12,952   $14,518   $16,579 
Other real estate owned   1,169    1,233    2,008    2,164    2,370    1,169    2,370    3,859 
Allowance for loan losses   6,447    7,025    7,054    6,858    7,218    6,447    7,218    8,510 
Nonperforming loans (2) to period-end loans (4)   3.88%    4.22%    4.58%    4.98%    4.40%    3.88%    4.09%    4.25% 
Allowance for loan losses to period-end loans (4)   1.93%    2.03%    2.04%    1.96%    2.03%    1.93%    2.03%    2.18% 
Delinquency ratio (3)   0.15%    0.21%    0.25%    0.16%    0.87%    0.15%    0.87%    0.77% 
Net loan charge-offs (recoveries) to average loans   0.18%    -0.02%    0.10%    0.26%    0.20%    0.08%    0.11%    0.63% 

 

 

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

(2)Nonperforming loans consist of non-accrual loans and restructured loans.

(3)Delinquency Ratio includes 30-89 days past due and excludes non-accrual loans.

(4)Excludes loans held for sale

 

 

 

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