0001144204-15-063138.txt : 20151109 0001144204-15-063138.hdr.sgml : 20151109 20151105171027 ACCESSION NUMBER: 0001144204-15-063138 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20151103 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151105 DATE AS OF CHANGE: 20151105 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: 151201608 BUSINESS ADDRESS: STREET 1: MARK A JEFFRIES STREET 2: 700 WEST CUMBERLAND ST CITY: DUNN STATE: NC ZIP: 283351988 BUSINESS PHONE: (910) 892-7080 MAIL ADDRESS: STREET 1: MARK A JEFFRIES 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 v423899_8k.htm 8-K

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): November 3, 2015

 

 

 

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 November 3, 2015, Select Bancorp, Inc. (the “Registrant”) announced financial results for the third quarter ended September 30, 2015. A copy of the press release (the “Press Release”) announcing the Registrant’s results for the third quarter, including a table of selected financial information, is furnished 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 8.01. Other Events.

 

On November 3, 2015, the Registrant issued a press release announcing receipt of all required regulatory approvals for Select Bank & Trust Company’s previously announced acquisition of two bank branches located in Leland, N.C. and Morehead City, N.C. Subject to final adjustments at the December 2015 closing, Select Bank & Trust Company is expected to acquire approximately $40 million in deposits and $10 million in loans in connection with the branch acquisitions.

 

A copy of the press release is attached to this Current Report as Exhibit 99.2 and is incorporated into this Item 8.01 by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

  (d) Exhibits

 

Exhibit No.   Description
     
99.1   Press release dated November 3, 2015, regarding the Registrant’s financial results for the third quarter ended September 30, 2015.
     
99.2   Press release dated November 3, 2015, regarding regulatory approvals for branch purchases.

 

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:  November 5, 2015 By: /s/ William L. Hedgepeth II  
    William L. Hedgepeth II  
    President and Chief Executive Officer  

 

 

 

 

 

  

 

 

EXHIBIT INDEX

 

EXHIBIT NO.   DESCRIPTION OF EXHIBIT
    
99.1  Press release dated November 3, 2015, regarding the Registrant’s financial results for the third quarter ended September 30, 2015.
    
99.2  Press release dated November 3, 2015, regarding regulatory approvals for branch purchases.

 

 

 

 

 

  

 

 EX-99.1 2 v423899_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1 

 

 

 

 

 

FOR RELEASE:

 

November 3, 2015

Mark A. Jeffries

Executive Vice President

Chief Financial Officer

Office: 910-892-7080 and Direct: 910-897-3603

markj@SelectBank.com

SelectBank.com

 

SELECT BANCORP REPORTS

THIRD QUARTER 2015 EARNINGS

 

DUNN, NC . . . Select Bancorp, Inc. (the “Company” NASDAQ: SLCT), the holding company for Select Bank & Trust, today reported net income of $1.4 million for the quarter ended September 30, 2015, and basic and diluted earnings per share of $0.12, compared to net income of $194,000 and basic and diluted earnings per share of $0.02 for the third quarter of 2014.

 

Total assets, deposits, and total loans for the Company as of September 30, 2015, were $786.5 million, $619.9 million, and $598.0 million, respectively, compared to total assets of $785.0 million, total deposits of $644.1 million, and total loans of $546.5 million as of the same date in 2014.

 

Commenting on third quarter 2015 results, William L. Hedgepeth II, President and CEO stated, “Our results for the third quarter were impacted by one-time expenses related to our acquisition of new branch offices in Morehead City and Leland, N.C., the combining of our Burlington and Gibsonville, N.C. offices, and the closing of our Ramsey Street Office in Fayetteville, N.C. While the costs associated with these initiatives decreased the Company’s non-interest income for the quarter by approximately $412 thousand, we believe our branch network, and our Company, will be better positioned to enhance efficiency and customer convenience going forward. Our previously announced acquisition of two new branches, one in Morehead City and the other in Leland near Wilmington, has received all required regulatory approvals and is scheduled to close during December. We are also pleased that the Company was able to report net income of approximately $1.4 million for the quarter, even after incurring the expense associated with these long-term investments in our franchise.”

 

For the nine months ended September 30, 2015, the Company recorded after-tax net income of $4.9 million compared to $1.8 million for the nine months ended September 30, 2014. Year to date basic and diluted earnings per share of $0.43 compared to $0.13 per share for the nine months ended September 30, 2014. Year to date return on average assets through September 30, 2015 is 0.87% (annualized) and year to date return on average equity is 6.50% (annualized), compared to 0.20% and 1.74%, respectively, for the nine months ended September 30, 2014.

  

Non-performing loans decreased to $10.9 million at September 30, 2015 from $11.9 million at December 31, 2014. Non-performing loans equaled 1.82% of loans at September 30, 2015, decreasing from 2.15% of loans at December 31, 2014. Foreclosed real estate equaled $1.6 million at December 31, 2014 and decreased to $1.0 million at September 30, 2015. For the quarter, recoveries were $107,000 or -0.02% of average loans, compared to a recovery of $139,000 or -0.10% of average loans in the fourth quarter of 2014. At September 30, 2015, the allowance for loan losses was $7.0 million or 1.18% of total loans, as compared to $6.8 million or 1.24% of total loans at December 31, 2014.

 

  

 

 

Mr. Hedgepeth concluded, "We are pleased with the Company’s year to date results of operations and continued asset quality and we look forward to bringing our “common sense banking” to Morehead City and Leland before year end. We continue to believe that Select is well positioned for the remainder of 2015 and beyond."

 

 Select Bank & Trust has branch offices in these North Carolina communities: Dunn, Burlington, Clinton, Elizabeth City, Fayetteville, Goldsboro, Greenville, Lillington, Lumberton, Raleigh and Washington.

 

The information as of and for the quarter ended September 30, 2015, 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.

Selected Financial Information and Other Data

($ in thousands, except per share data)

 

   At or for the three months ended   At or for the twelve months ended 
                                 
   September 30,
2015		   June 30,
2015		   March 31,
2015		   December 31,
2014		   September 30,
2014		   December 31,
2014		   December 31,
2013		   December 31,
2012		 
Summary of Operations:                            
Total interest income  $8,412   $8,262   $8,242   $7,988   $7,541   $26,104   $22,903   $25,132 
Total interest expense   878    835    939    1,141    1,169    4,519    5,258    6,632 
Net interest income   7,534    7,427    7,303    6,847    6,372    21,585    17,645    18,500 
Provision for (recovery of) loan losses   393    (139)   130    177    105    (194)   (325)   (2,597)
Net interest income after provision   7,141    7,566    7,173    6,670    6,267    21,779    17,970    21,097 
Noninterest income   572    941    863    836    650    2,675    2,629    3,598 
Merger/Acquisition related expenses   103    35    -    217    1,325    1,941    -    - 
Noninterest expense   5,467    5,518    5,370    5,345    5,168    18,719    15,855    17,236 
Income before income taxes   2,143    2,954    2,666    1,944    424    3,794    4,744    7,459 
Provision for income taxes   792    1,133    923    666    230    1,437    1,803    2,822 
Net Income   1,351    1,821    1,743    1,278    194    2,357    2,941    4,637 
Dividends on Preferred Stock   19    19    19    19    19    38    -    - 
Net income available to common shareholders  $1,332   $1,802   $1,724   $1,259   $175   $2,319   $2,941   $4,637 
Share and Per Share Data:                                        
Earnings per share - basic  $0.12   $0.16   $0.15   $0.11   $0.02   $0.26   $0.43   $0.67 
Earnings per share - diluted  $0.12   $0.16   $0.15   $0.11   $0.02   $0.26   $0.43   $0.67 
Book value per share  $8.28   $8.17   $8.07   $7.91   $7.61   $8.59   $8.09   $7.84 
Tangible book value per share  $7.58   $7.45   $7.33   $7.16   $7.01   $7.83   $8.07   $7.79 
Ending shares outstanding   11,577,111    11,499,398    11,458,561    11,377,980    11,349,368    11,377,980    6,921,352    6,913,636 
Weighted average shares outstanding:                                        
Basic   11,521,043    11,481,137    11,426,378    11,375,803    10,195,846    8,870,114    6,918,814    6,898,147 
Diluted   11,582,724    11,548,878    11,510,147    11,475,865    10,312,085    8,974,384    6,919,760    6,898,377 
Selected Performance Ratios:                                        
Return on average assets(2)   0.69%   0.98%   0.94%   0.65%   0.10%   0.37%   0.53%   0.81%
Return on average equity(2)   5.21%   7.22%   7.11%   5.23%   0.82%   3.12%   5.28%   8.79%
Net interest margin   4.34%   4.46%   4.30%   3.87%   3.99%   3.88%   3.46%   3.57%
Efficiency ratio (1)   67.44%   65.94%   65.76%   69.57%   73.60%   77.16%   78.20%   78.00%
Period End Balance Sheet Data:                                        
Loans, net of unearned income  $597,969   $573,729   $558,923   $552,038   $546,475   $552,038   $346,500   $367,891 
Total Earning Assets   711,622    665,028    663,017    698,266    710,005    698,266    483,054    543,674 
Goodwill   6,931    6,931    6,931    6,931    6,931    6,931    -    - 
Core Deposit Intangible   1,196    1,320    1,470    1,625    1,786    1,625    182    298 
Total Assets   786,495    742,443    748,371    766,121    784,983    766,121    525,646    585,453 
Deposits   619,935    579,609    600,520    618,902    644,093    618,902    448,458    498,559 
Short term debt   30,722    32,884    18,943    20,733    18,077    20,733    6,305    17,848 
Long term debt   28,846    24,914    25,282    25,591    26,049    25,591    12,372    12,372 
Shareholders' equity   103,545    101,552    100,076    97,685    93,995    97,685    56,004    54,179 
Selected Average Balances:                                        
Gross Loans  $585,541   $569,785   $557,177   $546,626   $489,563   $430,571   $354,871   $391,648 
Total Earning Assets   689,166    669,586    672,655    702,818    632,922    565,264    511,597    532,193 
Core Deposit Intangible   1,251    1,389    1,546    1,714    1,496    884    237    389 
Total Assets   771,913    744,118    748,047    776,839    709,480    631,905    555,354    574,616 
Deposits   607,722    588,328    600,601    632,633    582,825    523,954    470,526    481,387 
Short term debt   35,012    28,212    19,298    19,790    14,652    9,957    13,879    17,848 
Long term debt   22,631    22,895    25,444    25,818    22,343    20,494    12,372    12,372 
Shareholders' equity   102,879    101,216    99,376    97,030    84,744    74,365    55,701    52,769 
Asset Quality Ratios:                                        
Nonperforming loans  $10,899   $11,702   $13,473   $11,876   $12,375   $11,876   $15,856   $12,030 
Other real estate owned   1,007    1,030    1,187    1,585    1,687    1,585    2,008    2,833 
Allowance for loan losses   7,032    6,842    6,919    6,844    6,529    6,844    7,054    7,897 
Nonperforming loans (3) to period-end loans    1.82%   2.04%   2.41%   2.15%   2.26%   2.15%   4.58%   3.27%
Allowance for loan losses to period-end loans   1.18%   1.19%   1.24%   1.24%   1.19%   1.24%   2.04%   2.15%
Delinquency Ratio (4)   0.36%   0.32%   0.23%   0.91%   0.36%   0.91%   0.25%   0.32%
Net loan charge-offs (recoveries) to average loans   0.14%   -0.01%   0.04%   -0.10%   0.02%   -0.03%   0.15%   -0.12%

 

(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.

  

  

 EX-99.2 3 v423899_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

 

 

  

 

FOR RELEASE:

 

November 3, 2015

William L. Hedgepeth, II

Executive Vice President

Chief Executive Officer

Office: 910-892-7080 BillH@SelectBank.com

SelectBank.com

 

SELECT BANCORP RECEIVES REGULATORY APPROVALS TO PURCHASE TWO YADKIN BRANCHES

 

DUNN, NC . . . Select Bancorp, Inc. (the “Company” NASDAQ: SLCT), the holding company for Select Bank & Trust, today announced receipt of regulatory approval from both the Federal Deposit Insurance Corporation (FDIC) and the North Carolina State Banking Commission for the acquisition of two branches of Yadkin Bank located in Morehead City and Leland, N.C.

 

Terms of the agreement provide for Select Bank to acquire all the real property, equipment, and other selected assets associated with Yadkin Bank’s Morehead City and Leland branches, both located in North Carolina. Select Bank also agreed to assume the majority of deposits and will purchase substantially all loans associated with the two branches.

 

On the approval, William L. Hedgepeth, president and CEO of Select Bancorp said, “We are glad to move forward with this acquisition and thankful for the approvals. It has been our goal for some time to expand the markets we serve. As part of our strategic planning process and growth philosophy, we make an effort to see out prime locations and identify and hire outstanding employees. These two locations are a great fit for our bank. We look forward to serving the people of Brunswick and Carteret counties. This is an exciting time for Select Bancorp, all of our shareholders, customers and communities, as a larger well-established local bank.

 

The final piece of the conversion of the two branches will take place at the end of the business day on December 11, 2015 as systems will be converted to Select Bank. When both branches open for business on Monday, December 14, they will be operating as Select Bank & Trust.

 

Select Bank & Trust will be acquiring approximately $40 million in deposits and $10 in loans. 

 

Select Bank & Trust has branch offices in these North Carolina communities: Dunn, Burlington, Clinton, Elizabeth City, Fayetteville, Goldsboro, Greenville, Lillington, Lumberton, Raleigh and Washington.

 

 

  

Select Bancorp, Inc.

Select Bancorp, Inc. is a bank holding company, headquartered in Dunn, North Carolina, whose wholly-owned subsidiary, Select Bank & Trust Company, is a state-chartered commercial bank insured by the FDIC. Select Bank & Trust Company has twelve branch offices located in Burlington, Clinton, Dunn, Goldsboro, Greenville (2), Elizabeth City, Fayetteville, Lillington, Lumberton, Raleigh and Washington, North Carolina. More information can be obtained by visiting Select's web site at www.SelectBank.com.

 

  

 

 

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “continue,” “could,” “future” or the negative of those terms or other words of similar meaning. You should read statements that contain these words carefully because they discuss our future expectations or state other “forward-looking” information. These forward-looking statements involve a number of risks and uncertainties.

 

 

Source

Select Bancorp, Inc.

 

 

 

 

  

 

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