Exhibit 99.1

FOR RELEASE: April 30, 2019

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

FIRST QUARTER 2019 EARNINGS

DUNN, NC . . . 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 19^th 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.

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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		$	8.10		$	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.