GREENVILLE, N.C., Oct. 18 /PRNewswire/ -- For the quarter ended September 30, 2006, Select Bank & Trust Company (the "Company"), reported net income of $258,000, or basic and diluted earnings per share of $0.16, compared to net income of $77,000, or basic and diluted earnings per share of $0.05 for the same period in 2005. For the nine month period ended as of the same date, the Company reported net income of $643,000 in 2006, or basic and diluted earnings per share of $0.39, compared to a net loss of ($15,000) for the nine months ended September 30, 2005, or basic and diluted loss per share of ($0.01).
The Company reported total assets of $86.3 million, an increase of 63% over total assets of $52.9 million as of September 30, 2005. Total deposits grew 55% to $60.7 million and total loans are up 37% to $58.4 million, over total deposits of $39.1 million and total loans of $42.7 million reported as of September 30, 2005.
"On behalf of our staff and the board of directors, I am pleased to report continued growth and profitability at Select Bank & Trust," said Mark A. Holmes, president and CEO. "We are especially pleased to note that while growing rapidly, we also exceeded 1.1% return on average assets for both the year to date and the quarter to date periods ending September 30, 2006."
Select Bank is a community bank headquartered in Greenville, NC and currently serves Greenville and Pitt County through its headquarters office at 3600 Charles Boulevard in Greenville. Select Bank opened for business on August 4, 2004 and just recently celebrated its second anniversary.
The information as of and for the quarter and nine months ended September 30, 2006, as presented is unaudited. This news release contains forward- looking statements. Actual results may differ materially from those projected, for various reasons, including our ability to manage growth, our limited operating history, 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.
Select Bank & Trust Company
