Notable News Spotlight: Select Bancorp (NASDAQ:SLCT)

On Thursday Select Bancorp (NASDAQ:SLCT) stock traded volume of 18345 shares during its last trading session as compared to its average volume of 29522 shares over the recent month. SLCT ended its day with the below stream along the move of -0.79% and closed at the price of $11.3 before opening at $11.22. It has total market capitalization is $211818051. 52 week range of the stock remained $ 10.14 – 12.91 while its day lowest price was $11.22 and its hit its day highest price at $11.4

On Oct. 31, 2019, Select Bancorp (NASDAQ:SLCT) the holding company for Select Bank & Trust Company, disclosed net income for the quarter ended September 30, 2019 of $3.2 million with basic and diluted earnings per share of $0.17, compared to net income of $4.3 million and basic and diluted earnings per share of $0.27 for the comparative quarter ended September 30, 2018.

Total assets, deposits, and gross loans for the Company as of September 30, 2019 were $1.3 billion, $987.7 million, and $1.0 billion, respectively, compared to total assets of $1.3 billion, total deposits of $974.2 million, and gross loans of $992.8 million as of the same date in 2018.

The Select Bank team continues to serve new and existing customers with common-sense banking as we grow the franchise, said William L. Hedgepeth II, President and Chief Executive Officer.

The third quarter built on the growth we experienced earlier in the year as a result of our expansion in Raleigh with the Holly Springs branch and our opening in Virginia Beach through a branch acquisition.  Our second office in Charlotte is on the drawing board, and we are building capabilities through targeted hiring to support other growth in markets and products.  In addition, the process is well underway for the expected sale of a branch and the consolidation of another branch in the fourth quarter of this year.

Our core profitability also improved due to the installation of new systems in our Small Business Administration (SBA) lending and mortgage operations. We continue to objectively measure our performance and take action where returns fail to meet our expectations.

We review opportunities for acquisitions and analyze each with discipline designed to properly deploy the capital entrusted to us.  Our share repurchase program remains active, and we are able to return capital to shareholders by buying back shares when conditions warrant, while maintaining sufficient capital for acquisitions that meet our criteria.

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