Select Bancorp (SLCT) 8-K New Century Bancorp Reports

Exhibit 99.1

NEWS RELEASE

For more information, contact:

Lisa F. Campbell, Executive Vice President and CFO

lisac@newcenturybanknc.com

910-892-7080

NEW CENTURY BANCORP REPORTS

SECOND QUARTER 2005 EARNINGS

Bancorp reports record results as 5^th anniversary of opening is celebrated.

Dunn, NC, Aug 2/PRNewswire - FirstCall/— New Century Bancorp (the “Company” — OTC Bulletin Board: NCBC), the holding company for New Century Bank and New Century Bank of Fayetteville, reported net income for the quarter ended June 30, 2005 of $987,000 compared to $435,000 for the same period in 2004. Basic and diluted earnings per share for second quarter 2005 were $0.23 and $0.22, respectively, compared to basic and diluted earnings per share for second quarter 2004 of $0.10 and $0.10, respectively. For the six month period ended June 30, 2005, net income for the Company was $1.8 million, compared to $520,000 for the same period in 2004. Basic and diluted earnings per share for the first six months of 2005 were $0.42 and $0.40, respectively, compared to basic and diluted earnings per share for the first six months of 2004 of $0.12 and $0.12, respectively.

As of June 30, 2005, the Company reported total assets of $384.1 million compared to $289.0 million at June 30, 2004, an increase of 33%. Total deposits were $321.5 million and total loans were $300.6 million at the end of second quarter 2005, compared to total deposits of $246.2 million and total loans of $233.4 million as of the end of second quarter 2004, increases of 31% and 29%, respectively.

“We continue to experience positive financial results both at New Century Bank and New Century Bank of Fayetteville,” said John Q. Shaw, president and CEO for the Company. “Our growth rate in net income was fueled by an increase in earning assets of 29%, as well as good increases in net interest income and non-interest income, which was impacted by mortgage and SBA lending activities.

“Our office in Goldsboro, NC is growing and will soon move into a permanent full-service facility, scheduled to open in August. Also during the third quarter, a second office is scheduled to open in Clinton, NC to more effectively support that community. Lastly, our Operations Center in downtown Dunn, NC is scheduled to open within the next few weeks. We are excited about each of these new facilities and the opportunities they bring.

“As we passed our fifth anniversary on May 24^th of this year, we celebrated with our customers and friends. And, as always, we are thankful for our customers and our shareholders who have supported us.”

New Century Bank has offices in Dunn, NC, Clinton, NC, and Goldsboro, NC and New Century Bank of Fayetteville serves Fayetteville through a new headquarters and banking office at 2818 Raeford Road in Fayetteville, NC.

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Stock Symbol: NCBC – OTC Electronic Bulletin Board

www.newcenturybanknc.com

The information as of and for the quarter and six months ended June 30, 2005 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, 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. 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.

New Century Bancorp, Inc.

Selected Financial Information and Other Data

($ in thousands, except per share and

nonfinancial data)

	At or for the three months Ended June 30,						At or for the six months Ended June 30,
	2005			2004			2005			2004
Operating Data:
Total interest income	$	5,870		$	3,537		$	10,994		$	6,435
Total interest expense		2,419			1,132			4,321			2,046
Net interest income		3,451			2,405			6,673			4,389
Provision for loan losses		433			477			932			1,079
Net interest income after provision		3,018			1,928			5,741			3,310
Noninterest income		610			426			1,166			773
Noninterest expense		2,141			1,678			4,204			3,285
Income before income taxes		1,487			676			2,704			798
Provision for income taxes		500			241			915			278
Net income	$	987		$	435		$	1,789		$	520
Per Share Data, restated for an 11-for-10 stock split effective June 2004 and a 3-for-2 stock split effective July 2005:
Earnings per share - basic	$	0.23		$	0.10		$	0.42		$	0.12
Earnings per share - diluted		0.22			0.10			0.40			0.12
Market price
High		16.13			20.17			16.13			20.17
Low		13.33			11.51			12.67			9.18
Close		14.67			14.50			14.67			14.50
Book value		7.46			6.59
Weighted average shares outstanding
Basic		4,219,102			4,193,001			4,218,159			4,193,001
Diluted		4,480,687			4,347,592			4,475,183			4,369,999
Selected Quarter End Balance Sheet Data:
Loans	$	300,631		$	233,394
Allowance for loan losses		4,433			3,347
Other earning assets		69,729			43,297
Total assets		384,141			289,038
Deposits		321,524			246,210
Borrowings		17,805			14,513
Junior Subordinated Debentures		12,372			—
Shareholders’ equity		31,102			27,648
Selected Average Balances:
Total assets	$	375,131		$	259,222		$	357,008		$	234,149
Loans, net of allowance		289,390			214,228			280,551			190,133
Total interest-earning assets		361,468			246,449			343,655			221,993
Deposits		312,755			217,808			295,665			193,598
Total interest-bearing liabilities		300,472			199,652			285,569			177,763
Shareholders’ Equity		31,132			27,727			30,794			27,638
Selected Performance Ratios:
Return on average assets		1.06	%		0.34	%		1.01	%		0.46	%
Return on average equity		12.71	%		3.15	%		11.72	%		3.79	%
Net interest margin		3.73	%		3.92	%		3.84	%		3.98	%
Noninterest expense to average assets		2.29	%		2.60	%		2.37	%		2.82	%
Asset Quality Ratios:
Nonperforming loans to period-end loans		0.22	%		0.42	%
Allowance for loan losses to period-end loans		1.47	%		1.42	%
Net loan charge-offs to average loans		0.06	%		0.10	%
Other Data:
Number of banking offices		4			4
Number of full time equivalent employees		77			64