Select Bancorp (SLCT) 8-K Reports Earnings for Third Quarter 2006

Exhibit 99.1

NEWS RELEASE

For more information, contact:	November 7, 2006
Lisa F. Campbell, Executive Vice President and CFO lisac@newcenturybanknc.com
910-892-7080

NEW CENTURY BANCORP

REPORTS EARNINGS FOR THIRD QUARTER 2006

Dunn, NC – New Century Bancorp, Inc. (the “Company” —NASDAQ: NCBC), the holding company for New Century Bank and New Century Bank South, reported net income for the quarter ended September 30, 2006 of $1.1 million compared to $812,000 for the same period in 2005. Basic and diluted earnings per share for third quarter 2006 were $0.20 and $0.19, respectively, compared to basic and diluted earnings per share for third quarter 2005 of $0.19 and $0.18, respectively. These results, in a prior year quarter to current year quarter comparison, were impacted by systems conversion and other merger-related expenses of $308,000 incurred for the acquisition of Progressive State Bank in the third quarter of 2006. In addition, the earnings per share calculation was impacted by our successful offering of New Century Bancorp stock during the second quarter of 2006, which resulted in the issuance of 1,150,000 additional shares.

For the nine month period ended September 30, 2006, net income for the Company was $3.4 million, compared to $2.6 million for the same period in 2005, an increase of 31%. Basic and diluted earnings per share for the first nine months of 2006 were $0.74 and $0.70, respectively, compared to basic and diluted earnings per share for the first nine months of 2005 of $0.62 and $0.58, respectively.

As of September 30, 2006, the Company reported total assets of $544.0 million compared to $401.5 million at September 30, 2005, an increase of 35%. The aforementioned acquisition of Progressive State Bank, formerly headquartered in Lumberton, NC, added approximately $64 million in assets to the Company in July, 2006, before purchase accounting adjustments.

Total deposits were $452.0 million and total loans were $398.9 million at the end of third quarter 2006, compared to total deposits of $336.2 million and total loans of $320.5 million as of the end of third quarter 2005, increases of 34% and 24%, respectively.

“On behalf of the Board of Directors and our management team, I am pleased to report these results of operations,” said John Q. Shaw, president and CEO. “The former Progressive State Bank branches became offices of New Century Bank South on July 13, 2006. We have been well-received in the communities of Lumberton, Raeford, Pembroke, and Dublin—all in North Carolina—and look forward to continued growth and success in these markets. Due to the acquisition, results for the quarter included $308,000 in pre-tax merger-related expenses. These expenses were anticipated.

“I am pleased to report that our net interest margin, an important component of earnings growth, increased from 3.95% at the end of third quarter 2005 to 4.36% at the end of third quarter 2006. This is quite an accomplishment considering many banks are experiencing margin compression.

“As a hallmark of a well-managed community bank, management continues to monitor the credit quality of the bank. During the third quarter, charge-offs increased to 33 basis points as a large, commercial watch list was appropriately reduced. This effectively reduced the ALLL to 1.49% of total loans. Management believes that the allowance is adequate to absorb inherent losses in the loan portfolio

“We are excited about what has taken place this quarter and look forward to building upon this in the future.”

New Century Bank has offices in Dunn, Clinton, Goldsboro, and Lillington; and, New Century Bank South has offices in Fayetteville, Lumberton, Pembroke, Raeford, and Dublin – all in North Carolina.

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Stock Symbol: NASDAQ: NCBC

www.newcenturybanknc.com

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 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 September 30,						At or for the nine months Ended September 30,
	2006			2005			2006			2005
Operating Data:
Total interest income	$	9,741		$	6,520		$	25,622		$	17,525
Total interest expense		4,341			2,740			11,382			7,061
Net interest income		5,400			3,780			14,240			10,464
Provision for loan losses		519			770			1,120			1,702
Net interest income after provision		4,881			3,010			13,120			8,762
Noninterest income		865			579			2,097			1,745
Noninterest expense		4,029			2,368			9,781			6,573
Income before income taxes		1,717			1,221			5,436			3,934
Provision for income taxes		626			409			2,004			1,323
Net income	$	1,091		$	812		$	3,432		$	2,611
Per Share Data:
Earnings per share - basic	$	0.20		$	0.19		$	0.74		$	0.62
Earnings per share - diluted		0.19			0.18			0.70			0.58
Market price
High		20.20			25.57			25.00			25.57
Low		19.30			14.67			18.90			12.67
Close		19.86			25.57			19.86			25.57
Book value		10.58			7.56
Tangible Book Value		8.74			7.56
Weighted average shares outstanding
Basic		5,344,710			4,224,237			4,621,693			4,218,159
Diluted		5,617,347			4,594,177			4,904,189			4,475,183
Selected Quarter-End Balance Sheet Data:
Gross loans	$	398,891		$	320,468		$	398,891		$	320,468
Allowance for loan losses		5,955			5,095			5,955			5,095
Other earning assets		107,116			65,906			107,116			65,906
Total assets		543,979			401,169			543,979			401,169
Deposits		452,045			336,210			452,045			336,210
Short Term Debt		14,792			9,352			14,792			9,352
Long term Debt		16,872			22,372			16,872			22,372
Shareholders' equity		56,529			31,939			56,529			31,939
Selected YTD Average Balances:		3rd QTR AVG						YTD AVG
Total assets	$	524,436		$	393,559		$	471,184		$	369,542
Loans, net of allowance		379,399			306,441			348,519			289,276
Total interest-earning assets		491,192			379,306			447,578			355,647
Deposits		435,416			329,110			395,755			306,825
Total interest-bearing liabilities		396,537			312,935			368,032			295,124
Shareholders' Equity		55,310			31,969			41,483			31,178
Selected Performance Ratios:
Return on average assets		0.83	%		0.82	%		0.97	%		0.94	%
Return on average equity		7.83	%		10.08	%		11.06	%		11.20	%
Net interest margin		4.36	%		3.95	%		4.25	%		3.93	%
Noninterest expense to average assets		3.05	%		2.39	%		2.78	%		2.38	%
Asset Quality Ratios:
Nonperforming loans to period-end loans		0.54	%		0.36	%
Allowance for loan losses to period-end loans		1.49	%		1.59	%
Net loan charge-offs to average loans		0.76	%		0.14	%
Other Data:
Number of banking offices		11			4
Number of full time equivalent employees		152			85