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

Exhibit 99.1

NEWS RELEASE	February 8, 2007
For more information, contact:
Lisa F. Campbell, Executive Vice President and CFO
lisac@newcenturybanknc.com
910-892-7080

NEW CENTURY BANCORP REPORTS

EARNINGS FOR YEAR END 2006

Income increases on growth in earning assets as well as growth in noninterest income.

Dunn, NC. . . New Century Bancorp (the “Company” —NASDAQ: NCBC), the holding company for New Century Bank and New Century Bank South, reported net income for the year ended December 31, 2006, of $4.7 million, compared to $3.6 million in 2005, an increase of 31%. Basic and diluted earnings per share for the year 2006 were $0.82 and $0.78, respectively, compared to basic and diluted earnings per share for 2005 of $0.72 and $0.66, respectively. In a year-to-year comparison, these results were impacted by systems conversion and other merger-related expenses amounting to $329,000 related to the acquisition of Progressive State Bank in the third quarter of 2006. In addition, the earnings per share calculation was impacted by a successful offering of New Century Bancorp stock during the second quarter of 2006, which resulted in the issuance of 1,150,000 new shares.

For the quarter ended December 31, 2006, the Company reported net income of $1.3 million, compared to $1.0 million for the same period in 2005. Basic and diluted earnings per share for fourth quarter 2006 were $0.20 and $0.19, respectively, compared to basic and diluted earnings per share for fourth quarter 2005 of $0.20 and $0.18, respectively.

As of December 31, 2006, the Company reported total assets of $554.2 million compared to $436.4 million at December 31, 2005, an increase of 27%. Total deposits were $464.1 million and total loans were $429.5 million at year end 2006, compared to total deposits of $367.0 million and total loans of $326.9 million at year end 2005, increases of 26% and 31%, respectively.

Income for 2006 was positively impacted by a number of factors: a higher net interest margin for 2006 over 2005; increases in earning assets, partially due to the acquisition of Progressive State Bank; and increases in non-interest income from SBA lending activities, mortgage loan origination fees, deposit service charges, and other fee income.

“Everyone with New Century is pleased to announce our 2006 earnings and the success we have had,” said John Q. Shaw, president and CEO of the Company. “It was a productive year in which we

undertook expansion plans to increase the value of our franchise. In addition to acquiring Progressive State Bank, we opened a second office in Clinton and a new office in Lillington. We began construction on a second office in Fayetteville, purchased land for a permanent facility in Lillington, and made plans for a second office in Goldsboro.

“In 2007, we will continue to look for opportunities that expand our franchise while increasing the overall value of New Century Bancorp.”

New Century Bank is headquartered in Dunn and has branch offices in Clinton, Goldsboro, and Lillington; and New Century Bank South is headquartered in Fayetteville with branch offices in Dublin, Lumberton, Pembroke, and Raeford.

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Stock Symbol: NASDAQ: NCBC

www.newcenturybanknc.com

The information as of and for the quarter and year ended December 31, 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.

Financial Highlights

(Unaudited - dollars in thousands except per share and ratios)

	At or for the three months Ended December 31,						At or for the year Ended December 31,
	2006			2005			2006			2005
Operating Data:
Total interest income	$	10,190		$	7,155		$	35,812		$	24,679
Total interest expense		4,785			3,028			16,167			10,089
Net interest income		5,405			4,127			19,645			14,590
Provision for loan losses		409			469			1,529			2,172
Net interest income after provision		4,996			3,658			18,116			12,418
Noninterest income		1,182			751			3,278			2,496
Noninterest expense		4,035			2,558			13,816			9,129
Income before income taxes		2,143			1,851			7,578			5,785
Provision for income taxes		836			841			2,840			2,164
Net income	$	1,307		$	1,010		$	4,738		$	3,621
Share and Per Share Data (1):
Earnings per share - basic	$	0.20		$	0.20		$	0.82		$	0.72
Earnings per share - diluted		0.19			0.18			0.78			0.66
Book value per share		8.96			6.48			8.96			6.48
Tangible book value per share		7.42			6.48			7.42			6.48
Ending number of shares outstanding		6,497,022			5,089,248			6,497,022			5,089,248
Average number of shares outstanding		6,492,748			5,081,363			5,784,671			5,061,791
Diluted number of shares outstanding		6,799,966			5,507,994			6,115,709			5,478,658
Selected Performance Ratios, annualized:
Return on average assets		0.94	%		0.96	%		0.96	%		0.95	%
Return on average equity		8.96	%		12.22	%		10.39	%		11.47	%
Net interest margin		4.20	%		4.14	%		4.28	%		4.02	%
Efficiency Ratio (2)		61.26	%		52.44	%		60.27	%		53.43	%
Selected Period End Balance Sheet Data:
Loans, net of unearned income	$	429,500		$	326,852		$	429,500		$	326,852
Total earning assets		509,513			412,323			509,513			412,323
Goodwill and other intangible assets		9,988			—			9,988			—
Total assets		554,215			436,367			554,215			436,367
Deposits		464,117			367,003			464,117			367,003
Short term debt		14,441			11,743			14,441			11,743
Long term debt		14,372			22,372			14,372			22,372
Shareholders’ equity		58,207			32,974			58,207			32,974
	4th qtr						YTD
Selected Average Balances:
Loans, net of unearned income	$	412,798		$	325,248		$	369,110		$	301,457
Total earning assets		510,206			395,916			458,974			362,669
Goodwill and other intangible assets		9,274			—			4,087			—
Total assets		553,171			416,958			491,849			381,440
Deposits		460,516			349,763			412,078			317,648
Short term debt		14,978			10,156			12,351			7,677
Long term debt		16,790			22,372			19,180			23,049
Shareholders’ equity		57,871			32,784			45,614			31,583
Asset Quality:
Nonperforming assets	$	2,821		$	1,271		$	2,821		$	1,271
Allowance for loan losses	$	6,246		$	5,298		$	6,246		$	5,298
Allowance for loan losses to period-end loans		1.45	%		1.62	%		1.45	%		1.62	%
Net loan charge-offs to average loans		0.11	%		0.32	%		0.27	%		0.16	%

(1) Adjusted for all periods presented to reflect the effect of a 3-for-2 stock split effective July 2005 and a 6-for-5 stock split effective December 2006:

(2) Efficiency ratio is non-interest expense divided by the sum of net interest income and non-interest income