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

Exhibit 99.1

NEWS RELEASE

FOR RELEASE: April 13, 2007

For more information, contact:

Lisa Campbell, lisac@newcenturybanknc.com

910-892-7080

NEW CENTURY BANCORP REPORTS

REVISED 2006 EARNINGS

Earnings at record level, though $770,000 less than originally reported.

Dunn, NC . . . New Century Bancorp[NASDAQ: NCBC]will file its Annual Report on Form 10-K on or before the extension deadline of Tuesday, April 17, reporting $3.97 million in net income for the year ended December 31, 2006. The report will reflect a $770,000 after-tax adjustment to preliminary net income of $4.73 million originally reported in February. The adjustment is the result of management’s assessment of certain credit relationships and involved an increase to the Company’s provision for loan losses of $1.25 million before taxes. Basic and diluted earnings per share for 2006 were $0.69 and $0.65, respectively, instead of basic and diluted earnings per share of $0.82 and $0.78, respectively, as originally reported in February

According to New Century Bancorp President and CEO Bill Hedgepeth, “While our 2006 earnings were not as high as originally reported, we achieved record earnings for 2006. Now, our team is moving forward with plans to achieve our goals in 2007 and beyond. New Century’s culture ofneighbor helping neighbor service has always been strong and will continue to be strong.”

New Century Bancorp, the holding company for New Century Bank and New Century Bank South, had total assets of $552 million as of December 31, 2006. 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 for year end 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		1,659			469			2,779			2,172
Net interest income after provision		3,746			3,658			16,866			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		893			1,851			6,328			5,785
Provision for income taxes		354			841			2,358			2,164
Net income	$	539		$	1,010		$	3,970		$	3,621
Share and Per Share Data (1):
Earnings per share - basic	$	0.08		$	0.20		$	0.69		$	0.72
Earnings per share - diluted		0.08			0.18			0.65			0.66
Book value per share		8.84			6.48			8.84			6.48
Tangible book value per share		7.30			6.48			7.30			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		0.39	%		0.96	%		0.81	%		0.95	%
Return on average equity		3.70	%		12.22	%		8.70	%		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		508,263			412,323			508,263			412,323
Goodwill and other intangible assets		9,988			—			9,988			—
Total assets		552,965			436,367			552,965			436,367
Deposits		464,117			367,003			464,117			367,003
Short term debt		16,441			21,743			16,441			21,743
Long term debt		12,372			12,372			12,372			12,372
Shareholders’ equity		57,439			32,974			57,439			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		7,496			5,298			7,496			5,298
Allowance for loan losses to period-end loans		1.75	%		1.62	%		1.75	%		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