Select Bancorp 8K New Century Bancorp Reports Results | SLCT 7 May 08

Presentation to:

Carolina Bank Investor Forum

May 7, 2008

Exhibit 99.2

Forward Looking Statements

This presentation may contain forward-looking statements. These

statements are not historical facts, but rather are based on our

current

expectations, estimates and projections about our industry, our beliefs and

assumptions. Words including “may,”

“will,”

“could,”

“would,”

“should,”

“anticipate,”

“expect,”

“intend,”

“plan,”

“project,”

“believe,”

“seek,”

“estimate”

and similar expressions are intended to identify forward-looking

statements. These statements are not guarantees of future performance

and are subject to certain risks, uncertainties and other factors, some of

which remain beyond our control, are difficult to predict and could cause

actual results to differ materially from those expressed or forecasted in the

forward-looking statements. We caution you not to place undue reliance

on these forward-looking statements, which reflect our current view. We

are not obligated to update these statements or publicly release

the result

of any revisions to them to reflect events or circumstances after the date of

the presentation or to reflect the occurrence of unanticipated events.

New Century at a Glance

•

Community bank headquartered in Dunn, NC (Eastern NC)

•

Opened for business in May 2000

•

Traded as NCBC on the NASDAQ Global Market

–

Average daily volume of 5,816 shares

–

Not currently paying a dividend

•

Small business and retail focus

•

December 31, 2007 financial highlights:

–

Total assets:

$591 million

–

Net loans:

438 million

–

Deposits:

498 million

Market Area

New Century Bank

New Century Headquarters

Our History

2000

2001

2002

2003

2004

2005

2006

1999

Community meeting on

organizing the bank

1999

Opened for business

May 24, 2000

after raising

$10.7 million in capital

First profitable

month

December 2000

Opened first

branch office in

Clinton, NC

February 2002

Completed first follow-on

offering of $3.7 million

April 2002

Completed second

follow-on offering of

$9 million and formed

holding company

August 2003

Opened Goldsboro

Office

January 2004

Opened second office in

Clinton, NC

December 2005

Completed $20.5

million public

stock offering

June 2006

Opened Lillington

office

April 2006

Chartered New Century

Bank South

December 2003

Issued $12 million

in trust preferred

securities

September 2004

$46 million assets in

Goldsboro

July 2004

Completed

acquisition of

Progressive State

Bank

July 2006

2007

2008

John Shaw Jr. retires as

CEO, William Hedgepeth

named president and CEO

New Century

Bank South’s

merger into New

Century Bank is

completed in

March 2008

Business Plan / Philosophy

•

True community bank -

“Neighbor Helping Neighbor”

•

Provide a superior level of customer service

•

Focus on the small business customer

•

Growth is a cornerstone of our business plan

•

Hire the right people

•

Focus on accountability at all levels within the

organization

Our Management Team

Name (Age)

Position

Recent Previous Experience

William L. Hedgepeth

II (46)

President, Chief Executive Officer

and Director

First South Bank (2001-2004); Triangle Bancorp, Inc. (1997-

2000)

Lisa F. Campbell (39)

Chief Operating Officer, Chief

Financial Officer and Investor

Relations Professional

Triangle Bancorp, Inc. (1997-2000); KPMG LLP (1993-1997)

Kevin S. Bunn (46)

Executive Vice President and Chief

Banking Officer

Wachovia Bank (1985-2003)

J. Daniel Fisher (58)

Executive Vice President and Chief

Credit Officer

Gateway Bank & Trust Co. (2004-2007); RBC Centura

(1984-2004)

Joan I. Patterson (61)

Executive Vice President and Chief

Deposit Operations Officer

Branch Banking & Trust (1997-2000); United Carolina Bank

(1973-1997)

Selected Market Area Highlights

•

Significant net growth due to base realignment (expansion of Fort Bragg and shrinkage of

Pope Air Force Base)

•

Significant expected population and employment growth from 2006 to 2013

–

25,600 total population growth

–

4,647 active duty soldiers

–

1,893 civilian army jobs

–

616 embedded contractors

–

1,000 jobs with private defense contractors

•

Significant construction activity

–

$2.24 billion in military construction

–

$336 million in privatized military housing

•

$1 billion growth in economic output of 11 county area due to expansion (New Century

operates in six of these counties)

•

Many of the new military units (e.g. purchasing division) include high ranking jobs and

several generals

Market Share by County

•

Moved to #3 from #5 in Goldsboro and to #4 from #6 in Wayne County

•

Moved to #3 from #4 in Clinton and Sampson County

•

Maintained #1 ranking in Dunn and #2 ranking in Harnett County

Harnett County, NC ($919 million market)

Cumberland County, NC ($2.5 billion market)

Rank

Company

($MM's)

Rank

Company

($MM's)

BB&T Corp. (NC)

241.4

26.3%

BB&T Corp. (NC)

791.1

31.6%

New Century Bancorp Inc. (NC)

171.2

18.6%

First Citizens BancShares Inc. (NC)

390.3

15.6%

First Bancorp (NC)

115.0

12.5%

Wachovia Corp. (NC)

388.6

15.5%

First Federal Financial Corp. (NC)

109.7

11.9%

Royal Bank of Canada

303.6

12.1%

Royal Bank of Canada

105.5

11.5%

New Century Bancorp Inc. (NC)

128.7

5.1%

Wayne County, NC ($1.2 billion market)

Robeson County, NC ($970 million market)

Rank

Company

($MM's)

Rank

Company

($MM's)

BB&T Corp. (NC)

415.5

35.4%

BB&T Corp. (NC)

417.1

43.0%

Wachovia Corp. (NC)

227.1

19.3%

Lumbee Guaranty Bank (NC)

169.4

17.5%

Southern Bancshares (NC) (NC)

104.2

8.9%

First Bancorp (NC)

157.2

16.2%

New Century Bancorp Inc. (NC)

97.5

8.3%

Royal Bank of Canada

51.7

5.3%

First Citizens BancShares Inc. (NC)

96.9

8.2%

New Century Bancorp Inc. (NC)

43.6

4.5%

Sampson County, NC ($459 million market)

Hoke County, NC ($126 million market)

Rank

Company

($MM's)

Rank

Company

($MM's)

BB&T Corp. (NC)

156.3

34.0%

BB&T Corp. (NC)

57.8

45.8%

First Citizens BancShares Inc. (NC)

132.8

28.9%

Royal Bank of Canada

35.9

28.5%

New Century Bancorp Inc. (NC)

49.1

10.7%

Fidelity Bancshares (NC) Inc. (NC)

20.9

16.5%

Wachovia Corp. (NC)

49.0

10.7%

New Century Bancorp Inc. (NC)

11.6

9.2%

Southern Bancshares (NC) (NC)

37.0

8.1%

Deposits are as of 6/30/2007

Source: SNL Financial, LC

Loan & Deposit Composition 12/31/07

14%

28%

19%

17%

1 to 4 family

Home equity

Multi-family

Commercial RE

Agricultural

Construction

C&I

Consumer

Other

•

Focus on meeting the loan and deposit needs of small business customers

•

Excellent loan mix

–

Combined Commercial Real Estate, C&I and Construction of 64%

•

Emphasis on local deposit funding

–

Attractive deposit mix

–

Low cost of deposits

–

Low level of borrowings

$447 million of gross loans

$498 million of total deposits

Loan Composition

Deposit Composition

21%

31%

37%

DDA

NOW

MMDA + Savings

CD's < $100,000

CD's $100,000 +

Recent Challenges

•

Internal reviews identified a large number of problem

loans beginning in late 2006

–

Took loan loss provisions totaling $6.0 million in 2007

–

Charged-off $5.2 million in loans

•

Management and lender turnover

•

Entered into a Memorandum of Understanding with

the FDIC and NC Commissioner of Banks

Resulting Improvements

•

Outside loan consultants and the FDIC conducted reviews of

our portfolio covering more than 60% of the loans at New

Century Bank and 20% at New Century Bank South

•

Engaged an experienced credit professional to evaluate New

Century’s credit function

•

Hired a new experienced Chief Credit Officer

•

Centralizing many activities including document preparation

•

Implementing a new loan underwriting system from Credit Risk

Management

•

Merged the subsidiary banks together to allow for more efficient

and effective management

•

Shrank the board to 15 members

Comparison of Historical Subsidiaries at 12/31/06

376 / 0.19%

4,163 / 1.18%

NPA’s

& NPA’s

/ assets

4.57%

4.32%

Net interest margin

2,015

3,386

Net income

170,139

297,732

Deposits

146,449

283,051

Gross loans

199,815

354,062

Assets

New Century Bank South

(Fayetteville, NC)

New Century Bank

(Dunn, NC)

($000’s) unless noted

Comparison of Historical Subsidiaries at 12/31/07

749 / 0.35%

4,851 / 1.29%

NPA’s

& NPA’s

/ assets

4.44%

3.71%

Net interest margin

2,426

(65)

Net income

180,891

322,284

Deposits

167,598

279,182

Gross loans

215,869

375,030

Assets

New Century Bank South

(Fayetteville, NC)

New Century Bank

(Dunn, NC)

($000’s) unless noted

Balance Sheet Growth

Assets ($MM's)

126

192

328

436

553

591

100

200

300

400

500

600

700

2002

2003

2004

2005

2006

2007

Deposits ($MM's)

105

152

270

367

464

498

100

200

300

400

500

600

2002

2003

2004

2005

2006

2007

Net Loans ($MM's)

150

259

322

422

438

100

150

200

250

300

350

400

450

500

2002

2003

2004

2005

2006

2007

Asset Quality & Reserve Coverage

Non-Performing Assets

(1)

/ Total Assets

0.19%

0.10%

0.33%

0.73%

0.94%

0.31%

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

0.90%

1.00%

2002

2003

2004

2005

2006

2007

Net Charge-Offs / Average Loans

0.38%

0.19%

0.20%

0.16%

0.27%

1.15%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

2002

2003

2004

2005

2006

2007

(1) Non-performing assets include non-accrual loans, loans 90 days or more past due, and repossessed assets

Loan Loss Reserves / Gross Loans

1.55%

1.37%

1.62%

1.75%

1.86%

1.55%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%

2.00%

2002

2003

2004

2005

2006

2007

Loan Loss Reserves / Non-Performing Assets

(1)

399%

1107%

363%

149%

187%

649%

200%

400%

600%

800%

1000%

1200%

2002

2003

2004

2005

2006

2007

Earnings Growth

Earnings Per Share

$0.21

$0.40

$0.66

$0.65

$0.24

$0.25

$0.00

$0.20

$0.40

$0.60

$0.80

2002

2003

2004

2005

2006

2007

Net Income ($000's)

906

2,094

3,621

3,970

1,659

858

1,000

2,000

3,000

4,000

5,000

2002

2003

2004

2005

2006

2007

Profitability

Return on Average Assets

0.78%

0.57%

0.75%

0.95%

0.81%

0.28%

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

0.90%

1.00%

2002

2003

2004

2005

2006

2007

Return on Average Equity

5.4%

4.2%

6.9%

11.5%

8.7%

2.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2002

2003

2004

2005

2006

2007

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

2002

2003

2004

2005

2006

2007

Net Interest Margin

Interest Rate Spread

Non-Interest Income & Efficiency

Non-Interest Income ($000's)

731

1,134

1,692

2,496

3,278

3,870

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2002

2003

2004

2005

2006

2007

•

Sources of non-interest income:

–

Loan and deposit fees

–

Mortgage division

•

Efficiency remains a focus

–

Merger of subsidiary banks

–

Recent consolidation of smaller branches

–

Cost-conscious culture

56%

66%

58%

53%

58%

64%

10%

20%

30%

40%

50%

60%

70%

2002

2003

2004

2005

2006

2007

100

120

140

160

Efficiency Ratio

FTE's

2008 Outlook / Goals

•

EPS growth / level

•

Focused on core deposit growth

•

High-quality loan growth

•

Resolving asset quality issues and rebuilding credit function

•

Exceeding the expectations of regulators with respect to

MOU compliance

•

Look to open a second branch in Goldsboro as soon as

permissible

Select Bancorp (SLCT) 8-KNew Century Bancorp Reports Results