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

Exhibit 99.2

FOR RELEASE:	August 2, 2012
Lisa F. Campbell, Executive Vice President
Chief Operating Officer and Chief Financial Officer
Office: 910-892-7080 and Direct: 910-897-3660
lisac@newcenturybanknc.com
www.newcenturybanknc.com

NEW CENTURY BANCORP AMENDS PREVIOUSLY RELEASED

SECOND QUARTER 2012 EARNINGS

TO REFLECT INCREASED NET INCOME

DUNN, NC . . . New Century Bancorp (the “Company”NASDAQ: NCBC), the holding company for New Century Bank, today reported that its unaudited results of operations for the three and six months ended June 30, 2012, as previously released on July 30, 2012, would be amended to reflect increased net income. The Company’s net income for the quarter ended June 30, 2012, as adjusted, was $1.2 million, resulting in basic and diluted earnings per share of $0.17. Net income for the six months ended June 30, 2012, as adjusted, was $3.3 million, resulting in basic and diluted earnings per share of $0.47 for the six-month period.

The increase in net income for the three and six month periods ended June 30, 2012 stems from a decrease in the required balance of the Company’s allowance for loan losses due to reductions in adversely classified assets and nonaccrual loans, improved historical credit quality metrics, and an overall reduction in the size of the Company’s loan portfolio.

Total assets for the Company as of June 30, 2012 were impacted by the change and, as adjusted, were $563.7 million. Total deposits and total loans were $471.2 million and $390.4 million, respectively, and these measures were not affected by the change.

The Company will furnish a report on Form 8-K to the Securities and Exchange Commission on August 3, 2012, as scheduled, regarding its results of operations for the three and six months ended June 30, 2012. No restatement or amendment of the Company’s reports previously filed with the Securities and Exchange Commission is anticipated.

New Century Bank has branch offices in these North Carolina communities: Dunn, Clinton, Fayetteville, Goldsboro, Lillington, Lumberton, and a loan production office in Greenville.

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The information as of and for the quarter endedJune 30, 2012, 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 data)

	At or for the three months ended															At or for the six months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			June 30, 2012			June 30, 2011			June 30, 2010
Summary of Operations:
Total interest income	$	6,325		$	6,619		$	7,086		$	7,584		$	7,798		$	12,944		$	15,713		$	16,857
Total interest expense		1,684			1,772			1,903			2,089			2,193			3,457			4,433			4,879
Net interest income		4,641			4,847			5,183			5,495			5,605			9,487			11,280			11,978
Provision for loan losses		(649	)		(2,136	)		319			2,194			2,542			(2,786	)		3,706			1,909
Net interest income after provision		5,290			6,983			4,864			3,301			3,063			12,273			7,574			10,069
Noninterest income		1,199			626			642			643			892			1,826			1,533			1,342
Noninterest expense		4,648			4,216			4,574			4,114			5,339			8,865			10,417			9,111
Income (loss) before income taxes		1,841			3,393			932			(170	)		(1,384	)		5,234			(1,310	)		2,300
Provision for income taxes (benefit)		683			1,281			333			(148	)		(523	)		1,964			(570	)		769
Net income (loss)	$	1,158		$	2,112		$	599		$	(22	)	$	(861	)	$	3,270		$	(740	)	$	1,531
Share and Per Share Data:
Earnings (loss) per share - basic	$	0.17		$	0.31		$	0.09		$	(0.00	)	$	(0.13	)	$	0.47		$	(0.11	)	$	0.22
Earnings (loss) per share - diluted	$	0.17		$	0.31		$	0.03		$	(0.00	)	$	0.13		$	0.47		$	(0.11	)	$	0.22
Book value per share		7.66			7.49			7.22			7.14			7.08			7.66			7.08			8.19
Tangible book value per share		7.61			7.41			7.14			7.05			6.99			7.61			6.99			8.08
Ending shares outstanding		6,913,636			6,913,636			6,860,367			6,860,367			6,913,636			6,913,636			6,913,636			6,891,784
Weighted average shares outstanding:
Basic		6,913,636			6,859,196			6,860,367			6,861,034			6,913,636			6,913,636			6,913,636			6,842,218
Diluted		6,913,636			6,859,196			6,860,367			6,861,034			6,913,636			6,913,636			6,913,636			6,851,055
Selected Performance Ratios:
Return on average assets		0.83	%		1.45	%		0.39	%		-0.01	%		-0.55	%		1.15	%		-0.24	%		0.48	%
Return on average equity		8.82	%		16.89	%		4.80	%		-0.18	%		-6.82	%		12.76	%		-2.95	%		5.53	%
Net interest margin		3.63	%		3.64	%		3.68	%		3.77	%		3.84	%		3.64	%		3.92	%		4.04	%
Efficiency ratio(1)		79.59	%		77.03	%		78.52	%		67.03	%		82.18	%		78.36	%		81.30	%		68.40	%
Period End Balance Sheet Data:
Loans, held for sale	$	—		$	1,552		$	—		$	—		$	—		$	—		$	—		$	—
Loans, net of unearned income		390,403			399,760			417,624			439,410			458,523			390,403			458,523			490,883
Total Earning Assets		515,397			534,057			536,390			564,928			583,854			515,397			583,854			619,867
Core Deposit Intangible		356			516			545			583			622			356			622			776
Total Assets		563,682			580,996			589,651			616,580			629,135			563,682			629,135			663,001
Deposits		471,184			489,966			501,377			527,172			538,812			471,184			538,812			566,031
Short term debt		22,953			23,301			21,877			23,850			23,746			22,953			23,746			20,138
Long term debt		12,372			12,372			14,372			14,372			14,372			12,372			14,372			18,372
Shareholders’ equity		52,954			51,777			49,546			48,949			48,965			52,954			48,965			56,442
Selected Average Balances:
Gross Loans	$	396,190		$	409,009		$	429,642		$	449,650		$	460,236		$	402,600		$	463,263		$	488,557
Total Earning Assets		514,147			535,317			559,110			578,349			585,273			524,732			579,642			597,852
Core Deposit Intangible		379			533			569			602			640			454			659			813
Total Assets		563,850			585,249			608,118			625,768			631,204			574,232			631,205			638,930
Deposits		471,829			495,649			518,508			534,271			539,690			483,739			577,956			542,152
Short term debt		22,961			23,004			23,476			24,491			23,604			23,719			23,863			25,151
Long term debt		12,372			13,845			14,372			14,372			14,372			12,372			14,372			12,372
Shareholders’ equity		52,783			50,300			49,486			49,855			50,669			51,541			50,525			55,815
Asset Quality Ratios:
Nonperforming loans	$	16,579		$	19,270		$	19,636		$	20,116		$	16,307		$	16,579		$	16,307		$	13,885
Other real estate owned		3,859			2,391			3,031			3,230			3,380			3,859			3,380			3,215
Allowance for loan losses		8,510			9,568			10,034			10,338			10,378			8,510			10,378			10,006
Nonperforming loans(2) to period-end loans		4.25	%		4.82	%		4.70	%		4.58	%		3.56	%		4.25	%		3.56	%		2.83	%
Allowance for loan losses to period-end loans		2.18	%		2.39	%		2.40	%		2.35	%		2.26	%		2.18	%		2.26	%		2.04	%
Delinquency Ratio(3)		0.77	%		0.23	%		1.02	%		0.93	%		0.48	%		0.77	%		0.48	%		0.75	%
Net loan charge-offs to average loans		-0.42	%		-1.64	%		0.68	%		1.92	%		1.94	%		0.63	%		1.43	%		0.73	%

(1) Efficiency ratio is calculated as non-interest expenses divided by the sum of net interest income and non-interest income.

(2) Nonperforming loans consist of non-accrual loans and restructured loans.

(3) Delinquency Ratio includes 30-89 days past due and excludes non-accrual loans.