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First Bancorp (NASDAQ: FBNC) has successfully completed its acquisition of Select Bancorp, Inc. (NASDAQ: SLCT) as of October 15, 2021. This merger enhances First Bank's position as North Carolina's leading community bank, now holding over $10 billion in assets and operating more than 120 branches. Select Bancorp shareholders will receive 0.408 shares of First Bancorp for each Select Bancorp share, with fractional shares compensated at $44.12. Select Bank will continue to operate under its name until a systems conversion in March 2022.
Select Bancorp, Inc. (NASDAQ: SLCT) reported a net income of $5.6 million for Q2 2021, a significant increase from $681,000 in Q2 2020. Basic and diluted earnings per share rose to $0.33 and $0.32, respectively. Key drivers included loan growth, earnings from three newly acquired branches, and a recovery in loan loss provisions. Total assets reached $1.9 billion, with deposits and gross loans at $1.6 billion and $1.3 billion. The company announced its planned acquisition by First Bancorp, pending approvals, expected to close in Q4 2021.
First Bancorp (Nasdaq: FBNC) has announced a definitive merger agreement to acquire Select Bancorp, Inc. (Nasdaq: SLCT) for approximately $314.3 million, or $18.10 per share. The merger, unanimously approved by both boards, is expected to close in Q4 2021, pending shareholder and regulatory approvals. Select Bank operates 22 locations across North Carolina, South Carolina, and Virginia, with reported assets of $1.8 billion. The acquisition aims to enhance First Bank's market presence, bringing total assets to over $9 billion.
Select Bancorp, Inc. (NASDAQ: SLCT) reported a robust net income of $6.3 million for Q1 2021, up from $1.1 million in Q1 2020, with earnings per share increasing to $0.36. This growth is attributed to the acquisition of western North Carolina branches, enhanced non-interest income, and lower loan loss provisions. Total assets surged to $1.8 billion, deposits reached $1.6 billion, and gross loans climbed to $1.3 billion. The net interest margin remained stable at 4.02%. The company experienced strong loan growth of $37.9 million and deposit growth of $96.8 million, reflecting solid operational performance amid the ongoing pandemic.
Select Bancorp, Inc. (NASDAQ: SLCT) reported a net income of $8.2 million for 2020, down 37.4% from $13.0 million in 2019. Earnings per share declined approximately 33.3% for basic and 33.8% for diluted shares. The decrease is attributed to a $5.8 million rise in loan loss provisions and $1.6 million in debt extinguishment expenses. Net interest income was $52.4 million, up from $46.9 million in 2019, driven by increased loan balances and investment growth. Despite these challenges, total assets grew by 35.6%, reflecting a strong market position.
For the quarter ending September 30, 2020, Select Bancorp, Inc. (SLCT) reported a net income of $2.5 million, a decrease from $3.2 million in Q3 2019. Basic and diluted earnings per share were $0.14, down from $0.17. The decline was primarily due to increased loan loss provisions of $1.6 million, influenced by COVID-19 impacts. Total assets grew to $1.8 billion, with deposits at $1.5 billion and gross loans at $1.3 billion, reflecting significant growth from the previous year. Net interest income rose to $13.1 million, while non-interest expenses increased to $10.1 million.
Select Bancorp, Inc. (NASDAQ: SLCT) has announced a new stock repurchase plan allowing for the buyback of up to 875,000 common shares. This plan replaces the previous authorization of 937,248 shares, which has been fully utilized at an average price of $9.85 per share. This initiative aims to enhance shareholder value amid the company's historical financial performance and capital strength. All repurchased shares will be cancelled and become authorized but unissued. The company retains discretion to suspend or discontinue the plan at any time.
Select Bancorp, Inc. (NASDAQ: SLCT) reported a net income of $681,000 for Q2 2020, a decrease from $3.4 million in Q2 2019. This decline was mainly due to a $1.9 million provision for loan losses, influenced by COVID-19. Total assets grew to $1.6 billion, with deposits rising to $1.3 billion, an increase of approximately 30% year-over-year. The company acquired three branches from First Citizens Bank, adding $185 million in deposits and $103 million in loans. Net interest income was $11.9 million, while net interest margin fell to 3.45% from 4.06% in 2019.
