For the quarter ended March 31, 2008, Select Bank & Trust Company, reported net income of $230,000, or basic and diluted earnings per share of $0.12, compared to net income of $220,000, or basic and diluted earnings per share of $0.12 for the same period in 2007. Earnings per share for the three months ending March 31, 2008 reflect a 9-for-8 stock split announced on August 21, 2007.
Select reported total assets of $114.0 million, an increase of 22% over total assets of $93.8 million as of March 31, 2007. Total deposits grew 7% to $72.4 million and total loans are up 31% to $85.8 million, over total deposits of $67.8 million and total loans of $65.6 million reported as of March 31, 2007.
"On behalf of our staff and the board of directors, I am pleased to report continued growth and profitability at Select Bank & Trust Company," said Mark A. Holmes, president and CEO. "We are especially happy to report that net income for the first quarter of 2008 exceeded net income for the first quarter of 2007, at a time when many banks-and many other companies-are reporting decreases in earnings.
"While growing our loan portfolio at a pace of 31%, we maintained an allowance for loan losses of 1.3% and reported no non-performing or non-accrual loans at March 31, 2008. Further, we would like to state that unlike many banks of all sizes, we have zero exposure to subprime lending at Select." -- Select Bank & Trust Company
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
