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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

For the quarterly period ended ~~March~~June 3130, 2021

☐ Transition Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

For the transition period ended from to

Commission File Number 000-50400

Select Bancorp, Inc.

(Exact name of Registrant as specified in its charter)


North Carolina		20-0218264
(State or other jurisdiction of		(I.R.S. Employer Identification No.)
incorporation or organization)

700 W. Cumberland Street
Dunn, North Carolina		28334
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (910) 892-7080

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $1.00 per share	SLCT	The NASDAQ Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐	Accelerated filer ☒
Non-accelerated filer ☐	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~April~~August 303, 2021, the registrant had outstanding 17,~~227~~229,~~104~~504 shares of Common Stock, $1.00 par value per share.

Table of Contents

		Page No.

Part I.	FINANCIAL INFORMATION

Item 1 -	Financial Statements (Unaudited)

	Consolidated Balance ~~SheetsMarch~~SheetsJune 3130, 2021 and December 31, 2020	3

	Consolidated Statements of OperationsThree ~~Months~~and ~~Ended~~six ~~March~~months 31ended June 30, 2021 and 2020	4

	Consolidated Statements of Comprehensive IncomeThree ~~Months~~and ~~Ended~~six ~~March~~months 31ended June 30, 2021 and 2020	5

	Consolidated Statements of Changes in Shareholders’ EquityThree ~~Months~~and ~~Ended~~six ~~March~~months 31ended June 30, 2021 and 2020	6

	Consolidated Statements of Cash ~~FlowsThree~~FlowsSix ~~Months~~months Ended ~~March~~June 3130, 2021 and 2020	7

	Notes to Consolidated Financial Statements	9

Item 2 -	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3034

Item 3 -	Quantitative and Qualitative Disclosures about Market Risk	4249

Item 4 -	Controls and Procedures	4451

Part II.	OTHER INFORMATION

Item 1 -	Legal Proceedings	4451

Item 1A -	Risk Factors	4452

Item 2 -	Unregistered Sales of Equity Securities and Use of Proceeds	4555

Item 3 -	Defaults Upon Senior Securities	4556

Item 4 -	Mine Safety Disclosures	4556

Item 5 -	Other Information	4556

Item 6 -	Exhibits	4657

	Signatures	4658

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements.

SELECT BANCORP, INC.

CONSOLIDATED BALANCE SHEETS


	~~March~~June 3130, 2021		December 31,
	(unaudited)		2020*
	(In thousands, except share
	and per share data)
ASSETS
Cash and due from banks	$	2225,~~533~~110	$	23,324
Interest-earning deposits in other banks		~~133~~179,~~884~~832		87,399
Certificates of deposit		250		—
Federal funds sold		42,~~966~~731		5,364
Investment securities available for sale, at fair value		~~208~~217,~~648~~605		194,492
Loans held for sale		3,~~953~~061		2,064
Loans		1,~~342~~332,~~316~~420		1,304,384
Allowance for loan losses		(1312,~~187~~658)		(14,108)
NET LOANS		1,~~329~~319,~~129~~762		1,290,276
Accrued interest receivable		4,~~991~~844		5,110
Stock in Federal Home Loan Bank of Atlanta (“FHLB”), at cost		862		1,147
Other non-marketable securities		655		709
Foreclosed real estate		1,~~968~~675		2,172
Premises and equipment, net		2019,~~222~~899		20,587
Right of use lease asset		8,~~358~~156		8,558
Bank owned life insurance		30,~~586~~743		30,432
Goodwill		42,907		42,907
Core deposit intangible (“CDI”)		1,~~363~~222		1,513
Other assets		1715,~~054~~496		13,991
TOTAL ASSETS	$	1,~~832~~874,~~329~~810	$	1,730,045
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Demand	$	~~448~~491,~~835~~265	$	395,916
Savings		5559,~~184~~243		51,843
Money market and NOW		~~708~~714,~~172~~234		649,677
Time		~~370~~355,~~446~~910		388,381
TOTAL DEPOSITS		1,~~582~~620,~~637~~652		1,485,817

Long-term debt		12,372		12,372
Lease liability		8,~~766~~598		8,930
Accrued interest payable		~~206~~154		246
Accrued expenses and other liabilities		1511,~~859~~551		7,312
TOTAL LIABILITIES		1,~~619~~653,~~840~~327		1,514,677
Shareholders’ Equity
Preferred stock, no par value, 5,000,000 shares authorized; no preferred shares were issued and outstanding at March 31, 2021 and December 31, 2020		—		—
Preferred stock, no par value, 5,000,000 shares authorized; no preferred shares were issued and outstanding at June 30, 2021 and December 31, 2020		—		—

Common stock, $1 par value, 50,000,000 shares authorized; 17,227,104 and 17,507,103 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively		17,227		17,507
Common stock, $1 par value, 50,000,000 shares authorized; 17,229,504 and 17,507,103 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively		17,229		17,507
Additional paid-in capital		132,~~400~~473		135,058
Retained earnings		6772,~~178~~789		60,838
Common stock issued to deferred compensation trust, at cost; 272,509 and 274,956 shares outstanding at March 31, 2021 and December 31, 2020, respectively		(2,449)		(2,416)
Common stock issued to deferred compensation trust, at cost; 272,509 and 274,956 shares outstanding at June 30, 2021 and December 31, 2020, respectively		(2,449)		(2,416)
Directors’ Deferred Compensation Plan Rabbi Trust		2,449		2,416
Accumulated other comprehensive income (loss)		(41,~~316~~008)		1,965
TOTAL SHAREHOLDERS’ EQUITY		~~212~~221,~~489~~483		215,368
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,~~832~~874,~~329~~810	$	1,730,045

* Derived from audited consolidated financial statements.

See accompanying notes.

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SELECT BANCORP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)


	Three Months Ended				Six Months Ended
	~~March 31,~~	June 30,			June 30,
	2021		2020		2021		2020
	(In thousands, except share and per share data)				(In thousands, except share and per share data)
INTEREST INCOME
Loans	$	1716,~~035~~700	$	1314,~~589~~086	$	33,735	$	27,675
Federal funds sold and interest-earning deposits in other banks		2541		~~168~~33		66		201
Investments		~~920~~977		~~421~~381		1,897		802
TOTAL INTEREST INCOME		17,~~980~~718		14,~~178~~500		35,698		28,678

INTEREST EXPENSE
Money market, NOW and savings deposits		~~924~~781		~~348~~648		1,705		996
Time deposits		~~1,038~~831		1,~~931~~576		1,869		3,507
Short-term debt		16		87141		32		228
Long-term debt		71		~~352~~281		142		633
TOTAL INTEREST EXPENSE		21,~~049~~699		2,~~718~~646		3,748		5,364
NET INTEREST INCOME		1516,~~931~~019		11,~~460~~854		31,950		23,314
PROVISION FOR (RECOVERY OF) LOAN LOSSES		(~~777~~459)		21,~~273~~933		(1,236)		4,206
NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) LOAN LOSSES		16,~~708~~478		9,~~187~~921		33,186		19,108

NON-INTEREST INCOME
Service charges on deposit accounts		~~256~~239		~~338~~206		495		544
Fees from the sale of mortgages		~~288~~268		~~185~~235		556		420
Fees from the sale of SBA loans		~~197~~163		~~108~~120		360		228
Other fees and income		~~941~~1,225		~~813~~850		2,166		1,663
TOTAL NON-INTEREST INCOME		1,~~682~~895		1,~~444~~411		3,577		2,855
NON-INTEREST EXPENSE
Personnel		6,~~132~~169		5,~~632~~786		12,301		11,418
Occupancy and equipment		~~990~~948		~~931~~986		1,938		1,917
Deposit insurance		~~380~~262		~~(12)~~76		642		64
Professional fees		~~462~~993		~~372~~451		1,455		823
Core deposit intangible amortization		~~150~~140		~~179~~195		291		374
Merger/acquisition related expenses		—		39709		—		748
Information systems		1,~~046~~057		~~1,038~~972		2,103		2,010
Foreclosure-related expenses		~~(140)~~208		5187		68		192
Other		1,~~176~~244		1,~~063~~140		2,419		2,203
TOTAL NON-INTEREST EXPENSE		1011,~~196~~021		910,~~247~~502		21,217		19,749
INCOME BEFORE INCOME TAX		87,~~194~~352		~~1,384~~830		15,546		2,214
INCOME TAX		1,~~854~~741		~~280~~149		3,595		429
NET INCOME		65,~~340~~611		~~1,104~~681		11,951		1,785
Basic	$	0.3633	$	0.0604	$	0.69	$	0.10
Diluted	$	0.3632	$	0.0604	$	0.69	$	0.10
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		17,~~386~~227,~~715~~689		18,~~255~~013,~~351~~863		17,306,762		18,134,607
Diluted		17,~~415~~277,~~680~~578		18,~~287~~030,~~064~~136		17,343,057		18,157,992

See accompanying notes.

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SELECT BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)


	Three Months Ended				Six Months Ended
	~~March~~June 3130,				June 30,
	2021		2020		2021		2020
		(In thousands)

Net income	$	65,~~340~~611	$	~~1,104~~681	$	11,951	$	1,785

Other comprehensive income (loss):
Unrealized gains (loss) on investment securities-available for sale		(84,~~157)~~296		~~731~~252		(3,861)		983
Tax effect		~~1,876~~(988)		(~~169~~58)		888		(227)
Total		(63,~~281)~~308		~~562~~194		(2,973)		756

Total comprehensive income	$	598,919	$	~~1,666~~875	$	8,978	$	2,541

See accompanying notes.

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SELECT BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)


													Common Stock
													Issued		Accumulated
							Additional						to Deferred		Other		Total
	Preferred Stock			Common Stock			paid-in		Retained		Deferred		Compensation		Comprehensive		Shareholders’
	Shares	Amount		Shares	Amount		Capital		Earnings		Comp Plan		Trust		Income (loss)		Equity
Balance at December 31, 2020	—	$	—	17,507,103	$	17,507	$	135,058	$	60,838	$	2,416	$	(2,416)	$	1,965	$	215,368
Net income	—		—	—		—		—		6,340		—		—		—		6,340
Other comprehensive income (loss)	—		—	—		—		—		—		—		—		(6,281)		(6,281)
Other comprehensive loss	—		—	—		—		—		—		—		—		(6,281)		(6,281)
Stock repurchases	—		—	(286,799)		(287)		(2,907)		—		—		—		—		(3,194)
Stock option exercises	—		—	6,800		7		57		—		—		—		—		64
Directors’ equity incentive plan, net	—		—	—		—		—		—		33		(33)		—		—
Stock-based compensation	—		—	—		—		192		—		—		—		—		192
Balance at March 31, 2021	—	$	—	17,227,104	$	17,227	$	132,400	$	67,178	$	2,449	$	(2,449)	$	(4,316)	$	212,489
Net income	—		—	—		—		—		5,611		—		—		—		5,611
Other comprehensive income	—		—	—		—		—		—		—		—		3,308		3,308
Stock option exercises	—		—	2,400		2		18		—		—		—		—		20
Stock-based compensation	—		—	—		—		55		—		—		—		—		55
Balance at June 30, 2021	—	$	—	17,229,504	$	17,229	$	132,473	$	72,789	$	2,449	$	(2,449)	$	(1,008)	$	221,483

													Common Stock
													Issued		Accumulated
Balance at December 31, 2019	—		—	18,330,058		18,330		140,870		52,675		2,815		(2,815)		900		212,775
							Additional						to Deferred		Other		Total
	Preferred Stock			Common Stock			paid-in		Retained		Deferred		Compensation		Comprehensive		Shareholders’
	Shares	Amount		Shares	Amount		Capital		Earnings		Comp Plan		Trust		Income (loss)		Equity
Balance at December 31, 2019	—	$	—	18,330,058	$	18,330	$	140,870	$	52,675	$	(2,815)	$	2,815	$	900	$	212,775
Net income	—		—	—		—		—		1,104		—		—		—		1,104
Other comprehensive income	—		—	—		—		—		—		—		—		562		562
Stock repurchases	—		—	(275,366)		(275)		(2,193)										(2,468)
Stock option exercises	—		—	1,000		1		6		—		—		—		—		7
Directors’ equity incentive plan, net	—		—	—		—		—		—		(24)		(24)		—		—
Stock based compensation	—		—	—		—		105		—		—		—		—		105
Balance at March 31, 2020	—		—	18,055,692		18,056		138,788		53,779		(2,791)		(2,791)		1,462		212,085
Net income	—		—	—		—		—		681		—		—		—		681
Other comprehensive income	—		—	—		—		—		—		—		—		194		194
Stock repurchases	—		—	(193,138)		(193)		(1,328)		—		—		—		—		(1,521)
Directors’ equity incentive plan, net	—		—	—		—		—		—		238		(238)		—		—
Stock based compensation	—		—	—		—		99		—		—		—		—		99
Balance at June 30, 2020	—	$	—	17,862,554	$	17,863	$	137,559	$	54,460	$	(2,553)	$	2,553	$	1,656	$	211,538

See accompanying notes.

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SELECT BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	~~Three~~Six Months Ended
	~~March~~June 3130,
	2021		2020
		(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	611,~~340~~951	$	1,~~104~~785
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (recovery of) loan losses		(~~777~~1,236)		24,~~273~~206
Depreciation and amortization of premises and equipment		~~365~~719		~~422~~869
Amortization and accretion of investment securities		~~190~~368		~~171~~307
Amortization of right of use lease asset		~~200~~402		~~308~~623
Accretion of deferred loan fees and costs		(12,~~386~~167)		(~~243~~458)
Amortization of core deposit intangible		~~150~~291		~~179~~374
Accretion of acquisition premium on time deposits		(70131)		(7109)
Stock-based compensation		~~192~~247		~~105~~204
Accretion on acquired loans		(~~379~~917)		(~~105~~620)
Proceeds from loans held for sale		1631,~~389~~348		1026,~~865~~583
Originations of loans held for sale		(1731,~~793~~429)		(1128,~~250~~462)
Gain on sales of loans held for sale		(~~485~~916)		(~~293~~648)
Net gain on sale and write-downs of foreclosed real estate		(144)		—
Net loss on sale and write-downs of foreclosed real estate		54		176
Increase in cash surrender value of bank owned life insurance		(~~154~~311)		(~~161~~321)
Change in assets and liabilities:
Net change in accrued interest receivable		~~119~~266		~~350~~127
Net change in other assets		(~~1,188~~618)		~~(346)~~95
Net change in accrued expenses and other liabilities		84,~~507~~147		(~~561~~1,397)
NET CASH PROVIDED BY OPERATING ACTIVITIES		1012,~~076~~068		23,~~811~~334

CASH FLOWS FROM INVESTING ACTIVITIES
Redemption (purchase) of FHLB stock		285		(14)
Redemption of non-marketable security		54		1
Purchase of investment securities available for sale		(3141,~~267~~132)		—(4,563)
Maturities of investment securities available for sale		2,~~596~~671		34,~~500~~775
Mortgage-backed securities pay-downs		6,169		4,688
Cash received from branch acquisition		—		60,234
Net change in loans outstanding		(36,837)		(9,406)
Mortgage-backed securities pay-downs		11,120		9,873
Proceeds from sale of foreclosed real estate		874		—
Net change in loans outstanding		(25,692)		(116,367)
Purchases of premises and equipment		—		(499)
Proceeds from sale of foreclosed real estate		969		—
NET CASH USED IN INVESTING ACTIVITIES		(58,126)		(1,730)
Purchases of premises and equipment		(31)		(1,075)
NET CASH USED IN INVESTING ACTIVITIES		(51,756)		(47,136)

See accompanying notes.

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SELECT BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)


	~~Three~~Six Months Ended
	~~March~~June 3130,
	2021		2020

CASH FLOWS FROM FINANCING ACTIVITIES
Net change in deposits	$	96134,~~890~~966	$	~~(10~~160,~~180)~~541
Repayment of lease liability		(~~164~~332)		(~~270~~550)
Repurchase of common stock		(3,194)		(~~2,468~~389)
Proceeds from stock options exercised		6484		7

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		93,596		(12,911)
NET CASH PROVIDED BY FINANCING ACTIVITIES		131,524		159,609

NET CHANGE IN CASH AND CASH EQUIVALENTS		4591,~~546~~836		~~(11~~112,~~830)~~207

CASH AND CASH EQUIVALENTS, BEGINNING		116,087		79,077

CASH AND CASH EQUIVALENTS, ENDING	$	~~161~~207,~~633~~923	$	67191,~~247~~284

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest paid	$	23,~~089~~840	$	25,~~760~~484
Income taxes paid		—1,261		—1,361

Non-cash transactions:
Change in fair value of investment securities available for sale, net of tax		(62,~~281~~973)		~~562~~756
Transfer from loans to foreclosed real estate		526		204

Acquisition:
Assets acquired (excluding goodwill)		—		170,914
Liabilities assumed		—		186,416
Goodwill recorded		—		18,328

See accompanying notes.

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

NOTE A - BASIS OF PRESENTATION

Select Bancorp, Inc. (the “Company”) is a bank holding company whose principal business activity consists of ownership of Select Bank & Trust Company (referred to as the “Bank”). In 2004, the Company formed New Century Statutory Trust I, which issued trust preferred securities to provide additional capital for general corporate purposes, including the current and future expansion of the Company. New Century Statutory Trust I is not a consolidated subsidiary of the Company. On July 25, 2014, the Company changed its name from New Century Bancorp, Inc. to Select Bancorp, Inc. following its acquisition by merger of Select Bancorp, Inc., Greenville, North Carolina (which we refer to herein as “Legacy Select”). The Company is subject to the rules and regulations of the Board of Governors of the Federal Reserve System and the North Carolina Commissioner of Banks.

The Bank was originally incorporated as New Century Bank on May 19, 2000 and began banking operations on May 24, 2000. On July 25, 2014, the Company acquired Select Bank & Trust Company, Greenville, North Carolina, and changed the Bank’s legal name to Select Bank & Trust Company. On December 15, 2017, the Company acquired Premara Financial, Inc. (“Premara”) and its subsidiary Carolina Premier Bank (“Carolina Premier”) through the merger of Premara with and into the Company, followed immediately by the merger of Carolina Premier with and into the Bank. The Bank continues as the only banking subsidiary of the Company with its headquarters and operations center located in Dunn, North Carolina. The Bank is engaged in general commercial and retail banking in the State of North Carolina, northwest South Carolina, and the Virginia Beach-Norfolk-Newport News, VA-NC, metropolitan statistical area. The Bank is subject to the supervision and regulation of the Federal Deposit Insurance Corporation and the North Carolina Commissioner of Banks.

~~All~~As ~~significant~~described ~~inter-company~~in ~~transactions~~more ~~and~~detail ~~balances~~in ~~have~~note ~~been~~J ~~eliminated~~to inthe ~~consolidation.~~consolidated Infinancial ~~management’s opinion~~statements, ~~the~~on ~~financial~~June ~~information~~1, ~~which~~2021, isthe ~~unaudited,~~Company ~~reflects~~entered ~~all~~into ~~adjustments~~an ~~(consisting~~Agreement ~~solely~~and Plan of ~~normal~~Merger ~~recurring~~and ~~adjustments~~Reorganization (the “Merger Agreement”) ~~necessary~~with First Bancorp, the holding company for aFirst ~~fair~~Bank, ~~presentation~~Southern ofPines, North Carolina, pursuant to which the ~~financial~~Company ~~information~~will asmerge ofwith and ~~for~~into First Bancorp (the ~~three~~“Merger”), ~~months~~and ~~ended~~the ~~March~~Bank ~~31,~~will ~~2021~~merge with and ~~2020,~~into inFirst ~~conformity~~Bank. ~~with~~The ~~accounting~~parties ~~principles~~anticipate ~~generally~~closing ~~accepted~~the inMerger during the ~~United~~fourth ~~States~~quarter of ~~America (“GAAP”)~~2021.

The preparation of consolidated financial statements requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements, as well as the amounts of income and expense during the reporting period. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021.

All significant inter-company transactions and balances have been eliminated in consolidation. In management’s opinion, the financial information, which is unaudited, reflects all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial information as of and for the three and six months ended June 30, 2021 and 2020, in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

The preparation of consolidated financial statements requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements, as well as the amounts of income and expense during the reporting period. Actual results could differ from those estimates. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021.

The organization and business of the Company, accounting policies followed by the Company and other relevant information are contained in the notes to the financial statements filed as part of the Company’s 2020 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 11, 2021. This quarterly report should be read in conjunction with the Annual Report.

Certain reclassifications of the information in prior periods were made to conform to the ~~March~~June 3130, 2021 presentation. Such reclassifications had no effect on shareholders’ equity or net income as previously reported.

COVID-19. Significant progress has been made to combat the outbreak of the coronavirus disease, or COVID-19, that was declared a global pandemic by the World Health Organization in March of 2020. However, the COVID-19 pandemic has adversely impacted a broad range of industries in which the Company’s customers operate and could still impair their ability to meet their financial obligations to the Company. The Company’s business depends upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. Although it appears that public health and economic conditions are trending in a positive direction as of March 31, 2021, a resurgence of COVID-19 could result in further adverse effects on the Company’s business, financial condition, results of operations, and cash flows. It is not possible to know the full extent of the impact of COVID-19 and the measures enacted to curtail its spread on the Company’s future operations.

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

ability to meet their financial obligations to the Company. The Company’s business depends upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. Although it appears that public health and economic conditions are trending in a positive direction as of June 30, 2021, a resurgence of COVID-19 could result in further adverse effects on the Company’s business, financial condition, results of operations, and cash flows. It is not possible to know the full extent of the impact of COVID-19 and the measures enacted to curtail its spread on the Company’s future operations.

NOTE B - PER SHARE RESULTS

Basic net income per share is computed based upon the weighted average number of shares of common stock outstanding during the period. Diluted net income per share includes the dilutive effect of stock options outstanding during the period. At ~~March~~June 3130, 2021 and 2020 there were ~~235~~201,~~620~~100 and 219,120 anti-dilutive stock options outstanding, respectively.


	Three Months Ended		Six Months Ended
	~~March~~June 3130,		June 30,
	2021	2020	2021	2020

Weighted average number of common shares used in computing basic net income per share	17,~~386~~227,~~715~~689	18,~~255~~013,~~351~~863	17,306,762	18,134,607

Effect of dilutive stock options	2849,~~965~~889	3116,~~713~~273	36,295	23,385

Weighted average number of common shares and dilutive potential common shares used in computing diluted net income per share	17,~~415~~277,~~680~~578	18,~~287~~030,~~064~~136	17,343,057	18,157,992

NOTE C - RECENT ACCOUNTING PRONOUNCEMENTS

The following summarizes recent accounting pronouncements and their expected impact on the Company:

In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, guidance to change the accounting for credit losses and modify the impairment model for certain debt securities. ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime "expected credit loss" and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in earlier recognition of credit losses. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, including loans and available-for-sale debt securities. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. On October 16, 2019, the FASB voted to delay implementation of CECL until January 2023 for certain companies, including smaller reporting companies (as defined by the SEC). The Company currently qualifies as a smaller reporting company and is still assessing the impact that this new guidance will have on its consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides for temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The provisions of this ASU are elective and applicable to all entities that have contracts, hedging relationships and other transactions, subject to certain criteria, that reference LIBOR or another reference rate to be discontinued because of reference rate reform. There are practical expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedge accounting relationships affected by reference rate reform in order to facilitate a smoother transition to new reference rates. For contracts meeting certain criteria, a change in the contract's reference interest rate would be accounted for as a continuation of that contract rather than the creation of a new contract. This provision applies to loans, debt, leases, and other arrangements. An entity will also be permitted to preserve its hedge accounting when updating its hedging strategies in response to reference rate reform. The guidance will only apply to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. This ASU is effective for March 12, 2020 through December 31, 2022. The Company has evaluated this ASU and does not expect it to have an impact on the Company’s consolidated financial position.

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

and hedge accounting relationships affected by reference rate reform in order to facilitate a smoother transition to new reference rates. For contracts meeting certain criteria, a change in the contract's reference interest rate would be accounted for as a continuation of that contract rather than the creation of a new contract. This provision applies to loans, debt, leases, and other arrangements. An entity will also be permitted to preserve its hedge accounting when updating its hedging strategies in response to reference rate reform. The guidance will only apply to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. This ASU is effective for March 12, 2020 through December 31, 2022. The Company has evaluated this ASU and does not expect it to have an impact on the Company’s consolidated financial position.

From time to time, the FASB issues exposure drafts for proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. Management considers the effect of the proposed statements on the consolidated financial statements of the Company and monitors the status of changes to and proposed effective dates of exposure drafts.

NOTE D - FAIR VALUE MEASUREMENTS

Accounting Standards Codification (“ASC”) 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements, but clarifies and standardizes some divergent practices that have emerged since prior guidance was issued. ASC 820 creates a three-level hierarchy under which individual fair value estimates are to be ranked based on the relative reliability of the inputs used in the valuation.

Fair value estimates are made at a specific moment in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument.

Because no active market readily exists for a portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Fair Value Hierarchy

The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:

●

Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets.

●

Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market.

● Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market ~~participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.~~

The following is a description of valuation methodologies used for assets and liabilities recorded at fair value on a recurring basis.

Investment Securities Available-for-Sale (“AFS”)

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

~~models~~participants orwould ~~other~~use ~~model-based~~in ~~valuation~~pricing ~~techniques such as~~ the ~~present~~asset ~~value~~or ~~of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions~~liability. ~~Level~~Valuation 1techniques ~~securities~~ include ~~those~~use ~~traded~~of onoption anpricing ~~active exchange~~models, ~~such~~discounted ascash ~~the~~flow ~~New~~models ~~York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets~~ and ~~money~~similar ~~market funds. Level 2 securities include U.S. government agencies, mortgage-backed securities issued by government sponsored entities, and municipal bonds. There have been no changes in valuation~~ techniques ~~for the three months ended March 31, 2021~~. ~~Valuation techniques are consistent with techniques used in prior periods.~~

The following ~~tables~~is ~~summarize~~a ~~quantitative~~description ~~disclosures~~of ~~about~~valuation ~~the~~methodologies ~~fair~~used ~~value measurement~~ for ~~each~~assets ~~category~~and ofliabilities ~~assets~~recorded ~~carried~~ at fair value on a recurring basis ~~as of March 31, 2021 and December 31, 2020 (in thousands):~~.

Investment Securities Available-for-Sale (“AFS”)

Investment securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include U.S. government agencies, mortgage-backed securities issued by government sponsored entities, and municipal bonds. There have been no changes in valuation techniques for the three and six months ended June 30, 2021. Valuation techniques are consistent with techniques used in prior periods.

The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 (in thousands):

Quoted Prices in

Significant

Investment securities

Active Markets

Other

Significant

available for sale

for Identical

Observable

Unobservable

March 31, 2021

Fair value

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

June 30, 2021

Fair value

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

U.S. government agencies – GSE’s

5051,~~801~~995

—

5051,~~801~~995

—

Mortgage-backed securities – GSE’s

6671,~~582~~941

—

6671,~~582~~941

—

Corporate Bonds

2,250

—

2,250

—

Municipal bonds

8991,~~015~~419

—

8991,~~015~~419

—

Total investment available for sale

~~208~~217,~~648~~605

—

~~208~~217,~~648~~605

—


			Quoted Prices in		Significant
Investment securities			Active Markets		Other		Significant
available for sale			for Identical		Observable		Unobservable
December 31, 2020	Fair value		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
U.S. government agencies – GSE’s	$	50,232	$	—	$	50,232	$	—

Mortgage-backed securities – GSE’s		48,931		—		48,931		—

Corporate Bonds		2,350		—		2,350		—

Municipal bonds		92,979		—		92,979		—

Total investment available for sale	$	194,492	$	—	$	194,492	$	—

The following is a description of valuation methodologies used for assets recorded at fair value on a non-recurring basis.

Impaired Loans

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

~~requiring~~The anfollowing ~~allowance~~is ~~represent~~a ~~loans~~description ~~for which the fair value~~ of ~~the~~valuation ~~expected~~methodologies ~~repayments~~used orfor ~~collateral~~assets ~~exceed the~~ recorded ~~investments~~at ~~in such loans. At March 31, 2021 and December 31, 2020, substantially all of the total impaired loans were evaluated based on the~~ fair value ~~of the collateral. Impaired loans where a specific reserve is established based~~ on ~~the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or~~ a ~~current appraised value, the Company records the impaired loan as~~ non-recurring ~~Level 2~~basis. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the impaired loan as non-recurring Level 3. The significant unobservable input used in the fair value measurement of the Company’s impaired loans is the discount applied to appraised values to account for expected liquidation and selling costs. At March 31, 2021, the discounts used are weighted between 3% and 20%. There were no transfers between levels from the prior reporting periods, and there have been no changes in valuation techniques for the three months ended March 31, 2021.

Impaired Loans

The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and a specific reserve in the allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment in accordance with ASC 310, “Receivables”. The fair value of impaired loans is estimated using one of several methods, including collateral value, market value of similar debt, enterprise value, or liquidation value and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At June 30, 2021 and December 31, 2020, substantially all of the total impaired loans were evaluated based on the fair value of the collateral. Impaired loans where a specific reserve is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the impaired loan as non-recurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the impaired loan as non-recurring Level 3. The significant unobservable input used in the fair value measurement of the Company’s impaired loans is the discount applied to appraised values to account for expected liquidation and selling costs. At June 30, 2021 and December 31, 2020, the discounts used are weighted between 3% and 20%. There were no transfers between levels from the prior reporting periods, and there have been no changes in valuation techniques for the three and six months ended June 30, 2021.

Foreclosed Real Estate

Foreclosed real estate are properties recorded at the balance of the loan or an estimated fair value of the real estate collateral less estimated selling costs, whichever is less. Inputs include appraised values on the properties or recent sales activity for similar assets in the property’s market. Therefore, foreclosed real estate is classified within Level 3 of the hierarchy. The significant unobservable input used in the fair value measurement of the Company’s foreclosed real estate is the discount applied to appraised values to account for expected liquidation and selling costs. At ~~March~~June 3130, 2021 and December 31, 2020, the discounts used ranged between 6% and 10%. There have been no changes in valuation techniques for the three and six months ended ~~March~~June 3130, 2021.

Loans held for sale

The Company originates fixed and variable rate residential mortgage loans on a service-release basis in the secondary market. Loans closed but not yet settled with an investor are carried in our loans held for sale portfolio. Virtually all of these loans have commitments to be purchased by investors and the majority of these loans were locked in by price with the investors on the same day or shortly thereafter that the loan was locked in with our customers. Therefore, these loans present very little market risk. The Company usually delivers to, and receives funding from, the investor within 30 to 60 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts” basis. The Company is not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. Because of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is materially the same as the value of the loan amount at its origination.

Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated market value in the aggregate. Net unrealized losses are provided for in a valuation allowance by charges to operations as a component of mortgage banking income. Gains or losses on sales of loans are recognized when control over these assets is surrendered and such gains or losses are included in mortgage banking income in the consolidated statements of income.

The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a non-recurring basis as of March 31, 2021 and December 31, 2020 (in thousands):


			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
Asset Category - March 31, 2021	Fair value		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
Impaired loans	$	6,095	$	—	$	—	$	6,095
Foreclosed real estate		1,968		—		—		1,968
Total	$	8,063	$	—	$	—	$	8,063

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a non-recurring basis as of June 30, 2021 and December 31, 2020 (in thousands):


			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
Asset Category - June 30, 2021	Fair value		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
Impaired loans	$	10,846	$	—	$	—	$	10,846
Foreclosed real estate		1,675		—		—		1,675
Total	$	12,521	$	—	$	—	$	12,521


			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
Asset Category - December 31, 2020	Fair value		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
Impaired loans	$	6,790	$	—	$	—	$	6,790
Foreclosed real estate		2,172		—		—		2,172
Total	$	8,962	$	—	$	—	$	8,962

The following table presents the carrying values and estimated fair values of the Company’s financial instruments at ~~March~~June 3130, 2021 and December 31, 2020:


	~~March~~June 3130, 2021
	Carrying		Estimated
	Amount		Fair Value		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets:
Cash and due from banks	$	2225,~~533~~110	$	2225,~~533~~110	$	2225,~~533~~110	$	—	$	—
Certificates of deposit		250		250		250		—		—
Interest-earning deposits in other banks		~~133~~179,~~884~~832		~~133~~179,~~884~~832		~~133~~179,~~884~~832		—		—
Federal funds sold		42,~~966~~731		42,~~966~~731		42,~~966~~731		—		—
Investment securities available for sale		~~208~~217,~~648~~605		~~208~~217,~~648~~605		—		~~208~~217,~~648~~605		—
Loans held for sale		3,~~953~~061		3,~~953~~061		—		3,~~953~~061		—
Loans, net		1,~~329~~319,~~129~~762		1,~~332~~334,~~310~~791		—		—		1,~~332~~334,~~310~~791
Accrued interest receivable		4,~~991~~844		4,~~991~~844		—		4,~~991~~844		—
Stock in the FHLB		862		862		—		—		862
Other non-marketable securities		655		655		—		—		655

Financial liabilities:
Deposits	$	1,~~582~~620,~~637~~652	$	1,~~584~~622,~~959~~286	$	—	$	—	$	1,~~584~~622,~~959~~286
Long-term debt		12,372		1011,~~801~~499		—		1011,~~801~~499		—
Accrued interest payable		~~206~~154		~~206~~154		—		~~206~~154		—

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)


	December 31, 2020
	Carrying		Estimated
	Amount		Fair Value		Level 1		Level 2		Level 3

	(dollars in thousands)
Financial assets:
Cash and due from banks	$	23,324	$	23,324	$	23,324	$	—	$	—
Interest-earning deposits in other banks		87,399		87,399		87,399		—		—
Federal funds sold		5,364		5,364		5,364		—		—
Investment securities available for sale		194,492		194,492		—		194,492		—
Loans held for sale		2,064		2,064		—		2,064		—
Loans, net		1,290,276		1,294,552		—		—		1,294,552
Accrued interest receivable		5,110		5,110		—		5,110		—
Stock in the FHLB		1,147		1,147		—		—		1,147
Other non-marketable securities		709		709		—		—		709

Financial liabilities:
Deposits	$	1,485,817	$	1,489,220	$	—	$	—	$	1,489,220
Long-term debt		12,372		9,965		—		9,965		—
Accrued interest payable		246		246		—		246		—

NOTE E - INVESTMENT SECURITIES

The amortized cost and fair value of available for sale (“AFS”) investments, with gross unrealized gains and losses as of ~~March~~June 3130, 2021, follow:

~~March~~June 3130, 2021

Gross

Amortized

unrealized

Fair

cost

gains

losses

value

(dollars in thousands)

Securities available for sale:

U.S. government agencies – GSE’s

53,~~387~~129

~~215~~241

(21,~~801~~375)

5051,~~801~~995

Mortgage-backed securities – GSE’s

6772,~~058~~123

~~1,076~~819

(1,~~552~~001)

6671,~~582~~941

Corporate bonds

2,~~247~~248

—

2,250

Municipal bonds

91,~~561~~413

~~372~~819

(~~2,918~~813)

8991,~~015~~419

Total

~~214~~218,~~253~~913

1,~~666~~881

(73,~~271~~189)

~~208~~217,~~648~~605

As of ~~March~~June 3130, 2021, accumulated other comprehensive income included net unrealized losses totaling $51.63 million. Deferred tax assets resulting from these net unrealized losses totaled $1301,000.~~3 million.~~

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

The amortized cost and fair value of “AFS” investments, with gross unrealized gains and losses as of December 31, 2020, follow:


	December 31, 2020
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value

	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s	$	50,304	$	270	$	(342)	$	50,232
Mortgage-backed securities – GSE’s		47,658		1,320		(47)		48,931
Corporate bonds		2,343		7		—		2,350
Municipal bonds		91,635		1,417		(73)		92,979

Total	$	191,940	$	3,014	$	(462)	$	194,492

As of December 31, 2020, accumulated other comprehensive income included net unrealized gains totaling $2.6 million. Deferred tax liabilities resulting from these net unrealized gains totaled $587,000.

The amortized cost and fair value of securities available for sale, with gross unrealized gains and losses, follow:

~~March~~June 3130, 2021

Gross

Amortized

unrealized

Fair

cost

gains

losses

value

(dollars in thousands)

Securities available for sale:

Due within one year

~~528~~1,073

1219

—

~~540~~1,092

Due after one but within five years

2120,~~555~~132

~~971~~840

(5242)

2220,~~474~~930

Due after five but within ten years

36,~~843~~361

~~101~~86

(~~1,520~~757)

35,~~424~~690

Due after ten years

~~155~~161,~~327~~347

~~582~~936

(52,~~699~~390)

~~150~~159,~~210~~893

~~214~~218,~~253~~913

1,~~666~~881

(73,~~271~~189)

~~208~~217,~~648~~605


	December 31, 2020
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value

	(dollars in thousands)
Securities available for sale:
Due within one year	$	3,153	$	13	$	(1)	$	3,165
Due after one but within five years		24,515		1,140		(2)		25,653
Due after five but within ten years		22,615		99		(91)		22,623
Due after ten years		141,657		1,762		(368)		143,051
	$	191,940	$	3,014	$	(462)	$	194,492

Securities with a carrying value of $8177.38 million and $68.4 million at ~~March~~June 3130, 2021 and December 31, 2020, respectively, were pledged to secure public monies on deposit as required by law, customer repurchase agreements, and access to the Federal Reserve Discount Window.

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

None of the unrealized losses relate to the liquidity of the securities or the issuer’s ability to honor redemption obligations. The Company has the intent and ability to hold these securities to recovery. No other than temporary impairments were identified for these investments having unrealized losses for the periods ended ~~March~~June 3130, 2021 and December 31, 2020. The Company has not incurred any losses related to securities sales in the first ~~three~~six months of 2021 or during the year ended December 31, 2020.

The following tables show the gross unrealized losses and fair value of the Company’s investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at ~~March~~June 3130, 2021 and December 31, 2020.


	~~March~~June 3130, 2021
	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	value		losses		value		losses		value		losses
	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s	$	4345,~~701~~126	$	(21,~~800~~375)	$	~~217~~—	$	~~(1)~~—	$	4345,~~918~~126	$	(21,~~801~~375)
Mortgage-backed securities–GSE’s		3850,~~761~~986		(1,~~552~~001)		—		—		3850,~~761~~986		(1,~~552~~001)
Corporate bonds		—		—		—		—		—		—
Municipal bonds		48,760		(813)		—		—		48,760		(813)
Municipal bonds		71,241		(2,918)		—		—		71,241		(2,918)
Total temporarily impaired securities	$	144,872	$	(3,189)	$	—	$	—	$	144,872	$	(3,189)
Total temporarily impaired securities	$	153,703	$	(7,270)	$	217	$	(1)	$	153,920	$	(7,271)

At ~~March~~June 3130, 2021, the Company had ~~one~~no security with an unrealized loss for more than twelve months ~~of $1,000 which consisted of one U~~.~~S. government agency~~ Seventy-~~GSE~~five ~~bond. Eighty-six~~ securities had unrealized losses for less than twelve months totaling $7.3.2 million at ~~March~~June 3130, 2021, which consisted of ~~fifty-seven~~forty municipal bonds, thirteen U.S. government agencies - GSEs and ~~sixteen~~twenty-two mortgage-backed - GSE bonds. All unrealized losses are attributable to the general trend of interest rates.


	December 31, 2020
	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	value		losses		value		losses		value		losses
	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s	$	42,159	$	(340)	$	420	$	(2)	$	42,579	$	(342)
Mortgage-backed securities–GSE’s		19,297		(46)		1,999		(1)		21,296		(47)
Corporate bonds		—		—		—		—		—		—
Municipal bonds		10,105		(73)		—		—		10,105		(73)
Total temporarily impaired securities	$	71,561	$	(459)	$	2,419	$	(3)	$	73,980	$	(462)

At December 31, 2020, the Company had one mortgage-backed GSE and two U.S Government agency – GSE’s with an unrealized loss for twelve or more consecutive months totaling $3,000. The Company had thirty securities with a loss for twelve months or less at December 31, 2020. Eleven U.S. government agency GSE’s, twelve municipal bonds and seven mortgage-backed GSE’s had unrealized losses for less than twelve months totaling $459,000 at December 31, 2020. All unrealized losses are attributable to the general trend of interest rates.

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

NOTE F - LOANS

Following is a summary of the composition of the Company’s loan portfolio at ~~March~~June 3130, 2021 and December 31, 2020:


	~~March~~June 3130,					December 31,
	2021					2020
			Percent					Percent
	Amount		of total			Amount			of total
	(dollars in thousands)
Real estate loans:
1-to-4 family residential	$	~~185~~178,~~652~~113		13.8337	%	$	194,031		14.88	%
Commercial real estate		695,~~702~~407		5152.8319	%		608,482		46.65	%
Multi-family residential		8679,~~159~~133		65.4294	%		82,508		6.32	%
Construction		~~203~~216,~~212~~638		1516.1426	%		236,735		18.15	%
Home equity lines of credit (“HELOC”)		56,~~247~~285		4.1922	%		53,806		4.12	%

Total real estate loans		1,~~226~~225,~~972~~576		91.4198	%		1,175,562		90.12	%

Other loans:
Commercial and industrial		~~116~~108,~~104~~033		8.6511	%		125,700		9.64	%
Loans to individuals		43,~~478~~914		0.3329	%		6,629		0.04	%
Overdrafts		51126		—0.01	%		493		0.51	%
Total other loans		~~120~~112,~~633~~073		8.9841	%		132,822		10.19	%

Gross loans		1,~~347~~337,~~605~~649					1,308,384
Less deferred loan origination fees, net		(5,~~289~~229)		(.39)	%		(4,000)		(.31)	%
Total loans		1,~~342~~332,~~316~~420		100.00	%		1,304,384		100.00	%
Allowance for loan losses		(1312,~~187~~658)					(14,108)
Total loans, net	$	1,~~329~~319,~~129~~762				$	1,290,276

For purchased credit-impaired, or PCI, loans acquired from Legacy Select, Premara and First Citizens, the contractually required payments including principal and interest, cash flows expected to be collected and fair values as of the closing date of the acquisition and ~~March~~June 3130, 2021 and December 31, 2020 were:


	~~March~~June 3130, 2021		December 31, 2020
Contractually required payments	$	3432,~~430~~087	$	37,241
Nonaccretable difference		3,~~593~~398		3,586
Cash flows expected to be collected		3028,~~837~~689		33,655
Accretable yield		54,~~222~~985		4,622
Carrying value	$	2523,~~615~~704	$	29,033

Loans are primarily secured by real estate located in the State of North Carolina, southeastern Virginia and northwestern South Carolina. Real estate loans can be affected by the condition of the local real estate market and by local economic conditions.

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

At ~~March~~June 3130, 2021, the Company had pre-approved but unused lines of credit for customers totaling $~~364~~292.38 million. In management’s opinion, these commitments, and undisbursed proceeds on loans reflected above, represent no more than normal lending risk to the Company and will be funded from normal sources of liquidity.

The Bank originated 1,~~249~~821 loans amounting to $97137.01 million during 2020 and 2021 under the Paycheck Protection Program (“PPP”) which are classified as commercial and industrial loans in the loan portfolio. During 2020 and 2021 some of the PPP loans were forgiven and as of ~~December~~June 3130, ~~2020~~2021 the Bank had 607 loans amounting to $5541.5 million outstanding. In the first ~~quarter~~six months of 2021, anthere ~~additional~~were ~~441~~572 PPP loans ~~were~~ originated amounting to $3540.61 million~~. A~~ ~~total~~ of which $3938.94 million ofremains ~~PPP~~outstanding ~~loans~~as ~~were forgiven in the first quarter~~ of ~~2021. As~~June ~~of March 31~~30, 2021 ~~the Bank has 653 PPP loans outstanding amounting to $51~~.~~2 million.~~ The PPP loan program is sponsored by the U.S. Small Business Administration (the “SBA”) primarily to facilitate the continuation of paychecks to employees of businesses impacted by the COVID-19 pandemic. These loans are guaranteed by the SBA and can be forgiven and paid off by the SBA if all conditions of the program are met. Loans that do not meet the conditions of the PPP loan program could result in the Bank incurring a charge-off. The extent of this potential loss to the Bank is not known since the conditions of the program have changed and are subject to future changes.

During the last twelve months, the Bank granted 419 COVID-19 deferrals amounting to $219.6 million. At ~~March~~June 3130, 2021 the Bank had 188 loans under COVID-19 deferrals amounting to $162.82 million which are set to expire within the next 90 days.

A floating lien of $8783.9 million of loans was pledged to the FHLB to secure borrowings at ~~March~~June 3130, 2021.

The following tables present an age analysis of past due loans, segregated by class of loans as of ~~March~~June 3130, 2021 and December 31, 2020, respectively:


	~~March~~June 3130, 2021
	30-59		60-89		90+		Non-		Total
	Days		Days		Days		Accrual		Past		Total
	Past Due		Past Due		Accruing		Loans		Due		Current		Loans
	(dollars in thousands)
Commercial and industrial	$	9888	$	2—	$	~~976~~981	$	3,~~144~~225	$	4,~~220~~294	$	~~111~~103,~~884~~739	$	~~116~~108,~~104~~033
Construction		~~174~~—		—		—		~~492~~600		~~666~~600		~~202~~216,~~546~~038		~~203~~216,~~212~~638
Multi-family residential		34—		—		—		—		34—		8679,~~125~~133		8679,~~159~~133
Commercial real estate		681,059		—18		—		12,~~477~~208		13,~~545~~285		~~694~~692,~~157~~122		695,~~702~~407
Loans to individuals & overdrafts		115		—		—		~~145~~3		~~156~~8		4,~~373~~032		4,~~529~~040
1‑to‑4 family residential		~~1,298~~108		4954		~~697~~701		~~746~~649		21,~~790~~512		~~182~~176,~~862~~601		~~185~~178,~~652~~113
HELOC		421		—35		—		9186		~~133~~122		56,~~114~~163		56,~~247~~285
Deferred loan (fees) cost, net		—		—		—		—		—		—		(5,~~289~~229)

	$	1,~~725~~261	$	51107	$	1,~~673~~682	$	6,~~095~~771	$	9,~~544~~821	$	1,~~338~~327,~~061~~828	$	1,~~342~~332,~~316~~420

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)


	December 31, 2020
	30-59		60-89		90+		Non-		Total
	Days		Days		Days		Accrual		Past				Total
	Past Due		Past Due		Accruing		Loans		Due		Current		Loans

	(dollars in thousands)

Commercial and industrial	$	11	$	1,003	$	2	$	3,601	$	4,617	$	121,083	$	125,700
Construction		8		—		—		154		162		236,573		236,735
Multi-family residential		—		1,533		—		—		1,533		80,975		82,508
Commercial real estate		1,880		—		9		2,008		3,897		604,585		608,482
Loans to individuals & overdrafts		10		—		—		145		155		6,967		7,122
1‑to‑4 family residential		700		—		760		655		2,115		191,916		194,031
HELOC		67		—		31		227		325		53,481		53,806
Deferred loan (fees) cost, net		—		—		—		—		—		—		(4,000)

	$	2,676	$	2,536	$	802	$	6,790	$	12,804	$	1,295,580	$	1,304,384

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

Impaired Loans

The following tables present information on loans that were considered to be impaired as of ~~March~~June 3130, 2021 and December 31, 2020:


	As of ~~March~~June 3130, 2021						Three Months Ended				Six Months Ended
			Contractual				~~March~~June 3130, 2021				June 30, 2021
			Unpaid		Related		Average		Interest Income		Average		Interest Income
	Recorded		Principal		Allowance		Recorded		Recognized on		Recorded		Recognized on
	Investment		Balance		for Loan Losses		Investment		Impaired Loans		Investment		Impaired Loans
	(dollars in thousands)
2021 :

With no related allowance recorded:
Commercial and industrial	$	21,~~164~~671	$	21,~~164~~816	$	—	$	2,~~375~~267	$	1222	$	1,926	$	22
Construction		~~590~~697		~~659~~721		—		~~421~~571		46		402		6
Commercial real estate		43,~~611~~704		43,~~611~~704		—		4,~~646~~402		57126		3,936		126
Loans to individuals & overdrafts		~~196~~2		~~196~~2		—		~~197~~53		—		195		—
Multi-family residential		—		—		—		—		—		—		—
HELOC		~~370~~432		~~370~~432		—		~~376~~401		715		407		15
1‑to‑4 family residential		~~305~~299		~~305~~299		—		~~247~~308		457		252		57

Subtotal:		86,~~236~~805		86,~~305~~974		—		8,~~262~~002		84226		7,118		226
With an allowance recorded:
Commercial and industrial		12,~~684~~153		12,~~884~~353		~~876~~1,228		1,~~485~~714		714		1,922		14
Construction		—		—		—		—		—		—		—
Commercial real estate		~~349~~1,698		~~349~~1,698		~~237~~396		~~348~~779		332		1,278		33
Loans to individuals & overdrafts		—52		—52		—3		—		—		2		—
Multi-family Residential		—		—		—		—		—		—		—
HELOC		65		65		3		65		12		65		2
1‑to‑4 family residential		13—		13—		9—		14—		—		—		—
Subtotal:		23,~~111~~968		24,~~311~~168		1,~~125~~630		12,~~912~~558		1148		3,267		49
Totals:
Commercial		9,~~398~~923		910,~~667~~292		1,~~113~~624		9,~~275~~733		83200		9,464		201
Consumer		~~196~~54		~~196~~54		—3		~~197~~53		—		197		—
Residential		~~753~~796		~~753~~796		123		~~702~~774		1274		724		74

Grand Total:	$	10,~~347~~773	$	1011,~~616~~142	$	1,~~125~~630	$	10,~~174~~560	$	95274	$	10,385	$	275

20Impaired loans at June 30, 2021 were approximately $10.8 million and were composed of $6.7 million in non-accrual loans and $4.1 million in loans that were still accruing interest. Recorded investment represents the current principal balance of the loan. Approximately $4.0 million in impaired loans had specific allowances provided for them while the

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

~~Impaired~~remaining ~~loans at March 31, 2021 were approximately~~ $~~10.3 million and were composed of $~~6.1 million in non-accrual loans and $4.2 million in loans that were still accruing interest. Recorded investment represents the current principal balance of the loan. Approximately $2.1 million in impaired loans had specific allowances provided for them while the remaining $8.2 million had no specific allowances recorded at ~~March~~June 3130, 2021. Of the $86.28 million with no allowance recorded, $699,000 of those loans have had partial charge-offs recorded.


	As of December 31, 2020						Three Months Ended				Six Months Ended
			Contractual				~~March~~June 3130, 2020				June 30, 2020
			Unpaid		Related		Average		Interest Income		Average		Interest Income
	Recorded		Principal		Allowance		Recorded		Recognized on		Recorded		Recognized on
	Investment		Balance		for Loan Losses		Investment		Impaired Loans		Investment		Impaired Loans
	(dollars in thousands)
2020 :

With no related allowance recorded:
Commercial and industrial	$	2,231	$	2,525	$	—	$	3,~~684~~667	$	4471	$	2,951	$	108
Construction		252		440		—		~~438~~432		56		434		11
Commercial real estate		5,090		5,426		—		5,~~504~~679		6538		5,690		88
Loans to individuals & overdrafts		250		287		—		99259		—3		273		13
Multi-family residential		—		—		—		~~269~~—		11—		99		21
HELOC		383		478		—		~~734~~671		1210		610		20
1‑to‑4 family residential		206		259		—		~~1,735~~109		1218		86		—
Subtotal:		8,412		9,415		—		1210,~~463~~817		~~149~~146		10,143		261
With an allowance recorded:
Commercial and industrial		1,641		1,918		419		~~1,037~~649		—11		649		19
Construction		—		—		—		70—		—		—		—
Commercial real estate		415		415		323		—278		—16		278		31
Loans to individuals & overdrafts		—		—		—		—		—		—		—
Multi-family Residential		—		—		—		—		—		—		—
HELOC		82		83		7		—		—		—		—
1‑to‑4 family residential		14		16		9		71246		1014		283		22
Subtotal:		2,152		2,432		758		1,~~178~~173		1041		1,210		72
Totals:
Commercial		9,629		10,724		742		10,~~832~~705		~~114~~142		10,101		257
Consumer		250		287		—		~~269~~259		113		273		13
Residential		685		836		16		21,~~540~~026		3442		979		63
Grand Total:	$	10,564	$	11,847	$	758	$	1311,~~641~~990	$	~~159~~187	$	11,353	$	333

Impaired loans at December 31, 2020 were approximately $10.6 million and included $6.8 million in non-accrual loans and $3.8 million in loans still in accruing status. Recorded investment represents the current principal balance for the loan. Approximately $2.2 million of the $10.6 million in impaired loans at December 31, 2020 had specific allowances aggregating $758,000 while the remaining $8.4 million had no specific allowances recorded. Of the $8.4 million with no allowance recorded, partial charge-offs through December 31, 2020 amounted to $81,000.

Loans are placed on non-accrual status when it has been determined that all contractual principal and interest will not be received. Any payments received on these loans are applied to principal first and then to interest only after all principal has been collected. In the case of an impaired loan that is still on accrual basis, payments are applied to both principal and interest.

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Notes to Consolidated Financial Statements (Unaudited)

Troubled Debt Restructurings

The following table presents loans that were modified as troubled debt restructurings (“TDRs”) with a breakdown of the types of concessions made by loan class during the three and six months ended ~~March~~June 3130, 2021 and 2020:


	Three Months Ended ~~March~~June 3130, 2021					~~Three~~Six Months Ended ~~March~~June 3130, ~~2020~~2021
		Pre-Modification		Post-Modification			Pre-Modification		Post-Modification
	Number	Outstanding		Outstanding		Number	Outstanding		Outstanding
	of	Recorded		Recorded		of	Recorded		Recorded
	loans	Investments		Investments		loans	Investments		Investments
	(dollars in thousands)					(dollars in thousands)
Extended payment terms:
1-to-4 family residential	2	$	339	$	325	6	$	797	$	537
Commercial & industrial	1		364		265	2		382		280
Commercial real estate	—		—		—	—		—		—
Construction	—		—		—	1		157		13
HELOC	—		—		—	2		240		232
Commercial & industrial	2		146		139	4		1,091		1,083
Loans to individuals	—		—		—	1		14		9

Total	41	$	~~485~~364	$	~~464~~265	142	$	~~2,299~~382	$	~~1,874~~280


	Three Months Ended June 30, 2020					Six Months Ended June 30, 2020
		Pre-Modification		Post-Modification			Pre-Modification		Post-Modification
	Number	Outstanding		Outstanding		Number	Outstanding		Outstanding
	of	Recorded		Recorded		of	Recorded		Recorded
	loans	Investments		Investments		loans	Investments		Investments

	(dollars in thousands)					(dollars in thousands)
Extended payment terms:
Commercial and industrial	—	$	—	$	—	6	$	2,665	$	2,539
Construction	1		157		138	2		417		396
HELOC	1		190		185	2		240		235
1‑to‑4 family residential	2		139		92	5		632		384

Total	4	$	486	$	415	15	$	3,954	$	3,554

The following table presents loans that were modified as TDRs within the past twelve months with a breakdown of the types for which there was a payment default during that period together with concessions made by loan class during the twelve month periods ended March 31, 2021 and 2020:


	Twelve months ended			Twelve months ended
	March 31, 2021			March 31, 2020
	Number	Recorded		Number	Recorded
	of loans	investment		of loans	investment
	(dollars in thousands)			(dollars in thousands)
Extended payment terms:
Commercial and industrial	5	$	1,318	3	$	2,209
Construction	1		111	—		—
1-to-4 family residential	3		178	—		—

Total	9	$	1,607	3	$	2,209


	Twelve months ended			Twelve months ended
	June 30, 2021			June 30, 2020
	Number	Recorded		Number	Recorded
	of loans	investment		of loans	investment

	(dollars in thousands)			(dollars in thousands)
Extended payment terms:
Commercial and industrial	5	$	1,301	2	$	1,510
Loans to individuals	1		2	—		—
Construction	—		—	1		138
HELOC	—		—	1		186
1-to-4 family residential	—		—	2		92
	1		13
Total	7	$	1,316	6	$	1,926

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

At ~~March~~June 3130, 2021, the Bank had thirty-four loans with an aggregate balance of $56.95 million that were considered to be troubled debt restructurings. Of those TDRs, ~~eleven~~twenty-four loans with a balance totaling $24.21 million were still accruing as of ~~March~~June 3130, 2021. The remaining TDRs with balances totaling $32.74 million as of ~~March~~June 3130, 2021 were in non-accrual status.

The following tables present information on risk ratings of the commercial and consumer loan portfolios, segregated by loan class as of ~~March~~June 3130, 2021 and December 31, 2020, respectively:

Total loans:

March 31, 2021

June 30, 2021

Commercial

Credit

Exposure By

Commercial

Internally

and

real

Multi-family

Assigned Grade

industrial

Construction

estate

residential

(dollars in thousands)

Superior

5142,~~826~~427

—

~~640~~361

—

Very good

~~959~~935

~~335~~334

3,~~650~~840

—

Good

4,~~214~~183

12,~~222~~307

9799,~~675~~588

24,~~345~~454

Acceptable

1412,~~149~~788

1419,~~316~~277

~~334~~326,~~468~~890

4641,~~259~~936

Acceptable with care

3942,~~415~~173

~~186~~193,~~590~~993

~~249~~255,~~712~~808

3732,~~555~~743

Special mention

1,~~524~~434

~~257~~126

5,~~833~~569

—

Substandard

4,~~017~~093

~~492~~601

3,~~724~~351

—

Doubtful

—

Loss

—

~~116~~108,~~104~~033

~~203~~216,~~212~~638

695,~~702~~407

8679,~~159~~133


Consumer Credit
Exposure By
Internally	1‑to‑4 family
Assigned Grade	residential		HELOC

Pass	$	~~183~~175,~~044~~593	$	55,~~372~~305
Special mention		~~780~~719		~~223~~237
Substandard		1,~~828~~801		~~652~~743
	$	~~185~~178,~~652~~113	$	56,~~247~~285


Consumer Credit
Exposure Based	Loans to
On Payment	individuals &
Activity	overdrafts

Pass	$	43,~~318~~973
Special mention		~~211~~67
	$	4,~~529~~040

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

Total Loans:


December 31, 2020
Commercial
Credit
Exposure By	Commercial				Commercial
Internally	and				real		Multi-family
Assigned Grade	industrial		Construction		estate		residential
	(dollars in thousands)

Superior	$	56,510	$	—	$	123	$	—
Very good		508		70		8,129		—
Good		4,693		1,770		80,401		2,086
Acceptable		17,226		18,084		308,200		46,820
Acceptable with care		40,946		216,418		203,008		32,068
Special mention		1,313		239		4,344		1,534
Substandard		4,504		154		4,277		—
Doubtful		—		—		—		—
Loss		—		—		—		—
	$	125,700	$	236,735	$	608,482	$	82,508


Consumer Credit
Exposure By
Internally		1‑to‑4 family
Assigned Grade	residential		HELOC

Pass	$	190,975	$	52,756
Special mention		633		226
Substandard		2,423		824
	$	194,031	$	53,806


Consumer Credit
Exposure Based	Loans to
On Payment		individuals &
Activity	overdrafts

Pass	$	6,845
Special mention		277
	$	7,122

Determining the fair value of PCI loans at acquisition required the Company to estimate cash flows expected to result from those loans and to discount those cash flows at appropriate rates of interest. For such loans, the excess of cash flows expected to be collected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans and is called the accretable yield. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition reflects the impact of estimated credit losses and is called the nonaccretable difference. In accordance with GAAP, there was no carry-over of previously established allowance for credit losses from the acquired company.

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

The following table documents changes to the amount of the accretable yield on PCI loans for the last three and six months ended ~~March~~June 3130, 2021 and 2020:


	Three Months Ended				Six Months Ended
	~~March~~June 3130,				June 30,
	2021		2020		2021		2020
	(dollars in thousands)				(dollars in thousands)

Accretable yield, beginning of period	$	45,~~622~~222	$	32,~~191~~986	$	4,622	$	3,191
Additions		—		—2,949		—		2,949
Accretion		(~~399~~455)		(~~280~~442)		(854)		(722)
Reclassification from nonaccretable difference		~~263~~290		3211		553		43
Other changes, net		~~736~~(72)		43157		664		200
Accretable yield, end of period	$	54,~~222~~985	$	25,~~986~~661	$	4,985	$	5,661

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

The following tables present a roll forward of the Company’s allowance for loan losses by loan class for the three-month and six-month periods ended ~~March~~June 3130, 2021 and ~~March~~June 3130, 2020, respectively (dollars in thousands):


	Three Months Ended ~~March~~June 3130, 2021
	Commercial						1 to 4				Loans to		Multi-
	and				Commercial		family				individuals &		family
2021	industrial		Construction		real estate		residential		HELOC		overdrafts		residential		Total
Allowance for loan losses
Loans – excluding PCI
Balance, beginning of period 1/01/2021	$	3,302	$	2,334	$	5,472	$	1,365	$	371	$	109	$	820	$	13,773
Balance, beginning of period 3/31/2021	$	3,418	$	1,704	$	4,792	$	1,028	$	328	$	56	$	1,294	$	12,620
Provision for (recovery of) loan losses		~~286~~(68)		(~~630~~130)		~~(705)~~623		(~~334~~95)		(4535)		(556)		~~474~~(737)		(~~1,009~~448)
Loans charged-off		(~~197~~7)		—		—(332)		~~(8)~~—		—		(107)		—		(~~215~~346)
Recoveries		27175		—69		2512		510		2		128		—		71276
Balance, end of period 3/31/2021	$	3,418	$	1,704	$	4,792	$	1,028	$	328	$	56	$	1,294	$	12,620
Balance, end of period 6/30/2021	$	3,518	$	1,643	$	5,095	$	943	$	295	$	51	$	557	$	12,102

PCI Loans
Balance, beginning of period 1/01/2021	$	203	$	31	$	4	$	85	$	1	$	—	$	11	$	335
Balance, beginning of period 3/31/2021	$	203	$	38	$	4	$	311	$	1	$	—	$	10	$	567
Provision for (recovery of) loan losses		—308		7(38)		—41		~~226~~(311)		—(1)		—		(110)		~~232~~(11)
Loans charged-off		—		—		—		—		—		—		—		—
Recoveries		—		—		—		—		—		—		—		—
Balance, end of period 3/31/2021	$	203	$	38	$	4	$	311	$	1	$	—	$	10	$	567
Balance, end of period 6/30/2021	$	511	$	—	$	45	$	—	$	—	$	—	$	—	$	556

Total Loans
Balance, beginning of period 1/01/2021	$	3,505	$	2,365	$	5,476	$	1,450	$	372	$	109	$	831	$	14,108
Balance, beginning of period 3/31/2021	$	3,621	$	1,742	$	4,796	$	1,339	$	329	$	56	$	1,304	$	13,187
Provision for (recovery of) loan losses		~~286~~240		(~~623~~168)		~~(705)~~664		(~~108~~406)		(4536)		(556)		~~473~~(747)		(~~777~~459)
Loans charged-off		(~~197~~7)		—		—(332)		~~(8)~~—		—		(107)		—		(~~215~~346)
Recoveries		27175		—69		2512		510		2		128		—		71276
Balance, end of period 3/31/2021	$	3,621	$	1,742	$	4,796	$	1,339	$	329	$	56	$	1,304	$	13,187
Balance, end of period 6/30/2021	$	4,029	$	1,643	$	5,140	$	943	$	295	$	51	$	557	$	12,658

Ending Balance: individually evaluated for impairment	$	~~876~~1,228	$	—	$	~~237~~396	$	9—	$	3	$	—3	$	—	$	1,~~125~~630
Ending Balance: collectively evaluated for impairment	$	2,~~745~~801	$	1,~~742~~643	$	4,~~559~~744	$	~~1,330~~943	$	~~326~~292	$	5648	$	~~1,304~~557	$	1211,~~062~~028

Loans:
Ending Balance: collectively evaluated for impairment non PCI loans	$	~~110~~102,~~730~~703	$	~~201~~215,~~736~~423	$	679,~~087~~162	$	~~175~~168,~~495~~527	$	55,~~190~~163	$	43,~~265~~774	$	8578,~~140~~420	$	1,~~311~~303,~~643~~172
Ending Balance: collectively evaluated for impairment PCI loans	$	1,~~526~~506	$	~~886~~663	$	1110,~~655~~843	$	9,~~839~~287	$	~~622~~625	$	6867	$	~~1,019~~713	$	2523,~~615~~704
Ending Balance: individually evaluated for impairment	$	3,~~848~~824	$	~~590~~552	$	45,~~960~~402	$	~~318~~299	$	~~435~~497	$	~~196~~199	$	—	$	10,~~347~~773
Ending Balance	$	~~116~~108,~~104~~033	$	~~203~~216,~~212~~638	$	695,~~702~~407	$	~~185~~178,~~652~~113	$	56,~~247~~285	$	4,~~529~~040	$	8679,~~159~~133	$	1,~~347~~337,~~605~~649

Table of Contents

SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)


	Three Months Ended March 31, 2020
	Commercial						1 to 4				Loans to		Multi-
	and				Commercial		family				individuals &		family
2020	industrial		Construction		real estate		residential		HELOC		overdrafts		residential		Total
Allowance for loan losses
Loans – excluding PCI
Balance, beginning of period 12/01/2019	$	1,127	$	1,731	$	2,837	$	1,437	$	329	$	175	$	419	$	8,055
Provision for (recovery of) loan losses		717		394		720		267		69		(20)		127		2,274
Loans charged-off		(11)		—		—		—		—		(16)		—		(27)
Recoveries		1		—		1		10		—		4		—		16
Balance, end of period 3/31/2020	$	1,834	$	2,125	$	3,558	$	1,714	$	398	$	143	$	546	$	10,318

PCI Loans
Balance, beginning of period 12/01/2019	$	178	$	6	$	14	$	56	$	—	$	—	$	15	$	269
Provision for (recovery of) loan losses		21		1		—		(13)		—		—		(10)		(1)
Loans charged-off		—		—		—		—		—		—		—		—
Recoveries		—		—		—		—		—		—		—		—
Balance, end of period 3/31/2020	$	199	$	7	$	14	$	43	$	—	$	—	$	5	$	268

Total Loans
Balance, beginning of period 12/01/2019	$	1,305	$	1,737	$	2,851	$	1,493	$	329	$	175	$	434	$	8,324
Provision for (recovery of) loan losses		738		395		720		254		69		(20)		117		2,273
Loans charged-off		(11)		—		—		—		—		(16)		—		(27)
Recoveries		1		—		1		10		—		4		—		16
Balance, end of period 3/31/2020	$	2,033	$	2,132	$	3,572	$	1,757	$	398	$	143	$	551	$	10,586

Ending Balance: individually evaluated for impairment	$	601	$	—	$	96	$	5	$	—	$	—	$	—	$	702
Ending Balance: collectively evaluated for impairment	$	1,432	$	2,132	$	3,476	$	1,752	$	398	$	143	$	551	$	9,884

Loans:
Ending Balance: collectively evaluated for impairment non PCI loans	$	67,312	$	227,538	$	453,592	$	147,444	$	43,017	$	7,754	$	69,845	$	1,016,502
Ending Balance: collectively evaluated for impairment PCI loans	$	1,099	$	672	$	5,669	$	6,048	$	49	$	—	$	886	$	14,423
Ending Balance: individually evaluated for impairment	$	3,816	$	436	$	5,065	$	431	$	750	$	255	$	—	$	10,753

Ending Balance	$	72,227	$	228,646	$	464,326	$	153,923	$	43,816	$	8,009	$	70,731	$	1,041,678


	Six Months Ended June 30, 2021

	Commercial						1 to 4				Loans to		Multi-
	and				Commercial		family				individuals &		family
2021	industrial		Construction		real estate		residential		HELOC		overdrafts		residential		Total
Allowance for loan losses
Loans – excluding PCI
Balance, beginning of period 01/01/2021	$	3,302	$	2,334	$	5,472	$	1,365	$	371	$	109	$	820	$	13,773
Provision for (recovery of) loan losses		218		(760)		(82)		(429)		(80)		(61)		(263)		(1,457)
Loans charged-off		(204)		—		(332)		(8)		—		(17)		—		(561)
Recoveries		202		69		37		15		4		20		—		347
Balance, end of period 6/30/2021	$	3,518	$	1,643	$	5,095	$	943	$	295	$	51	$	557	$	12,102

PCI Loans
Balance, beginning of period 01/01/2021	$	203	$	31	$	4	$	85	$	1	$	—	$	11	$	335
Provision for (recovery of) loan losses		308		(31)		41		(85)		(1)		—		(11)		221
Loans charged-off		—		—		—		—		—		—		—		—
Recoveries		—		—		—		—		—		—		—		—
Balance, end of period 6/30/2021	$	511	$	—	$	45	$	—	$	—	$	—	$	—	$	556

Total Loans
Balance, beginning of period 01/01/2021	$	3,505	$	2,365	$	5,476	$	1,450	$	372	$	109	$	831	$	14,108
Provision for (recovery of) loan losses		526		(791)		(41)		(514)		(81)		(61)		(274)		(1,236)
Loans charged-off		(204)		—		(332)		(8)		—		(17)		—		(561)
Recoveries		202		69		37		15		4		20		—		347
Balance, end of period 6/30/2021	$	4,029	$	1,643	$	5,140	$	943	$	295	$	51	$	557	$	12,658

Table of Contents

SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)


	Three Months Ended June 30, 2020
	Commercial						1 to 4				Loans to		Multi-
	and				Commercial		family				individuals &		family
2020	industrial		Construction		real estate		residential		HELOC		overdrafts		residential		Total
Allowance for loan losses
Loans – excluding PCI
Balance, beginning of period 3/31/2020	$	1,834	$	2,125	$	3,558	$	1,714	$	398	$	143	$	546	$	10,318
Provision for (recovery of) loan losses		1,306		159		625		(49)		(51)		(39)		75		2,026
Loans charged-off		(519)		—		—		—		—		(3)		—		(522)
Recoveries		2		—		1		6		41		7		—		57
Balance, end of period 6/30/2020	$	2,623	$	2,284	$	4,184	$	1,671	$	388	$	108	$	621	$	11,879

PCI Loans
Balance, beginning of period 3/31/2020	$	199	$	7	$	14	$	43	$	—	$	—	$	5	$	268
Provision for (recovery of) loan losses		(176)		4		30		32		9		4		4		(93)
Loans charged-off		—		—		—		—		—		—		—		—
Recoveries		—		—		—		—		—		—		—		—
Balance, end of period 6/30/2020	$	23	$	11	$	44	$	75	$	9	$	4	$	9	$	175

Total Loans
Balance, beginning of period 3/31/2020	$	2,033	$	2,132	$	3,572	$	1,757	$	398	$	143	$	551	$	10,586
Provision for (recovery of) loan losses		1,130		163		655		(17)		(42)		(35)		79		1,933
Loans charged-off		(519)		—		—		—		—		(3)		—		(522)
Recoveries		2		—		1		6		41		7		—		57
Balance, end of period 6/30/2020	$	2,646	$	2,295	$	4,228	$	1,746	$	397	$	112	$	630	$	12,054

Ending Balance: individually evaluated for impairment	$	344	$	—	$	392	$	4	$	—	$	—	$	—	$	740
Ending Balance: collectively evaluated for impairment	$	2,302	$	2,295	$	3,836	$	1,742	$	397	$	112	$	630	$	11,314

Loans:
Ending Balance: collectively evaluated for impairment non PCI loans	$	155,443	$	243,887	$	497,112	$	184,805	$	48,034	$	7,128	$	76,463	$	1,212,872
Ending Balance: collectively evaluated for impairment PCI loans	$	1,659	$	1,622	$	13,148	$	12,259	$	691	$	150	$	1,414	$	30,943
Ending Balance: individually evaluated for impairment	$	4,541	$	428	$	5,852	$	331	$	546	$	262	$	—	$	11,960

Ending Balance	$	161,643	$	245,937	$	516,112	$	197,395	$	49,271

Filing Compare · SELECT BANCORP, INC.