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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 ~~September~~March 3031, ~~2020~~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 ~~October~~April 30, ~~2020~~2021, the registrant had outstanding 17,~~786~~227,~~552~~104 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 ~~SheetsSeptember~~SheetsMarch 3031, ~~2020~~2021 and December 31, ~~2019~~2020	3

	Consolidated Statements of OperationsThree Months ~~and Nine Months~~ Ended ~~September~~March 3031, ~~2020~~2021 and ~~2019~~2020	4

	Consolidated Statements of Comprehensive IncomeThree Months ~~and Nine Months~~ Ended ~~September~~March 3031, ~~2020~~2021 and ~~2019~~2020	5

	Consolidated Statements of Changes in Shareholders’ EquityThree Months Ended March 31, ~~2020~~2021 and ~~2019, Three Months Ended June 30,~~ 2020 ~~and 2019 and Three Months Ended September 30, 2020 and 2019~~	6

	Consolidated Statements of Cash ~~FlowsNine~~FlowsThree Months Ended ~~September~~March 3031, ~~2020~~2021 and ~~2019~~2020	7

	Notes to Consolidated Financial Statements	9

Item 2 -	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3430

Item 3 -	Quantitative and Qualitative Disclosures about Market Risk	5042

Item 4 -	Controls and Procedures	5244

Part II.	OTHER INFORMATION

Item 1 -	Legal Proceedings	5244

Item 1A -	Risk Factors	5244

Item 2 -	Unregistered Sales of Equity Securities and Use of Proceeds	5545

Item 3 -	Defaults Upon Senior Securities	5545

Item 4 -	Mine Safety Disclosures	5545

Item 5 -	Other Information	5545

Item 6 -	Exhibits	5646

	Signatures	5746

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements.

SELECT BANCORP, INC.

CONSOLIDATED BALANCE SHEETS


	~~September~~March 3031, ~~2020~~2021		December 31,
	(unaudited)		~~2019~~2020*
	(In thousands, except share
	and per share data)
ASSETS
Cash and due from banks	$	2522,~~068~~533	$	1923,~~110~~324
Interest-earning deposits in other banks		~~249~~133,~~541~~884		5087,~~920~~399
Federal funds sold		8,046		9,047
Certificates of deposit		250		—
Investment securities available for sale, at fair value		87,434		72,367
Federal funds sold		4,966		5,364
Loans held for sale		2,945		928
Investment securities available for sale, at fair value		208,648		194,492
Loans		1,283,457		1,029,975
Loans held for sale		3,953		2,064
Allowance for loan losses		(13,561)		(8,324)
Loans		1,342,316		1,304,384
NET LOANS		1,269,896		1,021,651
Allowance for loan losses		(13,187)		(14,108)
Accrued interest receivable		4,486		4,189
NET LOANS		1,329,129		1,290,276
Stock in Federal Home Loan Bank of Atlanta (“FHLB”), at cost		3,059		3,045
Accrued interest receivable		4,991		5,110
Other non-marketable securities		718		719
Stock in Federal Home Loan Bank of Atlanta (“FHLB”), at cost		862		1,147
Foreclosed real estate		3,237		3,533
Other non-marketable securities		655		709
Premises and equipment, net		20,883		17,791
Foreclosed real estate		1,968		2,172
Right of use lease asset		8,756		8,596
Premises and equipment, net		20,222		20,587
Bank owned life insurance		30,271		29,789
Right of use lease asset		8,358		8,558
Goodwill		41,914		24,579
Bank owned life insurance		30,586		30,432
Core deposit intangible (“CDI”)		1,677		1,610
Goodwill		42,907		42,907
Other assets		14,015		7,202
Core deposit intangible (“CDI”)		1,363		1,513
TOTAL ASSETS	$	1,771,946	$	1,275,076
Other assets		17,054		13,991
TOTAL ASSETS	$	1,832,329	$	1,730,045
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Demand	$	~~408~~448,~~209~~835	$	~~240~~395,~~305~~916
Savings		5155,~~629~~184		4351,~~128~~843
Money market and NOW		~~610~~708,~~275~~172		~~280~~649,~~145~~677
Time		~~402~~370,~~667~~446		~~429~~388,~~260~~381
TOTAL DEPOSITS		1,~~472~~582,~~780~~637		~~992~~1,~~838~~485,817
Short-term debt		20,000		—

Long-term debt		3712,372		5712,372
Lease liability		98,~~089~~766		8,~~813~~930
Accrued interest payable		~~449~~206		~~578~~246
Accrued expenses and other liabilities		1815,~~889~~859		27,~~700~~312
TOTAL LIABILITIES		1,~~558~~619,~~579~~840		1,~~062~~514,~~301~~677
Shareholders’ Equity
Preferred stock, no par value, 5,000,000 shares authorized; no preferred shares were issued and outstanding at September 30, 2020 and December 31, 2019		—		—
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		—		—
Common stock, $1 par value, 50,000,000 shares authorized; 17,786,552 and 18,330,058 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively		17,787		18,330

Additional paid-in capital		137,130		140,870
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
Retained earnings		56,917		52,675
Additional paid-in capital		132,400		135,058
Common stock issued to deferred compensation trust, at cost; 263,377 and 319,753 shares outstanding at September 30, 2020 and December 31, 2019, respectively		(2,352)		(2,815)
Retained earnings		67,178		60,838
Directors’ Deferred Compensation Plan Rabbi Trust		2,352		2,815
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)
Accumulated other comprehensive income		1,533		900
Directors’ Deferred Compensation Plan Rabbi Trust		2,449		2,416
TOTAL SHAREHOLDERS’ EQUITY		213,367		212,775
Accumulated other comprehensive income (loss)		(4,316)		1,965
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,771,946	$	1,275,076
TOTAL SHAREHOLDERS’ EQUITY		212,489		215,368
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,832,329	$	1,730,045

* Derived from audited consolidated financial statements.

See accompanying notes.

Table of Contents

SELECT BANCORP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended

~~Nine Months Ended~~

March 31,

~~September 30,~~

~~2020~~2021

~~2019~~2020

~~2020~~

~~2019~~

(In thousands, except share and per share data)

~~(In thousands, except share and per share data)~~

INTEREST INCOME

Loans

1517,~~404~~035

13,~~924~~589

~~43,079~~

~~40,481~~

Federal funds sold and interest-earning deposits in other banks

5425

~~581~~168

~~255~~

~~1,580~~

Investments

~~367~~920

~~503~~421

~~1,169~~

~~1,569~~

TOTAL INTEREST INCOME

1517,~~825~~980

1514,~~008~~178

~~44,503~~

~~43,630~~

INTEREST EXPENSE

Money market, NOW and savings deposits

~~891~~924

~~433~~348

~~1,887~~

~~1,196~~

Time deposits

1,~~415~~038

21,~~248~~931

~~4,922~~

~~5,986~~

Short-term debt

~~145~~16

487

~~373~~

Long-term debt

~~263~~71

~~455~~352

~~896~~

~~1,370~~

TOTAL INTEREST EXPENSE

2,~~714~~049

32,~~140~~718

~~8,078~~

~~8,608~~

NET INTEREST INCOME

1315,~~111~~931

11,~~868~~460

~~36,425~~

~~35,022~~

PROVISION FOR LOAN LOSSES

1,638

231

5,844

136

PROVISION FOR (RECOVERY OF) LOAN LOSSES

(777)

2,273

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

11,473

11,637

30,581

34,886

NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) LOAN LOSSES

16,708

9,187

NON-INTEREST INCOME

Gain on the sale of securities

—

Service charges on deposit accounts

256

338

Service charges on deposit accounts

257

308

801

858

Fees from the sale of mortgages

288

185

Fees from the sale of mortgages

517

218

1,165

605

Fees from the sale of SBA loans

197

108

Other fees and income

~~950~~941

~~874~~813

~~2,613~~

~~2,462~~

TOTAL NON-INTEREST INCOME

1,~~724~~682

1,~~448~~444

~~4,579~~

~~3,973~~

NON-INTEREST EXPENSE

Personnel

56,~~742~~132

5,~~124~~632

~~17,160~~

~~15,126~~

Occupancy and equipment

~~1,008~~990

~~1,073~~931

~~2,925~~

~~2,722~~

Deposit insurance

~~370~~380

(3012)

~~434~~

~~165~~

Professional fees

~~399~~462

~~518~~372

~~1,222~~

~~1,383~~

Core deposit intangible amortization

~~179~~150

~~208~~179

~~553~~

~~632~~

Merger/acquisition related expenses

7—

~~128~~39

~~755~~

~~235~~

Information systems

1,~~043~~046

~~852~~1,038

~~3,053~~

~~2,518~~

Foreclosure-related expenses

~~228~~(140)

~~(9)~~5

~~420~~

Other

1,~~091~~176

1,~~067~~063

~~3,294~~

~~3,234~~

TOTAL NON-INTEREST EXPENSE

10,~~067~~196

89,~~931~~247

~~29,816~~

~~26,046~~

INCOME BEFORE INCOME TAX

38,~~130~~194

41,~~154~~384

~~5,344~~

~~12,813~~

INCOME TAX

~~673~~1,854

~~915~~280

~~1,102~~

~~2,819~~

NET INCOME

26,~~457~~340

31,~~239~~104

~~4,242~~

~~9,994~~

Basic

0.1436

0.1706

~~0.24~~

~~0.52~~

Diluted

0.1436

0.1706

~~0.23~~

~~0.52~~

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

Basic

17,~~847~~386,~~913~~715

1918,~~028~~255,~~572~~351

~~18,038,345~~

~~19,219,820~~

Diluted

17,~~866~~415,~~822~~680

1918,~~073~~287,~~235~~064

~~18,062,170~~

~~19,266,480~~

See accompanying notes.

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SELECT BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)


	Three Months Ended				~~Nine Months Ended~~
	~~September~~March 3031,				~~September 30,~~
	~~2020~~2021		~~2019~~2020		~~2020~~		~~2019~~
		~~(In thousands)~~

Net income	$	26,~~457~~340	$	31,~~239~~104	$	~~4,242~~	$	~~9,994~~

Other comprehensive income (loss):
Unrealized gains (loss) on investment securities-available for sale		(~~161~~8,157)		~~196~~731		~~822~~		~~1,454~~
Tax effect		381,876		(48169)		~~(189)~~		~~(334)~~
Total		(~~123~~6,281)		~~148~~562		~~633~~		~~1,120~~
Reclassification adjustment for (gains) included in net income		—		(48)		—		(48)

Tax effect		—		11		—		11
Total comprehensive income	$	59	$	1,666
		—		(37)		—		(37)

Total		(123)		111		633		1,083

Total comprehensive income	$	2,334	$	3,350	$	4,875	$	11,077

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, 2019	—	$	—	18,330,058	$	18,330	$	140,870	$	52,675	$	(2,815)	$	2,815	$	900	$	212,775
Balance at December 31, 2020	—	$	—	17,507,103	$	17,507	$	135,058	$	60,838	$	2,416	$	(2,416)	$	1,965	$	215,368
Net income	—		—	—		—		—		16,~~104~~340		—		—		—		16,~~104~~340
Other comprehensive income	—		—	—		—		—		—		—		—		562		562
Other comprehensive income (loss)	—		—	—		—		—		—		—		—		(6,281)		(6,281)
Stock repurchases	—		—	(~~275~~286,~~366~~799)		(~~275~~287)		(2,~~193~~907)		—		—		—		—		(23,~~468~~194)
Stock option exercises	—		—	16,~~000~~800		17		657		—		—		—		—		764
Directors’ equity incentive plan, net	—		—	—		—		—		—		2433		(2433)		—		—
Stock-based compensation	—		—	—		—		~~105~~192		—		—		—		—		~~105~~192
Balance at March 31, 2020	—	$	—	18,055,692	$	18,056	$	138,788	$	53,779	$	(2,791)	$	2,791	$	1,462	$	212,085
Balance at March 31, 2021	—	$	—	17,227,104	$	17,227	$	132,400	$	67,178	$	2,449	$	(2,449)	$	(4,316)	$	212,489
Net income	—		—	—		—		—		681		—		—		—		681
Other comprehensive income	—		—	—		—		—		—		—		—		194		194
Stock repurchases	—		—	(193,138)		(193)		(1,328)		—		—		—		—		(1,521)
Stock option exercises	—		—	—		—		—		—		—		—		—		—
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
Net income	—		—	—		—		—		2,457		—		—		—		2,457
Other comprehensive (loss)	—		—	—		—		—		—		—		—		(123)		(123)
Stock repurchases	—		—	(76,002)		(76)		(490)		—		—		—		—		(566)
Directors’ equity incentive plan, net	—		—	—		—		—		—		201		(201)		—		—
Stock based compensation	—		—	—		—		61		—		—		—		—		61

Balance at September 30, 2020	—	$	—	17,786,552	$	17,787	$	137,130	$	56,917	$	(2,352)	$	2,352	$	1,533	$	213,367


Balance at December 31, 2018	—		—	19,311,505		19,312		150,718		39,640		(2,615)		2,615		(59)		209,611
Balance at December 31, 2019	—		—	18,330,058		18,330		140,870		52,675		2,815		(2,815)		900		212,775
Net income	—		—	—		—		—		31,~~307~~104		—		—		—		31,~~307~~104
Other comprehensive income	—		—	—		—		—		—		—		—		~~360~~562		~~360~~562
Stock option exercises	—		—	14,980		14		100		—		—		—		—		114
Stock repurchases	—		—	(275,366)		(275)		(2,193)										(2,468)
Directors’ equity incentive plan, net	—		—	—		—		—		—		(37)		37		—		—
Stock option exercises	—		—	1,000		1		6		—		—		—		—		7
Stock based compensation	—		—	—		—		59		—		—		—		—		59
Directors’ equity incentive plan, net	—		—	—		—		—		—		(24)		24		—		—
Balance at March 31, 2019	—		—	19,326,485		19,326		150,877		42,947		(2,652)		2,652		301		213,451
Stock based compensation	—		—	—		—		105		—		—		—		—		105
Net income	—		—	—		—		—		3,448		—		—		—		3,448
Balance at March 31, 2020	—		—	18,055,692		18,056		138,788		53,779		2,791		(2,791)		1,462		212,085
Other comprehensive income	—		—	—		—		—		—		—		—		612		612
Stock repurchases	—		—	(64,496)		(64)		(662)		—		—		—		—		(726)
Stock option exercises	—		—	—		—		—		—		—		—		—		—
Stock based compensation	—		—	—		—		60		—		—		—		—		60
Balance at June 30, 2019	—		—	19,261,989		19,262		150,275		46,395		(2,652)		2,652		913		216,845
Net income	—		—	—		—		—		3,239		—		—		—		3,239
Other comprehensive income	—		—	—		—		—		—		—		—		111		111
Stock repurchases	—		—	(748,911)		(749)		(7,456)		—		—		—		—		(8,205)
Stock option exercises			—	—		—		—		—		—		—		—		—
Directors’ equity incentive plan, net	—		—	—		—		—		—		(78)		78		—		—
Stock based compensation	—		—	—		—		59		—		—		—		—		59
Balance at September 30, 2019	—	$	—	18,513,078	$	18,513	$	142,878	$	49,634	$	(2,730)	$	2,730	$	1,024	$	212,049

See accompanying notes.

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SELECT BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	~~Nine~~Three Months Ended
	~~September~~March 3031,
	~~2020~~2021		~~2019~~2020
		(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	46,~~242~~340	$	91,~~994~~104
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses		5,844		136
Provision for (recovery of) loan losses		(777)		2,273
Depreciation and amortization of premises and equipment		~~1,335~~365		~~1,337~~422
Amortization and accretion of investment securities		~~436~~190		~~543~~171
Amortization of right of use asset		941		810
Amortization of right of use lease asset		200		308
Accretion of deferred loan fees and costs		(~~688~~1,386)		(~~590~~243)
Amortization of core deposit intangible		~~553~~150		~~632~~179
Accretion of acquisition premium on time deposits		(~~206~~70)		(7)
Deferred income taxes		283		—
Stock-based compensation		192		105
Stock-based compensation		265		178
Accretion on acquired loans		(379)		(105)
Accretion on acquired loans		(1,075)		(679)
Proceeds from loans held for sale		16,389		10,865
Increase in cash surrender value of bank owned life insurance		(482)		(504)
Originations of loans held for sale		(17,793)		(11,250)
Proceeds from loans held for sale		43,904		25,388
Gain on sales of loans held for sale		(485)		(293)
Originations of loans held for sale		(44,756)		(25,917)
Net gain on sale and write-downs of foreclosed real estate		(144)		—
Gain on sales of loans held for sale		(1,165)		—
Increase in cash surrender value of bank owned life insurance		(154)		(161)
Net loss on sale and write-downs of foreclosed real estate		390		12
Fees on sale of mortgages		—		(605)
Gain on the sale of securities		—		(48)
Loss (gain) on sale of premises and equipment		—		8
Loss on assets held for sale		—		8
Change in assets and liabilities:
Net change in accrued interest receivable		41119		~~(13)~~350
Net change in other assets		(61,~~312~~188)		(~~1,656~~346)
Net change in accrued expenses and other liabilities		158,~~887~~507		(~~408~~561)
NET CASH PROVIDED BY OPERATING ACTIVITIES		1910,~~437~~076		82,~~619~~811

CASH FLOWS FROM INVESTING ACTIVITIES
Redemption (purchase) of FHLB stock		~~(14)~~285		~~238~~(14)
Redemption of non-marketable security		154		431
Purchase of investment securities available for sale		(3931,~~794~~267)		~~(37,948)~~—
Maturities of investment securities available for sale		102,~~511~~596		23,~~883~~500
Cash received from branch acquisition		60,234		24,093
Mortgage-backed securities pay-downs		6,169		4,688
Mortgage-backed securities pay-downs		14,602		9,367
Net change in loans outstanding		(36,837)		(9,406)
Proceeds from sale of investment securities available for sale		—		1,125
Proceeds from sale of foreclosed real estate		874		—
Net change in loans outstanding		(149,341)		(28,837)
Purchases of premises and equipment		—		(499)
Proceeds from sale of foreclosed real estate		180		103
NET CASH USED IN INVESTING ACTIVITIES		(58,126)		(1,730)
Proceeds from sale of premises and equipment		—		660
Purchases of premises and equipment		(1,531)		(1,167)

NET CASH USED IN INVESTING ACTIVITIES		(105,152)		(29,440)

See accompanying notes.

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SELECT BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)


	~~Nine~~Three Months Ended
	~~September~~March 3031,
	~~2020~~2021		~~2019~~2020

CASH FLOWS FROM FINANCING ACTIVITIES
Net change in deposits	$	~~294~~96,~~665~~890	$	(1710,~~786~~180)
Repayments of short-term debt		—		(7,000)
Repayment of lease liability		(164)		(270)
Repayment of lease liability		(825)		(565)
Repurchase of common stock		(3,194)		(2,468)
Repurchase of common stock		(4,556)		(8,931)
Proceeds from stock options exercised		64		7
Proceeds from stock options exercised		7		114

NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES		289,291		(34,168)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		93,596		(12,911)

NET CHANGE IN CASH AND CASH EQUIVALENTS		~~203~~45,~~578~~546		(5411,~~989~~830)

CASH AND CASH EQUIVALENTS, BEGINNING		79116,~~077~~087		~~139~~79,~~362~~077

CASH AND CASH EQUIVALENTS, ENDING	$	~~282~~161,~~655~~633	$	8467,~~373~~247

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest paid	$	82,~~207~~089	$	82,~~679~~760
Income taxes paid		~~3,202~~—		~~2,496~~—

Non-cash transactions:
Change in fair value of investment securities available for sale, net of tax		~~633~~(6,281)		~~1,120~~562
Transfer from loans to foreclosed real estate		~~274~~526		~~469~~204

Acquisition:
Assets acquired (excluding goodwill)		170,914		—
Liabilities assumed		186,416		—
Goodwill recorded		17,335		—

See accompanying notes.

Table of Contents

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 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 nine~~ months ended ~~September~~March 3031, ~~2020~~2021 and ~~2019~~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 three ~~and nine~~ months ended ~~September~~March 3031, ~~2020~~2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, ~~2020~~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 ~~2019~~2020 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 11, ~~2020~~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 ~~September~~March 3031, ~~2020~~2021 presentation. Such reclassifications had no effect on shareholders’ equity or net income as previously reported.

COVID-19. ~~The~~Significant ~~Company~~progress has ~~evaluated~~been ~~for~~made ~~potential~~to ~~recognition~~combat ~~and/or~~the ~~disclosure~~outbreak ~~through~~of the ~~date~~coronavirus ~~the~~disease, ~~unaudited~~or ~~consolidated~~COVID-19, ~~financial~~that ~~statements~~was ~~included~~declared ina ~~this~~global ~~Quarterly~~pandemic ~~Report~~by onthe ~~Form~~World ~~10-Q~~Health ~~were~~Organization ~~issued.~~in On March ~~11,~~of 2020. However, the ~~World~~COVID-19 ~~Health~~pandemic ~~Organization~~has ~~declared~~adversely ~~the~~impacted ~~outbreak~~a broad range of industries in which the ~~disease~~Company’s ~~caused~~customers byoperate aand ~~novel~~could ~~coronavirus~~still ~~(“COVID-19”)~~impair astheir aability ~~global~~to ~~pandemic,~~meet ~~which~~their ~~continues~~financial obligations to ~~spread~~the ~~throughout~~Company. ~~the~~The ~~United~~Company’s ~~States~~business ~~and~~depends ~~around~~upon the ~~world.~~willingness ~~The~~and ~~declaration~~ability of aits ~~global~~employees ~~pandemic~~and ~~indicates~~customers ~~that~~to ~~almost~~conduct ~~all~~banking ~~public~~and ~~commerce~~other ~~and~~financial ~~related~~transactions. ~~business~~Although ~~activities~~it ~~must~~appears ~~be,~~that topublic ~~varying~~health ~~degrees,~~and ~~curtailed~~economic ~~with~~conditions ~~the~~are ~~goal~~trending ofin ~~decreasing~~a ~~the~~positive ~~rate~~direction as of ~~new~~March ~~infections.~~31, ~~The~~2021, ~~outbreak~~a resurgence of COVID-19 could ~~adversely~~result ~~impact~~in afurther ~~broad~~adverse ~~range~~effects ofon ~~industries in which~~ the Company’s ~~customers~~business, ~~operate~~financial ~~and~~condition, ~~impair~~results ~~their~~of ~~ability~~operations, toand ~~fulfill~~cash ~~their~~flows. ~~financial~~It ~~obligations~~is tonot ~~the~~possible ~~Company.~~to ~~Several~~know ~~programs~~the ~~are~~full ~~available~~extent toof ~~businesses~~the ~~impacted~~impact byof COVID-19 ~~such~~and ~~as loans available through~~ the ~~Paycheck~~measures ~~Protection~~enacted ~~Program,~~to ~~deferrals~~curtail onits ~~loan~~spread ~~payments~~ on ~~existing~~the ~~loans~~Company’s ~~and~~future aoperations. ~~reduced interest rate program available~~

Table of Contents

SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

to financial institutions through the Federal Reserve Bank. On March 3, 2020, the Federal Open Market Committee reduced the target federal funds rate by 50 basis points to 1.00% to 1.25%. This rate was further reduced to a target range of 0% to 0.25% on March 16, 2020. These reductions in interest rates and other effects of the COVID-19 outbreak may adversely affect the Company’s financial condition and results of operations. As a result of the spread of COVID-19, economic uncertainties have arisen which are likely to negatively impact net interest income and noninterest income. Other financial impact could occur though such potential impact is unknown at this time.

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 ~~September~~March 3031, ~~2020~~2021 and ~~2019~~2020 there were ~~243~~235,~~120~~620 and ~~172~~219,120 anti-dilutive stock options outstanding, respectively.


	Three Months Ended		~~Nine Months Ended~~
	~~September~~March 3031,		~~September 30,~~
	~~2020~~2021	~~2019~~2020	~~2020~~	~~2019~~

Weighted average number of common shares used in computing basic net income per share	17,~~847~~386,~~913~~715	1918,~~028~~255,~~572~~351	~~18,038,345~~	~~19,219,820~~

Effect of dilutive stock options	1828,~~909~~965	4431,~~663~~713	~~23,825~~	~~46,660~~

Weighted average number of common shares and dilutive potential common shares used in computing diluted net income per share	17,~~866~~415,~~822~~680	1918,~~073~~287,~~235~~064	~~18,062,170~~	~~19,266,480~~

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 ~~August~~March ~~2018~~2020, the FASB ~~amended~~issued ASU ~~2018~~2020-1304 - ~~Fair~~Reference ~~Value~~Rate ~~Measurement~~Reform (Topic ~~820~~848): ~~Disclosure~~- ~~Framework~~Facilitation -of ~~Changes~~the Effects of Reference Rate Reform on Financial Reporting. This ASU provides for temporary, optional guidance to ease the ~~Disclosure~~potential ~~Requirements~~burden in accounting for, ~~Fair~~or ~~Value~~recognizing ~~Measurement~~the ~~topic~~effects of, ~~the~~reference ~~Accounting~~rate ~~Standards~~reform ~~Codification~~on financial reporting. The ~~amendments~~provisions ~~remove,~~of ~~modify,~~this ASU are elective and ~~add~~applicable ~~certain~~to ~~fair~~all ~~value~~entities ~~disclosure~~that ~~requirements~~have ~~based~~contracts, onhedging ~~the~~relationships ~~concepts~~and inother ~~the~~transactions, ~~FASB~~subject ~~Concepts~~to ~~Statement~~certain criteria, ~~Conceptual~~that ~~Framework~~reference ~~for~~LIBOR ~~Financial~~or ~~Reporting—Chapter~~another 8:reference ~~Notes~~rate to ~~Financial~~be ~~Statements.~~discontinued ~~The~~because ~~amendments~~of reference rate reform. There are ~~effective~~practical ~~for~~expedients ~~all~~and ~~entities~~exceptions for ~~fiscal~~applying ~~years,~~generally accepted accounting principles to contract modifications and ~~interim~~hedge ~~periods~~accounting ~~within~~relationships ~~those~~affected ~~fiscal~~by ~~years,~~reference ~~beginning~~rate ~~after~~reform ~~December~~in 15order to facilitate a smoother transition to new reference rates. For contracts meeting certain criteria, ~~2019~~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. ~~Early~~This ~~adoption~~provision isapplies ~~permitted~~to loans, debt, leases, and other arrangements. An entity iswill also be permitted to ~~early~~preserve ~~adopt~~its ~~any~~hedge ~~removed~~accounting when updating its hedging strategies in response to reference rate reform. The guidance will only apply to contracts or ~~modified~~hedge ~~disclosures~~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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Notes to Consolidated Financial Statements (Unaudited)

upon issuance of this ASU and delay adoption of the additional disclosures until their effective date. The adoption of these amendments did not have a material effect on its consolidated financial statements.

In January 2017, the FASB issued Accounting Standards Update ("ASU") 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU eliminates Step 2 from the goodwill impairment test. Under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This ASU eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative test. The Company adopted this ASU during the first quarter of 2020 with no impact to the consolidated financial position as a result of the adoption.

In March 2020, the FASB issued Accounting Standards Update ("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 is still assessing this ASU but is not expecting it to have an impact to the 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.

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Notes to Consolidated Financial Statements (Unaudited)

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”)

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 nine months ended September 30, 2020. Valuation techniques are consistent with techniques used in prior periods.

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Notes to Consolidated Financial Statements (Unaudited)

~~The~~models ~~following~~or ~~tables~~other ~~summarize~~model-based ~~quantitative~~valuation ~~disclosures~~techniques ~~about~~such as the ~~fair~~present value ~~measurement~~of future cash flows, adjusted for ~~each~~the ~~category~~security’s ofcredit ~~assets~~rating, ~~carried~~prepayment atassumptions ~~fair~~and ~~value~~other factors such as credit loss assumptions. Level 1 securities include those traded on aan ~~recurring~~active ~~basis~~exchange, such as ofthe ~~September~~New 30York Stock Exchange, ~~2020~~U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and ~~December~~ 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 months ended March 31, ~~2019~~2021. (Valuation techniques are consistent with techniques used in ~~thousands):~~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 March 31, 2021 and December 31, 2020 (in thousands):

Quoted Prices in

Significant

Investment securities

Active Markets

Other

Significant

available for sale

for Identical

Observable

Unobservable

September 30, 2020

Fair value

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

March 31, 2021

Fair value

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

U.S. government agencies – GSE’s

1150,~~760~~801

—

1150,~~760~~801

—

Mortgage-backed securities – GSE’s

4166,~~670~~582

—

4166,~~670~~582

—

Corporate Bonds

2,~~103~~250

—

2,~~103~~250

—

Municipal bonds

3189,~~901~~015

—

3189,~~901~~015

—

Total investment available for sale

87208,~~434~~648

—

87208,~~434~~648

—

Quoted Prices in

Significant

Investment securities

Active Markets

Other

Significant

available for sale

for Identical

Observable

Unobservable

December 31, 2019

Fair value

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

December 31, 2020

Fair value

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

U.S. government agencies – GSE’s

950,~~996~~232

—

950,~~996~~232

—

Mortgage-backed securities – GSE’s

4748,~~743~~931

—

4748,~~743~~931

—

Corporate Bonds

2,~~299~~350

—

2,~~299~~350

—

Municipal bonds

1292,~~329~~979

—

1292,~~329~~979

—

Total investment available for sale

72194,~~367~~492

—

72194,~~367~~492

—

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

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 September 30, 2020 and December 31, 2019, 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 September 30, 2020, the

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Notes to Consolidated Financial Statements (Unaudited)

requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments 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. 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 5020%. There were no transfers between levels from the prior reporting periods, and there have been no changes in valuation techniques for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2020~~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 ~~September~~March 3031, ~~2020~~2021, the discounts used ranged between 6% and 10%. There have been no changes in valuation techniques for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2020~~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 ~~are~~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 ~~September~~March 3031, ~~2020~~2021 and December 31, ~~2019~~2020 (in thousands):

Quoted Prices in

Significant

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Asset Category September 30, 2020

Fair value

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

Asset Category - March 31, 2021

Fair value

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

Impaired loans

76,~~695~~095

—

76,~~695~~095

Foreclosed real estate

31,~~237~~968

—

31,~~237~~968

Total

108,~~932~~063

—

108,~~932~~063


			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
Asset Category December 31, 2019	Fair value		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
Impaired loans	$	5,941	$	—	$	—	$	5,941
Foreclosed real estate		3,533		—		—		3,533
Total	$	9,474	$	—	$	—	$	9,474

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)


			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 31, 2021 and December 31, 2020:


	March 31, 2021
	Carrying		Estimated
	Amount		Fair Value		Level 1		Level 2		Level 3

	(dollars in thousands)
Financial assets:
Cash and due from banks	$	22,533	$	22,533	$	22,533	$	—	$	—
Certificates of deposit		250		250		250		—		—
Interest-earning deposits in other banks		133,884		133,884		133,884		—		—
Federal funds sold		4,966		4,966		4,966		—		—
Investment securities available for sale		208,648		208,648		—		208,648		—
Loans held for sale		3,953		3,953		—		3,953		—
Loans, net		1,329,129		1,332,310		—		—		1,332,310
Accrued interest receivable		4,991		4,991		—		4,991		—
Stock in the FHLB		862		862		—		—		862
Other non-marketable securities		655		655		—		—		655

Financial liabilities:
Deposits	$	1,582,637	$	1,584,959	$	—	$	—	$	1,584,959
Long-term debt		12,372		10,801		—		10,801		—
Accrued interest payable		206		206		—		206		—

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Notes to Consolidated Financial Statements (Unaudited)

The following table presents the carrying values and estimated fair values of the Company’s financial instruments at September 30, 2020 and December 31, 2019:


	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		—


	September 30, 2020
	Carrying		Estimated
	Amount		Fair Value		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets:
Cash and due from banks	$	25,068	$	25,068	$	25,068	$	—	$	—
Interest-earning deposits in other banks		249,541		249,541		249,541		—		—
Federal funds sold		8,046		8,046		8,046		—		—
Investment securities available for sale		87,434		87,434		—		87,434		—
Loans held for sale		2,945		2,945		—		2,945		—
Loans, net		1,269,896		1,279,096		—		—		1,279,096
Accrued interest receivable		4,486		4,486		—		4,486		—
Stock in the FHLB		3,059		3,059		—		—		3,059
Other non-marketable securities		718		718		—		—		718

Financial liabilities:
Deposits	$	1,472,780	$	1,476,441	$	—	$	—	$	1,476,441
Short-term debt		20,000		20,000		—		20,000		—
Long-term debt		37,372		34,163		—		34,163		—
Accrued interest payable		449		449		—		449		—


	December 31, 2019
	Carrying		Estimated
	Amount		Fair Value		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets:
Cash and due from banks	$	19,110	$	19,110	$	19,110	$	—	$	—
Interest-earning deposits in other banks		50,920		50,920		50,920		—		—
Federal funds sold		9,047		9,047		9,047		—		—
Investment securities available for sale		72,367		72,367		—		72,367		—
Loans held for sale		928		928		—		928		—
Loans, net		1,021,651		1,016,239		—		—		1,016,239
Accrued interest receivable		4,189		4,189		—		4,189		—
Stock in the FHLB		3,045		3,045		—		—		3,045
Other non-marketable securities		719		719		—		—		719

Financial liabilities:
Deposits	$	992,838	$	995,056	$	—	$	995,056	$	—
Long-term debt		57,372		55,729		—		55,729		—
Accrued interest payable		578		578		—		578		—

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 31, 2021, follow:


	March 31, 2021
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value

	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s	$	53,387	$	215	$	(2,801)	$	50,801
Mortgage-backed securities – GSE’s		67,058		1,076		(1,552)		66,582
Corporate bonds		2,247		3		—		2,250
Municipal bonds		91,561		372		(2,918)		89,015

Total	$	214,253	$	1,666	$	(7,271)	$	208,648

As of March 31, 2021, accumulated other comprehensive income included net unrealized losses totaling $5.6 million. Deferred tax assets resulting from these net unrealized losses totaled $1.3 million.

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

~~NOTE E -~~The ~~INVESTMENT~~amortized ~~SECURITIES~~cost and fair value of “AFS” investments, with gross unrealized gains and losses as of December 31, 2020, follow:

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


	~~September~~December 3031, 2020
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s	$	1150,~~508~~304	$	~~276~~270	$	(24342)	$	1150,~~760~~232
Mortgage-backed securities – GSE’s		4047,~~195~~658		1,~~528~~320		(5347)		4148,~~670~~931
Corporate bonds		2,~~101~~343		7		~~(5)~~—		2,~~103~~350
Municipal bonds		3191,~~639~~635		~~333~~1,417		(7173)		3192,~~901~~979

	$	85,443	$	2,144	$	(153)	$	87,434
Total	$	191,940	$	3,014	$	(462)	$	194,492

As of ~~September~~December 3031, 2020, accumulated other comprehensive income included net unrealized gains totaling $2.06 million. Deferred tax ~~assets~~liabilities resulting from these net unrealized ~~losses~~gains totaled $~~458~~587,000.

The amortized cost and fair value of ~~“AFS”~~securities ~~investments~~available for sale, with gross unrealized gains and losses, follow:


	~~December~~March 31, ~~2019~~2021
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s	$	9,839	$	159	$	(2)	$	9,996
Due within one year	$	528	$	12	$	—	$	540
Mortgage-backed securities – GSE’s		46,926		830		(13)		47,743
Due after one but within five years		21,555		971		(52)		22,474
Corporate bonds		2,282		17		—		2,299
Due after five but within ten years		36,843		101		(1,520)		35,424
Municipal bonds		12,152		177		—		12,329
Due after ten years		155,327		582		(5,699)		150,210
	$	214,253	$	1,666	$	(7,271)	$	208,648
	$	71,199	$	1,183	$	(15)	$	72,367

As of December 31, 2019, accumulated other comprehensive income included net unrealized gains totaling $1.2 million. Deferred tax liabilities resulting from these net unrealized gains totaled $269,000.


	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 $81.3 million and $68.4 million at March 31, 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)

~~The~~None ~~amortized~~of ~~cost~~the ~~and~~unrealized ~~fair~~losses ~~value~~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 ~~available~~to recovery. No other than temporary impairments were identified for ~~sale,~~these ~~with~~investments ~~gross~~having unrealized ~~gains~~losses for the periods ended March 31, 2021 and December 31, 2020. The Company has not incurred any losses related to securities sales in the first three months of 2021 or during the year ended December 31, ~~follow:~~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 31, 2021 and December 31, 2020.


	March 31, 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	$	43,701	$	(2,800)	$	217	$	(1)	$	43,918	$	(2,801)
Mortgage-backed securities–GSE’s		38,761		(1,552)		—		—		38,761		(1,552)
Corporate bonds		—		—		—		—		—		—
Municipal bonds		71,241		(2,918)		—		—		71,241		(2,918)
Total temporarily impaired securities	$	153,703	$	(7,270)	$	217	$	(1)	$	153,920	$	(7,271)


	September 30, 2020
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
	(dollars in thousands)
Securities available for sale:
Due within one year	$	2,757	$	8	$	(1)	$	2,764
Due after one but within five years		26,947		1,268		(1)		28,214
Due after five but within ten years		5,565		81		(7)		5,639
Due after ten years		50,174		787		(144)		50,817
	$	85,443	$	2,144	$	(153)	$	87,434

At March 31, 2021, the Company had one security with an unrealized loss for more than twelve months of $1,000 which consisted of one U.S. government agency-GSE bond. Eighty-six securities had unrealized losses for less than twelve months totaling $7.3 million at March 31, 2021, which consisted of fifty-seven municipal bonds, thirteen U.S. government agencies - GSEs and sixteen mortgage-backed - GSE bonds. All unrealized losses are attributable to the general trend of interest rates.


	December 31, ~~2019~~2020
	Less Than 12 Months		~~Gross~~		~~Gross~~12 Months or More				Total
	~~Amortized~~Fair		~~unrealized~~Unrealized		~~unrealized~~Fair		~~Fair~~Unrealized		Fair		Unrealized
	~~cost~~value		~~gains~~losses		~~losses~~value		~~value~~losses		value		losses
	(dollars in thousands)
Securities available for sale:
Due within one year	$	8,901	$	19	$	(6)	$	8,914
U.S. government agencies – GSE’s	$	42,159	$	(340)	$	420	$	(2)	$	42,579	$	(342)
Due after one but within five years		40,954		695		(7)		41,642
Mortgage-backed securities–GSE’s		19,297		(46)		1,999		(1)		21,296		(47)
Due after five but within ten years		4,568		94		(1)		4,661
Corporate bonds		—		—		—		—		—		—
Due after ten years		16,776		375		(1)		17,150
Municipal bonds		10,105		(73)		—		—		10,105		(73)
	$	71,199	$	1,183	$	(15)	$	72,367
Total temporarily impaired securities	$	71,561	$	(459)	$	2,419	$	(3)	$	73,980	$	(462)

~~Securities~~At ~~with~~December a31, ~~carrying~~2020, ~~value~~the ofCompany ~~$48.1~~had ~~million~~one mortgage-backed GSE and ~~$18~~two U.4S ~~million~~Government atagency – ~~September~~GSE’s 30with an unrealized loss for twelve or more consecutive months totaling $3,000. ~~2020~~The ~~and~~Company had thirty securities with a loss for twelve months or less at December 31, ~~2019,~~2020. ~~respectively~~Eleven U.S. government agency GSE’s, ~~were~~twelve ~~pledged~~municipal tobonds ~~secure~~and ~~public~~seven ~~monies~~mortgage-backed onGSE’s ~~deposit~~had asunrealized ~~required~~losses byfor ~~law~~less than twelve months totaling $459,000 ~~customer~~at ~~repurchase~~December ~~agreements~~31, ~~and~~2020. ~~access~~All unrealized losses are attributable to the ~~Federal~~general ~~Reserve~~trend ~~Discount~~of ~~Window~~interest rates.

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 September 30, 2020 and December 31, 2019. The Company has not incurred any losses related to securities sales in the first nine months of 2020 or during the year ended December 31, 2019.

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

~~The~~NOTE F - 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 September 30, 2020 and December 31, 2019.LOANS


	September 30, 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	$	3,478	$	(22)	$	479	$	(2)	$	3,957	$	(24)
Mortgage-backed securities–GSE’s		8,044		(51)		1,999		(2)		10,043		(53)
Corporate bonds		753		(5)		—		—		753		(5)
Municipal bonds		10,578		(71)		—		—		10,578		(71)
Total temporarily impaired securities	$	22,853	$	(149)	$	2,478	$	(4)	$	25,331	$	(153)

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

At September 30, 2020, the Company had three securities with an unrealized loss for more than twelve months of $4,000 which consisted of two U.S. government agencies-GSEs and one mortgage-backed - GSE bond. Fifteen securities had unrealized losses for less than twelve months totaling $149,000 at September 30, 2020, which consisted of nine Municipal bonds, one corporate bond, one U.S. government agencies - GSEs and four mortgage-backed - GSE bonds. All unrealized losses are attributable to the general trend of interest rates.


	March 31,					December 31,
	2021					2020
			Percent					Percent
	Amount		of total			Amount			of total

	(dollars in thousands)
Real estate loans:
1-to-4 family residential	$	185,652		13.83	%	$	194,031		14.88	%
Commercial real estate		695,702		51.83	%		608,482		46.65	%
Multi-family residential		86,159		6.42	%		82,508		6.32	%
Construction		203,212		15.14	%		236,735		18.15	%
Home equity lines of credit (“HELOC”)		56,247		4.19	%		53,806		4.12	%

Total real estate loans		1,226,972		91.41	%		1,175,562		90.12	%

Other loans:
Commercial and industrial		116,104		8.65	%		125,700		9.64	%
Loans to individuals		4,478		0.33	%		6,629		0.04	%
Overdrafts		51		—	%		493		0.51	%
Total other loans		120,633		8.98	%		132,822		10.19	%

Gross loans		1,347,605					1,308,384
Less deferred loan origination fees, net		(5,289)		(.39)	%		(4,000)		(.31)	%
Total loans		1,342,316		100.00	%		1,304,384		100.00	%
Allowance for loan losses		(13,187)					(14,108)
Total loans, net	$	1,329,129				$	1,290,276


	December 31, 2019
	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	$	872	$	—	$	621	$	(2)	$	1,493	$	(2)
Mortgage-backed securities–GSE’s		2,672		(3)		3,774		(10)		6,446		(13)
Corporate bonds		—		—		—		—		—		—
Municipal bonds		—		—		—		—		—		—
Total temporarily impaired securities	$	3,544	$	(3)	$	4,395	$	(12)	$	7,939	$	(15)

AtFor ~~December 31,~~PCI ~~2019,~~loans ~~the~~acquired ~~Company~~from ~~had~~Legacy ~~one mortgage-backed~~Select, ~~GSE~~Premara and ~~one~~First ~~U.S~~Citizens, ~~Government~~the ~~agency –~~contractually ~~GSE~~required ~~with~~payments anincluding ~~unrealized~~principal ~~loss~~and ~~for~~interest, ~~twelve~~cash orflows ~~more~~expected ~~consecutive months~~to ~~totaling~~be ~~$12,000.~~collected ~~The~~and ~~Company~~fair ~~had~~values ~~three~~as ~~securities~~of ~~with~~the aclosing ~~loss~~date ~~for~~of ~~twelve~~the ~~months~~acquisition orand ~~less~~March ~~at December~~ 31, ~~2019.~~2021 ~~One U.S. government agency GSE~~ and ~~two mortgage-backed GSE’s had unrealized losses for less than twelve months totaling $3,000 at~~ December 31, ~~2019.~~2020 ~~All unrealized losses are attributable to the general trend of interest rates.~~were:

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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 September 30, 2020 and December 31, 2019:


	~~September~~March 3031, 2021		December 31, 2020			~~December 31,~~
	2020					2019
Contractually required payments	$	34,430	$	37,241
			Percent					Percent
Nonaccretable difference		3,593		3,586
	Amount		of total			Amount			of total
Cash flows expected to be collected		30,837		33,655
	(dollars in thousands)
Accretable yield		5,222		4,622
Real estate loans:
Carrying value	$	25,615	$	29,033
1-to-4 family residential	$	195,174		15.21	%	$	151,697		14.73	%
Commercial real estate		537,087		41.85	%		459,115		44.58	%
Multi-family residential		79,697		6.21	%		69,124		6.71	%
Construction		255,718		19.92	%		221,878		21.55	%
Home equity lines of credit (“HELOC”)		48,395		3.77	%		44,514		4.32	%

Total real estate loans		1,116,071		86.96	%		946,328		91.89	%

Other loans:
Commercial and industrial		165,766		12.91	%		75,748		7.35	%
Loans to individuals		7,017		0.55	%		9,779		0.95	%
Overdrafts		80		0.01	%		234		0.02	%
Total other loans		172,863		13.47	%		85,761		8.32	%

Gross loans		1,288,934					1,032,089
Less deferred loan origination fees, net		(5,477)		(0.43)	%		(2,114)		(0.21)	%
Total loans		1,283,457		100.00	%		1,029,975		100.00	%
Allowance for loan losses		(13,561)					(8,324)
Total loans, net	$	1,269,896				$	1,021,651

For Purchased Credit Impaired, or PCI loans, the contractually required payments including principal and interest, cash flows expected to be collected and fair values as of September 30, 2020 and December 31, 2019 were:


	September 30, 2020		December 31, 2019
Contractually required payments	$	38,279	$	20,598
Nonaccretable difference		3,401		1,694
Cash flows expected to be collected		34,878		18,904
Accretable yield		4,891		3,191
Carrying value	$	29,987	$	15,713

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.

At September 30, 2020, the Company had pre-approved but unused lines of credit for customers totaling $230.2 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.18

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

~~The~~At ~~Bank~~March ~~has~~31, ~~originated 1~~2021,~~249~~ ~~loans amounting to $97.0 million during 2020 under~~ the ~~Paycheck~~Company ~~Protection~~had ~~Program~~pre-approved ~~(“PPP”)~~but ~~which~~unused ~~are~~lines ~~classified as Commercial and industrial loans in the loan portfolio. As~~ of ~~September~~credit ~~30,~~for ~~2020~~customers ~~the~~totaling ~~Bank has 1,242 PPP loans amounting to~~ $95364.3 million. ~~The~~ ~~PPP~~In ~~loan~~management’s ~~program~~opinion, isthese ~~sponsored~~commitments, byand ~~the~~undisbursed ~~Small~~proceeds ~~Business~~on ~~Administration~~loans ~~(SBA)~~reflected toabove, ~~primarily~~represent ~~facilitate~~no ~~the~~more ~~continuation~~than ofnormal ~~paychecks~~lending risk to ~~employees of businesses impacted by~~ the ~~COVID-19~~Company ~~pandemic. These loans are guaranteed by the SBA~~ and ~~can~~will be ~~forgiven~~funded ~~and~~from ~~paid~~normal ~~off~~sources ~~by the SBA if all conditions~~ of ~~the program are met~~liquidity. 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.

AThe ~~floating~~Bank ~~lien~~originated 1,249 loans amounting to $97.0 million during 2020 under the Paycheck Protection Program (“PPP”) which are classified as commercial and industrial loans in the loan portfolio. During 2020 some of the PPP loans were forgiven and as of December 31, 2020 the Bank had $~~112~~55.5 million outstanding. In the first quarter of 2021 an additional 441 PPP loans were originated amounting to $35.6 million. A total of $39.9 million of PPP loans ~~was~~were ~~pledged~~forgiven in the first quarter of 2021. As of March 31, 2021 the Bank has 653 PPP loans outstanding amounting to $51.2 million. The PPP loan program is sponsored by the ~~FHLB~~U.S. Small Business Administration (the “SBA”) primarily to ~~secure~~facilitate ~~borrowings~~the atcontinuation ~~September~~of ~~30,~~paychecks ~~2020~~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.

~~The~~During ~~following~~the ~~tables~~last ~~present~~twelve anmonths ~~age~~the ~~analysis~~Bank ofgranted ~~past~~419 ~~due~~COVID-19 ~~loans~~deferrals amounting to $219.6 million. At March 31, ~~segregated~~2021 bythe ~~class~~Bank ofhad 18 loans asunder ofCOVID-19 ~~September~~deferrals ~~30,~~amounting ~~2020~~to ~~and~~$16.8 ~~December 31,~~million ~~2019,~~which ~~respectively:~~are set to expire within the next 90 days.

A floating lien of $87.9 million of loans was pledged to the FHLB to secure borrowings at March 31, 2021.

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

~~September~~March 3031, ~~2020~~2021

30-59

60-89

90+

Non-

Total

Days

Accrual

Past

Total

Past Due

Accruing

Loans

Due

Current

Loans

(dollars in thousands)

Commercial and industrial

298

~~105~~2

~~543~~976

3,~~687~~144

4,~~337~~220

~~161~~111,~~429~~884

~~165~~116,~~766~~104

Construction

—174

—

~~161~~492

~~161~~666

~~255~~202,~~557~~546

~~255~~203,~~718~~212

Multi-family residential

—34

—

—34

7986,~~697~~125

7986,~~697~~159

Commercial real estate

~~210~~68

—

~~336~~—

21,~~489~~477

31,~~035~~545

~~534~~694,~~052~~157

~~537~~695,~~087~~702

Loans to individuals & overdrafts

911

—

145

~~154~~156

64,~~943~~373

74,~~097~~529

1‑to‑4 family residential

~~200~~1,298

1349

~~669~~697

~~950~~746

12,~~832~~790

~~193~~182,~~342~~862

~~195~~185,~~174~~652

HELOC

9542

31—

—

~~263~~91

~~389~~133

4856,~~006~~114

4856,~~395~~247

Deferred loan (fees) cost, net

—

(5,~~477~~289)

~~516~~1,725

~~149~~51

1,~~548~~673

76,~~695~~095

9,~~908~~544

1,~~279~~338,~~026~~061

1,~~283~~342,~~457~~316


	December 31, 2019
	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	$	1,108	$	34	$	46	$	2,824	$	4,012	$	71,736	$	75,748
Construction		—		—		—		181		181		221,697		221,878
Multi-family residential		—		—		—		—		—		69,124		69,124
Commercial real estate		393		82		321		1,832		2,628		456,487		459,115
Loans to individuals & overdrafts		5		—		—		155		160		9,853		10,013
1‑to‑4 family residential		859		810		864		505		3,038		148,659		151,697
HELOC		168		—		—		444		612		43,902		44,514
Deferred loan (fees) cost, net		—		—		—		—		—		—		(2,114)

	$	2,533	$	926	$	1,231	$	5,941	$	10,631	$	1,021,458	$	1,029,975

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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

Impaired Loans

The following tables present information on loans that were considered to be impaired as of ~~September~~March 3031, ~~2020~~2021 and December 31, ~~2019~~2020:

As of ~~September~~March 3031, ~~2020~~2021

Three Months Ended

~~Nine Months Ended~~

Contractual

~~September~~March 3031, ~~2020~~2021

~~September 30, 2020~~

Unpaid

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 :

2021 :

With no related allowance recorded:

Commercial and industrial

32,~~635~~164

52,~~466~~164

—

42,~~818~~375

2512

~~4,475~~

~~152~~

Construction

~~262~~590

~~366~~659

—

~~345~~421

~~291~~

Commercial real estate

54,~~175~~611

54,~~448~~611

—

54,~~265~~646

3857

~~5,661~~

~~127~~

Loans to individuals & overdrafts

~~261~~196

~~279~~196

—

~~271~~197

—

~~273~~

Multi-family residential

—

HELOC

~~411~~370

~~553~~370

—

~~453~~376

~~575~~

1‑to‑4 family residential

~~197~~305

~~207~~305

—

~~202~~247

224

~~292~~

—

Subtotal:

98,~~941~~236

128,~~319~~305

—

118,~~354~~262

9384

~~11,666~~

~~332~~

With an allowance recorded:

Commercial and industrial

~~502~~1,684

~~521~~1,884

~~162~~876

~~576~~1,485

197

~~576~~

Construction

—

Commercial real estate

~~977~~349

~~1,032~~349

~~325~~237

~~986~~348

153

~~208~~

Loans to individuals & overdrafts

—

Multi-family Residential

—

HELOC

~~119~~65

~~150~~65

~~122~~65

~~264~~

1‑to‑4 family residential

3913

~~107~~13

109

~~103~~14

—

Subtotal:

12,~~637~~111

12,~~810~~311

~~506~~1,125

1,~~787~~912

3911

~~1,112~~

Totals:

Commercial

109,~~551~~398

129,~~833~~667

~~487~~1,113

119,~~990~~275

~~103~~83

~~11,310~~

~~360~~

Consumer

~~261~~196

~~279~~196

—

~~271~~197

—

~~273~~

Residential

~~766~~753

~~1,017~~753

1912

~~880~~702

2912

~~1,195~~

Grand Total:

1110,~~578~~347

1410,~~129~~616

~~506~~1,125

1310,~~141~~174

~~132~~95

~~12,778~~

~~408~~

Impaired loans at September 30, 2020 were approximately $11.6 million and were composed of $7.7 million in non-accrual loans and $3.9 million in loans that were still accruing interest. Recorded investment represents the current principal balance of the loan. Approximately $1.6 million in impaired loans had specific allowances provided for them while the 20

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

Impaired 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 $98.92 million had no specific allowances recorded at ~~September~~March 3031, ~~2020~~2021. Of the $98.92 million with no allowance recorded, $~~307~~699,000 of those loans have had partial charge-offs recorded.


	As of December 31, ~~2019~~2020						Three Months Ended				~~Nine Months Ended~~
			Contractual				~~September~~March 3031, ~~2019~~2020				~~September 30, 2019~~
			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)
2019 :
2020 :
With no related allowance recorded:
Commercial and industrial	$	2,~~796~~231	$	42,~~051~~525	$	—	$	43,~~010~~684	$	3244	$	~~4,397~~	$	~~100~~
Construction		~~440~~252		~~537~~440		—		~~2,413~~438		125		~~1,546~~		20
Commercial real estate		5,~~585~~090		65,~~750~~426		—		75,~~167~~504		7065		~~6,022~~		~~218~~
Loans to individuals & overdrafts		~~197~~250		~~197~~287		—		8499		6—		93		6
Multi-family residential		~~284~~—		~~293~~—		—		~~205~~269		311		~~209~~		10
HELOC		~~543~~383		~~678~~478		—		~~1,205~~734		2112		~~1,202~~		61
1‑to‑4 family residential		~~395~~206		~~1,816~~259		—		~~861~~1,735		1112		~~944~~		36
Subtotal:		108,~~240~~412		149,~~322~~415		—		1512,~~945~~463		~~155~~149		~~14,413~~		~~451~~
With an allowance recorded:
Commercial and industrial		~~731~~1,641		1,~~056~~918		~~403~~419		~~882~~1,037		1—		~~572~~		41
Construction		—		—		—		—70		—		13		—
Commercial real estate		—415		—415		—323		—		—		—		—
Loans to individuals & overdrafts		—		—		—		—		—		—		—
Multi-family Residential		—		—		—		—		—		—		—
HELOC		~~160~~82		~~222~~83		—7		~~546~~—		14—		~~563~~		7
1‑to‑4 family residential		8114		9416		109		~~162~~71		410		~~212~~		10
Subtotal:		~~972~~2,152		12,~~372~~432		~~413~~758		1,~~590~~178		1910		~~1,360~~		58
Totals:
Commercial		9,~~749~~629		1210,~~591~~724		~~403~~742		1410,~~677~~832		~~118~~114		~~12,759~~		~~389~~
Consumer		~~284~~250		~~293~~287		—		84269		611		93		6
Residential		~~1,179~~685		~~2,810~~836		1016		2,~~774~~540		5034		~~2,921~~		~~114~~
Grand Total:	$	1110,~~212~~564	$	1511,~~694~~847	$	~~413~~758	$	1713,~~535~~641	$	~~174~~159	$	~~15,773~~	$	~~509~~

Impaired loans at December 31, ~~2019~~2020 were approximately $1110.26 million and included $56.98 million in non-accrual loans and $63.28 million in loans still in accruing status. Recorded investment represents the current principal balance for the loan. Approximately $~~972,000~~2.2 million of the $1110.26 million in impaired loans at December 31, ~~2019~~2020 had specific allowances aggregating $~~413~~758,000 while the remaining $108.24 million had no specific allowances recorded. Of the $108.24 million with no allowance recorded, partial charge-offs through December 31, ~~2019~~2020 amounted to $~~438~~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.

2221

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SELECT BANCORP, INC.

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 nine~~ months ended ~~September~~March 3031, ~~2020~~2021 and ~~2019~~2020:


	Three Months Ended ~~September~~March 3031, ~~2020~~2021					~~Nine~~Three Months Ended ~~September~~March 3031, 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:
1-to-4 family residential	2	$	339	$	325	6	$	797	$	537
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	4	$	485	$	464	14	$	2,299	$	1,874


	Three Months Ended September 30, 2019					Nine Months Ended September 30, 2019
		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	1	$	103	$	71	4	$	931	$	899
Commercial real estate	—		—		—	1		752		702
Construction	1		259		259	1		259		259
1‑to‑4 family residential	1		174		173	3		233		211

Total	3	$	536	$	503	9	$	2,175	$	2,071

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 ~~September~~March 3031, ~~2020~~2021 and ~~2019~~2020:


	Twelve months ended			Twelve months ended
	~~September~~March 3031, ~~2020~~2021			~~September~~March 3031, ~~2019~~2020
	Number	Recorded		Number	Recorded
	of loans	investment		of loans	investment
	(dollars in thousands)			(dollars in thousands)
Extended payment terms:
Commercial and industrial	45	$	21,~~203~~318	—3	$	—2,209
Construction	21		~~208~~111	—		—
1-to-4 family residential	13		10178	1—		16—
Total	7	$	2,421	1	$	16

Total	9	$	1,607	3	$	2,209

At September 30, 2020, the Bank had forty-nine loans with an aggregate balance of $10.3 million that were considered to be troubled debt restructurings. Of those TDRs, thirty-two loans with a balance totaling $3.9 million were still accruing as of September 30, 2020. The remaining TDRs with balances totaling $6.4 million as of September 30, 2020 were in non-accrual status. In response to the impact of COVID-19, payment deferrals were granted on 497 loans totaling $252.3 22

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)

~~million~~At ~~through~~March ~~September~~31, 302021, ~~2020~~the ofBank ~~which~~had ~~114~~thirty-four loans ~~amounting~~with toan aggregate balance of $655.69 million ~~remained~~that onwere ~~deferral~~considered atto ~~quarter~~be ~~end~~troubled debt restructurings. ~~The~~ ~~Bank~~Of ~~has~~those ~~chosen~~TDRs, toeleven ~~apply~~loans ~~the~~with ~~CARES~~a ~~Act~~balance ~~election~~totaling ~~for~~$2.2 ~~the~~million ~~accounting~~were still accruing as of ~~TDRs~~March 31, 2021. AsThe ~~permitted~~remaining byTDRs ~~applicable~~with ~~regulatory~~balances ~~guidance,~~totaling ~~these~~$3.7 ~~loans~~million ~~were~~as ~~not~~of ~~classified~~March as31, ~~TDRs~~2021 atwere ~~September~~in ~~30,~~non-accrual ~~2020~~status.

AtThe ~~September 30,~~following ~~2019,~~tables ~~the~~present ~~Bank~~information ~~had~~on ~~forty-one~~risk ~~loans~~ratings ~~with an aggregate balance~~ of ~~$8.2~~the ~~million~~commercial ~~that~~and ~~were~~consumer ~~considered~~loan ~~to be troubled debt restructurings. Of those TDRs~~portfolios, ~~twenty-eight~~segregated ~~loans~~by ~~with~~loan aclass ~~balance totaling $6.5 million were still accruing~~ as of ~~September 30~~March 31, ~~2019.~~2021 ~~The~~and ~~remaining~~December ~~TDRs~~31, ~~with balances totaling $1.7 million as of September 30~~2020, ~~2019 were in non-accrual status.~~respectively:

The following tables present information on risk ratings of the commercial and consumer loan portfolios, segregated by loan class as of September 30, 2020 and December 31, 2019, respectively:

Total loans:

September 30, 2020

March 31, 2021

Commercial

Credit

Exposure By

Commercial

Internally

and

real

Multi-family

Assigned Grade

industrial

Construction

estate

residential

(dollars in thousands)

Superior

9651,~~415~~826

—

76640

—

Very good

~~368~~959

~~162~~335

73,~~812~~650

—

Good

54,~~538~~214

21,~~196~~222

6797,~~996~~675

42,~~866~~345

Acceptable

2214,~~173~~149

2414,~~718~~316

~~270~~334,~~857~~468

5046,~~771~~259

Acceptable with care

3539,~~331~~415

~~228~~186,~~132~~590

~~181~~249,~~384~~712

2437,~~060~~555

Special mention

~~390~~1,524

~~349~~257

25,~~363~~833

—

Substandard

54,~~551~~017

~~161~~492

63,~~599~~724

—

Doubtful

—

Loss

—

~~165~~116,~~766~~104

~~255~~203,~~718~~212

~~537~~695,~~087~~702

7986,~~697~~159


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

Pass	$	~~191~~183,~~984~~044	$	4755,~~300~~372
Special mention		~~445~~780		~~205~~223
Substandard		21,~~745~~828		~~890~~652
	$	~~195~~185,~~174~~652	$	4856,~~395~~247


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

Pass	$	4,318
Special mention		211
	$	4,529

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)


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

Pass	$	6,806
Special mention		291
	$	7,097

Total Loans:

December 31, 2019

December 31, 2020

Commercial

Credit

Exposure By

Commercial

Internally

and

real

Multi-family

Assigned Grade

industrial

Construction

estate

residential

(dollars in thousands)

Superior

456,~~014~~510

—

~~337~~123

—

Very good

~~349~~508

~~110~~70

18,~~245~~129

—

Good

54,~~976~~693

81,~~674~~770

6280,~~643~~401

42,~~839~~086

Acceptable

1917,~~197~~226

1618,~~249~~084

~~255~~308,~~751~~200

4146,~~113~~820

Acceptable with care

40,~~579~~946

~~196~~216,~~228~~418

~~133~~203,~~190~~008

2332,~~172~~068

Special mention

~~242~~1,313

~~436~~239

14,~~490~~344

—1,534

Substandard

54,~~391~~504

~~181~~154

4,~~459~~277

—

Doubtful

—

Loss

—

75125,~~748~~700

~~221~~236,~~878~~735

~~459~~608,~~115~~482

6982,~~124~~508


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

Pass	$	~~147~~190,~~958~~975	$	4352,~~585~~756
Special mention		~~1,246~~633		76226
Substandard		2,~~493~~423		~~853~~824
	$	~~151~~194,~~697~~031	$	4453,~~514~~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)


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

Pass	$	9,727
Special mention		286
	$	10,013

The following table documents changes to the amount of the accretable yield on PCI loans for the last three months ended March 31, 2021 and 2020:


	Three Months Ended
	March 31,
	2021		2020

	(dollars in thousands)

Accretable yield, beginning of period	$	4,622	$	3,191
Additions		—		—
Accretion		(399)		(280)
Reclassification from nonaccretable difference		263		32
Other changes, net		736		43
Accretable yield, end of period	$	5,222	$	2,986

The following table documents changes to the amount of the accretable yield on PCI loans for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
	(dollars in thousands)				(dollars in thousands)

Accretable yield, beginning of period	$	5,661	$	3,481	$	3,191	$	3,593
Additions		—		—		2,949		—
Accretion		(487)		(277)		(1,209)		(855)
Reclassification from nonaccretable difference		24		45		67		293
Other changes, net		(307)		56		(107)		274
Accretable yield, end of period	$	4,891	$	3,305	$	4,891	$	3,305

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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 and nine month periods ended September 30, 2020 and September 30, 2019, respectively (dollars in thousands):


	Three Months Ended September 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 07/01/2020	$	2,623	$	2,284	$	4,184	$	1,671	$	388	$	108	$	621	$	11,879
Provision for (recovery of) loan losses		1,568		212		325		(570)		(49)		4		84		1,574
Loans charged-off		(98)		—		(70)		—		—		(23)		—		(191)
Recoveries		40		—		1		7		1		7		4		60
Balance, end of period 9/30/2020	$	4,133	$	2,496	$	4,440	$	1,108	$	340	$	96	$	709	$	13,322

PCI Loans
Balance, beginning of period 07/01/2020	$	23	$	11	$	44	$	75	$	9	$	4	$	9	$	175
Provision for (recovery of) loan losses		(23)		(11)		(44)		164		(9)		(4)		(9)		64
Loans charged-off		—		—		—		—		—		—		—		—
Recoveries		—		—		—		—		—		—		—		—
Balance, end of period 9/30/2020	$	—	$	—	$	—	$	239	$	—	$	—	$	—	$	239

Total Loans
Balance, beginning of period 07/01/2020	$	2,646	$	2,295	$	4,228	$	1,746	$	397	$	112	$	630	$	12,054
Provision for (recovery of) loan losses		1,545		201		281		(406)		(58)		—		75		1,638
Loans charged-off		(98)		—		(70)		—		—		(23)		—		(191)
Recoveries		40		—		1		7		1		7		4		60
Balance, end of period 9/30/2020	$	4,133	$	2,496	$	4,440	$	1,347	$	340	$	96	$	709	$	13,561

Ending Balance: individually evaluated for impairment	$	162	$	—	$	325	$	10	$	9	$	—	$	—	$	506
Ending Balance: collectively evaluated for impairment	$	3,971	$	2,496	$	4,115	$	1,337	$	331	$	96	$	709	$	13,055

Loans:
Ending Balance: collectively evaluated for impairment non PCI loans	$	159,585	$	253,851	$	518,462	$	182,926	$	47,190	$	6,709	$	78,646	$	1,247,369
Ending Balance: collectively evaluated for impairment PCI loans	$	1,557	$	1,605	$	12,959	$	12,013	$	675	$	127	$	1,051	$	29,987
Ending Balance: individually evaluated for impairment	$	4,624	$	262	$	5,666	$	235	$	530	$	261	$	—	$	11,578
Ending Balance	$	165,766	$	255,718	$	537,087	$	195,174	$	48,395	$	7,097	$	79,697	$	1,288,934

2725

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)


	Nine Months Ended September 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 01/01/2020	$	1,127	$	1,731	$	2,837	$	1,437	$	329	$	175	$	419	$	8,055
Provision for (recovery of) loan losses		3,591		765		1,670		(352)		(31)		(55)		286		5,874
Loans charged-off		(628)		—		(70)		—		—		(42)		—		(740)
Recoveries		43		—		3		23		42		18		4		133
Balance, end of period 9/30/2020	$	4,133	$	2,496	$	4,440	$	1,108	$	340	$	96	$	709	$	13,322

PCI Loans
Balance, beginning of period 01/01/2020	$	178	$	6	$	14	$	56	$	—	$	—	$	15	$	269
Provision for (recovery of) loan losses		(178)		(6)		(14)		183		—		—		(15)		(30)
Loans charged-off		—		—		—		—		—		—		—		—
Recoveries		—		—		—		—		—		—		—		—
Balance, end of period 9/30/2020	$	—	$	—	$	—	$	239	$	—	$	—	$	—	$	239

Total Loans
Balance, beginning of period 01/01/2020	$	1,305	$	1,737	$	2,851	$	1,493	$	329	$	175	$	434	$	8,324
Provision for (recovery of) loan losses		3,413		759		1,656		(169)		(31)		(55)		271		5,844
Loans charged-off		(628)		—		(70)		—		—		(42)		—		(740)
Recoveries		43		—		3		23		42		18		4		133
Balance, end of period 9/30/2020	$	4,133	$	2,496	$	4,440	$	1,347	$	340	$	96	$	709	$	13,561

The following tables present a roll forward of the Company’s allowance for loan losses by loan class for the three-month periods ended March 31, 2021 and March 31, 2020, respectively (dollars in thousands):


	Three Months Ended March 31, 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
Provision for (recovery of) loan losses		286		(630)		(705)		(334)		(45)		(55)		474		(1,009)
Loans charged-off		(197)		—		—		(8)		—		(10)		—		(215)
Recoveries		27		—		25		5		2		12		—		71
Balance, end of period 3/31/2021	$	3,418	$	1,704	$	4,792	$	1,028	$	328	$	56	$	1,294	$	12,620

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

Total Loans
Balance, beginning of period 1/01/2021	$	3,505	$	2,365	$	5,476	$	1,450	$	372	$	109	$	831	$	14,108
Provision for (recovery of) loan losses		286		(623)		(705)		(108)		(45)		(55)		473		(777)
Loans charged-off		(197)		—		—		(8)		—		(10)		—		(215)
Recoveries		27		—		25		5		2		12		—		71
Balance, end of period 3/31/2021	$	3,621	$	1,742	$	4,796	$	1,339	$	329	$	56	$	1,304	$	13,187

Ending Balance: individually evaluated for impairment	$	876	$	—	$	237	$	9	$	3	$	—	$	—	$	1,125
Ending Balance: collectively evaluated for impairment	$	2,745	$	1,742	$	4,559	$	1,330	$	326	$	56	$	1,304	$	12,062

Loans:
Ending Balance: collectively evaluated for impairment non PCI loans	$	110,730	$	201,736	$	679,087	$	175,495	$	55,190	$	4,265	$	85,140	$	1,311,643
Ending Balance: collectively evaluated for impairment PCI loans	$	1,526	$	886	$	11,655	$	9,839	$	622	$	68	$	1,019	$	25,615
Ending Balance: individually evaluated for impairment	$	3,848	$	590	$	4,960	$	318	$	435	$	196	$	—	$	10,347
Ending Balance	$	116,104	$	203,212	$	695,702	$	185,652	$	56,247	$	4,529	$	86,159	$	1,347,605

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SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)


	Three Months Ended September 30, 2019
	Commercial						1 to 4				Loans to		Multi-
	and				Commercial		family				individuals &		family
2019	industrial		Construction		real estate		residential		HELOC		overdrafts		residential		Total
Allowance for loan losses
Loans – excluding PCI
Balance, beginning of period 07/01/2019	$	814	$	1,487	$	2,818	$	1,543	$	432	$	309	$	383	$	7,786
Provision for (recovery of) loan losses		123		212		(44)		(111)		18		9		11		218
Loans charged-off		(48)		—		—		—		(50)		(155)		—		(253)
Recoveries		2		—		1		8		21		5		—		37
Balance, end of period 9/30/2019	$	891	$	1,699	$	2,775	$	1,440	$	421	$	168	$	394	$	7,788

PCI Loans
Balance, beginning of period 07/01/2019	$	298	$	6	$	142	$	62	$	1	$	—	$	8	$	517
Provision for (recovery of) loan losses		10		—		—		(10)		—		13		—		13
Loans charged-off		(249)		—		—		—		—		(13)		—		(262)
Recoveries		—		—		—		—		—		—		—		—
Balance, end of period 9/30/2019	$	59	$	6	$	142	$	52	$	1	$	—	$	8	$	268

Total Loans
Balance, beginning of period 07/01/2019	$	1,112	$	1,493	$	2,960	$	1,605	$	433	$	309	$	391	$	8,303
Provision for (recovery of) loan losses		133		212		(44)		(121)		18		22		11		231
Loans charged-off		(297)		—		—		—		(50)		(168)		—		(515)
Recoveries		2		—		1		8		21		5		—		37
Balance, end of period 9/30/2019	$	950	$	1,705	$	2,917	$	1,492	$	422	$	168	$	402	$	8,056

Ending Balance: individually evaluated for impairment	$	230	$	—	$	—	$	6	$	48	$	—	$	—	$	284
Ending Balance: collectively evaluated for impairment	$	720	$	1,705	$	2,917	$	1,486	$	374	$	168	$	402	$	7,772

Loans:
Ending Balance: collectively evaluated for impairment non PCI loans	$	74,658	$	209,464	$	440,244	$	145,645	$	45,170	$	9,634	$	60,970	$	985,785
Ending Balance: collectively evaluated for impairment PCI loans	$	1,154	$	682	$	6,033	$	7,479	$	47	$	—	$	908	$	16,303
Ending Balance: individually evaluated for impairment	$	3,874	$	2,531	$	6,367	$	738	$	1,004	$	85	$	202	$	14,801

Ending Balance	$	79,686	$	212,677	$	452,644	$	153,862	$	46,221	$	9,719	$	62,080	$	1,016,889

2926

Table of Contents

SELECT BANCORP, INC.

Notes to Consolidated Financial Statements (Unaudited)


	~~Nine~~Three Months Ended ~~September~~March 3031, ~~2019~~2020
	Commercial						1 to 4				Loans to		Multi-
	~~Commercial~~and				Commercial		~~1 to 4~~family				~~Loans~~individuals to&		~~Multi-~~family
	and				Commercial		family				individuals &		family
2020	industrial		Construction		real estate		residential		HELOC		overdrafts		residential		Total
2019	industrial		Construction		real estate		residential		HELOC		overdrafts		residential		Total
Allowance for loan losses
Allowance for loan losses
Loans – excluding PCI
Loans – excluding PCI
Balance, beginning of period 12/01/2019	$	1,127	$	1,731	$	2,837	$	1,437	$	329	$	175	$	419	$	8,055
Balance, beginning of period 01/01/2019	$	762	$	1,385	$	3,024	$	1,663	$	555	$	206	$	471	$	8,066
Provision for (recovery of) loan losses		717		394		720		267		69		(20)		127		2,274
Provision for (recovery of) loan losses		422		296		(289)		(248)		(18)		123		(77)		209
Loans charged-off		(11)		—		—		—		—		(16)		—		(27)
Loans charged-off		(305)		—		(10)		—		(150)		(179)		—		(644)
Recoveries		1		—		1		10		—		4		—		16
Recoveries		12		18		50		25		34		18		—		157
Balance, end of period 3/31/2020	$	1,834	$	2,125	$	3,558	$	1,714	$	398	$	143	$	546	$	10,318
Balance, end of period 9/30/2019	$	891	$	1,699	$	2,775	$	1,440	$	421	$	168	$	394	$	7,788


PCI Loans
PCI Loans

Filing Compare · SELECT BANCORP, INC.