 DUNN, N.C., Jan. 26, 2021 GLOBE NEWSWIRE -- Select Bancorp, Inc. NASDAQ: SLCT the Company, the holding company for Select Bank Trust Company the Bank, today reported net income for the year ended December 31, 2020 of 8.2 million, or 0.46 and 0.45 per basic and diluted share, respectively, as compared to net income for the year ended December 31, 2019 of 13.0 million, or 0.69 and 0.68 per basic and diluted share, respectively. This was a decrease of 37.4 in net income compared to the year ended December 31, 2019. Net income per share declined approximately 33.3 for basic and 33.8 for diluted per share for the year ended December 31, 2019. The decline in net income is primarily attributable to an increase of 5.8 million in loan loss allowance provision during 2020 as compared to 2019, incurring debt extinguishment expenses of 1.6 million for the payoff of 45.0 million of FHLB advances with a composite rate of 2.76 during the 2020 4th quarter, recognized 755,000 in integration expenses during the year related to the acquisition of three branches in western North Carolina, and 2.3 million in deferred interest income related to COVID-19 loan modifications. These items were partially offset by 2.6 million in revenue from loan fees associated with loans originated by the Bank as part of the U.S. Small Business Administration SBA Paycheck Protection Program PPP, recognized under the effective interest rate method. The number of weighted shares outstanding decreased due to the repurchase by the Company of 834,608 shares of common stock completed during 2020. Management expects the repurchase of shares to continue in 2021 under the Companys previously announced stock repurchase plan. 