 DUNN, N.C., Oct. 29, 2020 GLOBE NEWSWIRE -- Select Bancorp, Inc. NASDAQ: SLCT the Company, the holding company for Select Bank Trust Company, today reported net income for the quarter ended September 30, 2020 of 2.5 million with basic and diluted earnings per share of 0.14, compared to net income of 3.2 million with basic and diluted earnings per share of 0.17 for the comparative quarter ended September 30, 2019. The decrease in net income in the third quarter of 2020 compared to the third quarter of 2019 was primarily attributable to a provision for loan losses of 1.6 million compared to a provision for loan losses of 231,000 for the same period in 2019. The increase in the provision for loan losses was primarily due to a specific reserve, loan growth and factors associated with the economic impact of the COVID-19 pandemic. 