Select Bancorp reported a 25 percent decrease in its third quarter net earnings, falling short of analysts’ expectations. The company released results in a press release issued after market on Thursday.

Select Bancorp reported net income of $3.24 million, or 17 cents per share, compared to net income of $4.32 million, or 27 cents per share for the same quarter last year.

The company failed to meet an analyst’s third quarter estimate of 20 cents per share, according to Bloomberg data.

CEO William Hedgepeth said the company built on growth from the earlier in the year based on expansions in the Raleigh and Virginia Beach areas, and outlined plans for future branch openings and consolidations.

“Our second office in Charlotte is on the drawing board, and we are building capabilities through targeted hiring to support other growth in markets and products,” Hedgepeth said. “In addition, the process is well underway for the expected sale of a branch and the consolidation of another branch in the fourth quarter of this year.”

Total deposits increased to $987.7 million in the third quarter, compared to total deposits of $974.2 million in the same quarter of 2018. Gross loans also increased to $1.01 billion, from $992.8 million last year.

Select Bancorp is a bank holding company headquartered in Dunn with 19 branch offices across North Carolina, South Carolina and Virginia.

Shares of the company traded at $11.37 Friday, up 7 cents.