Comparing the current results to its competitors, Select Bancorp Inc reported Revenue increase in the 2 quarter 2021 by 62.13 % year on year. The sales growth was above Select Bancorp Inc 's competitors' average revenue growth of 35.76 %, achieved in the same quarter.
Select Bancorp inc Net Income in the 2 quarter 2021 grew year on year by 723.94%, faster than the Select Bancorp Inc 's competitors average income growth of 263.66 %
Select Bancorp Inc 's Comment on Competition and Industry Peers
Commercial banking in North Carolina is extremely competitive in large part
due to early adoption of laws permitting statewide branching. The Registrant
competes in its market areas with some of the largest banking organizations
in the state and the country and other financial institutions, such as federally
and state-chartered savings and loan institutions and credit unions, as well
as consumer finance companies, mortgage companies and other lenders engaged
in the business of extending credit. Many of the Registrant’s competitors
have broader geographic markets and higher lending limits than Registrant and
are also able to provide more services and make greater use of advertising.
The enactment of legislation authorizing interstate banking resulted in great
increases in the size and financial resources of some of Registrant’s
competitors. In addition, as a result of interstate banking and the recent economic
recession, out-of-state commercial banks have acquired North Carolina banks
and heightened the competition among banks in North Carolina.
Despite the competition in its market areas, Registrant believes that it has
certain competitive advantages that distinguish it from its competition. Registrant
believes that its primary competitive advantages are its strong local identity
and affiliation with the community and its emphasis on providing specialized
services to small and medium-sized business enterprises, as well as professional
and upper-income individuals. Registrant offers customers modern, high-tech
banking without forsaking community values such as prompt, personal service
and friendliness. Registrant offers many personalized services and intends to
attract customers by being responsive and sensitive to their individualized
needs. Registrant also relies on goodwill and referrals from shareholders and
satisfied customers, as well as traditional marketing media to attract new customers.
To enhance a positive image in the community, Registrant supports and participates
in local events and its officers and directors serve on boards of local civic
and charitable organizations.
First Financial Corporation operates as a diversified financial services company, offering a range of banking products and services to individuals and businesses. Its business model centers around leveraging its strong regional presence, experienced workforce, and technology-driven solutions to attract and retain customers, generate interest income from loans and investments, and earn fee-based revenue from various banking services. The company focuses on providing personalized financial solutions and cultivating long-term relationships to drive sustainable growth and profitability.
Republic Bancorp Inc. operates as a financial holding company that owns and operates Republic Bank & Trust Company. The company's business model is centered around providing a range of banking and financial services to individuals and businesses in its markets, including commercial and retail banking, mortgage lending, trust and investment services, and other related products and services. Republic Bancorp Inc. aims to grow its business through a customer-centric approach, competitive offerings, and a focus on delivering exceptional customer service.
Quaint Oak Bancorp Inc operates as a bank holding company that owns and controls Quaint Oak Bank, a federally chartered savings bank. They primarily engage in providing financial services to individuals, families, and businesses in Pennsylvania, focusing on mortgage lending, commercial lending, and deposit services. Their business model revolves around offering personalized banking solutions, competitive rates, and building long-term relationships with their customers.
QCR Holdings Inc's business model involves providing a range of financial products and services to individuals and businesses through its subsidiary banks.
Penns Woods Bancorp Inc operates as a bank holding company primarily engaged in providing commercial banking and financial services. The company focuses on delivering personalized banking solutions to individuals and businesses in its local market, while also striving to maintain strong customer relationships through exceptional service.
Sources:
Select Bancorp inc’s official press releases and regulatory filings; CSIMarket.com’s market research; and the financial filings and press releases of other companies cited in this report.
Updated on:
Focus of this report: publicly traded companies.
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