First Trust Bank Reports First Quarter Earnings
CHARLOTTE, N.C., May 2, 2011 /PRNewswire/ -- First Trust Bank (OTC Bulletin Board: NCFT) reported results for the first quarter of 2011 today. The Bank reported net income of $620 thousand, or $0.13 per diluted share, for the quarter ended March 31, 2011; a 17% increase over the net income of $528 thousand, or $0.11 per diluted share, for the first quarter of 2010.
Assets at March 31, 2011 were $452 million, an increase of $7 million, or 2%, from the $445 million reported at December 31, 2010. Loans were $265 million at the end of the first quarter of 2011, compared to $278 million at December 31, 2010.
As a percentage of gross loans outstanding, the allowance for loan losses was 3.27% at March 31, 2011 compared to 3.78% at December 31, 2010. Our net interest margin was 3.59% for the first quarter of 2011 compared to 4.02% for the first quarter of 2010.
Non-performing assets at March 31, 2011 were 10.1% of total assets compared to 9.71% at December 31, 2010. Other real estate owned (OREO) totaled $14.5 million at March 31, 2011 compared to $11.5 million at December 31, 2010. The Bank added $4 million and disposed of $1 million during the quarter.
"We are pleased with the earnings performance in the first quarter. While there are some encouraging signs in the economy, we remain cautious about the remainder of the year," said Jim Bolt, President and CEO.
First Trust Bank is a commercial bank whose target market is small to medium sized businesses and professionals. The Bank operates three banking offices at 1420 East Third Street and 2245 Rexford Road, Charlotte, NC and 108 Gateway Boulevard, Mooresville, NC.
For additional information, please contact Jean Galloway or Jim Bolt at 704-377-3936 (fax 704-377-8869) or by e-mail at http://www.firsttrustnc.com.
Information in this press release may contain forward looking statements that might involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, and changes in interest rates.
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SOURCE First Trust Bank
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