2014

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.

SELECTED FINANCIAL DATA

FIRST TRUST BANK

 (dollars in thousands, except per share)












March 31,


December 31,






2011


2010








(Derived from








audited financial



SELECTED BALANCE SHEET DATA


(Unaudited)


statements)




Total loans


$     264,661


$         278,277




Allowance for loan losses


(8,657)


(10,509)




Investment securities


133,624


117,077




Total assets


452,103


445,154












Deposits


393,428


371,770




Borrowed funds


10,615


26,125




Shareholders' equity


42,129


41,789











Shares Outstanding at period end


4,775,898


4,775,898











Asset Quality








Allowance for loan losses to total loans


3.27%


3.78%




Nonperforming loans to total loans


11.72%


11.42%




Nonperforming assets to total assets


10.06%


9.71%



















SELECTED INCOME AND EXPENSE DATA


March 31,


March 31,


%




2011


2010


Change

For the quarter ended


(Unaudited)


(Unaudited)




Net interest income


$         3,708


$             4,318


-14.13%


Provision for loan losses


449


1,995


-77.49%


Other income


142


159


-10.69%


Other expenses


2,560


1,813


41.20%


Income tax expense


221


141


56.74%


Net income


$            620


$                528


17.42%









Net interest margin


3.59%


4.02%











Per Share Data








Net income (loss) per share-basic


$           0.13


$               0.11




Net income (loss) per share-diluted


$           0.13


$               0.11





SOURCE First Trust Bank



RELATED LINKS
http://www.firsttrustnc.com

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