First Trust Bank Reports First Quarter Earnings

May 02, 2011, 16:15 ET from First Trust Bank

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