First Trust Bank Reports First Quarter Earnings
"Despite the challenges the banking industry is facing, First Trust Bank remains focused on operating in a safe and sound manner while providing value to our shareholders and funding to qualified borrowers. Earnings were relatively strong for the first quarter of 2009, despite being adversely affected by a higher provision to the allowance for loan losses and an "other than temporary impairment" (OTTI) charge of
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,
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 share and per share) March 31, December 31, 2009 2008 SELECTED BALANCE SHEET DATA (Unaudited) (Audited) Total loans $338,428 $334,737 Allowance for loan losses (5,175) (4,602) Investment securities 95,963 89,745 Total assets 466,446 468,114 Deposits 372,957 372,757 Borrowed funds 45,970 47,888 Shareholders' equity 42,522 42,034 Shares Outstanding at period end 4,491,232 4,491,232 Allowance for loan losses to total loans 1.53% 1.37% Nonperforming loans to total loans 0.32% 0.32% Nonperforming assets to total assets 0.23% 0.23% Income Statements March 31, March 31, % 2009 2008 Change For the quarter ended (Unaudited) (Unaudited) Net interest income $3,246 $3,334 -2.64% Provision for loan losses 580 - n/a Other income 172 157 9.55% Other expenses 1,840 1,843 -0.16% Income tax expense 360 676 -46.75% Net income $638 $972 -34.36% Per Share Data Net income per share-basic $0.14 $0.22 Net income per share-diluted $0.14 $0.21
SOURCE First Trust Bank