First Trust Bank Reports First Quarter Net Income

    CHARLOTTE, N.C., April 25 /PRNewswire-FirstCall/ -- First Trust Bank
 (OTC Bulletin Board:   NCFT) reported first quarter results today. The Bank
 reported net income of $972 thousand, or $0.22 per share, for the quarter
 ended March 31, 2008 compared to net income of $1.00 million, or $0.23 per
 share, for the first quarter of 2007. Fully diluted earnings for the
 quarter ended March 31, 2008 were $0.21 per share, compared to $0.22 per
 diluted share for the first quarter of 2007.
 
     Assets at March 31, 2008 grew to $423 million, an increase of $54
 million, or 12%, over the $379 million reported at March 31, 2007. Loans
 totaled $309 million at quarter end, an increase of 10% over March 31,
 2007.
 
     Jim Bolt, President and CEO said, "The first quarter of 2008 has been a
 most challenging banking environment. The aggressive 200 basis point cut in
 the Federal Funds target rate in less than sixty days during the first
 quarter adversely impacted our net interest margin and, therefore, our
 earnings. Our asset quality remains good with no non-performing loans and
 no significant past due loans. Our loan reserve remains at a conservative
 1.37% of gross loans outstanding. We have no sub-prime mortgage exposure.
 
     "It appears that the remainder of 2008 will no doubt be a challenging
 banking environment as interest rate cuts squeeze net interest margins and
 continued economic weakness affects asset growth."
 
     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; and a loan production office at 916
 Copperfield Boulevard in Concord, NC and at 2610 W. Roosevelt Boulevard in
 Monroe, NC.
 
     For additional information, please contact Jean Galloway or Jim Bolt at
 704-377-3936 (fax 704-377-8869) or by e-mail at 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,
                                                     2008              2007
     SELECTED BALANCE SHEET DATA                  (Unaudited)       (Audited)
                  Total Loans                      $308,880          $317,245
                  Allowance for loan losses          (4,248)           (4,249)
                  Investment securities              76,305            67,771
                  Total assets                      422,597           411,384
 
                  Deposits                          315,362           311,136
                  Borrowed funds                     64,156            58,539
                  Shareholders' equity               38,249            37,121
 
 
 
                                              March 31,   March 31,       %
                                                 2008        2007       Change
     For the quarter ended                   (Unaudited)  (Audited)
                  Net interest income           $3,334      $3,147       5.94%
                  Provision for loan losses          -         128
                  Other income                     157         148       6.08%
                  Other expenses                 1,843       1,644      12.10%
                  Income tax expense               676         521      29.75%
                  Net income                      $972      $1,002      -2.99%
     Per Share Data  (1)
                  Net income per share-basic     $0.22       $0.23
                  Net income per share-diluted   $0.21       $0.22
 
 
     (1) Adjusted to reflect the six-for-five stock split effected in the form
         of a 20% stock dividend paid in November 2007.
 
 
 

SOURCE First Trust Bank