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

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