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First Trust Bank Reports Second Quarter Earnings

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CHARLOTTE, N.C., Aug. 2, 2012 /PRNewswire/ -- First Trust Bank (OTC: NCFT) reported results for the second quarter of 2012 today.  The bank reported net income of $1.155 million, or $0.24 per diluted share, for the quarter ended June 30, 2012 compared to a net loss of $465 thousand, or ($0.10) per diluted share, for the second quarter of 2011.  

Assets at June 30, 2012 totaled $415 million compared to $468 million at June 30, 2011 and $437 million reported at March 31, 2012.  Loans were $215 million at the end of the second quarter of 2012, compared to $239 million at December 31, 2011 and $228 million at March, 2012. 

As a percentage of gross loans outstanding, the allowance for loan losses was 3.18% at June 30, 2012 compared to 3.11% at March 31, 2012.  Our net interest margin was 3.61% for the second quarter of 2012 compared to 3.53% for the first quarter of 2012.   

Non-performing assets at June 30, 2012 were 6.4% of total assets compared to 8.6% at December 31, 2011 and 8.1% at March 31, 2012. Impaired assets to total assets, including non-performing assets and accruing TDRs, totaled 9.4%, 11.3% and 10.7% for the same periods. Non-performing assets at June 30, 2012 included loans of $12.6 million and other real estate owned (OREO) of $13.9 million.

"We are very pleased with the earnings performance and our improvement in asset quality in the second quarter," 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.

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 amounts)



















June 30,


December 31,









2012


2011











(Derived from







SELECTED BALANCE SHEET DATA



audited financial







(Unaudited)


statements)








Total loans

$             214,849


$             238,789








Allowance for loan losses

(6,838)


(7,212)








Investment securities

136,694


151,014








Total assets

415,421


442,264



















Deposits

351,971


380,794








Borrowed funds

6,732


8,291








Shareholders' equity

48,986


46,591


















Shares Outstanding at period end 

4,775,898


4,775,898


















Asset Quality











Allowance for loan losses to total loans

3.18%


3.02%








Nonperforming loans to total loans

5.85%


10.35%








Nonperforming assets to total assets

6.38%


8.65%


















SELECTED INCOME AND EXPENSE DATA










For the quarter ended

June 30,


June 30,


%





2012


2011


 Change 





 (Unaudited) 


 (Unaudited) 








Net interest income

$                 3,530


$                 3,640


-3.02%






Provision for loan losses

(406)


2,050


-119.80%






Other income

182


182


0.00%






Other expenses

2,256


2,458


-8.22%






Income tax expense (benefit)

707


(221)


-419.91%






Net income (loss)

$                 1,155


$                  (465)


-348.39%
















Net interest margin

3.61%


3.43%


















Per Share Data











Net income (loss) per share-basic

$                   0.24


$                 (0.10)








Net income (loss) per share-diluted

$                   0.24


$                 (0.10)































June 30,


June 30,


%





For the year to date ended

2012


2011


 Change 





 (Unaudited) 


 (Unaudited) 








Net interest income

$                 7,120


$                 7,348


-3.10%






Provision for loan losses

(266)


2,499


-110.64%






Other income

332


324


2.47%






Other expenses

4,525


5,018


-9.82%






Income tax expense

1,207


-


N/A






Net income

$                 1,986


$                    155


1181.29%
















Net interest margin

3.57%


3.51%


















Per Share Data











Net income per share-basic

$                   0.42


$                   0.03








Net income per share-diluted

$                   0.42


$                   0.03






































 

SOURCE First Trust Bank



RELATED LINKS
http://www.firsttrustnc.com

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