First Trust Bank Reports Second Quarter Earnings

CHARLOTTE, N.C., July 23 /PRNewswire-FirstCall/ -- First Trust Bank (OTC Bulletin Board: NCFT) reported results for the second quarter of 2009 today. The Bank reported net income of $865 thousand, or $0.18 per diluted share, for the quarter ended June 30, 2009 compared to net income of $1.082 million, or $0.24 per diluted share, for the second quarter of 2008.

Assets at June 30, 2009 grew to $476 million, an increase of $48 million, or 11%, over the $428 million reported at June 30, 2008. Loans increased to $338 million at quarter end, an increase of 7% over June 30, 2008.

"Earnings for the second quarter of 2009 were adversely affected by a higher provision to the allowance for loan losses and a $325 thousand expense attributable to the industry-wide regular and special FDIC assessments levied in the second quarter. Our bank remains well capitalized and has maintained a relatively strong earnings stream despite the current environment," said Jim Bolt, President and CEO.

The June 2009 edition of US Banker magazine ranked the top 200 banks in the US based on a three-year average return on equity. First Trust Bank ranked #120 with a three-year average return on equity of 12.09%. Additionally, the June 2009 edition of Business North Carolina ranked the "Financial 100" in North Carolina based on total revenues at year-end 2008. First Trust Bank ranked #48, up from #50 last year. First Trust Bank ranked as having the third highest return on assets for 2008 at 0.96%; the third highest return on equity at 10.59% for 2008; and the sixth lowest efficiency rating at 52.3% for 2008.

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 2616 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

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.

      (dollars in thousands, except
       per share)

                                         June 30,     December 31,
                                           2009           2008
    SELECTED BALANCE SHEET DATA         (Unaudited)     (Audited)
      Total loans                        $337,622       $334,737
      Allowance for loan losses            (5,403)        (4,602)
      Investment securities                95,992         89,745
      Other real estate owned                 800              -
      Total assets                        476,096        468,114

      Deposits                            380,242        372,757
      Borrowed funds                       47,307         47,888
      Shareholders' equity                 44,164         42,034

                                          June 30,       June 30,      %
                                            2009           2008      Change
    For the quarter ended               (Unaudited)    (Unaudited)
      Net interest income                  $3,730         $3,471      7.46%
      Provision for loan losses               648             42   1442.86%
      Other income                            280            159     76.10%
      Other expenses                        1,998          1,914      4.39%
      Income tax expense                      499            592    -15.71%
      Net income                             $865         $1,082    -20.06%
    Per Share Data
      Net income per share-basic            $0.18          $0.24
      Net income per share-diluted          $0.18          $0.24

                                          June 30,       June 30,      %
                                            2009           2008      Change
    For the six months ended            (Unaudited)    (Unaudited)
      Net interest income                  $6,976         $6,805      2.51%
      Provision for loan losses             1,228             42   2823.81%
      Other income                            452            316     43.04%
      Other expenses                        3,838          3,757      2.16%
      Income tax expense                      859          1,268    -32.26%
      Net income                           $1,503         $2,054    -26.83%
    Per Share Data
      Net income per share-basic            $0.33          $0.46
      Net income per share-diluted          $0.32          $0.45

    Shares Outstanding at period end    4,775,898      4,436,971

    Allowance to loan losses to
     total loans                             1.60%          1.36%
    Nonperforming loans to total loans       0.08%          0.00%
    Nonperforming assets to total assets     0.22%          0.00%

SOURCE First Trust Bank


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