First Trust Bank Reports Second Quarter Results

CHARLOTTE, N.C., July 29, 2011 /PRNewswire/ -- First Trust Bank (OTC: NCFT) reported results for the second quarter of 2011 today.  The bank reported a net loss of $465 thousand or ($0.10) per diluted share for the quarter ended June 30, 2011 compared to a net loss of $1.53 million or ($0.32) per diluted share for the second quarter of 2010. Contributing to the net loss for the second quarter of 2011 was a $2.05 million provision to the allowance for loan losses.  A $4.1 million provision was made during the second quarter of 2010.  The bank earned $155 thousand or $0.03 per diluted share for the first six months of 2011 compared to a net loss of $1.0 million or ($0.21) per diluted share for the first six months of 2010.      

Assets at June 30, 2011 were $468 million; an increase of $23 million or 5% over the $445 million reported at December 31, 2010.  Loans were $254 million at the end of the second quarter of 2011 compared to $278 million at December 31, 2010.  

As a percentage of gross loans outstanding, the allowance for loan losses was 3.66% at June 30, 2011 compared to 3.78% at December 31, 2010 and 3.21% at June 30, 2010.  Non-performing assets at June 30, 2011 were 8.0% of total assets compared to 9.71% at December 31, 2010 and 1.5% at June 30, 2010.  On a linked quarter basis, non-performing assets declined to 8.0% of total assets at June 30, 2011 compared to 10.1% at March 31, 2011.    Other real estate owned (OREO) totaled $17.9 million at June 30, 2011 compared to $11.5 million at December 31, 2010.  Our net interest margin was 3.43% for the second quarter of 2011 compared to 3.70% for the second quarter of 2010.

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.

For additional information, please contact Jean Galloway or Jim Bolt at 704-377-3936 (fax 704-377-8869) or by e-mail at http://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 share and per share amounts)














June 30,


December 31,





2011


2010







(Derived from







audited financial



SELECTED BALANCE SHEET DATA

(Unaudited)


statements)




Total loans

$     254,433


$         278,277




Allowance for loan losses

(9,305)


(10,509)




Investment securities

137,317


117,077




Total assets

467,868


445,154











Deposits

401,121


371,770




Borrowed funds

17,535


26,125




Shareholders' equity

43,463


41,789










Shares Outstanding at period end

4,775,898


4,775,898










Asset Quality







Allowance for loan losses to total loans

3.66%


3.78%




Nonperforming loans to total loans

7.70%


11.42%




Nonperforming assets to total assets

8.00%


9.71%

















SELECTED INCOME AND EXPENSE DATA

June 30,


June 30,


%



2011


2010


Change

For the quarter ended

(Unaudited)


(Unaudited)




Net interest income

$         3,640


$             4,112


-11.48%


Provision for loan losses

2,050


4,131


-50.38%


Other income

182


152


19.74%


Other expenses

2,458


1,867


31.66%


Income tax benefit

(221)


(205)


7.80%


Net loss

$          (465)


$            (1,529)


-69.59%








Net interest margin

3.43%


3.70%










Per Share Data







Net loss per share-basic

$         (0.10)


$              (0.32)




Net loss per share-diluted

$         (0.10)


$              (0.32)



















June 30,


June 30,


%



2011


2010


Change

For the year to date ended

(Unaudited)


(Unaudited)




Net interest income

$         7,348


$             8,430


-12.84%


Provision for loan losses

2,499


6,126


-59.21%


Other income

324


311


4.18%


Other expenses

5,018


3,680


36.36%


Income tax expense (benefit)

-


(64)


-100.00%


Net income (loss)

$            155


$            (1,001)


-115.48%








Net interest margin

3.51%


3.86%










Per Share Data







Net income (loss) per share-basic

$           0.03


$              (0.21)




Net income (loss) per share-diluted

$           0.03


$              (0.21)





SOURCE First Trust Bank



RELATED LINKS
http://www.firsttrustnc.com

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