2014

First Trust Bank Reports Third Quarter Earnings

CHARLOTTE, N.C., Nov. 2, 2012 /PRNewswire/ -- First Trust Bank (OTCBB:NCFT) reported results for the third quarter of 2012 today.  The bank reported net income of $929 thousand, or $0.19 per diluted share, for the quarter ended September 30, 2012 compared to $1.4 million, or $0.30 per diluted share, for the third quarter of 2011.    

Assets at September 30, 2012 totaled $401 million compared to $464 million at September 30, 2011 and $415 million reported at June 30, 2012.  Loans were $195 million at the end of the third quarter of 2012, compared to $239 million at December 31, 2011 and $215 million at June 30, 2012. 

As a percentage of gross loans outstanding, the allowance for loan losses was 3.51% at September 30, 2012 compared to 3.18% at June 30, 2012.  Our net interest margin was 3.53% for the third quarter of 2012 compared to 3.61% for the second quarter of 2012.   

Non-performing assets at September 30, 2012 were 5.6% of total assets compared to 8.7% at December 31, 2011 and 6.4% at June 30, 2012. Impaired assets to total assets, including non-performing assets and accruing TDRs, totaled 8.7%, 11.3% and 9.4% for the same periods. Non-performing assets at September 30, 2012 included loans of $11.3 million and other real estate owned (OREO) of $11.0 million.

"We continue to show improvement in asset quality.  We look forward to our new partnership with the Bank of North Carolina," 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.

For additional information, please visit 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)












September 30,


December 31,





2012


2011







(Derived from







audited financial



SELECTED BALANCE SHEET DATA

(Unaudited)


statements)




Total loans

$         195,290


$             238,789




Allowance for loan losses

(6,855)


(7,212)




Investment securities

132,438


151,014




Total assets

401,331


442,264











Deposits

334,499


380,794




Borrowed funds

9,512


8,291




Shareholders' equity

50,293


46,591










Shares Outstanding at period end 

4,775,898


4,775,898










Asset Quality







Allowance for loan losses to total loans

3.51%


3.02%




Nonperforming loans to total loans

5.79%


10.35%




Nonperforming assets to total assets

5.57%


8.65%

















SELECTED INCOME AND EXPENSE DATA

September 30,


September 30,


%



2012


2011


 Change 

For the quarter ended

 (Unaudited) 


 (Unaudited) 




Net interest income

$             3,393


$                 3,675


-7.67%


Provision for loan losses

-


-


n/a


Other income

123


566


-78.27%


Other expenses

2,262


2,361


-4.19%


Income tax expense (benefit)

325


458


-29.04%


Net income (loss)

$                929


$                 1,422


-34.67%








Net interest margin

3.53%


3.32%










Per Share Data







Net income (loss) per share-basic

$               0.19


$                   0.30




Net income (loss) per share-diluted

$               0.19


$                   0.30



















September 30,


September 30,


%



2012


2011


 Change 

For the year to date ended

 (Unaudited) 


 (Unaudited) 




Net interest income

$           10,513


$               11,023


-4.63%


Provision for loan losses

(266)


2,499


-110.64%


Other income

455


890


-48.88%


Other expenses

6,787


7,379


-8.02%


Income tax expense

1,532


458


234.50%


Net income

$             2,915


$                 1,577


84.84%








Net interest margin

3.56%


3.44%










Per Share Data







Net income per share-basic

$               0.61


$                   0.33




Net income per share-diluted

$               0.61


$                   0.33










 

SOURCE First Trust Bank



RELATED LINKS
http://www.firsttrustnc.com

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