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First Trust Bank Reports Third Quarter Net Income

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CHARLOTTE, N.C., Oct. 31, 2011 /PRNewswire/ -- First Trust Bank (OTC:NCFT) reported results for the third quarter of 2011 today.  The bank reported net income of $1.4 million or $0.30 per diluted share for the quarter ended September 30, 2011 compared to a net loss of $556 thousand or ($0.12) per diluted share for the third quarter of 2010.  The third quarter of 2011 saw a reduction of $3.9 million in the provision for loan losses compared to the third quarter of 2010.  At the same time, net charge-offs decreased by $4.787 million to $1.172 million for the third quarter of 2011 compared to $5.959 million for the third quarter of 2010.  The bank earned $1.6 million or $0.33 per diluted share for the first nine months of 2011 compared to a net loss of $1.6 million or ($0.33) per diluted share for the first nine months of 2010.  

Assets at September 30, 2011 were $464 million, an increase of $19 million or 4% over the $445 million reported at December 31, 2010.  Loans were $247 million at the end of the third quarter of 2011 compared to $278 million at December 31, 2010.  

As a percentage of gross loans outstanding, the allowance for loan losses was 3.29% at September 30, 2011 compared to 3.78% at December 31, 2010 and 2.69% at September 30, 2010.  Non-performing assets at September 30, 2011 were 8.2% of total assets compared to 9.71% at December 31, 2010.  On a linked quarter basis, non-performing assets were static at 8.2% of total assets at September 30, 2011 compared to 8.0% at June 30, 2011. Other real estate owned (OREO) totaled $15.9 million at September 30, 2011 compared to $11.5 million at December 31, 2010.  Our net interest margin was 3.32% for the third quarter of 2011 compared to 3.61% for the third quarter of 2010.

"We are encouraged by some positive trends in the local economy.  We are working diligently to strengthen our core banking services, improve our earnings stream and enhance our asset quality.  We continue to remain well capitalized by all regulatory standards," 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)










September 30,


December 31,





2011


2010







(Derived from







audited financial



SELECTED BALANCE SHEET DATA

(Unaudited)


statements)




Total loans

$          247,276


$          278,277




Allowance for loan losses

              (8,133)


            (10,509)




Investment securities

            154,352


            117,077




Total assets

            464,395


            445,154











Deposits

            401,293


            371,770




Borrowed funds

              10,684


              26,125




Shareholders' equity

              45,939


              41,789










Shares Outstanding at period end

         4,775,898


         4,775,898










Asset Quality







Allowance for loan losses to total loans

3.29%


3.78%




Nonperforming loans to total loans

8.87%


11.42%




Nonperforming assets to total assets

8.16%


9.71%

















SELECTED INCOME AND EXPENSE DATA

September 30,


September 30,


%



2011


2010


Change

For the quarter ended

(Unaudited)


(Unaudited)




Net interest income

$              3,675


$              3,965


-7.31%


Provision for loan losses

                        -


                3,940


-100.00%


Other income

                   566


                   839


-32.54%


Other expenses

                2,361


                2,100


12.43%


Income tax expense (benefit)

                   458


                 (680)


-167.35%


Net income (loss)

$              1,422


$               (556)


-355.76%








Net interest margin

3.32%


3.61%










Per Share Data







Net income (loss) per share-basic

$                0.30


$              (0.12)




Net income (loss) per share-diluted

$                0.30


$              (0.12)



















September 30,


September 30,


%



2011


2010


Change

For the year to date ended

(Unaudited)


(Unaudited)




Net interest income

$            11,023


$            12,395


-11.07%


Provision for loan losses

                2,499


              10,066


-75.17%


Other income

                   890


                1,150


-22.61%


Other expenses

                7,379


                5,780


27.66%


Income tax expense (benefit)

                   458


                 (744)


-161.56%


Net income (loss)

$              1,577


$            (1,557)


-201.28%








Net interest margin

3.44%


3.78%










Per Share Data







Net income (loss) per share-basic

$                0.33


$              (0.33)




Net income (loss) per share-diluted

$                0.33


$              (0.33)












SOURCE First Trust Bank



RELATED LINKS
http://www.firsttrustnc.com

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