First Trust Bank Reports Third Quarter Results

CHARLOTTE, N.C., Oct. 29 /PRNewswire-FirstCall/ -- First Trust Bank (OTC: NCFT) reported results for the third quarter of 2010 today.  The Bank reported a net loss of $556 thousand, or ($0.12) per diluted share, for the quarter ended September 30, 2010 compared to net income of $935 thousand, or $0.20 per diluted share, for the third quarter of 2009.  

Assets at September 30, 2010 totaled $455 million compared to $456 million at December 31, 2009.  Gross loans totaled $301 million at quarter-end compared to $326 million at year-end, 2009.  The decrease in loans resulted primarily from payments and maturities along with management's efforts to reduce credit exposure and the continuing decline in loan demand.    

The net loss for the third quarter was primarily the result of a $3.9 million provision to the allowance for loan losses compared to a provision of $1.1 million made during the third quarter of 2009.  The allowance for loan losses totaled 2.69% at September 30, 2010 compared to 1.86% at September 30, 2009 and 2.24% at December 31, 2009. The net interest margin for the third quarter was 3.61% compared to 3.68% for the same quarter last year.

The Bank's capital position continues to be strong.  The Bank is considered "well-capitalized" by all regulatory standards.  Total risk based capital improved to 14.00% at September 30, 2010, compared to 13.71% at September 30, 2009 and December 31, 2009.

"Our third quarter results reflect the current economic cycle and our continued determination to quickly identify and resolve potential credit issues in a timely manner.  While there are some indications of improvement in the local economy, we continue to focus on capital preservation and asset quality remediation," said Jim Bolt, President and CEO.

First Trust Bank specializes in serving the banking needs of small businesses and professionals in the Charlotte, Mooresville, Davidson, Cornelius, Huntersville, Monroe and Concord markets.  The Bank operates three banking offices in the Charlotte, North Carolina area with locations at 1420 East Third Street and 2245 Rexford Road, Charlotte, NC and 108 Gateway Boulevard in 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 per share)















September 30,


December 31,





2010


2009







(Derived from







audited financial



SELECTED BALANCE SHEET DATA

(Unaudited)


statements)




Total loans

$          301,072


$          325,999




Allowance for loan losses

(8,084)


(7,302)




Investment securities

97,656


103,758




Total assets

454,947


455,810











Deposits

374,341


366,951




Borrowed funds

29,645


38,642




Shareholders' equity

46,076


46,020










Shares Outstanding at period end

4,775,898


4,775,898










Asset Quality







Allowance for loan losses to total loans

2.69%


2.24%




Nonperforming loans to total loans

7.39%


2.02%




Nonperforming assets to total assets

6.29%


1.62%










SELECTED INCOME AND EXPENSE DATA

September 30,


September 30,


%



2010


2009


Change

For the quarter ended

(Unaudited)


(Unaudited)




Net interest income

$              3,965


$              4,166


-4.82%


Provision for loan losses

3,940


1,055


273.46%


Other income

839


172


387.79%


Other expenses

2,100


1,902


10.41%


Income tax expense (benefit)

(680)


446


-252.47%


Net income (loss)

$               (556)


$                 935


-159.47%








Net interest margin

3.61%


3.68%










Per Share Data







Net income (loss) per share-basic

$              (0.12)


$                0.20




Net income (loss) per share-diluted

$              (0.12)


$                0.20



















September 30,


September 30,


%



2010


2009


Change

For the year to date ended

(Unaudited)


(Unaudited)




Net interest income

$            12,395


$            11,142


11.25%


Provision for loan losses

10,066


2,283


340.91%


Other income

1,150


624


84.29%


Other expenses

5,780


5,740


0.70%


Income tax expense (benefit)

(744)


1,305


-157.01%


Net income (loss)

$            (1,557)


$              2,438


-163.86%








Net interest margin

3.78%


3.33%










Per Share Data







Net income (loss) per share-basic

$              (0.33)


$                0.52




Net income (loss) per share-diluted

$              (0.33)


$                0.52





SOURCE First Trust Bank



RELATED LINKS
http://www.firsttrustnc.com

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