First Trust Reports Net Income
Total assets at
Net income for the fourth quarter was
"Due to our performance and well-capitalized position, we elected not to
participate in the Federal Government's TARP plan. Despite an unprecedented
400 basis point decline in the Federal Funds interest rate which negatively
impacted our net interest margin, and the most challenging economic
environment in recent history resulting in the 'Great Recession'; our banking
operations continue to perform with strong earnings and growth in our
First Trust Bank specializes in serving the banking needs of small
businesses and professionals in the
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, changes in interest rates and the effects of completion.
SELECTED FINANCIAL DATA FIRST TRUST BANK (dollars in thousands, except per share) December 31, December 31, 2008 2007 SELECTED BALANCE SHEET DATA (Unaudited) (Audited) Total loans $334,737 $317,245 Allowance for loan losses (4,602) (4,249) Investment securities 89,745 67,771 Total assets 468,114 411,384 Deposits 372,757 311,136 Borrowed funds 47,888 58,539 Shareholders' equity 42,034 37,121 December 31, December 31, % 2008 2007 Change For the quarter ended (Unaudited) (Audited) Net interest income $3,180 $3,492 -8.93% Provision for loan losses 199 121 64.46% Other income 170 151 12.58% Other expenses 1,778 1,873 -5.07% Income tax expense 465 458 1.53% Net income $908 $1,191 -23.76% Per Share Data Net income per share- basic $0.20 $0.27 Net income per share- diluted $0.20 $0.26 December 31, December 31, % 2008 2007 Change For the year ended (Unaudited) (Audited) Net interest income $13,553 $13,667 -0.83% Provision for loan losses 377 430 -12.33% Other income 645 615 4.88% Other expenses 7,437 7,258 2.47% Income tax expense 2,276 2,228 2.15% Net income $4,108 $4,366 -5.91% Per Share Data Net income per share- basic $0.92 $0.99 Net income per share- diluted $0.89 $0.95
SOURCE First Trust Bank
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.