First Trust Reports Net Income

CHARLOTTE, N.C., Feb. 6 /PRNewswire-FirstCall/ -- First Trust Bank (OTC Bulletin Board: NCFT) reported net income for the year ended December 31, 2008 of $4.1 million or $0.89 per diluted share. This compares to net income of $4.4 million or $0.95 per diluted share for the year ended December 31, 2007.

Total assets at December 31, 2008 were $468 million compared to $411 million at December 31, 2007, a 14% increase. Loans totaled $335 million, a 6% increase over December 31, 2007. Our loan reserve remains at a conservative 1.37% of outstanding loans. The Bank has no exposure to sub- prime mortgage loans, Freddie Mac or Fannie Mae preferred stock.

Net income for the fourth quarter was $908 thousand or $0.20 per diluted share, compared to net income of $1.2 million or $0.26 per diluted share for the quarter ended December 31, 2007.

"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 markets," 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 located at 1420 East Third Street and 2245 Rexford Road, Charlotte, NC and 108 Gateway Boulevard, Mooresville, NC and a loan production office at 916 Copperfield Boulevard in Concord, NC and at 2610 W. Roosevelt Boulevard in Monroe, 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, 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

RELATED LINKS
http://www.firsttrustnc.com/