First Trust Second Quarter Earnings up 3%

    CHARLOTTE, N.C., July 25 /PRNewswire-FirstCall/ -- First Trust Bank
 (OTC Bulletin Board:   NCFT) reported net income of $1.082 million or $0.24
 per diluted share for the quarter ended June 30, 2008, compared to net
 income of $1.051 million, or $0.23 per diluted share, for the second
 quarter of 2007. This represents a 3% increase in net income over the same
 quarter last year.
 
     Net income for the six months ended June 30, 2008 totaled $2.054
 million or $0.45 per diluted share, compared to net income of $2.053
 million or $0.44 per diluted share, for the same period in 2007. Return on
 average equity and return on average assets for the first six months of
 2008 was 10.87% and 1.00% respectively.
 
     Net interest income for the first six months of 2008 was $6.805 million
 compared to $6.591 million for the same period in 2007.
 
     Assets at June 30, 2008 grew to $428 million, an increase of $38
 million or 10% over the $390 million reported at June 30, 2007. Loans
 totaled $316 million at June 30, 2008, an increase of 8% over June 30,
 2007.
 
     "We are very pleased with these results in today's economic
 environment. Our asset quality remains good with no non-performing loans
 and no significant past due loans. Our loan reserve remains at a
 conservative 1.36% of loans outstanding. We have no sub-prime mortgage
 exposure." 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; and a loan production office at 916
 Copperfield Boulevard in Concord, NC and at 2610 W. Roosevelt Boulevard in
 Monroe, 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)
 
                                            June 30,    June 30,
                                              2008        2007
     SELECTED BALANCE SHEET DATA          (Unaudited) (Unaudited)
                  Total loans                $315,665   $292,589
                  Allowance for loan
                   losses                      (4,291)    (4,011)
                  Investment securities        78,247     61,016
                  Total assets                428,016    390,076
 
                  Deposits                    324,737    290,159
                  Borrowed funds               60,734     62,307
                  Shareholders' equity         38,184     33,894
 
 
 
                                            June 30,    June 30,       %
                                              2008        2007       Change
     For the quarter ended                (Unaudited) (Unaudited)
                 Net interest income           $3,471      $3,444      0.78%
                 Provision for loan losses         42          64    -34.38%
                 Other income                     159         141     12.77%
                 Other expenses                 1,914       1,790      6.93%
                 Income tax expense               592         680    -12.94%
                 Net income                    $1,082      $1,051      2.95%
     Per Share Data  (1)
                 Net income per share-
                  basic                         $0.24       $0.24
                 Net income per share-
                  diluted                       $0.24       $0.23
 
 
 
                                            June 30,    June 30,       %
                                              2008        2007       Change
     For the six months ended             (Unaudited) (Unaudited)
                 Net interest income           $6,805      $6,591      3.25%
                 Provision for loan losses         42         192    -78.13%
                 Other income                     316         289      9.34%
                 Other expenses                 3,757       3,434      9.41%
                 Income tax expense             1,268       1,201      5.58%
                 Net income                    $2,054      $2,053      0.05%
     Per Share Data  (1)
                 Net income per share-
                  basic                         $0.46       $0.47
                 Net income per share-
                  diluted                       $0.45       $0.44
     (1) Adjusted to reflect the six-for-five stock split effected in the
 form of a 20% stock dividend paid in November 2007.
 
 
 

SOURCE First Trust Bank