First Trust's Net Income Up 13%

    CHARLOTTE, N.C., Jan. 28 /PRNewswire-FirstCall/ -- First Trust Bank
 (NCFT) reported net income for the year ended December 31, 2007 of $4.4
 million or $0.95 per diluted share. This represents a 13% increase over net
 income of $3.9 million or $0.83 per diluted share for the year ended
 December 31, 2006, adjusted for the 20% stock dividend declared in October,
 2007.
 
     Total assets at December 31, 2007 were $411 million compared to $365
 million at December 31, 2006, a 13% increase. Loans totaled $313 million,
 an 18% increase over December 31, 2006. The Bank has no exposure to
 sub-prime mortgage loans.
 
     Net income for the fourth quarter was $1.2 million or $0.26 per diluted
 share, up 20% over net income of $989 thousand or $0.21 per diluted share
 for the quarter ended December 31, 2006.
 
     "Despite a very challenging operating environment, our banking
 operations continue to perform with record earnings and strong growth in
 our markets," said Jim Bolt, President and CEO.
 
     First Trust Bank (OTC Bulletin Board:   NCFT) 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.
 
     For additional information, please contact Jean Galloway or Jim Bolt at
 704-377-3936 (fax 704-377-8869) or by email at 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)
 
                                                     December 31, December 31,
                                                        2007          2006
     SELECTED BALANCE SHEET DATA                     (Unaudited)   (Audited)
       Total Loans                                    $ 317,245      $ 269,687
       Allowance for loan losses                         (4,249)        (3,838)
       Investment securities                             67,771         63,398
       Total assets                                     411,384        364,829
 
       Deposits                                         311,136        291,671
       Borrowed funds                                    58,539         37,452
      Shareholders' equity                               37,121         32,088
 
 
 
                                    December 31,     December 31,     %
                                        2007            2006       Change
     For the quarter ended          (Unaudited)      (Audited)
 
       Net interest income              $3,492          $3,133        11.46%
       Provision for loan losses           121             135       -10.37%
       Other income                        151             158        -4.43%
       Other expenses                    1,873           1,663        12.63%
       Income tax expense                  458             504        -9.13%
       Net income                       $1,191           $ 989        20.42%
     Per Share Data (1)
       Net income per share-basic        $0.27           $0.23
       Net income per share-diluted      $0.26           $0.21
 
                                     December 31,   December 31,       %
                                        2007            2006         Change
     For the twelve months ended     (Unaudited)      (Audited)
       Net interest income             $13,667         $12,571         8.72%
       Provision for loan losses           430             447        -3.80%
       Other income                        615             471        30.57%
       Other expenses                    7,258           6,542        10.94%
       Income tax expense                2,228           2,196         1.46%
       Net income                       $4,366          $3,857        13.20%
     Per Share Data (1)
       Net income per share-basic        $0.99           $0.89
       Net income per share-diluted      $0.95           $0.83
     (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