First Trust Bank Reports First Quarter Earnings
CHARLOTTE, N.C., May 2, 2012 /PRNewswire/ -- First Trust Bank (OTC: NCFT) reported results for the first quarter of 2012 today. The Bank reported net income of $831 thousand, or $0.17 per diluted share, for the quarter ended March 31, 2012; a 34% increase over the net income of $620 thousand, or $0.13 per diluted share, for the first quarter of 2011.
Assets at March 31, 2012 totaled $437 million compared to $442 million at December 31, 2011 and $452 million reported at March 31, 2011. Loans were $228 million at the end of the first quarter of 2012, compared to $239 million at December 31, 2011 and $265 million at March, 2011.
As a percentage of gross loans outstanding, the allowance for loan losses was 3.11% at March 31, 2012 compared to 3.27% at March 31, 2011. Our net interest margin was 3.53% for the first quarter of 2012 compared to 3.59% for the first quarter of 2011.
Non-performing assets at March 31, 2012 were 8.1% of total assets compared to 8.6% at December 31, 2011 and 9.0% at March 31, 2011. Impaired assets to total assets, including non-performing assets, totaled 10.7%, 11.3% and 10.1% for the same periods. Non-performing assets at March 31, 2012 included loans of $21.8 million and other real estate owned (OREO) of $13.7 million.
"We are very pleased with the earnings performance and our improvement in asset quality in the first quarter. First quarter results reflect continued improvement and positive trends in all areas," 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.
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 share and per share amounts) |
||||||
| March 31, |
December 31, |
|||||
| 2012 |
2011 |
|||||
| (Derived from |
||||||
| audited financial |
||||||
| SELECTED BALANCE SHEET DATA |
(Unaudited) |
statements) |
||||
| Total loans |
$ 227,840 |
$ 238,789 |
||||
| Allowance for loan losses |
(7,081) |
(7,212) |
||||
| Investment securities |
144,201 |
151,014 |
||||
| Total assets |
436,682 |
442,264 |
||||
| Deposits |
374,107 |
380,794 |
||||
| Borrowed funds |
8,075 |
8,291 |
||||
| Shareholders' equity |
47,422 |
46,591 |
||||
| Shares Outstanding at period end |
4,775,898 |
4,775,898 |
||||
| Asset Quality |
||||||
| Allowance for loan losses to total loans |
3.11% |
3.02% |
||||
| Nonperforming loans to total loans |
9.56% |
10.35% |
||||
| Nonperforming assets to total assets |
8.12% |
8.65% |
||||
| SELECTED INCOME AND EXPENSE DATA |
March 31, |
March 31, |
% |
|||
| 2012 |
2011 |
Change |
||||
| For the year-to-date ended |
(Unaudited) |
(Unaudited) |
||||
| Net interest income |
$ 3,590 |
$ 3,708 |
-3.18% |
|||
| Provision for loan losses |
140 |
449 |
-68.82% |
|||
| Other income |
150 |
142 |
5.63% |
|||
| Other expenses |
2,269 |
2,560 |
-11.37% |
|||
| Income tax expense |
500 |
221 |
126.24% |
|||
| Net income |
$ 831 |
$ 620 |
34.03% |
|||
| Net interest margin |
3.53% |
3.59% |
||||
| Per Share Data |
||||||
| Net income (loss) per share-basic |
$ 0.17 |
$ 0.13 |
||||
| Net income (loss) per share-diluted |
$ 0.17 |
$ 0.13 |
||||
SOURCE First Trust Bank
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