First Trust Bank Reports Third Quarter Earnings

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Nov 02, 2012, 10:00 ET

CHARLOTTE, N.C., Nov. 2, 2012 /PRNewswire/ -- First Trust Bank (OTCBB:NCFT) reported results for the third quarter of 2012 today. The bank reported net income of $929 thousand, or $0.19 per diluted share, for the quarter ended September 30, 2012 compared to $1.4 million, or $0.30 per diluted share, for the third quarter of 2011.

Assets at September 30, 2012 totaled $401 million compared to $464 million at September 30, 2011 and $415 million reported at June 30, 2012. Loans were $195 million at the end of the third quarter of 2012, compared to $239 million at December 31, 2011 and $215 million at June 30, 2012.

As a percentage of gross loans outstanding, the allowance for loan losses was 3.51% at September 30, 2012 compared to 3.18% at June 30, 2012. Our net interest margin was 3.53% for the third quarter of 2012 compared to 3.61% for the second quarter of 2012.

Non-performing assets at September 30, 2012 were 5.6% of total assets compared to 8.7% at December 31, 2011 and 6.4% at June 30, 2012. Impaired assets to total assets, including non-performing assets and accruing TDRs, totaled 8.7%, 11.3% and 9.4% for the same periods. Non-performing assets at September 30, 2012 included loans of $11.3 million and other real estate owned (OREO) of $11.0 million.

"We continue to show improvement in asset quality. We look forward to our new partnership with the Bank of North Carolina," 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 visit 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)

		September 30,	December 31,
		2012	2011
			(Derived from
			audited financial
SELECTED BALANCE SHEET DATA		(Unaudited)	statements)
	Total loans	$ 195,290	$ 238,789
	Allowance for loan losses	(6,855)	(7,212)
	Investment securities	132,438	151,014
	Total assets	401,331	442,264

	Deposits	334,499	380,794
	Borrowed funds	9,512	8,291
	Shareholders' equity	50,293	46,591

Shares Outstanding at period end		4,775,898	4,775,898

Asset Quality
	Allowance for loan losses to total loans	3.51%	3.02%
	Nonperforming loans to total loans	5.79%	10.35%
	Nonperforming assets to total assets	5.57%	8.65%


SELECTED INCOME AND EXPENSE DATA		September 30,	September 30,	%
		2012	2011	Change
For the quarter ended		(Unaudited)	(Unaudited)
	Net interest income	$ 3,393	$ 3,675	-7.67%
	Provision for loan losses	-	-	n/a
	Other income	123	566	-78.27%
	Other expenses	2,262	2,361	-4.19%
	Income tax expense (benefit)	325	458	-29.04%
	Net income (loss)	$ 929	$ 1,422	-34.67%

Net interest margin		3.53%	3.32%

Per Share Data
	Net income (loss) per share-basic	$ 0.19	$ 0.30
	Net income (loss) per share-diluted	$ 0.19	$ 0.30


		September 30,	September 30,	%
		2012	2011	Change
For the year to date ended		(Unaudited)	(Unaudited)
	Net interest income	$ 10,513	$ 11,023	-4.63%
	Provision for loan losses	(266)	2,499	-110.64%
	Other income	455	890	-48.88%
	Other expenses	6,787	7,379	-8.02%
	Income tax expense	1,532	458	234.50%
	Net income	$ 2,915	$ 1,577	84.84%

Net interest margin		3.56%	3.44%

Per Share Data
	Net income per share-basic	$ 0.61	$ 0.33
	Net income per share-diluted	$ 0.61	$ 0.33