First Trust Reports Fourth Quarter & Year-End Results

CHARLOTTE, N.C., Feb. 6, 2012 /PRNewswire/ -- First Trust Bank (OTC: NCFT) reported results for the quarter-end and year-end as of December 31, 2011.  Highlights for 2011 include the following:

• The Bank reported net income of $823 thousand or $0.17 per diluted share for the quarter ended December 31, 2011.  This compares to a net loss of $2.3 million or ($0.48) per diluted share for the fourth quarter of 2010.

• For the year ending December 31, 2011, the Bank reported net income of $2.4 million or $0.50 per diluted share.  This compares to a net loss of $3.9 million or ($0.81) per diluted share for the year ended December 31, 2010.

• The percentage of non-performing assets to total assets at December 31, 2011 was down 11% over December 31, 2010.  Other real estate owned (OREO) increased from $11.5 million at December 31, 2010 to $13.5 million at December 31, 2011.  At the same time, nonperforming (nonaccrual) loans decreased from $31.8 million at December 31, 2010 to $24.7 million at December 31, 2011.  The Bank is focused on continuing to improve the overall quality of its loan portfolio and working diligently to dispose of the OREO in a cost effective manner.

• The reserve for loan losses totaled $7.2 million or 3.02% of loans outstanding at December 31, 2011 compared to $10.5 million or 3.78% of loans outstanding at December 31, 2010.  Net charge-offs for 2011 were 2.50% of average loans outstanding compared to 4.26% for 2010.

• Total assets at December 31, 2011 were $442 million compared to $445 million at December 31, 2010.  Loans totaled $239 million at year-end reflecting a $39 million or 14% decrease from year-end 2010.  Deposits totaled $381 million compared to $372 million at year-end 2010; a 2% increase.

• At June 30, 2011, First Trust Bank ranked 16th out of the top 25 banks in the Charlotte area based on total deposits.

• The Bank added a new senior management position of Chief Operating Officer and hired R. Scott Anderson to fill this role November 1, 2011.  With over thirty years of banking experience and a significant share of it in the greater Charlotte market, Scott's responsibilities include new business development, branches, and management of commercial lenders.    

"Our results for 2011 show progress in all areas.  Asset quality continues to be a priority.  We are seeing some modest improvement in loan demand and we look forward to continued improvement in the economy in 2012.  The bank continues to exceed all regulatory capital standards," said Jim Bolt, President/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 in the Charlotte, North Carolina area with locations at 1420 East Third Street and 2245 Rexford Road, Charlotte, NC and 108 Gateway Boulevard, in Mooresville, 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 competition.

http://www.firsttrustnc.com

SOURCE First Trust Bank