First Trust Bank Third Quarter Earnings Up 34%
26 10월 2005 - 4:00AM
PR Newswire (US)
CHARLOTTE, N.C., Oct. 25 /PRNewswire-FirstCall/ -- First Trust Bank
(OTC:NCFT) (BULLETIN BOARD: NCFT) reported September 30, 2005
results today. The bank reported net income of $807 thousand or
$0.32 per share for the quarter ended September 30, 2005, compared
to net income of $604 thousand, or $0.29 per share, for the third
quarter of 2004. This represents a 34% increase in net income over
the same quarter last year and a 10% increase in earnings per
share. Net income for the nine months ended September 30, totaled
$2.2 million or $.97 per share, compared to net income of $1.7
million or $0.82 per share, for the same period in 2004, an
increase of 29% and 18% respectively. Average shares outstanding
increased by 416,347 shares over the prior period, primarily the
result of the Bank's secondary stock offering in May, 2005. Assets
at September 30, 2005 grew to $292 million, an increase of $58
million or 25% over the $234 million reported at September 30,
2004. Loans totaled $206 million at September 30, an increase of
20% over September 30, 2004. The bank maintains a substantial
reserve for loan losses, currently 1.60% of gross loans
outstanding. "We are very pleased with our financial performance in
2005. Our growth in earnings continues to be strong and our asset
quality remains outstanding," said Jim Bolt, President and CEO.
First Trust is a commercial bank whose target market is small to
medium sized businesses and professionals. The bank operates three
banking offices at 100 Queens Road and 2245 Rexford Road,
Charlotte, NC and 108 Gateway Boulevard, Mooresville, NC; and a
loan production office at 916 Copperfield Boulevard in Concord, 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/. DATASOURCE: First Trust Bank CONTACT:
Jean Galloway, or Jim Bolt of First Trust Bank, +1-704-377-3936, or
fax, +1-704-377-8869, or http://www.firsttrustnc.com/ Web site:
http://www.firsttrustnc.com/
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