First Trust Bank Third Quarter Earnings Up 24%
24 10월 2006 - 5:52AM
PR Newswire (US)
CHARLOTTE, N.C., Oct. 23 /PRNewswire-FirstCall/ -- First Trust Bank
(OTC:NCFT) (BULLETIN BOARD: NCFT) reported net income of $998
thousand or $0.31 per diluted share for the quarter ended September
30, 2006, compared to net income of $807 thousand, or $0.25 per
diluted share, for the third quarter of 2005. This represents a 24%
increase in net income over the same quarter last year. Net income
for the nine months ended September 30, 2006 totaled $2.9 million
or $.90 per diluted share, compared to net income of $2.2 million
or $0.75 per diluted share, for the same period in 2005, an
increase of 32%. Return on average equity and return on average
assets for the first nine months of 2006 was 13.18% and 1.19%
respectively. Net interest income for the first nine months of 2006
was 9.4 million, an increase of $1.6 million or 21% over September
30, 2005. Assets at September 30, 2006 were $341 million, an
increase of $49.0 million or 17% over the $292 million reported at
September 30, 2005. Loans totaled $249 million at September 30, an
increase of 21% over September 30, 2005. First Trust Bank
specializes in serving the banking needs of small businesses and
professionals in the Charlotte, Mooresville, Davidson, Cornelius,
Huntersville, Concord and Monroe markets. The Bank operates three
banking offices at 1420 East Third Street and 2245 Rexford Road,
Charlotte, NC and 108 Gateway Boulevard, Mooresville, NC; and two
loan production offices at 916 Copperfield Boulevard in Concord, NC
and 2610 W. Roosevelt Boulevard, Monroe, 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/ . SELECTED FINANCIAL DATA FIRST TRUST
BANK (dollars in thousands, except per share) September 30,
September 30, 2006 2005 SELECTED BALANCE SHEET DATA (Unaudited)
(Unaudited) Total Loans $248,581 $205,987 Allowance for loan losses
(3,703) (3,302) Investment securities 65,315 63,682 Total assets
341,206 292,174 Deposits 269,698 240,258 Borrowed funds 37,349
22,144 Shareholders' equity 30,842 27,102 September 30, September
30, % 2006 2005 Change For the quarter ended (Unaudited)
(Unaudited) Net interest income $3,119 $2,823 10.5% Provision for
loan losses 34 128 -73.4% Other income 155 73 112.3% Other expenses
1,722 1,451 18.7% Income tax expense 520 510 2.0% Net income $998
$807 23.7% Per Share Data (1) Net income per share-basic $0.33
$0.27 Net income per share-diluted $0.31 $0.25 September 30,
September 30, % 2006 2005 Change For the nine months ended
(Unaudited) (Unaudited) Net interest income $9,438 $7,772 21.4%
Provision for loan losses 312 341 -8.5% Other income 313 218 43.6%
Other expenses 4,879 4,051 20.4% Income tax expense 1,692 1,368
23.7% Net income $2,868 $2,230 28.6% Per Share Data (1) Net income
per share-basic $0.95 $0.81 Net income per share-diluted $0.90
$0.75 (1) Adjusted to reflect the six-for-five stock split effected
in the form of a 20% stock dividend paid in November 2005.
DATASOURCE: First Trust Bank CONTACT: Jean Galloway or Jim Bolt,
+1-704-377-3936, or fax, +1-704-377-8869, both of First Trust Bank
Web site: http://www.firsttrustnc.com/
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