CHARLOTTE, N.C., July 24 /PRNewswire-FirstCall/ -- First Trust Bank (OTC:NCFT) (BULLETIN BOARD: NCFT) reported net income of $1.1 million or $0.27 per diluted share for the quarter ended June 30, 2007, compared to net income of $0.9 million, or $0.25 per diluted share, for the second quarter of 2006. This represents an 11% increase in net income over the same quarter last year. Net income for the six months ended June 30, 2007 totaled $2.1 million or $0.53 per diluted share, compared to net income of $1.9 million or $0.49 per diluted share, for the same period in 2006, an increase of 10%. Return on average equity and return on average assets for the first six months of 2007 was 12.43% and 1.12% respectively. Net interest income for the first six months of 2007 was $6.6 million compared to $6.3 million for the same period in 2006. Assets at June 30, 2007 grew to $390 million, an increase of $40 million or 11% over the $350 million reported at June 30, 2006. Loans totaled $293 million at June 30, 2007, an increase of 18% over June 30, 2006. "We are very pleased with these results considering the challenging operating environment this year," said Jim Bolt, President and CEO. 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 loan production offices located 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 https://firsttrustnc.com/. SELECTED FINANCIAL DATA FIRST TRUST BANK (dollars in thousands, except per share) June 30, June 30, 2007 2006 SELECTED BALANCE SHEET DATA (Unaudited) (Unaudited) Total Loans $ 292,589 $ 248,187 Allowance for loan losses (4,011) (3,669) Investment securities 61,016 63,648 Total assets 390,076 349,825 Deposits 290,159 281,501 Borrowed funds 62,307 36,419 Shareholders' equity 33,894 28,998 June 30, June 30, % 2007 2006 Change For the quarter ended (Unaudited) (Unaudited) Net interest income $ 3,444 $ 3,270 5.3% Provision for loan losses 64 137 -53.3% Other income 141 85 65.9% Other expenses 1,790 1,627 10.2% Income tax expense 680 648 4.5% Net income $ 1,051 $ 943 11.5% Per Share Data (1) Net income per share-basic $ 0.29 $ 0.26 Net income per share-diluted $ 0.27 $ 0.25 June 30, June 30, % 2007 2006 Change For the six months ended (Unaudited) (Unaudited) Net interest income $ 6,591 $ 6,319 4.3% Provision for loan losses 192 278 -30.9% Other income 289 158 82.9% Other expenses 3,434 3,157 8.8% Income tax expense 1,201 1,172 2.5% Net income $ 2,053 $ 1,870 9.8% Per Share Data (1) Net income per share-basic $ 0.56 $ 0.52 Net income per share-diluted $ 0.53 $ 0.49 (1) Adjusted to reflect the six-for-five stock split effected in the form of a 20% stock dividend paid in November 2006. DATASOURCE: First Trust Bank CONTACT: Jean Galloway or Jim Bolt of First Trust Bank, +1-704-377-3936, fax, +1-704-377-8869, https://firsttrustnc.com/ Web site: http://www.firsttrustnc.com/

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