CHARLOTTE, N.C., Jan. 28 /PRNewswire-FirstCall/ -- First Trust Bank (NCFT) reported net income for the year ended December 31, 2007 of $4.4 million or $0.95 per diluted share. This represents a 13% increase over net income of $3.9 million or $0.83 per diluted share for the year ended December 31, 2006, adjusted for the 20% stock dividend declared in October, 2007. Total assets at December 31, 2007 were $411 million compared to $365 million at December 31, 2006, a 13% increase. Loans totaled $313 million, an 18% increase over December 31, 2006. The Bank has no exposure to sub-prime mortgage loans. Net income for the fourth quarter was $1.2 million or $0.26 per diluted share, up 20% over net income of $989 thousand or $0.21 per diluted share for the quarter ended December 31, 2006. "Despite a very challenging operating environment, our banking operations continue to perform with record earnings and strong growth in our markets," said Jim Bolt, President and CEO. First Trust Bank (OTC:NCFT) (BULLETIN BOARD: NCFT) 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 located at 1420 East Third Street and 2245 Rexford Road, Charlotte, NC and 108 Gateway Boulevard, Mooresville, NC and a loan production office at 916 Copperfield Boulevard in Concord, NC and at 2610 W. Roosevelt Boulevard in Monroe, NC. For additional information, please contact Jean Galloway or Jim Bolt at 704-377-3936 (fax 704-377-8869) or by email at 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 per share) December 31, December 31, 2007 2006 SELECTED BALANCE SHEET DATA (Unaudited) (Audited) Total Loans $ 317,245 $ 269,687 Allowance for loan losses (4,249) (3,838) Investment securities 67,771 63,398 Total assets 411,384 364,829 Deposits 311,136 291,671 Borrowed funds 58,539 37,452 Shareholders' equity 37,121 32,088 December 31, December 31, % 2007 2006 Change For the quarter ended (Unaudited) (Audited) Net interest income $3,492 $3,133 11.46% Provision for loan losses 121 135 -10.37% Other income 151 158 -4.43% Other expenses 1,873 1,663 12.63% Income tax expense 458 504 -9.13% Net income $1,191 $ 989 20.42% Per Share Data (1) Net income per share-basic $0.27 $0.23 Net income per share-diluted $0.26 $0.21 December 31, December 31, % 2007 2006 Change For the twelve months ended (Unaudited) (Audited) Net interest income $13,667 $12,571 8.72% Provision for loan losses 430 447 -3.80% Other income 615 471 30.57% Other expenses 7,258 6,542 10.94% Income tax expense 2,228 2,196 1.46% Net income $4,366 $3,857 13.20% Per Share Data (1) Net income per share-basic $0.99 $0.89 Net income per share-diluted $0.95 $0.83 (1) Adjusted to reflect the six-for-five stock split effected in the form of a 20% stock dividend paid in November 2007. DATASOURCE: First Trust Bank CONTACT: Jean Galloway or Jim Bolt, +1-704-377-3936, fax +1-704-377-8869, or email at http://www.firsttrustnc.com/ Web site: http://www.firsttrustnc.com/

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