First Trust's Net Income Up 13%
29 1월 2008 - 1:30AM
PR Newswire (US)
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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