First Trust Bank Reports First Quarter Net Income
25 4월 2008 - 11:30PM
PR Newswire (US)
CHARLOTTE, N.C., April 25 /PRNewswire-FirstCall/ -- First Trust
Bank (OTC Bulletin Board: NCFT) reported first quarter results
today. The Bank reported net income of $972 thousand, or $0.22 per
share, for the quarter ended March 31, 2008 compared to net income
of $1.00 million, or $0.23 per share, for the first quarter of
2007. Fully diluted earnings for the quarter ended March 31, 2008
were $0.21 per share, compared to $0.22 per diluted share for the
first quarter of 2007. Assets at March 31, 2008 grew to $423
million, an increase of $54 million, or 12%, over the $379 million
reported at March 31, 2007. Loans totaled $309 million at quarter
end, an increase of 10% over March 31, 2007. Jim Bolt, President
and CEO said, "The first quarter of 2008 has been a most
challenging banking environment. The aggressive 200 basis point cut
in the Federal Funds target rate in less than sixty days during the
first quarter adversely impacted our net interest margin and,
therefore, our earnings. Our asset quality remains good with no
non-performing loans and no significant past due loans. Our loan
reserve remains at a conservative 1.37% of gross loans outstanding.
We have no sub-prime mortgage exposure. "It appears that the
remainder of 2008 will no doubt be a challenging banking
environment as interest rate cuts squeeze net interest margins and
continued economic weakness affects asset growth." First Trust Bank
is a commercial bank whose target market is small to medium sized
businesses and professionals. The Bank operates three banking
offices 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 e-mail 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) March 31, December 31,
2008 2007 SELECTED BALANCE SHEET DATA (Unaudited) (Audited) Total
Loans $308,880 $317,245 Allowance for loan losses (4,248) (4,249)
Investment securities 76,305 67,771 Total assets 422,597 411,384
Deposits 315,362 311,136 Borrowed funds 64,156 58,539 Shareholders'
equity 38,249 37,121 March 31, March 31, % 2008 2007 Change For the
quarter ended (Unaudited) (Audited) Net interest income $3,334
$3,147 5.94% Provision for loan losses - 128 Other income 157 148
6.08% Other expenses 1,843 1,644 12.10% Income tax expense 676 521
29.75% Net income $972 $1,002 -2.99% Per Share Data (1) Net income
per share-basic $0.22 $0.23 Net income per share-diluted $0.21
$0.22 (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,
both of First Trust Bank, +1-704-377-3936, fax +1-704-377-8869 Web
site: http://www.firsttrustnc.com/
Copyright