First Trust Second Quarter Earnings up 3%
25 7월 2008 - 10:30PM
PR Newswire (US)
CHARLOTTE, N.C., July 25 /PRNewswire-FirstCall/ -- First Trust Bank
(OTC:NCFT) (BULLETIN BOARD: NCFT) reported net income of $1.082
million or $0.24 per diluted share for the quarter ended June 30,
2008, compared to net income of $1.051 million, or $0.23 per
diluted share, for the second quarter of 2007. This represents a 3%
increase in net income over the same quarter last year. Net income
for the six months ended June 30, 2008 totaled $2.054 million or
$0.45 per diluted share, compared to net income of $2.053 million
or $0.44 per diluted share, for the same period in 2007. Return on
average equity and return on average assets for the first six
months of 2008 was 10.87% and 1.00% respectively. Net interest
income for the first six months of 2008 was $6.805 million compared
to $6.591 million for the same period in 2007. Assets at June 30,
2008 grew to $428 million, an increase of $38 million or 10% over
the $390 million reported at June 30, 2007. Loans totaled $316
million at June 30, 2008, an increase of 8% over June 30, 2007. "We
are very pleased with these results in today's economic
environment. Our asset quality remains good with no non-performing
loans and no significant past due loans. Our loan reserve remains
at a conservative 1.36% of loans outstanding. We have no sub-prime
mortgage exposure." said Jim Bolt, President and CEO. 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) June 30, June 30, 2008
2007 SELECTED BALANCE SHEET DATA (Unaudited) (Unaudited) Total
loans $315,665 $292,589 Allowance for loan losses (4,291) (4,011)
Investment securities 78,247 61,016 Total assets 428,016 390,076
Deposits 324,737 290,159 Borrowed funds 60,734 62,307 Shareholders'
equity 38,184 33,894 June 30, June 30, % 2008 2007 Change For the
quarter ended (Unaudited) (Unaudited) Net interest income $3,471
$3,444 0.78% Provision for loan losses 42 64 -34.38% Other income
159 141 12.77% Other expenses 1,914 1,790 6.93% Income tax expense
592 680 -12.94% Net income $1,082 $1,051 2.95% Per Share Data (1)
Net income per share- basic $0.24 $0.24 Net income per share-
diluted $0.24 $0.23 June 30, June 30, % 2008 2007 Change For the
six months ended (Unaudited) (Unaudited) Net interest income $6,805
$6,591 3.25% Provision for loan losses 42 192 -78.13% Other income
316 289 9.34% Other expenses 3,757 3,434 9.41% Income tax expense
1,268 1,201 5.58% Net income $2,054 $2,053 0.05% Per Share Data (1)
Net income per share- basic $0.46 $0.47 Net income per share-
diluted $0.45 $0.44 (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/
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