CHARLOTTE, N.C., Feb. 6 /PRNewswire-FirstCall/ -- First Trust Bank (OTC Bulletin Board: NCFT) reported net income for the year ended December 31, 2008 of $4.1 million or $0.89 per diluted share. This compares to net income of $4.4 million or $0.95 per diluted share for the year ended December 31, 2007. Total assets at December 31, 2008 were $468 million compared to $411 million at December 31, 2007, a 14% increase. Loans totaled $335 million, a 6% increase over December 31, 2007. Our loan reserve remains at a conservative 1.37% of outstanding loans. The Bank has no exposure to sub- prime mortgage loans, Freddie Mac or Fannie Mae preferred stock. Net income for the fourth quarter was $908 thousand or $0.20 per diluted share, compared to net income of $1.2 million or $0.26 per diluted share for the quarter ended December 31, 2007. "Due to our performance and well-capitalized position, we elected not to participate in the Federal Government's TARP plan. Despite an unprecedented 400 basis point decline in the Federal Funds interest rate which negatively impacted our net interest margin, and the most challenging economic environment in recent history resulting in the 'Great Recession'; our banking operations continue to perform with strong earnings and growth in our markets," 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, 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. 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, changes in interest rates and the effects of completion. SELECTED FINANCIAL DATA FIRST TRUST BANK (dollars in thousands, except per share) December 31, December 31, 2008 2007 SELECTED BALANCE SHEET DATA (Unaudited) (Audited) Total loans $334,737 $317,245 Allowance for loan losses (4,602) (4,249) Investment securities 89,745 67,771 Total assets 468,114 411,384 Deposits 372,757 311,136 Borrowed funds 47,888 58,539 Shareholders' equity 42,034 37,121 December 31, December 31, % 2008 2007 Change For the quarter ended (Unaudited) (Audited) Net interest income $3,180 $3,492 -8.93% Provision for loan losses 199 121 64.46% Other income 170 151 12.58% Other expenses 1,778 1,873 -5.07% Income tax expense 465 458 1.53% Net income $908 $1,191 -23.76% Per Share Data Net income per share- basic $0.20 $0.27 Net income per share- diluted $0.20 $0.26 December 31, December 31, % 2008 2007 Change For the year ended (Unaudited) (Audited) Net interest income $13,553 $13,667 -0.83% Provision for loan losses 377 430 -12.33% Other income 645 615 4.88% Other expenses 7,437 7,258 2.47% Income tax expense 2,276 2,228 2.15% Net income $4,108 $4,366 -5.91% Per Share Data Net income per share- basic $0.92 $0.99 Net income per share- diluted $0.89 $0.95 DATASOURCE: First Trust Bank CONTACT: Jean Galloway or Jim Bolt, both of First Trust Bank, +1-704-377-3936, fax: 704-377-8869 Web site: http://www.firsttrustnc.com/

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