First Trust Reports Net Income
07 2월 2009 - 12:00AM
PR Newswire (US)
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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