First Trust Bank Reports Second Quarter Earnings
24 7월 2009 - 4:15AM
PR Newswire (US)
CHARLOTTE, N.C., July 23 /PRNewswire-FirstCall/ -- First Trust Bank
(OTC Bulletin Board: NCFT) reported results for the second quarter
of 2009 today. The Bank reported net income of $865 thousand, or
$0.18 per diluted share, for the quarter ended June 30, 2009
compared to net income of $1.082 million, or $0.24 per diluted
share, for the second quarter of 2008. Assets at June 30, 2009 grew
to $476 million, an increase of $48 million, or 11%, over the $428
million reported at June 30, 2008. Loans increased to $338 million
at quarter end, an increase of 7% over June 30, 2008. "Earnings for
the second quarter of 2009 were adversely affected by a higher
provision to the allowance for loan losses and a $325 thousand
expense attributable to the industry-wide regular and special FDIC
assessments levied in the second quarter. Our bank remains well
capitalized and has maintained a relatively strong earnings stream
despite the current environment," said Jim Bolt, President and CEO.
The June 2009 edition of US Banker magazine ranked the top 200
banks in the US based on a three-year average return on equity.
First Trust Bank ranked #120 with a three-year average return on
equity of 12.09%. Additionally, the June 2009 edition of Business
North Carolina ranked the "Financial 100" in North Carolina based
on total revenues at year-end 2008. First Trust Bank ranked #48, up
from #50 last year. First Trust Bank ranked as having the third
highest return on assets for 2008 at 0.96%; the third highest
return on equity at 10.59% for 2008; and the sixth lowest
efficiency rating at 52.3% for 2008. 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 2616 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, December 31, 2009
2008 SELECTED BALANCE SHEET DATA (Unaudited) (Audited) Total loans
$337,622 $334,737 Allowance for loan losses (5,403) (4,602)
Investment securities 95,992 89,745 Other real estate owned 800 -
Total assets 476,096 468,114 Deposits 380,242 372,757 Borrowed
funds 47,307 47,888 Shareholders' equity 44,164 42,034 June 30,
June 30, % 2009 2008 Change For the quarter ended (Unaudited)
(Unaudited) Net interest income $3,730 $3,471 7.46% Provision for
loan losses 648 42 1442.86% Other income 280 159 76.10% Other
expenses 1,998 1,914 4.39% Income tax expense 499 592 -15.71% Net
income $865 $1,082 -20.06% Per Share Data Net income per
share-basic $0.18 $0.24 Net income per share-diluted $0.18 $0.24
June 30, June 30, % 2009 2008 Change For the six months ended
(Unaudited) (Unaudited) Net interest income $6,976 $6,805 2.51%
Provision for loan losses 1,228 42 2823.81% Other income 452 316
43.04% Other expenses 3,838 3,757 2.16% Income tax expense 859
1,268 -32.26% Net income $1,503 $2,054 -26.83% Per Share Data Net
income per share-basic $0.33 $0.46 Net income per share-diluted
$0.32 $0.45 Shares Outstanding at period end 4,775,898 4,436,971
Allowance to loan losses to total loans 1.60% 1.36% Nonperforming
loans to total loans 0.08% 0.00% Nonperforming assets to total
assets 0.22% 0.00% DATASOURCE: First Trust Bank CONTACT: Jean
Galloway or Jim Bolt, both of First Trust Bank, +1-704-377-3936, or
fax +1-704-377-8869 Web Site: http://www.firsttrustnc.com/
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