AB&T Financial : April 28, 2022 -- AB&T Financial Corporation Announces First Quarter 2022 Results

Contact:Dan M. Boyd IV, President/CEO, [phone]

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AB&T Financial Corporation Announces First Quarter 2022 Results

Gastonia, N.C. (April 28, 2022)-- AB&T Financial Corporation (OTC Pink: ABTO), the parent company of Alliance Bank & Trust Company (the "Bank"), today reported its unaudited first quarter 2022 results. For the quarter ended March 31, 2022, net income available to common shareholders was $388,000 or $0.012 per basic and diluted common share, compared to net income available to common shareholders of $252,000 or $0.008 per basic and diluted common share for the quarter ended March 31, 2021, an increase of 54.0%. This increase in earnings was largely attributable to growth in our net interest income of approximately $338,000 due to growth in the loan portfolio coupled with a steady decrease in our cost of funds over the comparable period. The increase in net interest income was partially offset by an increase in non-interest expense of $185,000 over the comparable period in 2021.

Total assets at March 31, 2022 were $234.7 million, an increase of $4.5 million or 2.0% from $230.2 million at December 31, 2021. Loans totaled $151.9 million at March 31, 2022 compared to $150.0 million at December 31, 2021, an increase of $1.9 million or 1.3%. Total deposits increased to $216.7 million on March 31, 2022, from $214.4 million as of December 31, 2021, an increase of $2.3 million or 1.1%. Demand deposit accounts increased from $98.5 million at December 31, 2021, to $105.7 million at March 31, 2022, an increase of $7.2 million or 7.3%.

Dan Boyd, President and CEO, commented, "We are pleased with our first quarter results for 2022, particularly with the increase in net interest income which is derived from our growth in loans coupled with a lower cost of funds. We expect to continue to utilize our current excess liquidity to continue to grow our loan portfolio. This growth should enhance our net interest margin and further increase our net interest income for the remainder of 2022.

The Bank opened its first loan production office in Lincolnton, NC on January 3, 2022. We are excited about the positive results we have achieved in the expansion into this new market."

Alliance Bank & Trust Company, which opened in Gastonia, North Carolina in 2004, operates four NorthCarolina banking offices, in Gastonia (2), Kings Mountain and Shelby.

AB&T Financial Corporation is the parent company of Alliance Bank & Trust Company, which operates 4 community-oriented branches in Gaston and Cleveland Counties in North Carolina that offer a full array of banking services. Additional information on Alliance Bank & Trust's locations and the products and services offered are available athttp://www.alliancebanknc.com/.

Information in this news release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation as a result of the effect and impact of the Covid-19 pandemic on the economy and the Company's results of operation and financial condition, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, and the effects of competition. AB&T Financial Corporation does not undertake to update any forward-looking statements in this news release.