AB&T Financial : Jan 28, 2022 -- AB&T Financial Corporation Announces Fourth Quarter and Year-End 2021 Results

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

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AB&T Financial Corporation Announces Fourth Quarter and Year-End 2021 Results

Gastonia, N.C. (January 28, 2022) AB&T Financial Corporation (OTC Pink: ABTO), the parent company of Alliance Bank & Trust Company (the "Bank"), today reported its fourth quarter and year-end 2021 results. For the quarter ended December 31, 2021, net income available to common shareholders was $354,000 or $0.011 per basic and diluted share, compared to net income available to common shareholders of $185,000 or $0.006 per basic and diluted share for the quarter ended December 31, 2020. This $169,000 increase in earnings was largely attributable to an increase of interest income of $272,000 in the fourth quarter of 2021 compared to the same period in 2020.

Net Income available to common shareholders for the twelve months ended December 31, 2021 increased by $536,000 to $1,600,000 compared to $1,064,000 for the calendar year 2020. Fully diluted and basic earnings per share for the twelve months ended December 31, 2021 were $0.051 and $0.050 respectively, compared to $0.034 and $0.033 for the same period in 2020.

Total assets at December 31, 2021 were $230.2 million, an increase of $45.6 million or 24.7% over the $184.6 million at December 31, 2020. Loans totaled $150.0 million on December 31, 2021 compared to $144.6 million at December 31, 2020, an increase of $5.4 million or 3.7%. Our loan portfolio, excluding any outstanding balances regarding the Small Business Administration Paycheck Protection Program ("PPP") loans, increased from $126.5 million as of December 31, 2020 to $149.4 million as of December 31, 2021, an increase of $22.9 million or 18.1%. Total deposits increased to $214.4 million on December 31, 2021, from $169.8 million on December 31, 2020, an increase of $44.6 million or 26.3%. Demand deposit accounts increased from $76.3 million to $98.5 million on December 31, 2021, an increase of $22.2 million or 29.1% as compared to December 31, 2020. The Bank continues to carry no wholesale funding on the balance sheet.

Dan Boyd, President and CEO, commented, "We are pleased to report record annual earnings for the twelve-month period ending December 31, 2021. This growth in profitability was primarily due to the increase in interest income associated with the robust growth in our organic loan portfolio coupled with lower cost of funds."

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 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.