Oct 28, 2021 -- AB&T Financial Corporation Announces Third Quarter 2021 Results and Record Earnings for Year to Date 2021

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

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AB&T Financial Corporation Announces Third Quarter 2021 Results and Record Earnings for Year to Date 2021

Gastonia, N.C. (October 28, 2021) - AB&T Financial Corporation (OTC Pink: ABTO), the parent company of Alliance Bank & Trust Company, today reported its third quarter 2021 results. For the quarter ended September 30, 2021, net income available to common shareholders was $379,000 or $0.012 per basic and diluted share, compared to net income available to common shareholders of $197,000 or $0.006 per basic and diluted share for the quarter ended September 30, 2020. This $182,000 increase in earnings was largely attributable to a $231,000 increase in net interest income for the quarter ended September 30, 2021 as compared to the quarter ended September 30, 2020.

Earnings for the first nine months of 2021 increased by $360,000, or 40.6%, to $1,246,000, compared to net income of $886,000 for the same period in 2020. Fully diluted earnings per share for the nine months ended September 30, 2021 were $0.039 compared to $0.028 for the same period in 2020.

Total assets at September 30, 2021 were $226.7 million, an increase of $42.3 million from $184.4 million at December 31, 2020. Loans totaled $146.5 million at September 30, 2021 compared to $144.6 million at December 31, 2020, an increase of $1.9 million or 1.3%. 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 $142.4 million as of September 30, 2021, an increase of $15.9 million or 12.6%. Total deposits increased to $211.1 million at September 30, 2021, from $169.8 million as of December 31, 2020, an increase of $41.3 million or 24.3%. Demand deposit accounts increased from $76.3 million at December 31, 2020, to $90.1 million at September 30, 2021, an increase of $13.8 million or 18.1%. The Bank continues to carry no wholesale funding or borrowings on the balance sheet.

Dan Boyd, President and CEO, commented, "We are pleased to report record earnings for the nine months ended September 30, 2021. Our organic loan growth continues to be strong at 17% annualized and our loan pipeline remains robust. We continue to leverage the fact that Alliance Bank is one of the last remaining banks headquartered in the primary markets we serve which enables our staff to be highly responsive to our customers' financial needs."

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.