FIRST TRU 
By CHARLOTTE, N.C., Jan. 28, 2011 /PRNewswire/ -- First Trust Bank (OTC: NCFT) reported results for the quarter-end and year-end as of December 31, 2010. The Bank reported a net loss of $2.3 million or ($0.48) per diluted share for the quarter ended December 31, 2010. This compares to net income of $316 thousand or $0.07 per diluted share for the fourth quarter of 2009.
For the year ending December 31, 2010, the Bank reported a loss of $3.9 million or ($0.81) per diluted share compared to net income of $2.8 million or $0.58 per diluted share for the year ended December 31, 2009.
Fourth quarter and year-end results for 2010 were negatively impacted by provisions to the reserve for loan losses of $6.4 million and $16.5 million, respectively. The reserve for loan losses totaled $10.5 million or 3.78% of loans outstanding at December 31, 2010 compared to $7.3 million or 2.24% of loans outstanding at December 31, 2009. Net charge-offs for 2010 were 4.76% of total loans outstanding. These results reflect a continuing weak economy which has adversely affected our customers and subsequently our loan portfolio.
Non-performing assets at December 31, 2010 were 9.71% of total assets and reflect aggressive management of the loan portfolio during 2010. Other real estate owned ("OREO") totaled $11.5 million at December 31, 2010 compared to $0.8 million at December 31, 2009. The Bank added $12.6 million to OREO and disposed of $2 million during 2010.
Total assets at December 31, 2010 were $445 million compared to $456 million at December 31, 2009, a 2% decline. Loans totaled $278 million at year-end, reflecting a $48 million or 15% decrease from year-end 2009. Deposits totaled $372 million compared to $367 million at year-end 2009.
"Despite disappointing results for 2010, the Bank remains well-capitalized by all regulatory standards and committed to operating in a safe and sound manner. We look forward to an improving economy and a return to profitability," said Jim Bolt, President/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 in the Charlotte, North Carolina area with locations at 1420 East Third Street and 2245 Rexford Road, Charlotte, NC and 108 Gateway Boulevard, in Mooresville, NC.
For additional information, please contact Jean Galloway or Jim Bolt at 704-377-3936 (fax 704-377-8869) or by email 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, changes in interest rates and the effects of competition.
SELECTED FINANCIAL DATA
FIRST TRUST BANK
(dollars in thousands, except
per share)
December 31, December 31,
2010 2009
(Derived
from
audited
financial
SELECTED BALANCE SHEET DATA (Unaudited) statements)
Total loans $278,277 $325,999
Allowance for loan losses (10,509) (7,302)
Investment securities 117,077 103,758
Total assets 445,154 455,810
Deposits 371,770 366,951
Borrowed funds 26,125 38,642
Shareholders' equity 41,789 46,020
Shares Outstanding at period
end 4,775,898 4,775,898
Asset Quality
Allowance for loan losses to
total loans 3.78% 2.24%
Nonperforming loans to total
loans 11.42% 2.02%
Nonperforming assets to total
assets 9.71% 1.62%
SELECTED INCOME AND EXPENSE
DATA December 31, December 31, %
2010 2009 Change
(Derived
from
audited
financial
For the quarter ended (Unaudited) statements)
Net interest income $3,729 $4,358 -14.43%
Provision for loan losses 6,400 2,495 156.51%
Other income 144 535 -73.08%
Other expenses 2,559 1,819 40.68%
Income tax expense (benefit) (2,787) 263 -1159.70%
Net income (loss) $(2,299) $316 -827.53%
Net interest margin 3.47% 3.84%
Per Share Data
Net income (loss) per share-
basic $(0.48) $0.07
Net income (loss) per share-
diluted $(0.48) $0.07
December 31, December 31, %
2010 2009 Change
(Derived
from
audited
financial
For the year to date ended (Unaudited) statements)
Net interest income $16,124 $15,500 4.03%
Provision for loan losses 16,466 4,778 244.62%
Other income 1,294 1,159 11.65%
Other expenses 8,339 7,559 10.32%
Income tax expense (benefit) (3,531) 1,568 -325.19%
Net income (loss) $(3,856) $2,754 -240.01%
Net interest margin 3.70% 3.46%
Per Share Data
Net income (loss) per share-
basic $(0.81) $0.59
Net income (loss) per share-
diluted $(0.81) $0.58
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SOURCE First Trust Bank
