News & Events
10/31/11 First Trust Bank Reports Third Quarter Net Income
7/29/11 First Trust Bank Reports Second Quarter Results
5/2/11 First Trust Bank Reports First Quarter Earnings
1/28/11 First Trust Bank Reports Fourth Quarter & Year End Results
10/29/10 First Trust Bank Reports Third Quarter Results
7/29/10 First Trust Bank Reports Second Quarter Results
First Trust Bank Reports Third Quarter Net Income
CHARLOTTE, NC (PR Newswire) – October 31, 2011-- First Trust Bank (OTC:NCFT) reported results for the third quarter of 2011 today. The bank reported net income of $1.4 million or $0.30 per diluted share for the quarter ended September 30, 2011 compared to a net loss of $556 thousand or ($0.12) per diluted share for the third quarter of 2010. The third quarter of 2011 saw a reduction of $3.9 million in the provision for loan losses compared to the third quarter of 2010. At the same time, net charge-offs decreased by $4.787 million to $1.172 million for the third quarter of 2011compared to $5.959 million for the third quarter of 2010. The bank earned $1.6 million or $0.33 per diluted share for the first nine months of 2011 compared to a net loss of $1.6 million or ($0.33) per diluted share for the first nine months of 2010.
Assets at September 30, 2011 were $464 million, an increase of $19 million or 4% over the $445 million reported at December 31, 2010. Loans were $247 million at the end of the third quarter of 2011 compared to $278 million at December 31, 2010.
As a percentage of gross loans outstanding, the allowance for loan losses was 3.29% at September 30, 2011 compared to 3.78% at December 31, 2010 and 2.69% at September 30, 2010. Non-performing assets at September 30, 2011 were 8.2% of total assets compared to 9.71% at December 31, 2010. On a linked quarter basis, non-performing assets were static at 8.2% of total assets at September 30, 2011 compared to 8.0% at June 30, 2011. Other real estate owned (OREO) totaled $15.9 million at September 30, 2011 compared to $11.5 million at December 31, 2010. Our net interest margin was 3.32% for the third quarter of 2011 compared to 3.61% for the third quarter of 2010.
"We are encouraged by some positive trends in the local economy. We are working diligently to strengthen our core banking services, improve our earnings stream and enhance our asset quality. We continue to remain well capitalized by all regulatory standards," said Jim Bolt, President and CEO.
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.
For additional information, please contact Jean Galloway or Jim Bolt at 704-377-3936 (fax 704-377-8869) or by e-mail at through our Contact Page.
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.
First Trust Bank Reports Second Quarter Results
CHARLOTTE, NC (PR Newswire) –July 29, 2011-- First Trust Bank (OTC:NCFT) reported results for the second quarter of 2011 today. The bank reported a net loss of $465 thousand or ($0.10) per diluted share for the quarter ended June 30, 2011 compared to a net loss of $1.53 million or ($0.32) per diluted share for the second quarter of 2010. Contributing to the net loss for the second quarter of 2011 was a $2.05 million provision to the allowance for loan losses. A $4.1 million provision was made during the second quarter of 2010. The bank earned $155 thousand or $0.03 per diluted share for the first six months of 2011 compared to a net loss of $1.0 million or ($0.21) per diluted share for the first six months of 2010.
Assets at June 30, 2011 were $468 million; an increase of $23 million or 5% over the $445 million reported at December 31, 2010. Loans were $254 million at the end of the second quarter of 2011 compared to $278 million at December 31, 2010.
As a percentage of gross loans outstanding, the allowance for loan losses was 3.66% at June 30, 2011 compared to 3.78% at December 31, 2010 and 3.21% at June 30, 2010. Non-performing assets at June 30, 2011 were 8.0% of total assets compared to 9.71% at December 31, 2010 and 1.5% at June 30, 2010. On a linked quarter basis, non-performing assets declined to 8.0% of total assets at June 30, 2011 compared to 10.1% at March 31, 2011. Other real estate owned (OREO) totaled $17.9 million at June 30, 2011 compared to $11.5 million at December 31, 2010. Our net interest margin was 3.43% for the second quarter of 2011 compared to 3.70% for the second quarter of 2010.
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.
For additional information, please contact Jean Galloway or Jim Bolt at 704-377-3936 (fax 704-377-8869) or by e-mail through our Contact Page.
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.
First Trust Bank Reports First Quarter Earnings
CHARLOTTE, NC (PR Newswire) –May 2, 2011-- First Trust Bank (NCFT) reported results for the first quarter of 2011 today. The Bank reported net income of $620 thousand, or $0.13 per diluted share, for the quarter ended March 31, 2011; a 17% increase over the net income of $528 thousand, or $0.11 per diluted share, for the first quarter of 2010.
Assets at March 31, 2011 were $452 million, an increase of $7 million, or 2%, from the $445 million reported at December 31, 2010. Loans were $265 million at the end of the first quarter of 2011, compared to $278 million at December 31, 2010.
As a percentage of gross loans outstanding, the allowance for loan losses was 3.27% at March 31, 2011 compared to 3.78% at December 31, 2010. Our net interest margin was 3.59% for the first quarter of 2011 compared to 4.02% for the first quarter of 2010.
Non-performing assets at March 31, 2011 were 10.1% of total assets compared to 9.71% at December 31, 2010. Other real estate owned (OREO) totaled $14.5 million at March 31, 2011 compared to $11.5 million at December 31, 2010. The Bank added $4 million and disposed of $1 million during the quarter.
"We are pleased with the earnings performance in the first quarter. While there are some encouraging signs in the economy, we remain cautious about the remainder of the year," said Jim Bolt, President and CEO.
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.
For additional information, please contact Jean Galloway or Jim Bolt at 704-377-3936 (fax 704-377-8869) or by email through our Contact Page.
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 and the effects of competition.
First Trust Bank Reports Fourth Quarter & Year End Results
CHARLOTTE, NC (PR News) – January 28, 2011-- 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, Presdient/CEO.
First Trust Bank specializes in serving the banking needs of small business 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, Mooresville, NC
For additional information, please contact Jean Galloway or Jim Bolt at 704-377-3936 (fax 704-377-8869) or by email through our Contact Page.
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 and the effects of competition.
First Trust Bank Reports Third Quarter Results
CHARLOTTE, NC (PR Newswire) – October 29, 2010 -- First Trust Bank (OTC Bulletin Board:NCFT) reported results for the third quarter of 2010 today. The Bank reported a net loss of $556 thousand, or ($0.12) per diluted share, for the quarter ended September 30, 2010 compared to net income of $935 thousand, or $0.20 per diluted share, for the third quarter of 2009.
Assets at September 30, 2010 totaled $455 million compared to $456 million at December 31, 2009. Gross loans totaled $301 million at quarter-end compared to $326 million at year-end, 2009. The decrease in loans resulted primarily from payments and maturities along with management’s efforts to reduce credit exposure and the continuing decline in loan demand.
The net loss for the third quarter was primarily the result of a $3.9 million provision to the allowance for loan losses compared to a provision of $1.1 million made during the third quarter of 2009. The allowance for loan losses totaled 2.69% at September 30, 2010 compared to 1.86% at September 30, 2009 and 2.24% at December 31, 2009. The net interest margin for the third quarter was 3.61% compared to 3.68% for the same quarter last year.
The Bank’s capital position continues to be strong. The Bank is considered "well-capitalized" by all regulatory standards. Total risk based capital improved to 14.00% at September 30, 2010, compared to 13.71% at September 30, 2009 and December 31, 2009.
"Our third quarter results reflect the current economic cycle and our continued determination to quickly identify and resolve potential credit issues in a timely manner. While there are some indications of improvement in the local economy, we continue to focus on capital preservation and asset quality remediation," said Jim Bolt, President and 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 through our Contact Page.
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 completion.
First Trust Bank Reports Second Quarter Results
CHARLOTTE, NC (PR Newswire) – July 29, 2010 -- First Trust Bank (OTC Bulletin Board: NCFT) reported results for the second quarter of 2010 today. The Bank reported a net loss of $1.5 million, or $0.32 per diluted share, for the quarter ended June 30, 2010 compared to net income of $865 thousand, or $0.18 per diluted share, for the second quarter of 2009.
Assets at June 30, 2010 were $458 million compared to $456 million at December 31, 2009. Loans were $314 million at quarter-end compared to $326 million at year-end, 2009. This decline is the result of a reduction in outstanding loans in conjunction with a decline in loan demand during the first half of 2010.
The net loss for the second quarter is primarily the result of a $4.1 million provision to the allowance for loan losses compared to a provision of $648 thousand during the second quarter of 2009. The allowance for loan losses totaled 3.21% at June 30, 2010 compared to 1.60% at June 30, 2009. Our pre-tax, pre-provision for loan loss income stream, primarily net interest income, remains approximately $2.4 million per quarter. The net interest margin increased 35 basis points from 3.35% for the same period in 2009 to 3.70% for the second quarter of 2010.
“Although the second quarter loss is a reflection of the current economic cycle and our determination to quickly identify and resolve potential credit issues in a timely manner, our operation remains strong and our capital levels remain above well-capitalized under all regulatory guidelines. As we navigate through these economic challenges, we remain focused on our long-term strategy of operating in a safe and sound manner,” said Jim Bolt, President and 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 located at 1420 East Third Street and 2245 Rexford Road, Charlotte, NC and 108 Gateway Boulevard, Mooresville, NC.
For additional information, please contact Jean Galloway or Jim Bolt at 704-377-3936 (fax 704-377-8869) or by email through our Contact Page.
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 completion.
