CHARLOTTE, N.C., Jan. 28 /PRNewswire-FirstCall/ -- First Trust Bank (OTC Bulletin Board: NCFT) reported net income for the year ended December 31, 2009 of $2.8 million or $0.58 per diluted share, down from net income of $4.1 million or $0.89 per diluted share for the year ended December 31, 2008.

Jim Bolt, President and CEO stated, "The Bank continued to report profitability during 2009. We improved our net interest margin and instituted additional expense controls in 2009. The decrease in net income for the year is primarily attributable to a $4.8 million addition to the provision for loan losses compared to $377 thousand in 2008."

Net income for the fourth quarter was $316 thousand or $0.07 per diluted share, compared to net income of $908 thousand or $0.20 per diluted share for the quarter ended December 31, 2008. Fourth quarter net income was negatively impacted by the addition to the provision for loan losses, an increase of $2.3 million over the fourth quarter 2008 provision of $200 thousand.

Total assets at December 31, 2009 were $456 million compared to $468 million at December 31, 2008, a 3% decrease. Loans totaled $326 million, also a 3% decrease over December 31, 2008. Our loan loss reserve totaled 2.24% of outstanding loans at December 31, 2009. Deposits totaled $367 million, down 1.6% from 2008. The Bank continues to be well capitalized under all regulatory capital guidelines.

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,
                                      2009              2008
    SELECTED BALANCE SHEET DATA    (Unaudited)        (Audited)
      Total loans                   $325,999          $334,737
      Allowance for loan losses       (7,302)           (4,602)
      Investment securities          103,758            89,745
      Total assets                   455,810           468,114

      Deposits                       366,951           372,757
      Borrowed funds                  38,642            47,888
      Shareholders' equity            46,020            42,034



                                                      
                                   December 31,      December 31,       %
                                       2009              2008        Change
    For the quarter ended          (Unaudited)        (Audited)
      Net interest income             $4,358            $3,182        36.96%
      Provision for loan losses        2,495               199      1153.77%
      Other income                       535               168       218.45%
      Other expenses                   1,819             1,778         2.31%
      Income tax expense                 263               465       -43.44%
      Net income                        $316              $908       -65.20%
    Per Share Data
      Net income per share-basic       $0.07             $0.20
      Net income per share-diluted     $0.07             $0.20



                                                      
                                  December 31,      December 31,       %
                                      2009              2008        Change
    For the year ended            (Unaudited)        (Audited)
      Net interest income            $15,500           $13,555        14.35%
      Provision for loan losses        4,778               377      1167.37%
      Other income                     1,159               643        80.25%
      Other expenses                   7,559             7,437         1.64%
      Income tax expense               1,568             2,276       -31.11%
      Net income                      $2,754            $4,108       -32.96%
    Per Share Data
      Net income per share-basic       $0.59             $0.92
      Net income per share-diluted     $0.58             $0.89

SOURCE First Trust Bank