CHARLOTTE, N.C., May 2, 2011 /PRNewswire/ -- First Trust Bank (OTC Bulletin Board: 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 e-mail 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, and changes in interest rates.


    SELECTED FINANCIAL DATA
    FIRST TRUST BANK
      (dollars in thousands, except per share)

                                          March 31,    December 31,
                                                 2011          2010
                                                          (Derived
                                                            from
                                                          audited
                                                         financial
    SELECTED BALANCE SHEET DATA           (Unaudited)  statements)
      Total loans                            $264,661      $278,277
      Allowance for loan losses                (8,657)      (10,509)
      Investment securities                   133,624       117,077
      Total assets                            452,103       445,154

      Deposits                                393,428       371,770
      Borrowed funds                           10,615        26,125
      Shareholders' equity                     42,129        41,789

    Shares Outstanding at period
     end                                    4,775,898     4,775,898

    Asset Quality
      Allowance for loan losses to
       total loans                               3.27%         3.78%
      Nonperforming loans to total
       loans                                    11.72%        11.42%
      Nonperforming assets to total
       assets                                   10.06%         9.71%


    SELECTED INCOME AND EXPENSE
     DATA                                 March 31,      March 31,      %
                                                 2011          2010  Change
    For the quarter ended                 (Unaudited)   (Unaudited)
      Net interest income                      $3,708        $4,318   -14.13%
      Provision for loan losses                   449         1,995   -77.49%
      Other income                                142           159   -10.69%
      Other expenses                            2,560         1,813    41.20%
      Income tax expense                          221           141    56.74%
      Net income                                 $620          $528    17.42%

    Net interest margin                          3.59%         4.02%

    Per Share Data
      Net income (loss) per share-
       basic                                    $0.13         $0.11
      Net income (loss) per share-
       diluted                                  $0.13         $0.11

SOURCE First Trust Bank