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

SOURCE First Trust Bank

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First Trust Reports Fourth Quarter & Year-End Results

First Trust Reports Fourth Quarter & Year-End Results