First Trust Bank News

First Trust Second Quarter Earnings up 3%

CHARLOTTE, N.C., July 25 PRNewswire-FirstCall — First Trust Bank (OTC Bulletin Board: NCFT) reported net income of $1.082 million or $0.24 per diluted share for the quarter ended June 30, 2008, compared to net income of $1.051 million, or $0.23 per diluted share, for the second quarter of 2007. This represents a 3% increase in net income over the same quarter last year.

Net income for the six months ended June 30, 2008 totaled $2.054 million or $0.45 per diluted share, compared to net income of $2.053 million or $0.44 per diluted share, for the same period in 2007. Return on average equity and return on average assets for the first six months of 2008 was 10.87% and 1.00% respectively.

Net interest income for the first six months of 2008 was $6.805 million compared to $6.591 million for the same period in 2007.

Assets at June 30, 2008 grew to $428 million, an increase of $38 million or 10% over the $390 million reported at June 30, 2007. Loans totaled $316 million at June 30, 2008, an increase of 8% over June 30, 2007.

"We are very pleased with these results in today's economic environment. Our asset quality remains good with no non-performing loans and no significant past due loans. Our loan reserve remains at a conservative 1.36% of loans outstanding. We have no sub-prime mortgage exposure." 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; and a loan production office at 916 Copperfield Boulevard in Concord, NC and at 2610 W. Roosevelt Boulevard in Monroe, 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) June 30, June 30, 2008 2007 SELECTED BALANCE SHEET DATA (Unaudited) (Unaudited) Total loans $315,665 $292,589 Allowance for loan losses (4,291) (4,011) Investment securities 78,247 61,016 Total assets 428,016 390,076 Deposits 324,737 290,159 Borrowed funds 60,734 62,307 Shareholders' equity 38,184 33,894 June 30, June 30, % 2008 2007 Change For the quarter ended (Unaudited) (Unaudited) Net interest income $3,471 $3,444 0.78% Provision for loan losses 42 64 -34.38% Other income 159 141 12.77% Other expenses 1,914 1,790 6.93% Income tax expense 592 680 -12.94% Net income $1,082 $1,051 2.95% Per Share Data (1) Net income per share- basic $0.24 $0.24 Net income per share- diluted $0.24 $0.23 June 30, June 30, % 2008 2007 Change For the six months ended (Unaudited) (Unaudited) Net interest income $6,805 $6,591 3.25% Provision for loan losses 42 192 -78.13% Other income 316 289 9.34% Other expenses 3,757 3,434 9.41% Income tax expense 1,268 1,201 5.58% Net income $2,054 $2,053 0.05% Per Share Data (1) Net income per share- basic $0.46 $0.47 Net income per share- diluted $0.45 $0.44

(1) Adjusted to reflect the six-for-five stock split effected in the form of a 20% stock dividend paid in November 2007.

SOURCE First Trust Bank

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