AB&T Financial Corporation Announces First Quarter 2010 Results
May 14 2010 - 3:32PM
Business Wire
AB&T Financial Corporation (OTCBB: ABTO), the parent company
of Alliance Bank & Trust Company, today reported net income of
$82 thousand or $0.01 per basic and diluted share for the three
months ended March 31, 2010, an increase of $404 thousand compared
to a net loss of $322 thousand or $(0.14) per basic and diluted
share for the three month period ended March 31, 2009. The primary
reason for the increase was a 61.5% increase in our net interest
income over the same three months of 2009.
Assets at March 31, 2010 were $173.4 million, a decrease of $3.3
million or 1.9% over the $176.7 million at December 31, 2009. Loans
totaled $137.6 million at March 31, 2010 compared to $140.0 million
at December 31, 2009, a decrease of $2.4 million. Investment
securities available for sale increased $7.5 million to $12.5
million at March 31, 2010.
Total deposits decreased to $140.2 million on March 31, 2010,
from $143.7 million as of December 31, 2009, due to management’s
efforts to continue to reduce reliance on wholesale funding
sources. Non-time deposits increased from $34.7 million at December
31, 2009 to $39.9 million at March 31, 2010, an increase of $5.2
million or 15%.
Net interest income for the three months ended March 31, 2010
was $1.2 million, an increase of approximately $458 thousand or
61.5% from the three months ended March 31, 2009.
Daniel C. Ayscue, President and CEO, commented, “While the
economic climate continues to present challenges, we are
maintaining our focus on improving our capital structure and adding
to shareholder value through deliberate and sustainable growth and
profitability. All of our capital ratios increased during the past
quarter and we remain well above regulatory requirements with ample
liquidity to continue to move through 2010 with a positive
outlook.”
Alliance Bank & Trust Company, which opened in Gastonia,
North Carolina in 2004, operates four North Carolina banking
offices, in Gastonia (2), Kings Mountain and Shelby.
AB&T Financial Corporation is the parent company of Alliance
Bank & Trust Company, which operates 4 community oriented
branches in Gaston and Cleveland Counties in North Carolina that
offer a full array of banking services. Additional information on
Alliance Bank & Trust’s locations and the products and services
offered are available at www.alliancebankandtrust.com.
Certain matters set forth in this news release may contain
forward-looking statements that are provided to assist in the
understanding of anticipated future financial performance. However,
such performance involves risks and uncertainties that may cause
actual results to differ materially from those in such statements.
A discussion of certain factors that may cause such forward-looking
statements to differ materially from the Company’s actual results,
can be found in the Company’s filings with the Securities and
Exchange Commission, including without limitation its annual report
on Form 10-K, its quarterly reports on Form 10-Q, and its current
reports on Form 8-K. The Company does not undertake a duty to
update any forward-looking statements in the release.
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