AB&T Financial Corporation Announces Second Quarter 2010 Results
July 29 2010 - 3:45PM
Business Wire
AB&T Financial Corporation (OTC Bulletin Board: ABTO), the
parent company of Alliance Bank & Trust Company, today reported
net income for the six months ended June 30, 2010 of $132 thousand
or $0.01 per basic and diluted share an increase of $690 thousand
compared to a net loss of $558 thousand or $(0.25) per basic and
diluted share for the six month period ended June 30, 2009. Net
income for the three months ended June 30, 2010 was $50 thousand or
$0.0 per basic and diluted share, an increase of $286 thousand
compared to a net loss of $236 thousand or $(0.11) per basic and
diluted share for the three month period ended June 30, 2009. The
primary reasons for the increases were improvements in our net
interest income, and decreases in our provision for loan losses
over the same six months of 2009.
Assets at June 30, 2010 were $172.6 million, a decrease of $4.1
million or 2.3% over the $176.7 million at December 31, 2009. Loans
totaled $134.7 million at June 30, 2010 compared to $140.0 million
at December 31, 2009, a decrease of $5.3 million. Investment
securities available for sale increased $5.9 million to $10.9
million at June 30, 2010.
Total deposits decreased to $139.2 million on June 30, 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 $39.3 million at June 30, 2010, an increase of $4.6
million or 13.3%.
Net interest income for the six months ended June 30, 2010 was
$2.5 million, an increase of approximately $769 thousand or 45.6%
from the six months ended June 30, 2009.
Daniel C. Ayscue, President and CEO, commented, “Capital
preservation and continued focus on margin improvements have
allowed us to move forward in a very positive fashion compared to
the economic challenges of the last two years. We feel strongly
that as our local and region economies improve, Alliance will be
well positioned for future opportunities.”
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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