Jan 28, 2021 -- AB&T Financial Corporation Announces Fourth Quarter and Year-End 2020 Results
Contact: Dan M. Boyd IV, President/CEO, (704) 867-5828
AB&T Financial Corporation Announces Fourth Quarter and Year-End 2020 Results
Gastonia, N.C. (January 28, 2021) AB&T Financial Corporation (OTC Pink: ABTO), the parent company of Alliance Bank & Trust Company, today reported its fourth quarter and year-end 2020 results. For the quarter ended December 31, 2020, net income available to common shareholders was $185,000 or $0.006 per basic and diluted share, compared to net income available to common shareholders of $226,000 or $0.007 per basic and diluted share for the quarter ended December 31, 2019. This $41,000 decrease in earnings was largely attributable to an increase to the provision for loan losses of $50,000 due to economic uncertainty regarding the COVID-19 pandemic as well as a onetime loss of approximately $17,000 due to the sale of a bank-owned property compared to the same period in 2019.
Earnings for the twelve months ended December 31, 2020 remained steady, increasing by $41,000 to $1,064,000 compared to net income available to common shareholders of $1,023,000 for the calendar year 2019. Fully diluted and basic earnings per share for the twelve months ended December 31, 2020 were $0.034 and $0.033 respectively, compared to $0.033 and $0.032 for the same period in 2019.
Total assets at December 31, 2020 were $184.6 million, an increase of $27.2 million or 17.3% over the $157.4 million at December 31, 2019. Loans totaled $144.6 million at December 31, 2020 compared to $106.2 million at December 31, 2019, an increase of $38.4 million or 36.2%. Total deposits increased to $169.8 million at December 31, 2020, from $143.4 million at December 31, 2019, an increase of $26.4 million or 18.4%. Demand deposit accounts increased from $54.9 million to $76.3 million at December 31, 2020, an increase of $21.4 million or 39.0% as compared to December 31, 2019. The Bank continues to carry no wholesale funding on the balance sheet.
Dan Boyd, President and CEO, commented, “In spite of the ongoing COVID-19 pandemic, we are pleased to report another year of sustained profitability for the company. This profitability was driven by a robust year of loan growth as well as a substantial increase in our demand deposit balances. During the third quarter we were fortunate to move our Kings Mountain branch from a store front location to a full-service branch which includes a multilane drive-thru for our customers. Alliance Bank is proud to be the only remaining community bank headquartered in the primary markets we serve.”
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 http://www.alliancebanknc.com/.
Information in this news release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation as a result of the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, and the effects of competition. AB&T Financial Corporation does not undertake to update any forward-looking statements in this news release.