July 28, 2017 -- AB&T Financial Corporation Announces Second Quarter 2017 Results
Contact: Dan M. Boyd IV, President/CEO, (704) 867-5828
AB&T Financial Corporation Announces Second Quarter 2017 Results
Gastonia, N.C. (July 28, 2017) AB&T Financial Corporation (OTC Pink: ABTO), the parent company of Alliance Bank & Trust Company, today reported its second quarter 2017 results. For the quarter ended June 30, 2017, net income available to common shareholders was $111,000 or $0.004 per basic and $0.003 per diluted common share, compared to net income available to common shareholders of $119,000 or $0.004 per basic and diluted common share for the quarter ended June 30, 2016. This $8,000 decrease in earnings was largely attributable to a decline in net interest income of $10,000 as a result of a reduction in total loans outstanding for the quarter ended June 30, 2017 as compared to the quarter ended June 30, 2016.
Earnings for the first six months of 2017 increased by $12,000 to $235,000 compared to $223,000 for the same period in 2016. Fully diluted earnings per common share for the six months ended June 30, 2017 were $0.007 compared to $0.007 for the same period in 2016.
Total assets at June 30, 2017 were $142.0 million, a decrease of $1.5 million or 1.0% from $143.5 million at December 31, 2016. Loans totaled $101.9 million at June 30, 2017 compared to $106.9 million at December 31, 2016, a decrease of $5.0 million. Total deposits decreased to $116.7 million on June 30, 2017, from $117.4 million as of December 31, 2016 driven primarily by a $4.1 million decrease in wholesale deposits. At June 30, 2017, wholesale deposits totaled $449,000. Demand deposit accounts increased from $38.0 million to $39.5 million at June 30, 2017, an increase of $1.5 million or 4.0% as compared to December 31, 2016.
Non-performing assets decreased to $2.4 million at June 30, 2017 from $2.9 million at December 31, 2016. This decrease was driven by principal pay-downs on non-accrual loans and a reduction in other real estate owned of $35,000 as of December 31, 2016 to zero at June 30, 2017.
Dan Boyd, President and CEO, commented, “Core deposit growth and sustained emphasis on margin improvements have allowed continued momentum in earnings as evidenced by six consecutive quarters of profitability. Additionally, we believe the recent lifting of our Consent Order dated February 2012 issued jointly by the FDIC and the North Carolina Office of the Commissioner of Banks, will allow added flexibility in attaining future growth in the 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