July 29, 2022 -- AB&T Financial Corporation Announces Second Quarter 2022 Results

NEWS RELEASE

Contact:     Dan M. Boyd IV, President/CEO, (704) 867-5828

                  Dan.Boyd@alliancebankandtrust.com

AB&T Financial Corporation Announces Second Quarter 2022 Results

Gastonia, N.C. (July 29, 2022) – AB&T Financial Corporation (OTC Pink: ABTO), the parent company of Alliance Bank & Trust Company (the “Bank”), today reported its second quarter 2022 results. For the quarter ended June 30, 2022, net income available to common shareholders was $508,000 or $0.016 per basic and diluted common share, compared to net income available to common shareholders of $615,000 or $0.02 per basic and $0.019 per diluted common share for the quarter ended June 30, 2021.  This $107,000 decrease in earnings was primarily attributable to approximately $300,000 in fees associated with the Small Business Administration Paycheck Protection Program (“PPP”) loans in 2021 which were not received in 2022.  Additionally, the Bank hired several senior business development officers whose compensation was not reflected in the second quarter 2021 results.

Earnings for the first six months of 2022 increased by $29,000, or 3.34% to $896,000, compared to earnings of $867,000 for the same period in 2021. Earnings per common share for the six months ended June 30, 2022 were $0.029 per basic and $0.028 per diluted common share compared to $0.028 per basic and $0.027 per diluted common share for the same period in 2021. 

Total assets at June 30, 2022 were $240.1 million, an increase of $9.9 million or 4.3% from $230.2 million at December 31, 2021.  Loans totaled $164.5 million at June 30, 2022 compared to $150.0 million at December 31, 2021, an increase of $14.5 million or 9.7%. Total deposits increased to $221.8 million on June 30, 2022, from $214.4 million as of December 31, 2021, an increase of $7.4 million or 3.5%.  Demand deposit accounts increased from $98.5 million at December 31, 2021, to $114.9 million at June 30, 2022, an increase of $16.4 million or 16.6%.

Dan Boyd, President and CEO, commented, “We are pleased to have experienced strong organic growth throughout our market footprint. Our recently hired commercial bankers are having positive results in attracting new profitable relationships to our institution. We continue to leverage the fact that the Bank is one of the last remaining banks headquartered in the primary markets we serve which enables our staff to be highly responsive to our customers’ financial needs.”

Alliance Bank & Trust Company, which opened in Gastonia, North Carolina in 2004, operates four full-service banking offices in North Carolina, located in Gastonia (2), Kings Mountain and Shelby and one loan production office in Lincolnton, North Carolina.

AB&T Financial Corporation is the parent company of Alliance Bank & Trust Company, which operates four full service community-oriented branches in Gaston and Cleveland Counties in North Carolina that offer a full array of banking services and one loan production office in Lincolnton, North Carolina. 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.