October 28, 2016 -- AB&T Financial Corporation Announces Third Quarter 2016 Results
Contact: Dan M. Boyd IV, President/CEO, (704) 867-5828
AB&T Financial Corporation Announces Third Quarter 2016 Results
Gastonia, N.C. (October 28, 2016) AB&T Financial Corporation (OTC Pink: ABTO), the parent company of Alliance Bank & Trust Company, today reported its third quarter 2016 results. For the quarter ended September 30, 2016, net income available to common shareholders was $112,000 or $0.004 per basic and $0.003 per diluted share, compared to a net loss available to common shareholders of $(235,000) or $(0.007) per basic and diluted share for the quarter ended September 30, 2015. This $347,000 increase in earnings was largely attributable to increases in net interest income of $123,000 and a reduction in non-interest expense of $241,000 for the quarter ended September 30, 2016 as compared to the quarter ended September 30, 2015.
Earnings for the first nine months of 2016 increased by $1,221,000 to $335,000 compared to a net loss of $(886,000) for the same period in 2015. Fully diluted earnings per share for the nine months ended June 30, 2016 were $0.01 compared to $(0.042) for the same period in 2015.
Total assets at September 30, 2016 were $147.0 million, an increase of $3.3 million or 2.3% over the $143.7 million at December 31, 2015. Loans totaled $108.7 million at September 30, 2016 compared to $113.2 million at December 31, 2015, a decrease of $4.5 million. Investment securities available for sale decreased $4.0 million to $14.3 million at September 30, 2016.
Total deposits increased to $119.1 million on September 30, 2016, from $115.4 million as of December 31, 2015. Non-time deposits increased from $81.8 million at December 31, 2015 to $88.5 million at September 30, 2016, an increase of $6.7 million or 8.2%.
Non-performing assets decreased to $4,650,000 at September 30, 2016 from $7,371,000 at December 31, 2015. This decrease was primarily driven by a reduction in other real estate owned of $2,190,000 from $2,559,000 as of December 31, 2015 to $369,000 as of September 30, 2016.
Dan Boyd, President and CEO, commented, “Core deposit growth and continued emphasis on margin improvements and operating expense management have allowed us to continue to make significant progress in returning the company to profitability. This improvement in profitability is a result of the dedication and commitment provided by both our staff and board of directors. We hope to continue to attract new customer relationships by leveraging the fact that we are the only locally owned and managed financial institution 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.