C. Ayscue, President/CEO, (704)
Financial Corporation Announces 2009 Results
N.C. (February 17, 2010) AB&T Financial Corporation (OTC Bulletin Board:
ABTO), the parent company of Alliance Bank & Trust Company, today reported a
net loss available to common shareholders of $2.9 million or $(1.06) per diluted
share for the year ended December 31, 2009, compared to a net loss of $514
thousand or $(0.19) per diluted share for the year ended December 31,
2008. The primary reasons for the loss were a $3.5 million non-cash
provision for loan loss allowance, a $1.0 million non-cash expense associated
with mark-to-market accounting rules in the bank-owned real estate portfolio and
increased costs associated with the FDIC deposit insurance
program. It should also be noted that the bank recognized significant
one-time expenditures associated with a terminated merger agreement with 1st
Financial Services Corporation, Hendersonville, North Carolina.
December 31, 2009 were $176.7 million, an increase of $6.4 million or 3.8% over
the $170.3 million at December 31, 2008. Loans totaled $140.0 million at
December 31, 2009 compared to $139.7 million at December 31, 2008, an increase
of $305 thousand.
deposits increased to $143.7 million on December 31, 2009, up from $121.3
million as of December 31, 2008, which management believes provides the bank
with a strong funding base.
interest income for the year ended December 31, 2009 was $3.9 million, a
decrease of approximately $386 thousand or 9.1 % from the year ended December
Ayscue, President and CEO, commented, “While the current economic and regulatory
environment has certainly presented all financial institutions with significant
hurdles in 2009, we feel extremely fortunate to have finished the year with a
solid capital base, well above regulatory requirements, and ample liquidity to
move into 2010 with a positive outlook. In 2010 we will continue to
focus on maintaining our capital structure and adding to shareholder value
through focused and sustainable growth and profitability.”
Bank & Trust Company, which opened in Gastonia, North Carolina in 2004,
operates four North Carolina banking offices, in Gastonia (2), Kings Mountain
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.
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.
The following information was filed by Abt Financial Corp (ABTO) on Thursday, February 18, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.