AB&T Financial Corporation Announces Third Quarter 2019 Results

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GASTONIA, N.C.--(BUSINESS WIRE)-- AB&T Financial Corporation (OTC Pink: ABTO), the parent company of Alliance Bank & Trust Company, today reported its third quarter 2019 results. For the quarter ended September 30, 2019, net income available to common shareholders was $264,000 or $0.008 per basic and diluted share, compared to net income available to common shareholders of $286,000 or $0.009 per basic and diluted share for the quarter ended September 30, 2018. This $22,000 decrease in earnings was largely attributable to an income tax provision of $81,000 for the quarter ended September 30, 2019 as compared to the quarter ended September 30, 2018. No income tax expense was recorded for the quarter ended September 30, 2018. Net interest income increased $13,000 and total non-interest expenses decreased $36,000 for the quarter ended September 30, 2019 as compared to the quarter ended September 30, 2018.

Earnings for the first nine months of 2019 increased by $106,000 to $797,000, compared to net income of $691,000 for the same period in 2018. Fully diluted earnings per share for the nine months ended September 30, 2019 were $0.025 compared to $0.022 for the same period in 2018. An income tax provision of $242,000 is included in earnings for the first nine months of 2019. No income tax expense was recorded for the nine months ended September 30, 2018.

Total assets at September 30, 2019 were $150.5 million, an increase of $7.2 million or 5.0% from $143.3 million at December 31, 2018. Loans totaled $106.0 million at September 30, 2019 compared to $97.9 million at December 31, 2018, an increase of $8.1 million or 8.0%. Total deposits increased $5.9 million to $137.1 million as of September 30, 2019, from $131.2 million as of December 31, 2018. Demand deposit accounts increased from $47.8 million at December 31, 2018, to $51.9 million at September 30, 2019, an increase of $2.3 million or 9.0%. The Bank continues to carry no wholesale funding on the balance sheet.

Dan Boyd, President and CEO, commented, “We are pleased to report continued income growth for the third quarter of 2019, which is primarily driven by our robust growth in loans during the year. Our team remains committed to providing superior customer service to our clients and Alliance Bank is proud to be the only remaining 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20191023005623/en/

Dan M. Boyd IV, President/CEO, (704) 867-5828 Dan.Boyd@alliancebankandtrust.com

Source: AB&T Financial Corporation

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