AB&T Financial Corporation Announces Third Quarter 2017 Results

AB&T Financial Corporation ABTO, the parent company of Alliance Bank & Trust Company, today reported its third quarter 2017 results. For the quarter ended September 30, 2017, net income available to common shareholders was $123,000 or $0.004 per basic and diluted share, compared to net income available to common shareholders of $112,000 or $0.004 per basic and $0.003 per diluted share for the quarter ended September 30, 2016. This $11,000 increase in earnings was largely attributable to a reduction in non-interest expense for the quarter ended September 30, 2017 as compared to the quarter ended September 30, 2016.

Earnings for the first nine months of 2017 increased by $23,000 to $358,000 compared to net income of $335,000 for the same period in 2016. Fully diluted earnings per share for the nine months ended September 30, 2017 were $0.01 compared to $0.01 for the same period in 2016.

Total assets at September 30, 2017 were $135.8 million, a decrease of $7.7 million or 5.4% from $143.5 million at December 31, 2016. Loans totaled $99.8 million at September 30, 2017 compared to $106.9 million at December 31, 2016, a decrease of $7.1 million. Total deposits increased to $121.9 million on September 30, 2017, from $117.4 million as of December 31, 2016. At September 30, 2017, wholesale deposits totaled $350,000 as compared to $4.6 million at December 31, 2016. Demand deposit accounts increased from $38.0 million to $41.5 million at September 30, 2017, an increase of $3.5 million or 9.2% as compared to December 31, 2016. Advances from the Federal Home Loan Bank of $12.5 million as of December 31, 2016 have been fully repaid as of September 30, 2017.

Non-performing assets decreased to $2.5 million at September 30, 2017 from $2.9 million at December 31, 2016. This decrease was driven primarily by principal pay-downs on non-accrual loans. In addition, other real estate owned of $35,000 as of December 31, 2016 has been reduced to zero at September 30, 2017.

Dan Boyd, President and CEO, commented, "I appreciate the teamwork of our management, bankers, branch personnel, and support staff that have all contributed to our continued improvement in increasing our bank's profitability. We are also starting to see benefits from the mergers involving competitor banks within our footprint in terms of opportunities to add banking relationships."

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.

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