AB&T Financial Corporation Announces Fourth Quarter and Year-End 2016 Results

GASTONIA, N.C.--(BUSINESS WIRE)--

AB&T Financial Corporation ABTO, the parent company of Alliance Bank & Trust Company, today reported its unaudited fourth quarter and year-end 2016 results. For the quarter ended December 31, 2016, net income available to common shareholders was $81,000 or $0.003 per basic and diluted share, compared to a net loss available to common shareholders of $(931,000) or $(0.029) per basic and diluted share for the quarter ended December 31, 2015. This $1,011,000 increase in earnings was largely attributable to decreases in losses on the sale of other real estate owned of $800,000, and increases in net interest income of $166,000 for the quarter ended December 31, 2016 as compared to the quarter ended December 31, 2015.

Earnings for the twelve months ended December 31, 2016 increased by $2,233,000 to $416,000 compared to a net loss of $(1,817,000) for 2015. Fully diluted and basic earnings per share for the twelve months ended December 31, 2016 were $0.013 compared to a net loss of $(0.09) for 2015.

Total assets at December 31, 2016 were $143.5 million, a decrease of $0.2 million or 0.1% from $143.7 million at December 31, 2015. Loans totaled $106.9 million at December 31, 2016 compared to $113.2 million at December 31, 2015, a decrease of $6.3 million. Total deposits increased to $117.4 million on December 31, 2016, from $115.4 million as of December 31, 2015. Non-time deposits increased from $81.8 million at December 31, 2015 to $91.7 million at December 31, 2016, an increase of $9.9 million or 12.1%.

Non-performing assets decreased to $2,915,000 at December 31, 2016 from $7,371,000 at December 31, 2015. This decrease was primarily driven by a reduction in other real estate owned of $2,524,000 from $2,559,000 as of December 31, 2015, to $35,000 as of December 31, 2016.

Dan Boyd, President and CEO, commented, "We are pleased with the excellent progress in returning the company to profitability in 2016. We improved the asset quality of the Bank as evidenced by the significant reduction in non-performing assets. Additionally, our focus on relationship banking resulted in meaningful growth in non-time deposits, which contributed to a decrease in funding costs for the year. Our team looks forward to continuing this positive momentum as we enter 2017."

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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