AB&T Financial Corporation Announces Third Quarter 2018 Results

AB&T Financial Corporation ABTO, the parent company of Alliance Bank & Trust Company, today reported its third quarter 2018 results. For the quarter ended September 30, 2018, net income available to common shareholders was $286,000 or $0.009 per basic and diluted share, compared to net income available to common shareholders of $123,000 or $0.004 per basic and diluted share for the quarter ended September 30, 2017. This $163,000 increase in earnings was largely attributable to an increase in net interest income of 213,000 offset by an increase in non-interest expense of $44,000 for the quarter ended September 30, 2018 as compared to the quarter ended September 30, 2017.

Earnings for the first nine months of 2018 increased by $333,000 to $691,000 compared to net income of $358,000 for the same period in 2017. Fully diluted earnings per share for the nine months ended September 30, 2018 were $0.02 compared to $0.01 for the same period in 2017.

Total assets at September 30, 2018 were $151.0 million, an increase of $8.7 million or 6.1% from $142.3 million at December 31, 2017. Loans totaled $99.2 million at September 30, 2018 compared to $100.9 million at December 31, 2017, a decrease of $1.7 million. Total deposits increased $11.6 million to $139.5 million as of September 30, 2018, from $127.9 million as of December 31, 2017. Transaction accounts increased from $41.2 million to $53.6 million at September 30, 2018, an increase of $12.4 million or 30.1% as compared to December 31, 2017.

Dan Boyd, President and CEO, commented, "We are pleased to report continued growth in net income for 2018. As of September 30, 2018, our net interest margin was 4.00%, an increase of 32 basis points over the September 30,2017 level of 3.68%. Our team continues to do a great job in retaining and growing core deposits which enables our bank to reinvest these funds in the local communities that 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.

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