GASTONIA, N.C.--(BUSINESS WIRE)--AB&T Financial Corporation (OTC Pink: ABTO), the parent company of Alliance Bank & Trust Company, today reported its unaudited first quarter 2017 results. For the quarter ended March 31, 2017, net income available to common shareholders was $128,000 or $0.004 per basic and diluted common share, compared to net income available to common shareholders of $104,000 or $0.003 per basic and diluted common share for the quarter ended March 31, 2016. This $24,000 increase in earnings was largely attributable to decreases in non-interest expense for the quarter ended March 31, 2017 as compared to the quarter ended March 31, 2016.
Total assets at March 31, 2017 were $139.5 million, a decrease of $4.1 million or 2.6% from $143.6 million at December 31, 2016. Loans totaled $103.4 million at March 31, 2017 compared to $106.9 million at December 31, 2016, a decrease of $3.5 million. Total deposits decreased to $113.3 million on March 31, 2017, from $117.4 million as of December 31, 2016. Noninterest-bearing deposits increased from $31.0 million at December 31, 2016 to $32.8 million at March 31, 2017, an increase of $1.8 million or 5.8%.
Non-performing assets decreased to $2,838,000 at March 31, 2017 from $2,915,000 at December 31, 2016. This decrease was driven by principal paydowns on non-accrual loans of $42,000 and a reduction in other real estate owned of $35,000 as of December 31, 2016 to zero at March 31, 2017.
Dan Boyd, President and CEO, commented, “The Bank has reported five consecutive quarters of profitability, so we are pleased with this continued positive trend in earnings achievement. Growing our local deposit base with new checking accounts continues to be a strategic focus of the Bank and the results of our efforts are reflected in the growth of our noninterest-bearing deposits.”
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.