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 2018 results. For the quarter ended March 31, 2018, net income available to common shareholders was $184,000 or $0.006 per basic and diluted common share, compared to net income available to common shareholders of $128,000 or $0.004 per basic and diluted common share for the quarter ended March 31, 2017, an increase of 43.8%. This $56,000 increase in earnings was largely attributable to an increase in net interest income of approximately $85,000. This increase was due to an improvement in the net interest margin of approximately 24 basis points for the quarter ended March 31, 2018 as compared to the quarter ended March 31, 2017.
Total assets at March 31, 2018 were $141.4 million, a decrease of $1.1 million or 0.8% from $142.5 million at December 31, 2017. Loans totaled $101.7 million at March 31, 2018 compared to $100.9 million at December 31, 2017, an increase of $0.8 million. Total deposits increased to $130.2 million on March 31, 2018, from $128.1 million as of December 31, 2017. Demand deposit accounts increased from $44.2 million at December 31, 2017, to $46.0 million at March 31, 2018, an increase of $1.8 million or 4.1%.
Dan Boyd, President and CEO, commented, “We are optimistic about the remainder of 2018 as we continue to attract profitable new customer relationships as a result of the mergers involving competitor banks. Alliance Bank is the only remaining bank headquartered in the primary markets we serve. This locally based decision making allows our experienced team of bankers to provide a prompt response to our customers’ financial needs.”
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.