GASTONIA, N.C.--(BUSINESS WIRE)--AB&T Financial Corporation (OTC Pink: ABTO), the parent company of Alliance Bank & Trust Company, today reported its second quarter 2019 results. For the quarter ended June 30, 2019, net income available to common shareholders was $250,000 or $0.008 per basic and diluted common share, compared to net income available to common shareholders of $221,000 or $0.007 per basic and $0.003 per diluted common share for the quarter ended June 30, 2018. This $29,000 increase in earnings was largely attributable to an increase in net interest income of $88,000 for the quarter ended June 30, 2019 as compared to the quarter ended June 30, 2018. This increase in net interest income was offset by an income tax provision of $74,000. No income tax expense was recorded for the quarter ended June 30, 2018.
Earnings for the first six months of 2019 increased by $127,000 to $532,000, compared to earnings of $405,000 for the same period in 2018. Fully diluted earnings per common share for the six months ended June 30, 2019 were $0.017 compared to $0.013 for the same period in 2018.
Total assets at June 30, 2019 were $143.5 million, an increase of $0.2 million from $143.3 million at December 31, 2018. Loans totaled $103.1 million at June 30, 2019 compared to $97.9 million at December 31, 2018, an increase of $5.2 million or 5.3%. Total deposits decreased to $130.5 million on June 30, 2019, from $131.2 million as of December 31, 2018. Demand deposit accounts increased from $47.8 million at December 31, 2018, to $50.1 million at June 30, 2019, an increase of $2.3 million or 4.8%. The Bank continues to carry no wholesale funding on the balance sheet.
Dan Boyd, President and CEO, commented, “We are pleased with our year-to-date profitability for 2019, which is primarily attributable to our solid loan growth during the last six months. Also, our Company recently paid its first cash dividend to our shareholders as a direct result of the increasing level of earnings over the last several years.”
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.