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 2020 results. For the quarter ended March 31, 2020, net income available to common shareholders was $234,000 or $0.007 per basic and diluted common share, compared to net income available to common shareholders of $282,000 or $0.009 per basic and diluted common share for the quarter ended March 31, 2019, a decrease of 17.0%. This $48,000 decrease in earnings was largely attributable to a decrease in interest income of approximately $83,000 for the quarter ended March 31, 2020 as compared to the quarter ended March 31, 2019. This decrease in interest income was primarily attributable to multiple decreases in the fed funds rate over the comparable periods.
Total assets at March 31, 2020 were $158.9 million, an increase of $1.6 million or 1.0% from $157.3 million at December 31, 2019. Loans totaled $112.9 million at March 31, 2020 compared to $106.2 million at December 31, 2019, an increase of $6.7 million or 6.3%. Total deposits increased to $145.1 million on March 31, 2020, from $143.4 million as of December 31, 2019, an increase of $1.7 million or 1.2%. Demand deposit accounts increased from $54.9 million at December 31, 2019, to $59.3 million at March 31, 2019, an increase of $4.4 million or 8.0%.
Dan Boyd, President and CEO, commented, “The Bank continues to attract profitable new customer relationships as evidenced by both the growth in the loan portfolio and demand deposits during the first quarter. As we face the Covid-19 pandemic, our team remains committed to providing superior customer service to our clients and Alliance Bank is proud to be the only remaining bank headquartered in the primary markets 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 effect and impact of the Covid-19 pandemic on the economy and the Company’s results of operation and financial condition, 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.