AB&T Financial Corporation Announces Second Quarter 2008 Earnings.GASTONIA, N.C. -- AB&T Financial Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ABTN ABTN Associação Brasileira de Normas Técnicas (Brazilian Association of Technical Norms) ) reports operating results for the six months and quarter ending June 30, 2008. Net income for the 3 month ending June 30, 2008 equaled $74,000 or $0.03 per diluted share. Net income decreased 68% compared to second quarter income of $234,000 in 2007. Return on average assets for the period ending, June 30, 2008 was .24% compared to .74% for the same period in 2007. Return on average equity was 1.51% for the period ending June 30, 2008 compared to 4.48% for the same period in 2007. Net income for the six months ending June 30, 2008 decreased 58% to $186,000 from $440,000 for the same period in 2007. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of equaled $0.07 for the six month period. Non-performing assets increased $151,000 to $1,612,000 at June 30 from $1,461,000 at December 31, 2007. Total assets increased 33% to $167,154,000 at June 30, 2008 from $125,358,000 as of June 30, 2007. Total loans increased $31,458,000 or 31% to $133,373,000 at June 30, 2008, compared to $101,915,000 at June 30, 2007. Total deposits increased $17,010,000 or 18% to $113,753,000 at June 30, 2008, as compared to $96,743,000 at June 30, 2007. Capital remained strong at $24,702,000 with a tier 1 leverage ratio of 15.63%. "We are very pleased to report positive earnings in light of this economic environment," commented Bill Sudyk, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Alliance Bank and Trust Company. "The Bank is extremely fortunate to have such a strong capital position to further stabilize our future endeavors. We look forward to taking a conservative approach for the remainder of this year," stated Sudyk. AB&T Financial Corporation is the parent company of Alliance Bank & Trust Company, which operates 4 community oriented branches in Gaston and Cleveland Counties Cleveland County is the name of several counties in the United States:
Area, 52,586 sq mi (136,198 sq km). Pop. 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 www.alliancebankandtrust.com. Certain matters set forth in this news release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. For discussion of certain factors that may cause such forward-looking statements to differ materially from the Company's actual results, see the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended June 30, 2008. [TABLE OMITTED] [TABLE OMITTED] |
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