Friday, August 3, 2012

First Trust Bank swings to second-quarter profit

Charlotte-based First Trust Bank swung to a profit in the second quarter, earning $1.2 million, or 24 cents per diluted share, the lender reported this week.

That was up from a loss of $465,000, or 10 cents per diluted share, for the same period in 2011. The small commercial bank also saw its asset quality improve in the second quarter. Non-performing assets made up 6.4 percent of total assets by June 30, compared to 8.6 percent at the end of December.

First Trust reported total assets of $415 million, down from $468 million the year before.

The lender, whose target market is small to medium-sized businesses and professionals, has two offices in Charlotte and one in Mooresville. In June, High Point-based BNC Bancorp announced it would acquire First Trust in a $35 million cash and stock deal expected to close in the fourth quarter.