Wednesday, May 2, 2012

First Trust Bank profit up 34 percent

Charlotte-based First Trust Bank's profit rose 34 percent in the first quarter, reaching $831,000 as the bank cut expenses and set aside less money for loan losses.

“We are very pleased with the earnings performance and our improvement in asset quality in the first quarter," CEO Jim Bolt said in a statement. "First quarter results reflect continued improvement and positive trends in all areas."

Nonperforming assets as a percentage of the total fell to 8.1 percent, from 9 percent the year before. Total assets and deposits fell.

First Trust Bank serves small and medium-sized businesses in the Charlotte area.