AB&T Financial Corporation (OTC Pink: ABTO), the parent company of Alliance Bank & Trust Company, today reported its unaudited first quarter 2019 results. For the quarter ended March 31, 2019, net income available to common shareholders was $282,000 or $0.009 per basic and diluted common share, compared to net income available to common shareholders of $184,000 or $0.006 per basic and diluted common share for the quarter ended March 31, 2018, an increase of 53.3%. This $98,000 increase in earnings was largely attributable to an increase in net interest income of approximately $295,000 for the quarter ended March 31, 2019 as compared to the quarter ended March 31, 2018. This increase in net interest income was offset by a provision for loan losses of $125,000 and an income tax provision of $87,000. No provision for loan losses or income tax expense was recorded for the quarter ended March 31, 2018.
Total assets at March 31, 2019 were $139.0 million, a decrease of $4.3 million or 3.0% from $143.3 million at December 31, 2018. Loans totaled $101.7 million at March 31, 2019 compared to $97.9 million at December 31, 2018, an increase of $3.8 million. Total deposits decreased to $126.5 million on March 31, 2019, from $131.2 million as of December 31, 2018. Demand deposit accounts decreased from $47.8 million at December 31, 2018, to $47.0 million at March 31, 2019, a decrease of $0.8 million or 1.6%.
Dan Boyd, President and CEO, commented, We are pleased with our strong level of profitability reported in the first quarter. This is our best quarterly pre-tax net income since the beginning of the recession in 2008. The increase in the net income is primarily due to an increase in the average loans outstanding during the quarter. As well as our continued focus on low cost deposits.
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 & Trusts 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.
Dan M. Boyd IV, President/CEO, (704) 867-5828