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AB&T Financial Corporation Announces Fourth Quarter and Year-End 2018 Results

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AB&T Financial Corporation (OTC Pink: ABTO), the parent company of Alliance Bank & Trust Company, today reported its fourth quarter and year-end 2018 results. For the quarter ended December 31, 2018, net income available to common shareholders was $331,000 or $0.011 and $0.010 per basic and diluted share, compared to net income available to common shareholders of $480,000 or $0.015 per basic and diluted share for the quarter ended December 31, 2017. This $149,000 decrease in earnings was largely attributable to a decrease in our negative provision for income taxes to recapture net operating loss carryforwards related to the prior year tax benefit of $353,000 in 2017 compared to $170,000 in 2018.

Earnings for the twelve months ended December 31, 2018 increased by $183,000 to $1,022,000 compared to net income available to common shareholders of $839,000 for the calendar year 2017. Fully diluted and basic earnings per share for the twelve months ended December 31, 2018 were $0.033 and $0.032 respectively, compared to $0.027 and $0.026 for the same period in 2017.

Total assets at December 31, 2018 were $143.3 million, an increase of $800 thousand or 0.6% over the $142.5 million at December 31, 2017. Loans totaled $97.9 million at December 31, 2018 compared to $100.9 million at December 31, 2017, a decrease of $3.0 million. Investment securities available for sale increased $7.8 million to $29.0 million at December 31, 2018. Total deposits increased to $131.2 million on December 31, 2018, from $128.1 million as of December 31, 2017. Demand deposit accounts increased from $44.2 million to $47.8 million at December 31, 2018, an increase of $3.6 million or 8.1% as compared to December 31, 2017.

Non-performing assets decreased to $1.9 million at December 31, 2018 from $2.2 million at December 31, 2017. This decrease was driven primarily by principal pay-downs on non-accrual loans. In addition, other real estate owned remained at zero throughout 2018.

Dan Boyd, President and CEO, commented, We are pleased to report a record year of profitability for the Company. We are optimistic that we can continue our improved profitability trends as we enter 2019. 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 & Trusts locations and the products and services offered are available at https://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
Dan.Boyd@alliancebankandtrust.com

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