&T Financial : Oct 28, 2020 -- AB&T Financial Corporation Announces Third Quarter 2020 Results

Contact: Dan M. Boyd IV, President/CEO, [phone]

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AB&T Financial Corporation Announces Third Quarter 2020 Results

Gastonia, N.C. (October 28, 2020) - AB&T Financial Corporation (OTC Pink: ABTO), the parent company of Alliance Bank & Trust Company, today reported its third quarter 2020 results. For the quarter ended September 30, 2020, net income available to common shareholders was $197,000 or $0.006 per basic and diluted share, compared to net income available to common shareholders of $264,000 or $0.008 per basic and diluted share for the quarter ended September 30, 2019. This $67,000 decrease in earnings was largely attributable to an increase in other noninterest expense for the quarter ended September 30, 2020 as compared to the quarter ended September 30, 2019. The increase in total noninterest expenses of $124,000 for the quarter ended September 30, 2020 as compared to the quarter ended September 30, 2019 was partly attributable to an increase in staffing to facilitate additional growth.

Earnings for the first nine months of 2020 increased by $89,000 to $886,000, compared to net income of $797,000 for the same period in 2019. Fully diluted earnings per share for the nine months ended September 30, 2020 were $0.028 compared to $0.025 for the same period in 2019.

Total assets at September 30, 2020 were $180.3 million, an increase of $23.0 million from $157.3 million at December 31, 2019. Loans totaled $137.8 million at September 30, 2020 compared to $106.2 million at December 31, 2019, an increase of $31.6 million or 29.8%. Total deposits increased to $165.6 million at September 30, 2020, from $143.4 million as of December 31, 2019. Demand deposit accounts increased from $54.9 million at December 31, 2019, to $76.7 million at September 30, 2020, an increase of $21.8 million or 39.7%. The Bank continues to carry no wholesale funding on the balance sheet.

Dan Boyd, President and CEO, commented, 'We are pleased to report continued growth in both our loan portfolio and deposit base for the year. These positive trends are the result of our team's ability to attract additional profitable relationships. As we continue to face the COVID-19 pandemic, we are cautiously optimistic that the bank will be able to sustain our growth as we enter the fourth quarter of 2020.'

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 & Trust's 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.