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First Trust Bank’s 1Q net income up 17 percent

First Trust Bank said its net income rose 17 percent in the first quarter from the same quarter last year.

The Charlotte-based company reported first-quarter net income of $620,000, or 13 cents per diluted share, up from net income of $528,000, or 11 cents per diluted share, for the first quarter of 2010.

First Trust Bank’s assets as of March 31 were $452 million, an increase of $7 million, or 2 percent, from $445 million as of Dec. 31. Loans were $265 million at the end of the recent first quarter, down from $278 million at the end of the fourth quarter of 2010.

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