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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