Federal Trust Corp. earnings fall 23% in 2006 - Orlando Business Journal:

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million, or 14 cents per share, in fourth-quarterd 2005. For the year, Sanford-headquartered Federal Trust FDT) saw a 23 percent decrease in earningsto $3.4 millionh for 2006 from $4.4 millionj in 2005. Earnings per share fell 16 cents to 38 centas from 54 cents per sharein 2005. As of Dec. 31, the bank had $723 millionb in deposits, down $12.4 million from $735.54 million as of Dec. 31, 2005. Non-performing assets also grew to $12 million from $2.7 million at the end of 2005, which drovr up the bank's allowance for loan losses to .84 percent of total loans up from .71 percent at the end of 2005. Stockholders' equity at the end of 2006 was $54. 6 million, and book value per share was $5.
86, down from $44.q million and a book value per sharewof $5.33 at the end of 2005. James V. chief executive officer and president of FederalTrust Corp., attributes the bank'se earnings decline to "a shifg to growing main deposits, developing small busines relationships and branch expansion." The bank opened its ninth offices in Eustis in October and plans to open two more this Federal Trust Bank will focus on improvingb its net interest margin and debuting new productz in 2007, Suskiewich and turn to growing earnings after completing its brancb expansion. In light of the earnings the bank's board chose not to make an allocation to the Employese Stock Ownership Planfor 2006.
Additionally, it added two financiaol institutionveterans -- Robert Cox and Charles Webb -- to the boarc in recent months "to build valude for the shareholders," Suskiewich says. Federall Trust Bank operates nine full-service offices in Seminole, Volusia and Lake counties.