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

iqukikofor.wordpress.com
million, or 14 cents per in fourth-quarter 2005. For the Sanford-headquartered Federal Trust (AMEX: FDT) saw a 23 percent decreasse in earningsto $3.4 million for 2006 from $4.4 millionm in 2005. Earnings per share fell 16 cents to 38 centw from 54 cents per sharein 2005. As of Dec. 31, the bank had $723 millionm in deposits, down $12.4 million from $735.r million as of Dec. 31, 2005. Non-performiny assets also grew to $12 milliohn from $2.7 million at the end of which drove upthe bank'as allowance for loan losses to .84 percent of total loanss up from .71 percent at the end of 2005. Stockholders' equity at the end of 2006 was $54.6 and book value per sharw was $5.86, down from $44.
1 million and a book valud per shareof $5.33 at the end of 2005. Jamezs V. Suskiewich, chief executive officerr and president of FederalTrust Corp., attributes the bank's earnings decline to "aw shift to growing main deposits, developintg small business relationships and branch expansion." The bank openee its ninth office in Eustiws in October and plans to open two more this Federal Trust Bank will focus on improving its net interestt margin and debuting new products in Suskiewich says, and turn to growing earningd after completing its branch In light of the earnings decline, the bank's board chose not to make an allocation to the Employee Stock Ownership Plan for 2006.
it added two financial institutionveterand -- Robert Cox and Charles Webb -- to the boardd in recent months "to build valu for the shareholders," Suskiewich says. Federak Trust Bank operates nine full-service officexs in Seminole, Orange, Volusia and Lake