AB&T Financial Corp., the parent company of Alliance Bank & Trust Company, reported a profitable fourth quarter that was lower than the same time period in 2017 due to provisions for income taxes.

AB&T, headquartered in Gastonia, reported net income of $331,000, or 1 cent per share, down from net income of $480,000, or 1.5 cent per share, in the fourth quarter a year ago.

Nonperforming assets decreased to $1.9 million on Dec. 31, 2018, from $2.2 million in Dec. 31, 2017.

“We are pleased to report a record year of profitability,” says Dan Boyd, AB&T’s president and CEO. “We are optimistic that we can continue our improved profitability trends as we enter 2019.”

The firm grew its assets $800,000 to $143.3 million over the year, while loans dropped by $3 million year over year — to $97.9 million in December 2018 from $100.9 million a year prior.

Available for sale investment securities grew $7.8 million over the year, to $29 million total.

AB&T operates four community banking branches in North Carolina’s Gaston and Cleveland counties.

AB&T’s stock was trading at 48 cents, unchanged.