2014

First BancTrust Corporation Reports First Quarter Results and Declares Quarterly Cash Dividend Year over year results

-Net Income available to common shareholders - $689,184

-Non-Interest expense decreases

PARIS, Ill., May 3, 2013 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQB: FIRT), today reported a 2013 first quarter net income available to common shareholders of $689,184 or 32 cents per diluted share, compared with $765,324 or 36 cents per diluted share, for the same period in the prior year. The Company's net income was negatively impacted primarily by lower levels of net interest income and lower levels of non interest income although this was partially offset by a decrease in non-interest expense and preferred dividends.

Net Interest Income
Net interest income for the first quarter of 2013 decreased 9.17 percent, or $328,551, to $3.25 million compared with $3.58 million for the first quarter of the prior year. Although interest expense for the quarter was $194,148 less than the first quarter of 2012, interest income was $522,699 less than the same time period of the previous year. The negative interest income figure was the result of a continued lower interest rate environment which affected both investments and loans, as well as lower levels of loan balances.

Noninterest Income, Expense
First quarter 2013 noninterest income decreased by $249,291 to $1.06 million compared to $1.31 million for the same period a year ago. This is primarily a result of a one-time gain on sales of securities event of $180,223 that occurred in the first quarter of 2012. While mortgage activity in the secondary market remains brisk, it is slightly reduced from the record levels achieved in early 2012. Also abstract and title fees were $37,384 less than the same time period a year ago.  

Noninterest expense for the first quarter of 2013 decreased $36,074 or 1.24% to $2.88 million from the $2.92 million reported during the same quarter last year. Most line item expenses remained stable while the largest negative variance was $50,609 in foreclosed asset expense while the largest positive variance was an $83,452 expense on early debt extinguishment incurred in the first quarter of 2012.

Assets, Loans, Deposits
Total assets at March 31, 2013, were $393.21 million compared with $389.56 million at December 31, 2012, an increase of $3.65 million or 0.94 percent. During the same period, loans net of allowance for loan losses, decreased by $3.61 million to $282.61 million from the 2012 year end level of $286.22 million.  The decrease in loans was the result of early payoffs combined with lower than average utilization of agricultural lines of credit during the first quarter. Deposits increased by $3.23 million or 1.04 percent to $312.92 million compared with $309.69 million at year-end 2012. The consolidated loan to deposit ratio as of March 31, 2013 was 90.19 percent.

Quarterly Dividend
The Board of Directors declared a quarterly cash dividend of two cents per common share, payable June 14, 2013 to stockholders of record at the close of business on June 3, 2013. 

About First BancTrust Corporation
First BancTrust Corporation is a holding company that owns all of the capital stock of First Bank & Trust, S. B., an Illinois-chartered savings bank that conducts business from its main office located in Paris, Illinois, and branch banks in Marshall, Savoy, Rantoul, Champaign, and Martinsville, Illinois. On March 31, 2013, the Company had $393.21 million of total assets, $357.78 million of total liabilities and $35.43 million of stockholders' equity. First Bank & Trust, S. B. remains a well-capitalized bank with a Tangible Ratio of 10.26, Tier 1 Ratio of 10.38 percent, a Tier 1 Risk-Based Ratio of 14.29 percent, and a Total Risk Based Ratio of 15.54 percent.

Footnote:

This earnings report may contain certain forward-looking statements which are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact the Company's earnings in future periods.  Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, and competition, changes in accounting principles, policies, or guidelines, changes in legislation or regulation, and other economic, competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products, and services. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Further information concerning the Company and its business, including additional factors that could materially affect the company's financial results is available at https://www.firstbanktrust.com/investor-relations-center.htm or by faxing a request for a copy of our latest press release to 217.465.0285. First BancTrust Corporation stock is traded Over-the-Counter (OTC). Investors can view First BancTrust Corporation's security quotes and profile on www.otcmarkets.com under ticker symbol, "FIRT".

… tables follow …

First BancTrust Corporation

Selected Financial Information

(in thousands of dollars except share data)




Balance Sheet Data

Mar. 31,

Dec. 31,


2013

2012


(unaudited)


Total Assets

$  393,207

$  389,563

Cash And Cash Equivalents

18,479

15,730

Investment Securities

59,461

54,100

FHLB Stock

2,610

2,610

Loans Held For Sale

555

353

Loans, Net of Allowance for
   Loan Losses of $4,164 and $3,870

282,609

286,222

Deposits

312,923

309,689

Federal Home Loan Bank Advances

34,000

34,000

Stockholders' Equity 

35,429

34,893




Book Value Per Common Share

$16.71

$16.46




Summary Of Operations

Three Months Ended


3/31/2013

3/31/2012


(unaudited)

Interest Income

$     4,039

$     4,562

Interest Expense

785

980




Net Interest Income

3,254

3,582




Provision For Loan Losses

380

499




Net Interest Income After Provision For Loan Losses

2,874

3,083

Noninterest Income

1,056

1,305

Noninterest Expense

2,879

2,915




Income Before Income Tax

1,051

1,473

Income Tax Expense 

362

540




Net Income 

$        689

$        933

Preferred Stock Dividends and Accretion

$            -

$        168

Net Income Available to Common Stockholders

$        689

$        765




Share Data



Weighted Avg. Shares Outstanding - Basic

2,071,717

2,068,697

Weighted Avg. Shares Outstanding - Diluted

2,168,726

2,123,003




Basic Net Income  Available to Common Shareholders Per Share

$       0.33

$       0.37

Diluted Net Income Available to Common Shareholders Per Share

$       0.32

$       0.36




Ratios Based On Net Income



Return on Average Common Shareholders' Equity

7.84%

9.24%

Return on Average Assets

0.70%

0.94%


SOURCE First BancTrust Corporation



RELATED LINKS
http://www.firstbanktrust.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.