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

- Net Income increases from $689,184 to $721,715 or 4.72%

- Net Interest income increases $89,793

PARIS, Ill., May 2, 2014 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQB: FIRT) today reported a 2014 first quarter net income of $721,715 or 34 cents per diluted share, compared with $689,184 or 33 cents per diluted share for the same period in the prior year. The Company's net income was positively impacted primarily by an increase in net interest income and lower levels of provisioning for loan losses although this was partially offset by lower levels of non interest income as a result of reduced levels of mortgage loan activity.  

Net Interest Income
Net interest income for the first quarter of 2014 increased 2.76 percent, or $89,793, to $3.34 million compared with $3.25 million for the first quarter of the prior year. Interest expense for the quarter was $47,147 less than the first quarter of 2013, while interest income was $42,646 greater than the same time period of the previous year.

Noninterest Income, Expense
First quarter 2014 noninterest income decreased by $194,499 to $861,787 compared to $1.06 million for the same period a year ago. This is primarily a result of lower levels of mortgage loan activity which negatively impacted fee income associated with this activity, as well as reduced levels of abstract and title fees.

Noninterest expense for the first quarter of 2014 was essentially the same as 2013 with a minimal increase of $4,232 for the quarter.  Most line item expenses remained stable with the largest negative variance being $39,709 in salaries and benefit expense and the largest positive variance was a $53,882 reduction in foreclosed asset expense.

Assets, Loans, Deposits
Total assets at March 31, 2014, were $411.78 million compared with $407.35 million at December 31, 2013, an increase of $4.43 million or 1.09 percent. During the same period, loans net of allowance for loan losses, decreased by $3.20 million to $302.63 million from the 2013 year end level of $305.83 million.  The decrease in loans was the result of weather related events combined with lower than average utilization of agricultural lines of credit during the first quarter. Deposits increased by $3.11 million or 0.95 percent to $330.04 million compared with $326.92 million at year-end 2013.

Quarterly Dividend
The Board of Directors declared a quarterly cash dividend of three cents per common share, payable June 16, 2014 to stockholders of record at the close of business on June 2, 2014. 

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, 2014, the Company had $411.78 million of total assets, $374.15 million of total liabilities and $37.62 million of stockholders' equity. First Bank & Trust, S. B. remains a well-capitalized bank with a Tangible Ratio of 9.92, Tier 1 Ratio of 10.24 percent, a Tier 1 Risk-Based Ratio of 13.64 percent, and a Total Risk Based Ratio of 14.89 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 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 (OTCQB). 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,


2014

2013


(unaudited)


  Total Assets

$ 411,778

$  407,345

  Cash And Cash Equivalents

18,945

13,568

  Investment Securities

60,074

56,733

  FHLB Stock

2,610

2,610

  Loans Held For Sale

371

-

  Loans, Net of Allowance for
     Loan Losses of $4,037 and $3,930

302,633

305,829

  Deposits

330,037

326,923

  Federal Home Loan Bank Advances

34,000

34,000

  Stockholders' Equity 

37,623

36,717




  Book Value Per Common Share

$17.79

$17.36




Summary Of Operations

Three Months Ended


3/31/2014

3/31/2013


(unaudited)

  Interest Income

$    4,082

$     4,039

  Interest Expense

738

785




  Net Interest Income

3,344

3,254




  Provision For Loan Losses

193

380




  Net Interest Income After Provision For Loan Losses

3,151

2,874

  Noninterest Income

862

1,056

  Noninterest Expense

2,884

2,879




  Income Before Income Tax

1,129

1,051

  Income Tax Expense 

407

362




  Net Income 

$       722

$        689










Share Data



  Weighted Avg. Shares Outstanding - Basic

2,114,761

2,071,000

  Weighted Avg. Shares Outstanding - Diluted

2,114,761

2,105,859




  Basic Net Income  Available to Common Shareholders Per Share

$      0.34

$       0.33

  Diluted Net Income Available to Common Shareholders Per Share

$      0.34

$       0.33




Ratios Based On Net Income



  Return on Average Common Shareholders' Equity

7.77%

7.84%

  Return on Average Assets

0.71%

0.70%

SOURCE First BancTrust Corporation



RELATED LINKS
http://www.firstbanktrust.com

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