2014

First BancTrust Corporation Reports Fourth Quarter Results and Declares an Increase in Its Quarterly Cash Dividend

PARIS, Ill., March 1, 2013 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQB: FIRT), today reported a 2012 fourth quarter net income available to common shareholders of $711,298 or 33 cents per diluted share, compared with $878,602 or 41 cents per diluted share, for the same period in the prior year. The Company's net income in the fourth quarter was impacted by reduced levels of net interest income which was partially offset by increases in non interest income. Year over year net income available to common shareholders was $3.05 million in 2012 compared to $3.34 million in the prior year which equated to $1.43 per diluted share as compared with $1.57 per diluted share for the previous year.

Net Interest Income 
Net interest income for the fourth quarter of 2012 decreased 8.06 percent, or $298,461, to $3.40 million compared with $3.70 million for the fourth quarter of the prior year. Although interest expense for the quarter was $193,992 less than the fourth quarter of 2011, interest income was $492,453 less than the same time period of the previous year. Year over year there was an $812,760 reduction in net interest income which represents a 5.54% decrease over this time period. Both interest income and interest expense continue to be affected by the low interest rate environment.

Noninterest Income, Expense 
In light of the current interest rate environment and outlook, during the fourth quarter of 2012, the Company elected to execute a partial repositioning of its balance sheet with the early retirement of a $5 million FHLB advance with an above market rate. The prepayment penalty assessed to retire the advance was $472,690 which was primarily offset by a one-time gain on securities sales of $463,469. After adjustments for the securities sales, fourth quarter 2012 noninterest income was $164,444 greater than the same period a year ago and $600,635 greater year over year. This historically high number is primarily from increases in net gains on loan sales and other service charges which resulted from elevated activity in the residential mortgage secondary market, as well as increases in earnings from the Company's title company subsidiary. The low rate environment continues to be conducive to elevated year over year levels of income from net gains on mortgage loan sales amounting to an increase of $108,979 quarter over quarter and $437,390 year to date. Increases in title company activities resulted in an increase in revenue of $138,185 year to date.

Noninterest expense for the fourth quarter of 2012, less the prepayment penalty incurred as the result of the balance sheet restructuring, increased $280,830 to $3.10 million from $2.82 million during the same quarter last year. The majority of the increase was in the form of increases in salaries and benefits as the Company is investing in staff to position itself for growth.

Assets, Loans, Deposits 
Total assets at December 31, 2012, were $389.56 million compared with $392.84 million at December 31, 2011, a decrease of $3.28 million or .83 percent. The decrease in assets was the result of cash being used for the TARP redemption that was completed in 2012. During the same period, loans net of allowance for loan losses, decreased by $528,134 to $286.22 million from the 2011 year end level of $286.75 million. Deposits increased by $10.24 million or 3.42 percent to $309.69 million compared with $299.45 million at year-end 2011.

Quarterly Dividend Increased 

The Board of Directors declared a quarterly cash dividend of two cents per common share, payable March 22, 2013 to stockholders of record at the close of business on March 11, 2013.  This dividend represents an increase of one cent from the previous quarter's dividend of one cent per share.

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 December 31, 2012, the Company had $389.56 million of total assets, $354.67 million of total liabilities and $34.89 million of stockholders' equity. First Bank & Trust, S. B. remains a well capitalized bank with a Tangible Ratio of 10.38, Tier 1 Ratio of 10.41 percent, a Tier 1 Risk-Based Ratio of 13.96 percent, and a Total Risk Based Ratio of 15.22 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 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

Dec. 31,

Dec. 31,




2012

2011




(unaudited)




Total Assets

$  389,563

$  392,839



Cash And Cash Equivalents

15,730

16,585



Investment Securities

54,100

56,153



FHLB Stock

2,610

3,749



Loans Held For Sale

353

414



Loans, Net of Allowance for
   Loan Losses of $3,870 and $4,555

286,222

286,751



Deposits

309,689

299,446



Federal Home Loan Bank Advances

34,000

44,000



Stockholders' Equity 

34,893

39,997








Book Value Per Common Share

$16.46

$15.49








Summary Of Operations

Three Months Ended

Year Ended


12/31/2012

12/31/2011

12/31/2012

12/31/2011


(unaudited)

(unaudited)


Interest Income

$     4,259

$     4,752

$    17,545

$    19,463

Interest Expense

856

1,050

3,674

4,780






Net Interest Income

3,403

3,702

13,871

14,683






Provision For Loan Losses

500

550

1,998

2,298






Net Interest Income After Provision For Loan Losses

2,903

3,152

11,873

12,385

Noninterest Income

1,895

1,267

5,694

4,631

Noninterest Expense

3,575

2,821

12,209

11,164






Income (Loss) Before Income Tax

1,223

1,598

5,358

5,852

Income Tax Expense (Benefit) 

435

598

1,932

2,032






Net Income (Loss)

$        788

$     1,000

$     3,426

$     3,820

Preferred Stock Dividends and accretion

$          77

$        121

$        374

$        484

Net Income (Loss) Available to Common Stockholders

$        711

$        879

$     3,052

$     3,336






Share Data





Weighted Avg. Shares Outstanding - Basic

2,070,641

2,068,697

2,069,388

2,068,680

Weighted Avg. Shares Outstanding - Diluted

2,151,628

2,121,251

2,139,150

2,121,271






Basic Net Income (Loss) Available to Common Shareholders Per Share

$       0.34

$       0.42

$       1.47

$       1.61

Diluted Net Income (Loss) Available to Common Shareholders Per Share

$       0.33

$       0.41

$       1.43

$       1.57






Ratios Based On Net Income





Return on Average Common Shareholders' Equity

8.11%

10.83%

8.94%

10.78%

Return on Average Assets

0.81%

1.02%

0.87%

0.96%

 

 

 

SOURCE First BancTrust Corporation



RELATED LINKS
http://www.firstbanktrust.com

More by this Source


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.