First BancTrust Corporation Reports Fourth Quarter Results And Declares An Increase In Its Quarterly Cash Dividend Year over year results

- Net Income available to common shareholders - increases from $3.05 million to $3.07 million

PARIS, Ill., March 7, 2014 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQB: FIRT) today reported a 2013 fourth quarter net income available to common shareholders of $684,603 or 32 cents per diluted share, compared with $711,298 or 33 cents per diluted share, for the same period in the prior year. The Company's net income available to common shareholders was negatively impacted primarily by slightly lower levels of net interest income and lower levels of noninterest income although this was offset by a decrease in the provision for loan losses and the elimination of preferred dividends. Non-interest expense was greater year over year mainly as a result of increased expenses incurred in the disposition of other real estate owned. The elimination of the preferred dividend was the result of the repayment of TARP funds in 2012. Included in the year-end financial results  is an adjustment related to the tax effects of the stock option transaction that occurred during the second quarter. This adjustment altered second quarter earnings from $951,619 to $747,934 and earnings per share (diluted) for the quarter from 44 cents to 34 cents. This adjustment had no effect on book value or stockholders equity.

Net Interest Income
Net interest income for the fourth quarter of 2013 decreased 1.43 percent, or $48,622, to $3.35 million compared with $3.40 million for the fourth quarter of the prior year. Although interest expense for the quarter was $105,008 less than the fourth quarter of 2012, interest income was $153,630 less than the same time period of the previous year. The decrease in interest income was the result of a continued low interest rate environment which affected both investments and loans. As a result of ongoing improvement in credit quality and a sustained level of ALLL to total loans, provision for loan losses was $349,500 less than the same time period last year.

Noninterest Income, Expense
It should be noted that 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 interest 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. Fourth quarter 2013 noninterest income decreased by $874,408 to $1.02 million compared to $1.89 million for the same period a year ago, of which $463,469 was related to the one-time gain on security sales in 2012. The remaining decrease is primarily the result of decreased mortgage loan activity and the resulting decrease in gain on loan sales of $313,307 for the quarter. Year over year, noninterest income for 2013 was $1.35 million less than the prior year of which $638,061 related to the gains on security sales in 2012. The remaining deficit is primarily a result of a decrease in mortgage activity in the secondary market resulting in $577,118 less in gain on loan sales and $102,593 less in abstract and title fees.  

Noninterest expense for the fourth quarter of 2013 decreased by $391,440 or 10.95%. Year over year, noninterest expense was $362,490 or 2.95% less than the same time period in 2012. Removing the isolated event of fourth quarter 2012 of $472,690 for the loss in early extinguishment of debt, resulted in $81,250 less noninterest expense for the fourth quarter 2013 compared to prior year.  Again if we exclude the loss of early extinguishment of debt of $556,142, which includes the fourth quarter transaction, as well as another loss on early extinguishment occurring early in the year, then total noninterest expense in 2013 is $193,652 or 1.65% greater than the same time period in 2012.

Assets, Loans, Deposits
Total assets at December 31, 2013, were $407.35 million compared with $389.56 million at December 31, 2012, an increase of $17.78 million or 4.57 percent. During the same period, loans net of allowance for loan losses, increased by $19.61 million to $305.83 million from the 2012 year end level of $286.22 million with credit quality continuing to show improvement.  It should also be noted that earnings from the Bank were used to reduce short term borrowings at the holding company by $1.70 million year over year. Deposits increased by $17.23 million or 5.57 percent to $326.92 million compared with $309.69 million at year-end 2012.

Quarterly Dividend
The Board of Directors declared a quarterly cash dividend of three cents per common share, payable March 21, 2014 to stockholders of record at the close of business on March 10, 2014. This dividend represents an increase of one cent from the previous quarter's dividend of two cents 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, 2013, the Company had $407.35 million of total assets, $370.63 million of total liabilities and $36.72 million of stockholders' equity. First Bank & Trust, S. B. remains a well-capitalized bank with a Tangible Ratio of 9.77, Tier 1 Ratio of 10.28 percent, a Tier 1 Risk-Based Ratio of 13.35 percent, and a Total Risk Based Ratio of 14.60 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 (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

Dec. 31,

Dec. 31,




2013

2012




(unaudited)




   Total Assets

$   407,345

$  389,563



   Cash And Cash Equivalents

13,568

15,730



   Investment Securities

56,733

54,100



   FHLB Stock

2,610

2,610



   Loans Held For Sale

-

353



   Loans, Net of Allowance for
         Loan Losses of $3,930 and $3,870

305,829

286,222



   Deposits

326,923

309,689



   Federal Home Loan Bank Advances

34,000

34,000



  Stockholders' Equity 

36,717

34,893








   Book Value Per Common Share

$17.36

$16.85








Summary Of Operations

Three Months Ended

Year Ended


12/31/2013

12/31/2012

12/31/2013

12/31/2012


(unaudited)

(unaudited)


   Interest Income

$      4,106

$     4,259

$     16,306

$   17,545

   Interest Expense

751

856

3,030

3,591






   Net Interest Income

3,355

3,403

13,276

13,954






   Provision For Loan Losses

150

500

979

1,998






   Net Interest Income After Provision For Loan Losses

3,205

2,903

12,297

11,956

   Noninterest Income

1,020

1,895

4,347

5,694

   Noninterest Expense

3,183

3,575

11,930

12,292






   Income (Loss) Before Income Tax

1,042

1,223

4,714

5,358

   Income Tax Expense (Benefit) 

357

435

1,648

1,932






   Net Income (Loss)

$         685

$        788

$      3,066

$     3,426

   Preferred Stock Dividends and accretion

$               -

$          77

$               -

$        374

   Net Income (Loss) Available to Common Stockholders

$         685

$        711

$      3,066

$     3,052






Share Data





   Weighted Avg. Shares Outstanding - Basic

2,114,761

2,070,641

2,100,174

2,069,388

   Weighted Avg. Shares Outstanding - Diluted

2,114,761

2,151,628

2,111,414

2,134,515






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

$        0.32

$       0.34

$        1.46

$       1.47

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

$        0.32

$       0.33

$        1.45

$       1.43






Ratios Based On Net Income





   Return on Average Common Shareholders' Equity

7.51%

8.11%

8.58%

8.94%

   Return on Average Assets

0.68%

0.81%

0.78%

0.87%

SOURCE First BancTrust Corporation



RELATED LINKS
http://www.firstbanktrust.com

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