First BancTrust Corporation Reports Fourth Quarter, Year-End Results And Increases Quarterly Cash Dividend

Feb 12, 2016, 09:38 ET from First BancTrust Corporation

CHAMPAIGN, Ill., Feb. 12, 2016 /PRNewswire/ -- First BancTrust Corporation ("Company") (OTCQX: FIRT) today reported 2015 fourth quarter net income of 43 cents per diluted share, compared with 38 cents per diluted share for the same period in the prior year. The year over year net income of $3.22 million compared to $3.25 million for the same period prior year represents a $22,189 decrease in net income for the year although the earnings per share for 2015 was $1.54 versus $1.53 for 2014 as a result of stock repurchase activity throughout the year.

"The fourth quarter was positively affected by increases in net interest income and by decreases in noninterest expense," stated Jack Franklin, the Company's President and Chief Executive Officer.

BALANCE SHEET SUMMARY

  • Total assets of the Company as of December 31, 2015 were $450.30 million compared with $433.75 million at December 31, 2014, an increase of $16.55 million or 3.82 percent.
  • Total loans net of allowance for loan losses for the same period increased by $22.27 million or 6.83 percent ending the year at $348.57 million.
  • Deposits as of December 31, 2015 were $359.47 million compared to the prior year end level of $347.25 million, a 3.52 percent increase.  

"The Company continues to exhibit balanced growth in all markets leading to the overall consistent asset growth," said Franklin.

FOURTH QUARTER and OVERALL 2015 HIGHLIGHTS

Revenue Growth

Net interest income after provision for loan loss for the fourth quarter of 2015 increased 0.37 percent to $3.42 million compared with $3.41 million for the fourth quarter of the prior year. Year over year this line item increased $330,442 or 2.50 percent. The increase in loan volume year over year was the primary contributor to the increase in net interest income for the year over year period as margin continued to be compressed throughout the year.

Fourth quarter 2015 noninterest income remained essentially the same increasing slightly by $2,360 compared to the same period a year ago. Year over year noninterest income for 2015 was $304,779 more than for the prior year. This increase is primarily a result of increased mortgage activity in the secondary market which also positively impacted abstract and title fees.

Noninterest Expense

Noninterest expense for the fourth quarter of 2015 decreased $67,200 or 2.09 percent to $3.15 million from the $3.22 million reported during the same quarter last year. Year over year, noninterest expense is $775,988 or 6.39 percent greater than the previous year. The larger than normal increase is directly attributable to the ongoing expenses associated with the opening of a new branch in Champaign and to expenses for the enhancement of services provided by the core processing system.  

Asset Quality

Significant asset quality measures for the year are:

  • Nonperforming Loans to Total Loans were 0.56 percent at year end 2015.
  • Net Charge offs to Total Loans were 0.15 percent for 2015 year end.
  • ALLL to Nonperforming Loans coverage was 231.48 percent at year end 2015.

Franklin stated, "Noninterest expense improved quarter over quarter and contributed to the positive fourth quarter numbers. Asset quality continues to be positive and loan levels continue to grow."

BOARD OF DIRECTORS INCREASES QUARTERLY DIVIDEND

The Board of Directors declared a quarterly cash dividend of seven cents per common share, payable March 22, 2016 to stockholders of record on March 7, 2016. This dividend represents an increase of two cents from the previous quarter's dividend of five cents per share.

ABOUT FIRST BANCTRUST CORPORATION

First BancTrust Corporation, headquartered in Champaign, Illinois is a holding company that owns all of the capital stock of First Bank & Trust, IL, an Illinois-chartered state 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, 2015, the Company had $450.30 million of total assets, $407.54 million of total liabilities and $42.76 million of stockholders' equity. First Bank & Trust, IL remains a well-capitalized bank with a Tier 1 Ratio of 9.88 percent, a Common Equity Tier 1 Capital Ratio of 12.33, a Tier 1 Capital Ratio of 12.33 percent and a Total Capital Ratio of 13.58 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 (OTCQX). Investors can view First BancTrust Corporation's security quotes and profile on www.otcmarkets.com under ticker symbol, "FIRT". 

… Table follows …

 

First BancTrust Corporation

Selected Financial Information

(in thousands of dollars except share data)






Balance Sheet Data

Dec. 31,

Dec. 31,




2015

2014




(unaudited)




Total Assets

$ 450,299

$433,751



Cash And Cash Equivalents

12,424

21,152



Investment Securities

58,857

56,368



FHLB Stock

2,610

2,610



Loans Held For Sale

463

221



Loans, Net of Allowance for Loan Losses of $4,550 and $4,476

348,568

326,294



Deposits

359,465

347,250



Federal Home Loan Bank Advances

36,000

36,000



Stockholders' Equity 

42,757

40,542








Book Value Per Common Share

$20.51

$19.17








Summary Of Operations

Three Months Ended

Year Ended


12/31/2015

12/31/2014

12/31/2015

12/31/2014


(unaudited)

(unaudited)


Interest Income

$    4,515

$    4,367

$   17,422

$  17,046

Interest Expense

871

790

3,275

3,045






Net Interest Income

3,644

3,577

14,147

14,001






Provision For Loan Losses

220

166

580

764






Net Interest Income After Provision For Loan Losses

3,424

3,411

13,567

13,237

Noninterest Income

1,075

1,073

4,271

3,966

Noninterest Expense

3,152

3,219

12,919

12,143






Income Before Income Tax

1,347

1,265

4,919

5,060

Income Tax Expense 

448

454

1,696

1,815






Net Income

$       899

$       811

$    3,223

$    3,245
















Share Data





Weighted Avg. Shares Outstanding - Basic

2,085,116

2,114,761

2,091,827

2,114,761

Weighted Avg. Shares Outstanding - Diluted

2,085,116

2,114,761

2,091,827

2,114,761






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

$      0.43

$      0.38

$      1.54

$      1.53

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

$      0.43

$      0.38

$      1.54

$      1.53






Ratios Based On Net Income





Return on Average Common Shareholders' Equity

8.47%

8.10%

7.76%

8.40%

Return on Average Assets

0.80%

0.75%

0.73%

0.77%

 

SOURCE First BancTrust Corporation



RELATED LINKS

http://www.firstbanktrust.com