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

- Net Income available to common shareholders - increases from $1.48 million to $1.51 million

- Noninterest Income - increases by 21.60%

PARIS, Ill., Aug. 3, 2012 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQB: FIRT), today reported a 2012 second quarter net income available to common shareholders of $747,334 or 35 cents per diluted share, compared with $771,257 or 37 cents per diluted share, for the same period in the prior year. The Company's net income in the second quarter was positively impacted primarily by higher levels of noninterest income and negatively impacted by reduced levels of net interest income. Year to date net income available to common shareholders was $1.51 million compared to $1.48 million for the same period in the prior year.

Net Interest Income
Net interest income for the second quarter of 2012 decreased 3.94 percent, or $145,060, to $3.53 million compared with $3.68 million for the second quarter of the prior year. Although interest expense for the quarter was $325,727 less than the second quarter of 2011, interest income was $470,787 less than the same time period of the previous year. Both interest income and interest expense were affected by the lower interest rate environment, as well as by reductions in volume of interest bearing assets. It should be noted that a prolonged low interest rate environment would result in rate compression which may have a negative impact on future net interest income.

Noninterest Income, Expense
Second quarter 2012 noninterest income increased by $160,944 to $1.15 million compared to $993,994 for the same period a year ago. This is primarily a result of increases in net gains on loan sales and other service charges as a result of increased levels of 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 $102,345. Increases in title company activities resulted in a $67,031 increase in revenue from the same period last year.

Noninterest expense for the second quarter of 2012 increased $113,031 or 4.03% to $2.92 million from $2.81 million during the same quarter last year.                                                                      

Assets, Loans, Deposits
Total assets at June 30, 2012, were $391.94 million compared with $392.84 million at December 31, 2011, a decrease of $903,450 or .23 percent. During the same period, loans net of allowance for loan losses, decreased by $1.33 million to $285.42 million from the 2011 year end level of $286.75 million. Deposits increased by $6.50 million or 2.15 percent to $305.95 million compared with $299.45 million at year-end 2011.

Quarterly Dividend
The Board of Directors declared a quarterly cash dividend of one cent per common share, payable September 12, 2012 to stockholders of record at the close of business on September 5, 2012.  The minimal dividend level allows the Company to maintain its desired capital level and to accumulate funds for retirement of the remainder of TARP.

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 June 30, 2012, the Company had $391.94 million of total assets, $354.09 million of total liabilities and $37.84 million of stockholders' equity. This represents a decrease from $40.00 million in stockholders' equity at December 31, 2011 resulting from the January 2012 redemption of $3.67 million of preferred equity issued through TARP, partially offset by $1.51 million of earnings. First Bank & Trust, S. B. remains a well capitalized bank with a Tangible Ratio of 10.44, Tier 1 Ratio of 10.36 percent, a Tier 1 Risk-Based Ratio of 14.02 percent, and a Total Risk Based Ratio of 15.28 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

June 30,

Dec. 31,




2012

2011




(unaudited)




Total Assets

$  391,936

$  392,839



Cash and Cash Equivalents

15,750

16,585



Investment Securities

57,569

56,153



FHLB Stock

2,804

3,749



Loans Held For Sale

1,518

414



Loans, Net of Allowance for
   Loan Losses of $5,306 and $4,555

285,418

286,751



Deposits

305,950

299,446



Federal Home Loan Bank Advances

39,000

44,000



Stockholders' Equity 

37,842

39,997








Book Value Per Common Share

$16.15

$15.49








Summary Of Operations

Three Months Ended

Six Months Ended


6/30/2012

6/30/2011

6/30/2012

6/30/2011


(unaudited)

(unaudited)

Interest Income

$      4,420

$     4,891

$      8,982

$     9,759

Interest Expense

886

1,212

1,949

2,590






Net Interest Income

3,534

3,679

7,033

7,169






Provision for Loan Losses

500

500

999

999






Net Interest Income After Provision for Loan Losses

3,034

3,179

6,034

6,170

Noninterest Income

1,155

994

2,460

2,023

Noninterest Expense

2,918

2,805

5,751

5,594






Net Income  Before Income Tax

1,271

1,368

2,743

2,599

Income Tax Expense 

459

476

998

876






Net Income 

$         812

$        892

$      1,745

$     1,723

Preferred Stock Dividends and Accretion

$          65

$        121

$         232

$        242

Net Income  Available to Common Stockholders

$         747

$        771

$      1,513

$     1,481






Share Data





Weighted Avg. Shares Outstanding - Basic

2,068,697

2,068,730

2,068,697

2,068,680

Weighted Avg. Shares Outstanding - Diluted

2,140,934

2,121,878

2,127,883

2,121,330






Basic Net Income  Available to Common Shareholders Per Share

$        0.36

$       0.38

$        0.73

$       0.72

Diluted Net Income  Available to Common Shareholders Per Share

$        0.35

$       0.37

$        0.71

$       0.70






Ratios Based On Net Income





Return on Average Common Shareholders' Equity

8.83%

10.15%

9.03%

9.90%

Return on Average Assets

0.82%

0.90%

0.89%

0.86%

SOURCE First BancTrust Corporation



RELATED LINKS
http://www.firstbanktrust.com

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