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

-Net Income available to common shareholders - increases from $1.51 million to $1.64 million

PARIS, Ill., Aug. 2, 2013 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQB: FIRT) today reported a 2013 second quarter net income available to common shareholders of $951,619 or 44 cents per diluted share, compared with $747,334 or 35 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 income tax expense, provision for loan losses and preferred dividends. The decrease in income tax expense was a one-time event associated with the exercise of stock options while the elimination of the preferred dividend was the result of the repayment of TARP funds in 2012.

Net Interest Income
Net interest income for the second quarter of 2013 decreased 6.32 percent, or $223,344, to $3.31 million compared with $3.53 million for the second quarter of the prior year. Although interest expense for the quarter was $133,387 less than the second quarter of 2012, interest income was $356,731 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.

Noninterest Income, Expense
Second quarter 2013 noninterest income decreased slightly by $36,169 to $1.12 million compared to $1.15 million for the same period a year ago. Year over year noninterest income for 2013 was $285,460 less than the same time period. This is primarily a result of a one-time gain on sales of securities event of $174,592 that occurred in the first quarter of 2012. While mortgage activity in the secondary market remains steady, it is reduced from the record levels achieved in early 2012. Also abstract and title fees were $43,972 less than the same time period a year ago.  

Noninterest expense for the second quarter of 2013 increased $61,789 or 2.12% to $2.98 million from the $2.92 million reported during the same quarter last year. Year over year, noninterest expense is $25,715 or .44% greater in 2013 than in the same time period in 2012.

Assets, Loans, Deposits
Total assets at June 30, 2013, were $391.62 million compared with $389.56 million at December 31, 2012, an increase of $2.06 million or 0.53 percent. During the same period, loans net of allowance for loan losses, increased by $4.01 million to $290.24 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 $600,000. Deposits decreased by $375,954 or 0.12 percent to $309.31 million compared with $309.69 million at year-end 2012.

Quarterly Dividend
The Board of Directors declared a quarterly cash dividend of two cents per common share, payable September 16, 2013 to stockholders of record at the close of business on September 5, 2013. 

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, 2013, the Company had $391.62 million of total assets, $356.25 million of total liabilities and $35.37 million of stockholders' equity. First Bank & Trust, S. B. remains a well-capitalized bank with a Tangible Ratio of 10.10, Tier 1 Ratio of 10.41 percent, a Tier 1 Risk-Based Ratio of 14.04 percent, and a Total Risk Based Ratio of 15.29 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/investor-relations-center.htm 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

June 30,

Dec. 31,




2013

2012




(unaudited)




Total Assets

$   391,625

$  389,563



Cash and Cash Equivalents

11,214

15,730



Investment Securities

58,064

54,100



FHLB Stock

2,610

2,610



Loans Held For Sale

197

353



Loans, Net of Allowance for
   Loan Losses of $4,453 and $3,870

290,235

286,222



Deposits

309,313

309,689



Federal Home Loan Bank Advances

34,000

34,000



Stockholders' Equity 

35,376

34,893








Book Value Per Common Share

$16.33

$16.46








Summary Of Operations

Three Months Ended

Six Months Ended


6/30/2013

6/30/2012

6/30/2013

6/30/2012


(unaudited)

(unaudited)

Interest Income

$      4,064

$     4,420

$     8,102

$     8,982

Interest Expense

753

886

1,538

1,866






Net Interest Income

3,311

3,534

6,564

7,116






Provision for Loan Losses

300

500

679

999






Net Interest Income After Provision for Loan Losses

3,011

3,034

5,885

6,117

Noninterest Income

1,119

1,155

2,175

2,460

Noninterest Expense

2,980

2,918

5,860

5,834






Net Income  Before Income Tax

1,150

1,271

2,200

2,743

Income Tax Expense 

198

459

559

998






Net Income 

$         952

$        812

$     1,641

$     1,745

Preferred Stock Dividends and Accretion

$             -

$          65

$            -

$        232

Net Income  Available to Common Stockholders

$         952

$        747

$     1,641

$     1,513






Share Data





Weighted Avg. Shares Outstanding - Basic

2,100,174

2,068,697

2,085,587

2,068,697

Weighted Avg. Shares Outstanding - Diluted

2,158,349

2,140,934

2,162,140

2,127,883






Basic Net Income  Available to Common Shareholders Per Share

$        0.45

$       0.36

$       0.78

$       0.73

Diluted Net Income  Available to Common Shareholders Per Share

$        0.44

$       0.35

$       0.76

$       0.71






Ratios Based On Net Income





Return on Average Common Shareholders' Equity

10.75%

8.83%

9.31%

9.03%

Return on Average Assets

0.97%

0.82%

0.84%

0.89%

 

SOURCE First BancTrust Corporation



RELATED LINKS
http://www.firstbanktrust.com

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