First BancTrust Corporation Reports Second Quarter Results And Declares Quarterly Cash Dividend
CHAMPAIGN, Ill., July 31, 2015 /PRNewswire/ -- First BancTrust Corporation ("Company") (OTCQX: FIRT) today reported 2015 second quarter net income of 36 cents per diluted share, compared with 38 cents per diluted share for the same period in the prior year. The year to date net income available of $1.44 million compared to $1.53 million for the same period prior year represents an $85,050 decrease in net income.
"The second quarter was positively affected by increases in net interest and noninterest income which were offset by increases in noninterest expense," stated Jack Franklin, the Company's President and Chief Executive Officer.
BALANCE SHEET SUMMARY
- Total assets of the Company as of June 30, 2015 were $435.71 million compared with $433.75 million at December 31, 2014, an increase of $1.96 million or 0.45 percent.
- Total loans net of allowance for loan losses for the same period increased by $8.74 million or 2.68 percent.
- Deposits remained virtually unchanged at $346.55 million compared to the prior year end level of $347.25 million, a 0.20 percent increase.
"Business and retail activity in our markets remains strong allowing us to continue to grow assets and net interest income," said Franklin.
SECOND QUARTER 2015 HIGHLIGHTS
Revenue Growth
Net interest income after provision for loan loss for the second quarter of 2015 increased 4.40 percent to $3.40 million compared with $3.26 million for the second quarter of the prior year. 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 while improving asset quality allowed us to reduce our provision for loan losses for the year to date in comparison to the prior year.
Second quarter 2015 noninterest income increased to $1.04 million compared to $1.01 million for the same period a year ago. Year over year noninterest income for 2015 was $164,801 more than for the prior year. Year over year noninterest income for the second quarter of 2015 was $26,718 greater than the same period in the previous 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 second quarter of 2015 increased $267,483 or 8.86 percent to $3.29 million from the $3.02 million reported during the same quarter last year. Year over year, noninterest expense is $622,405 or 10.54% greater than the previous year. The large 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 year to date are:
- Nonperforming Loans to Total Loans were 0.27 percent at second quarter end 2015.
- Net Charge offs to Total Loans were 0.16 percent for 2015 year-to-date.
- ALLL to Nonperforming Loans coverage was 486.30 percent at second quarter end 2015.
Franklin stated, "Noninterest expense continues to be an encumbrance on earnings and therefore is a focus of management for the remainder of the year. Asset quality continues to be a strength of our Company with continued positive trends in problem loans, nonperforming assets and net charge offs at quarter end."
BOARD OF DIRECTORS DECLARES QUARTERLY DIVIDEND
The Board of Directors declared a quarterly cash dividend of five cents per common share, payable September 18, 2015 to stockholders of record on September 4, 2015.
ABOUT FIRST BANCTRUST CORPORATION
First BancTrust Corporation 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 June 30, 2015, the Company had $435.71 million of total assets, $394.69 million of total liabilities and $41.02 million of stockholders' equity. First Bank & Trust, IL remains a well-capitalized bank with a Tier 1 Ratio of 9.98 percent, a Common Equity Tier 1 Capital Ratio of 12.51, a Tier 1 Capital Ratio of 12.54 percent and a Total Capital Ratio of 13.79 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 |
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Selected Financial Information |
||||
(in thousands of dollars except share data) |
||||
Balance Sheet Data |
June 30 |
Dec. 31, |
||
2015 |
2014 |
|||
(unaudited) |
||||
Total Assets |
$ 435,713 |
$ 433,751 |
||
Cash and Cash Equivalents |
10,688 |
21,152 |
||
Investment Securities |
60,309 |
56,368 |
||
FHLB Stock |
2,610 |
2,610 |
||
Loans Held For Sale |
121 |
221 |
||
Loans, Net of Allowance for |
335,030 |
326,294 |
||
Deposits |
346,548 |
347,250 |
||
Federal Home Loan Bank Advances |
36,000 |
36,000 |
||
Stockholders' Equity |
41,020 |
40,542 |
||
Book Value Per Common Share |
$19.67 |
$19.17 |
||
Summary Of Operations |
Three Months Ended |
Six Months Ended |
||
6/30/2015 |
6/30/2014 |
6/30/2015 |
6/30/2014 |
|
(unaudited) |
(unaudited) |
|||
Interest Income |
$ 4,316 |
$ 4,203 |
$ 8,515 |
$ 8,285 |
Interest Expense |
795 |
746 |
1,578 |
1,484 |
Net Interest Income |
3,521 |
3,457 |
6,937 |
6,801 |
Provision for Loan Losses |
120 |
199 |
240 |
393 |
Net Interest Income After Provision for Loan Losses |
3,401 |
3,258 |
6,697 |
6,408 |
Noninterest Income |
1,036 |
1,009 |
2,036 |
1,871 |
Noninterest Expense |
3,287 |
3,020 |
6,526 |
5,904 |
Net Income Before Income Tax |
1,150 |
1,247 |
2,206 |
2,375 |
Income Tax Expense |
401 |
439 |
762 |
846 |
Net Income |
$ 749 |
$ 808 |
$ 1,444 |
$ 1,529 |
Share Data |
||||
Weighted Avg. Shares Outstanding - Basic |
2,091,449 |
2,114,761 |
2,098,539 |
2,114,761 |
Weighted Avg. Shares Outstanding - Diluted |
2,091,449 |
2,114,761 |
2,098,539 |
2,114,761 |
Basic Net Income Available to Common Shareholders Per Share |
$ 0.36 |
$ 0.38 |
$ 0.69 |
$ 0.72 |
Diluted Net Income Available to Common Shareholders Per Share |
$ 0.36 |
$ 0.38 |
$ 0.69 |
$ 0.72 |
Ratios Based On Net Income |
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Return on Average Common Shareholders' Equity |
7.28% |
8.47% |
7.06% |
8.12% |
Return on Average Assets |
0.68% |
0.78% |
0.66% |
0.74% |
SOURCE First BancTrust Corporation
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