First Banctrust Corporation Reports Third Quarter Results and Declares Quarterly Cash Dividend TARP FUNDING FULLY REDEEMED

PARIS, Ill., Nov. 2, 2012 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQB: FIRT), today reported a 2012 third quarter net income available to common shareholders of $828,257or 39 cents per diluted share, compared with $976,002 or 46 cents per diluted share, for the same period in the prior year. The Company's net income in the third quarter was impacted by reduced levels of net interest income which was partially offset by reductions in the provision for loan losses. The higher level of net income for the third quarter of 2011 was positively impacted by a one-time gain on sales of securities of $126,495. Year to date net income available to common shareholders was $2.34 million compared to $2.46 million for the same period in the prior year.

Net Interest Income
Net interest income for the third quarter of 2012 decreased 9.91 percent, or $377,901, to $3.43 million compared with $3.81 million for the third quarter of the prior year. Although interest expense for the quarter was $271,018 less than the third quarter of 2011, interest income was $648,919 less than the same time period of the previous year. Both interest income and interest expense were affected by the lower interest rate environment.

Noninterest Income, Expense
Third quarter 2012 noninterest income was $1.34 million which was essentially the same amount for the same period a year ago. This historically high number is primarily a result of increases in net gains on loan sales and other service charges as a result of elevated 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 $88,775 quarter over quarter and $328,411 year to date. Increases in title company activities resulted in a $27,387 increase in revenue from the same period last year and $128,879 year to date.

Noninterest expense for the third quarter of 2012 increased $135,398 or 4.93% to $2.88 million from $2.75 million during the same quarter last year.

Assets, Loans, Deposits
Total assets at September 30, 2012, were $392.72 million compared with $392.84 million at December 31, 2011, a decrease of $121,170 or .03 percent. During the same period, loans net of allowance for loan losses, decreased by $1.65 million to $285.10 million from the 2011 year end level of $286.75 million. Deposits increased by $6.25 million or 2.09 percent to $305.69 million compared with $299.45 million at year-end 2011.

TARP Redemption and Quarterly Dividend 
On October 24, 2012, the Company finalized the repurchase of 3,675 shares of preferred Series A stock and 368 shares of preferred Series B stock to complete its exit from the Treasury's TARP Capital Purchase Program. The aggregate purchase price for the shares was $4.09 million and was funded by a combination of earnings and short term borrowings which were secured at a lesser rate than was being paid as part of the TARP program.

The Board of Directors declared a quarterly cash dividend of one cent per common share, payable December 14, 2012 to stockholders of record at the close of business on December 3, 2012.  

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 September 30, 2012, the Company had $392.72 million of total assets, $353.87 million of total liabilities and $38.85 million of stockholders' equity. First Bank & Trust, S. B. remains a well capitalized bank with a Tangible Ratio of 10.49, Tier 1 Ratio of 10.41 percent, a Tier 1 Risk-Based Ratio of 14.00 percent, and a Total Risk Based Ratio of 15.26 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". 

 

First BancTrust Corporation

Selected Financial Information

(in thousands of dollars except share data)




Balance Sheet Data

Sept. 30

Dec. 31,


2012

2011


(unaudited)


Total Assets

$  392,718

$  392,839

Cash and Cash Equivalents

15,875

16,585

Investment Securities

57,273

56,153

FHLB Stock

2,610

3,749

Loans Held For Sale

1,000

414

Loans, Net of Allowance for
   Loan Losses of $4,323 and $4,555

285,100

286,751

Deposits

305,693

299,446

Federal Home Loan Bank Advances

39,000

44,000

Stockholders' Equity 

38,848

39,997




Book Value Per Common Share

$16.62

$15.49




 

Summary Of Operations

Three Months Ended

Nine Months Ended


9/30/2012

9/30/2011

9/30/2012

9/30/2011


(unaudited)

(unaudited)

Interest Income

$     4,304

$     4,953

$    13,286

$    14,711

Interest Expense

869

1,140

2,818

3,729






Net Interest Income

3,435

3,813

10,468

10,982






Provision for Loan Losses

500

750

1,499

1,749






Net Interest Income After Provision for Loan Losses

2,935

3,063

8,969

9,233

Noninterest Income

1,340

1,340

3,800

3,364

Noninterest Expense

2,884

2,748

8,635

8,342






Net Income  Before Income Tax

1,391

1,655

4,134

4,255

Income Tax Expense 

498

558

1,496

1,435






Net Income 

$        893

$     1,097

$     2,638

$     2,820

Preferred Stock Dividends and Accretion

$          65

$        121

$        297

$        363

Net Income  Available to Common Stockholders

$        828

$        976

$     2,341

$     2,457






Share Data





Weighted Avg. Shares Outstanding - Basic

2,069,515

2,068,697

2,068,970

2,068,675

Weighted Avg. Shares Outstanding - Diluted

2,141,573

2,121,151

2,134,014

2,121,271






Basic Net Income  Available to Common Shareholders Per Share

$       0.40

$       0.47

$       1.13

$       1.19

Diluted Net Income  Available to Common Shareholders Per Share

$       0.39

$       0.46

$       1.10

$       1.16






Ratios Based On Net Income





Return on Average Common Shareholders' Equity

9.54%

12.39%

9.20%

10.76%

Return on Average Assets

0.91%

1.12%

0.89%

0.94%

 

SOURCE First BancTrust Corporation



RELATED LINKS
http://www.firstbanktrust.com

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