First BancTrust Corporation Reports Third Quarter Results And Declares Quarterly Cash Dividend

Nov 06, 2015, 09:17 ET from First BancTrust Corporation

CHAMPAIGN, Ill., Nov. 6, 2015 /PRNewswire/ -- First BancTrust Corporation ("Company") (OTCQX: FIRT) today reported 2015 third quarter net income of 42 cents per diluted share, compared with 43 cents per diluted share for the same period in the prior year. The year to date net income available of $2.3 million compared to $2.4 million for the same period prior year represents an $110,122 decrease in net income.

"The third quarter was positively affected by increases in net interest income, noninterest income and reduced provisioning expenses 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 September 30, 2015 were $443.92 million compared with $433.75 million at December 31, 2014, an increase of $10.17 million or 2.34 percent.
  • Total loans net of allowance for loan losses for the same period increased by $17.96 million or 5.50 percent.
  • Deposits as of September 30, 2015 were $355.69 million compared to the prior year end level of $347.25 million, a 2.43 percent increase.  

"Business and retail activity in our markets remains strong allowing us to continue to grow assets and net interest income," said Franklin.

THIRD QUARTER 2015 HIGHLIGHTS

Revenue Growth

Net interest income after provision for loan loss for the third quarter of 2015 increased 0.84 percent to $3.45 million compared with $3.42 million for the third 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.

Third quarter 2015 noninterest income increased to $1.16 million compared to $1.02 million for the same period a year ago. Noninterest income for the third quarter of 2015 was $137,618 greater than the same period in the previous year. Year over year noninterest income for 2015 was $302,419 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 third quarter of 2015 increased $220,783 or 7.31 percent to $3.24 million from the $3.02 million reported during the same quarter last year. Year over year, noninterest expense is $843,188 or 9.45% 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 0.76 percent at third quarter end 2015.
  • Net Charge offs to Total Loans were 0.15 percent for 2015 year-to-date.
  • ALLL to Nonperforming Loans coverage was 168.16 percent at third quarter end 2015.

Franklin stated, "Increased noninterest expense, as the result of investments in our future growth continue to impact earnings and will remain a focus of management for the remainder of the year. Asset quality continues to be positive and loan levels continue to grow."

BOARD OF DIRECTORS DECLARES QUARTERLY DIVIDEND

The Board of Directors declared a quarterly cash dividend of five cents per common share, payable December 15, 2015 to stockholders of record on December 1, 2015.

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 September 30, 2015, the Company had $443.92 million of total assets, $401.80 million of total liabilities and $42.12 million of stockholders' equity. First Bank & Trust, IL remains a well-capitalized bank with a Tier 1 Ratio of 9.99 percent, a Common Equity Tier 1 Capital Ratio of 12.36, a Tier 1 Capital Ratio of 12.36 percent and a Total Capital Ratio of 13.61 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

Sept. 30,

Dec. 31,




2015

2014




(unaudited)




Total Assets

$  443,920

$  433,751



Cash and Cash Equivalents

11,316

21,152



Investment Securities

58,585

56,368



FHLB Stock

2,610

2,610



Loans Held For Sale

585

221



Loans, Net of Allowance for Loan Losses of $4,469 and $4,476

344,251

326,294



Deposits

355,694

347,250



Federal Home Loan Bank Advances

36,000

36,000



Stockholders' Equity 

42,119

40,542








Book Value Per Common Share

$20.20

$19.17








Summary Of Operations

Three Months Ended

Nine Months Ended


9/30/2015

9/30/2014

9/30/2015

9/30/2014


(unaudited)

(unaudited)

Interest Income

$     4,391

$     4,394

$    12,907

$    12,679

Interest Expense

826

771

2,404

2,255






Net Interest Income

3,565

3,623

10,503

10,424






Provision for Loan Losses

120

206

360

599






Net Interest Income After Provision for Loan Losses

3,445

3,417

10,143

9,825

Noninterest Income

1,161

1,023

3,196

2,894

Noninterest Expense

3,241

3,020

9,767

8,924






Net Income  Before Income Tax

1,365

1,420

3,572

3,795

Income Tax Expense 

485

515

1,248

1,360






Net Income 

$        880

$        905

$     2,324

$     2,435






Share Data





Weighted Avg. Shares Outstanding - Basic

2,085,116

2,114,761

2,094,064

2,114,761

Weighted Avg. Shares Outstanding - Diluted

2,085,116

2,114,761

2,094,064

2,114,761






Basic Net Income Available to Common Shareholders Per Share

$       0.42

$       0.43

$       1.11

$       1.15

Diluted Net Income Available to Common Shareholders Per Share

$       0.42

$       0.43

$       1.11

$       1.15






Ratios Based On Net Income





Return on Average Common Shareholders' Equity

8.47%

9.25%

7.52%

8.51%

Return on Average Assets

0.80%

0.85%

0.71%

0.78%

 

SOURCE First BancTrust Corporation



RELATED LINKS

http://www.firstbanktrust.com