First BancTrust Corporation Reports An Increase In Net Interest Income And Declares Quarterly Cash Dividend

CHAMPAIGN, Ill., May 6, 2016 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQX: FIRT) today reported 2016 first quarter net income of 34 cents per diluted share, compared with 33 cents per diluted share for the same period in the prior year. The year to date net income of $691,289 compared to $696,426 for the same period prior year represents a 0.74 percent decrease in net income available to common stockholders.

"The first quarter year over year results were comparable with a slight increase in EPS primarily as a result of first quarter stock repurchase activity," stated Jack Franklin, the Company's President and Chief Executive Officer.

EXPANDING CORE EARNINGS CAPACITY

• Total assets of the Company as of March 31, 2016 were $448.12 million compared with $450.30 million at December 31, 2015, a decrease of $2.18 million or 0.48 percent.
• Total loans net of allowance for loan losses for the same period decreased by $6.38 million or 1.83 percent primarily as the result of timing of advances on commercial lines of credit and the pay down of one large commercial credit near the end of the quarter.
• Deposits decreased $0.52 million or 0.14 percent to $358.95 million compared to the prior year end level of $359.47 million.

"Business and retail activity in our markets remain strong which will allow us to continue to maintain and grow assets and increase net interest income. Depressed commodity prices continue to have a dampening effect on the agricultural economy although the majority of our borrowers remain well-positioned."

FIRST QUARTER 2016 HIGHLIGHTS

Revenue Growth

Net interest income after provision for loan loss for the first quarter of 2016 increased 4.34 percent to $3.44 million compared with $3.30 million for the first 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 maintain our provision for loan losses for the year to date in comparison to the prior year.

First quarter 2016 noninterest income decreased $37,629 to $962,241 compared to $999,870 for the same period a year ago. This reduction in income was primarily due to a decrease in deposit related fee income which was somewhat offset by increased abstract and title fees. Franklin stated, "Operationally we had another very sound quarter that was characterized by a continuing positive trend in net interest income although continued pressure on interest margin remains a concern. Net interest income will be enhanced in future quarters as a result of $2 million in short-term borrowings being retired in the first quarter and $14 million in FHLB advances being restructured early in the second quarter."

Noninterest Expense

Noninterest expense for the first quarter of 2016 increased $101,537 or 3.14 percent to $3.34 million from the $3.24 million reported during the same quarter last year. The increase is directly attributable to an increase in data processing fees as a result of enhanced customer related capabilities and increases in salaries and benefits.

Asset Quality

Significant asset quality measures for year to date are:

• Nonperforming Loans to Total Loans were 0.26 percent at first quarter end 2016.
• Net Charge offs to Total Loans were 0.09 percent for 2016.
• ALLL to Nonperforming Loans coverage was 498.92 percent at first quarter end 2016.

Franklin stated, "Noninterest expense will continue to be monitored closely to ensure that it will remain within budgeted expectations. Asset quality continues to be a strength of our Company with 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 seven cents per common share, payable June 15, 2016 to stockholders of record at the close of business on June 1, 2016.

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 March 31, 2016, the Company had $448.12 million of total assets, $405.22 million of total liabilities and $42.90 million of stockholders' equity. First Bank & Trust, IL remains a well-capitalized bank with a Tier 1 Ratio of 9.97 percent, a Common Equity Tier 1 Capital Ratio of 12.65, a Tier 1 Capital Ratio of 12.65 percent and a Total Capital Ratio of 13.91 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". 

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SOURCE First BancTrust Corporation