First BancTrust Corporation Reports Growth In Loans, Deposits And Year Over Year EPS And Declares Quarterly Cash Dividend

PARIS, Ill., Nov. 7, 2014 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQX: FIRT) today reported  2014 third quarter net income of 43 cents per diluted share, compared with 45 cents per diluted share for the same period in the prior year. The nine month period net income available of $1.15 per diluted share compared to $1.13 for the same period prior year is a 1.7 percent increase.

"The third quarter was another strong quarter of continued execution as we generated meaningful increases in loan and deposit account growth which positively impacted net interest income," stated Jack Franklin, the Company's President and Chief Executive Officer.

EXPANDING CORE EARNINGS CAPACITY

• Total assets of the Company as of September 30, 2014 were $429.32 million compared with $407.35 million at December 31, 2013, an increase of $21.97 million or 5.39%.
• Total loans net of allowance for loan losses for the same period increased by $23.90 million or 7.82%.
• Deposits increased $17.26 million or 5.28% to $344.18 million compared to the prior year end level of $326.92 million.

"We remain very pleased with our ability to grow our customer base and increase market share in our primary markets," Franklin said. "The improved economic climate has contributed to business expansion which has resulted in strong loan demand and growth in our markets. We anticipate that branch expansion in Champaign County should provide a source of funding for this growth. The branch located on the west side of Champaign is scheduled to open in January 2015."

THIRD QUARTER 2014 HIGHLIGHTS

Revenue Growth

Net interest income after provision for loan loss for the third quarter of 2014 increased 6.53 percent to $3.42 million compared with $3.21 million for the third quarter of the prior year. The increase in loan volume was the primary contributor to the increase in net interest income for both the three month and nine month periods while improving asset quality allowed us to reduce our provision for loan losses in the nine month period in comparison to the prior year period. The cumulative effect of this resulted in an increase of $732,240 in net interest income after provision for loan losses for the nine month period.

Third quarter 2014 noninterest income decreased to $1.02 million compared to $1.15 million for the same period a year ago. Year over year noninterest income for 2014 was $432,477 less than for the same time period in the prior year. This decrease is primarily a result of reduced mortgage activity in the secondary market year to date which impacted abstract and title fees which also experienced a decline.

Franklin stated, "Operationally we had another very sound quarter that was characterized by a continuing positive trend in net interest income and a consistent net interest margin. Although these increases were somewhat offset by a decrease in noninterest income, the net effect continues to be positive for the Company."

Noninterest Expense

Noninterest expense for the third quarter of 2014 increased $132,989 or 4.61% to $3.02 million from the $2.89 million reported during the same quarter last year. Year over year, noninterest expense is $176,944 or 2.02% greater in 2014 than in the same time period in 2013.

Asset Quality

• Nonperforming Loans to Total Loans declined from 0.35 percent at year-end 2013 to 0.22 percent at September 30, 2014
• Net Charge offs to Total Loans declined from 0.31 percent at year-end 2013 to 0.12 percent at September 30, 2014
• ALLL to Nonperforming Loans increased from 359.80 percent at year-end 2013 to 571.95 percent at September 30, 2014

Franklin stated, "Noninterest expense, while showing a modest increase year over year, has remained well within budgeted expectations. Asset quality continues to be a strength of our Company with further reductions in problem loans, nonperforming assets and net charge offs during the third quarter. We anticipate that the quality of our loan portfolio should continue to see improvement and contribute to the future profitability of the organization."       

BOARD OF DIRECTORS DECLARES QUARTERLY DIVIDEND

The Board of Directors declared a quarterly cash dividend of four cents per common share, payable December 12, 2014 to stockholders of record at the close of business on December 1, 2014. This is an increase of two cents year over year.

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, 2014, the Company had $429.32 million of total assets, $389.72 million of total liabilities and $39.59 million of stockholders' equity. First Bank & Trust, S. B. remains a well-capitalized bank with a Tier 1 Ratio of 10.05 percent, a Tier 1 Risk-Based Ratio of 13.06 percent and a Total Risk Based Ratio of 14.31 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

Related Links

http://www.firstbanktrust.com