First BancTrust Corporation Reports Second Quarter Results And Increases Quarterly Cash Dividend

PARIS, Ill., Aug. 1, 2014 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQX: FIRT) today reported a 2014 second quarter net income available to common shareholders of $807,783 or 38 cents per diluted share, compared with $747,934 or 36 cents per diluted share, for the same period in the prior year. The Company's net income was positively impacted primarily by higher levels of net interest income and lower levels of provisions for loan losses which was somewhat offset by a decrease in noninterest income and a slight increase in noninterest expense.

Net Interest Income
Net interest income for the second quarter of 2014 increased 4.43 percent to $3.46 million compared with $3.31 million for the second quarter of the prior year. Year over year net interest income has increased $236,349 with provisioning decreasing by $286,450 for the same period. Increased loan volume is the primary reason for the year over year increase.

Noninterest Income, Expense
Second quarter 2014 noninterest income decreased to $1.01 million compared to $1.12 million for the same period a year ago. Year over year noninterest income for 2014 was $304,000 less than the same time period. This decrease is primarily a result of reduced mortgage activity in the secondary market year to date along with less abstract and title fees.

Noninterest expense for the second quarter of 2014 increased 1.33% to $3.02 million from the $2.98 million reported during the same quarter last year. Year over year, noninterest expense increased less than one percent in 2014 from the same time period in 2013.   

Assets, Loans, Deposits
Total assets at June 30, 2014, were $417.65 million compared with $407.35 million at December 31, 2013, an increase of $10.31 million or 2.53 percent. During the same period, loans net of allowance for loan losses, increased by $11.55 million to $317.38 million from the 2013 year end level of $305.83 million with credit quality continuing to show improvement. Deposits increased by $5.84 million or 1.79 percent to $332.76 million compared with $326.92 million at year-end 2013.

Quarterly Dividend
The Board of Directors declared a quarterly cash dividend of four cents per common share, payable September 16, 2014 to stockholders of record at the close of business on September 5, 2014.  This is an increase of one cent per quarter over quarter and two cents year over year. "Based on continued strong performance, we are able to demonstrate our commitment to return value to our shareholders while at the same time maintaining appropriate capital for growth," said Jack R. Franklin, President and Chief Executive Officer.

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 June 30, 2014, the Company had $417.65 million of total assets, $378.97 million of total liabilities and $38.68 million of stockholders' equity. First Bank & Trust, S. B. remains a well-capitalized bank with a Tangible Ratio of 9.90, Tier 1 Ratio of 10.21 percent, a Tier 1 Risk-Based Ratio of 13.25 percent, and a Total Risk Based Ratio of 14.51 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 https://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