FIRT First Banctrust Corporation Reports Third Quarter Results And Declares Quarterly Cash Dividend
PARIS, Ill., Nov. 1, 2013 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQB: FIRT) today reported a 2013 third quarter net income available to common shareholders of $944,026 or 43 cents per diluted share, compared with $828,257 or 39 cents per diluted share, for the same period in the prior year. The Company's net income available to common shareholders was negatively impacted primarily by slightly lower levels of net interest income and lower levels of noninterest income although this was offset by decreases in provision for loan losses and preferred dividends with non-interest expense remaining virtually unchanged. The elimination of the preferred dividend was the result of the repayment of TARP funds in 2012.
Net Interest Income
Net interest income for the third quarter of 2013 decreased 2.26 percent, or $77,491, to $3.36 million compared with $3.43 million for the third quarter of the prior year. Although interest expense for the quarter was $127,848 less than the third quarter of 2012, interest income was $205,339 less than the same time period of the previous year. The decrease in interest income was the result of a continued low interest rate environment which affected both investments and loans. As a result of ongoing improvement in credit quality and a sustained level of ALLL to total loans, provision for loan losses was $349,500 less than the same time period last year.
Noninterest Income, Expense
Third quarter 2013 noninterest income decreased by $187,868 to $1.15 million compared to $1.34 million for the same period a year ago. Year over year noninterest income for 2013 was $473,328 less than the same time period last year. This is primarily a result of a one-time gain on sales of securities event of $174,592 that occurred in the first quarter of 2012 and a decrease in mortgage activity in the secondary market. Also abstract and title fees were $62,536 less than the same time period a year ago.
Noninterest expense for the third quarter of 2013 increased minimally by $3,235 or 0.11%. Year over year, noninterest expense is $28,950 or 0.33% greater in 2013 than in the same time period in 2012.
Assets, Loans, Deposits
Total assets at September 30, 2013, were $396.39 million compared with $389.56 million at December 31, 2012, an increase of $6.83 million or 1.75 percent. During the same period, loans net of allowance for loan losses, increased by $7.24 million to $293.46 million from the 2012 year end level of $286.22 million with credit quality continuing to show improvement. It should also be noted that earnings from the Bank were used to reduce short term borrowings at the holding company by $1.70 million year over year. Deposits increased by $7.16 million or 2.31 percent to $316.85 million compared with $309.69 million at year-end 2012.
Quarterly Dividend
The Board of Directors declared a quarterly cash dividend of two cents per common share, payable December 13, 2013 to stockholders of record at the close of business on December 2, 2013.
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, 2013, the Company had $396.39 million of total assets, $360.18 million of total liabilities and $36.21 million of stockholders' equity. First Bank & Trust, S. B. remains a well-capitalized bank with a Tangible Ratio of 10.08, Tier 1 Ratio of 10.43 percent, a Tier 1 Risk-Based Ratio of 14.03 percent, and a Total Risk Based Ratio of 15.28 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 (OTC). 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,
2013
2012
(unaudited)
Total Assets
$ 396,388
$ 389,563
Cash and Cash Equivalents
14,289
15,730
Investment Securities
56,914
54,100
FHLB Stock
2,610
2,610
Loans Held For Sale
183
353
Loans, Net of Allowance for
Loan Losses of $4,451 and $3,870
293,461
286,222
Deposits
316,845
309,689
Federal Home Loan Bank Advances
34,000
34,000
Stockholders' Equity
36,207
34,893
Book Value Per Common Share
$16.71
$16.44
Summary Of Operations
Three Months Ended
Nine Months Ended
9/30/2013
9/30/2012
9/30/2013
9/30/2012
(unaudited)
(unaudited)
Interest Income
$ 4,098
$ 4,304
$ 12,200
$ 13,286
Interest Expense
741
869
2,279
2,735
Net Interest Income
3,357
3,435
9,921
10,551
Provision for Loan Losses
150
500
829
1,499
Net Interest Income After Provision for Loan Losses
3,207
2,935
9,092
9,052
Noninterest Income
1,152
1,340
3,327
3,800
Noninterest Expense
2,887
2,884
8,747
8,718
Net Income Before Income Tax
1,472
1,391
3,672
4,134
Income Tax Expense
528
498
1,087
1,496
Net Income
$ 944
$ 893
$ 2,585
$ 2,638
Preferred Stock Dividends and Accretion
$ -
$ 65
$ -
$ 297
Net Income Available to Common Stockholders
$ 944
$ 828
$ 2,585
$ 2,341
Share Data
Weighted Avg. Shares Outstanding - Basic
2,114,761
2,069,515
2,095,312
2,068,970
Weighted Avg. Shares Outstanding - Diluted
2,173,590
2,141,573
2,157,424
2,134,014
Basic Net Income Available to Common Shareholders Per Share
$ 0.45
$ 0.40
$ 1.23
$ 1.13
Diluted Net Income Available to Common Shareholders Per Share
$ 0.43
$ 0.39
$ 1.19
$ 1.10
Ratios Based On Net Income
Return on Average Common Shareholders' Equity
10.55%
9.54%
9.72%
9.20%
Return on Average Assets
0.96%
0.91%
0.88%
0.89%
SOURCE First BancTrust Corporation
Copyright 2013 PR Newswire
PARIS, Ill., Nov. 1, 2013 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQB: FIRT) today reported a 2013 third quarter net income available to common shareholders of $944,026 or 43 cents per diluted share, compared with $828,257 or 39 cents per diluted share, for the same period in the prior year. The Company's net income available to common shareholders was negatively impacted primarily by slightly lower levels of net interest income and lower levels of noninterest income although this was offset by decreases in provision for loan losses and preferred dividends with non-interest expense remaining virtually unchanged. The elimination of the preferred dividend was the result of the repayment of TARP funds in 2012.
Net Interest Income
Net interest income for the third quarter of 2013 decreased 2.26 percent, or $77,491, to $3.36 million compared with $3.43 million for the third quarter of the prior year. Although interest expense for the quarter was $127,848 less than the third quarter of 2012, interest income was $205,339 less than the same time period of the previous year. The decrease in interest income was the result of a continued low interest rate environment which affected both investments and loans. As a result of ongoing improvement in credit quality and a sustained level of ALLL to total loans, provision for loan losses was $349,500 less than the same time period last year.
Noninterest Income, Expense
Third quarter 2013 noninterest income decreased by $187,868 to $1.15 million compared to $1.34 million for the same period a year ago. Year over year noninterest income for 2013 was $473,328 less than the same time period last year. This is primarily a result of a one-time gain on sales of securities event of $174,592 that occurred in the first quarter of 2012 and a decrease in mortgage activity in the secondary market. Also abstract and title fees were $62,536 less than the same time period a year ago.
Noninterest expense for the third quarter of 2013 increased minimally by $3,235 or 0.11%. Year over year, noninterest expense is $28,950 or 0.33% greater in 2013 than in the same time period in 2012.
Assets, Loans, Deposits
Total assets at September 30, 2013, were $396.39 million compared with $389.56 million at December 31, 2012, an increase of $6.83 million or 1.75 percent. During the same period, loans net of allowance for loan losses, increased by $7.24 million to $293.46 million from the 2012 year end level of $286.22 million with credit quality continuing to show improvement. It should also be noted that earnings from the Bank were used to reduce short term borrowings at the holding company by $1.70 million year over year. Deposits increased by $7.16 million or 2.31 percent to $316.85 million compared with $309.69 million at year-end 2012.
Quarterly Dividend
The Board of Directors declared a quarterly cash dividend of two cents per common share, payable December 13, 2013 to stockholders of record at the close of business on December 2, 2013.
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, 2013, the Company had $396.39 million of total assets, $360.18 million of total liabilities and $36.21 million of stockholders' equity. First Bank & Trust, S. B. remains a well-capitalized bank with a Tangible Ratio of 10.08, Tier 1 Ratio of 10.43 percent, a Tier 1 Risk-Based Ratio of 14.03 percent, and a Total Risk Based Ratio of 15.28 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 (OTC). 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,
2013
2012
(unaudited)
Total Assets
$ 396,388
$ 389,563
Cash and Cash Equivalents
14,289
15,730
Investment Securities
56,914
54,100
FHLB Stock
2,610
2,610
Loans Held For Sale
183
353
Loans, Net of Allowance for
Loan Losses of $4,451 and $3,870
293,461
286,222
Deposits
316,845
309,689
Federal Home Loan Bank Advances
34,000
34,000
Stockholders' Equity
36,207
34,893
Book Value Per Common Share
$16.71
$16.44
Summary Of Operations
Three Months Ended
Nine Months Ended
9/30/2013
9/30/2012
9/30/2013
9/30/2012
(unaudited)
(unaudited)
Interest Income
$ 4,098
$ 4,304
$ 12,200
$ 13,286
Interest Expense
741
869
2,279
2,735
Net Interest Income
3,357
3,435
9,921
10,551
Provision for Loan Losses
150
500
829
1,499
Net Interest Income After Provision for Loan Losses
3,207
2,935
9,092
9,052
Noninterest Income
1,152
1,340
3,327
3,800
Noninterest Expense
2,887
2,884
8,747
8,718
Net Income Before Income Tax
1,472
1,391
3,672
4,134
Income Tax Expense
528
498
1,087
1,496
Net Income
$ 944
$ 893
$ 2,585
$ 2,638
Preferred Stock Dividends and Accretion
$ -
$ 65
$ -
$ 297
Net Income Available to Common Stockholders
$ 944
$ 828
$ 2,585
$ 2,341
Share Data
Weighted Avg. Shares Outstanding - Basic
2,114,761
2,069,515
2,095,312
2,068,970
Weighted Avg. Shares Outstanding - Diluted
2,173,590
2,141,573
2,157,424
2,134,014
Basic Net Income Available to Common Shareholders Per Share
$ 0.45
$ 0.40
$ 1.23
$ 1.13
Diluted Net Income Available to Common Shareholders Per Share
$ 0.43
$ 0.39
$ 1.19
$ 1.10
Ratios Based On Net Income
Return on Average Common Shareholders' Equity
10.55%
9.54%
9.72%
9.20%
Return on Average Assets
0.96%
0.91%
0.88%
0.89%
SOURCE First BancTrust Corporation
Copyright 2013 PR Newswire
