First BancTrust Corporation Reports First Quarter Performance And Declares Quarterly Cash Dividend

CHAMPAIGN, Ill., May 5, 2017 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQX: FIRT) today reported 2017 first quarter net income of 34 cents per diluted share, compared with 34 cents per diluted share for the same period in the prior year. The year to date net income of $678,316 compared to $691,289 for the same period prior year represents a 1.88 percent decrease in net income.

"The first quarter year over year results were comparable with earnings per share remaining the same as first quarter 2016," stated Jack Franklin, the Company's President and Chief Executive Officer.

EXPANDING CORE EARNINGS CAPACITY

  • Total assets of the Company as of March 31, 2017 were $461.27 million compared with $453.55 million at December 31, 2016, an increase of $7.72 million or 1.70 percent.
  • Total loans net of allowance for loan losses for the same period decreased by $2.56 million or 0.74 percent primarily due to seasonal fluctuations on agricultural and commercial lines of credit.
  • Deposits increased $6.88 million or 1.90 percent to $369.78 million compared to the prior year end level of $362.90 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. Varying levels of uncertainties continue to exist somewhat muting the first quarter performance."

FIRST QUARTER 2017 HIGHLIGHTS

Revenue Growth

Net interest income after provision for loan loss for the first quarter of 2017 increased 0.79 percent to $3.47 million compared with $3.44 million for the first quarter of the prior year. The re-structuring of various FHLB advances was the primary contributor to the increase in net interest income for the year over year period while stable loan quality allowed us to maintain the level of provision for loan losses for the year to date in comparison to the prior year.

First quarter 2017 noninterest income increased $81,833 to $1.04 million compared to $962,241 for the same period a year ago. This increase in noninterest income was primarily due to an increase in deposit related fee income which was somewhat assisted by increased loan servicing fees. Franklin stated, "Operationally we had another very sound quarter that was characterized by a continuing positive trend in net interest income. Net interest income will be enhanced in future quarters as a result of $5 million in Federal Home Loan Bank borrowings being retired early in the second quarter of this year."

Noninterest Expense

Noninterest expense for the first quarter of 2017 increased $126,055 or 3.77 percent to $3.47 million from the $3.34 million reported during the same quarter last year. The increase is directly attributable to an increase in Salaries and Employee Benefits as a result of compensation adjustments related to the ongoing succession plan.  

Asset Quality

Significant asset quality measures for year to date are:

  • Nonperforming Loans to Total Loans were 0.80 percent at first quarter end 2017.
  • Net Charge offs to Total Loans were 0.27 percent for 2017.
  • ALLL to Nonperforming Loans coverage was 163.10 percent at first quarter end 2017.

Franklin stated, "Noninterest expense will continue to be monitored closely to ensure that it will remain within budgeted expectations. It should be noted that even after multiple first quarter loan charge-offs, asset quality continues to be strong with very positive ratios."

BOARD OF DIRECTORS DECLARES QUARTERLY DIVIDEND

The Board of Directors declared a quarterly cash dividend of nine cents per common share, payable June 16, 2017 to stockholders of record at the close of business on June 1, 2017.

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, 2017, the Company had $461.27 million of total assets, $416.45 million of total liabilities and $44.82 million of stockholders' equity. First Bank & Trust, IL remains a well-capitalized bank with a Tier 1 Ratio of 10.08 percent, a Common Equity Tier 1 Capital Ratio of 13.14 percent, a Tier 1 Capital Ratio of 13.14 percent and a Total Capital Ratio of 14.39 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

Mar. 31

Dec. 31,


2017

2016


(unaudited)


Total Assets

$   461,269

$   453,548

Cash And Cash Equivalents

28,363

18,337

Investment Securities

60,503

58,210

FHLB Stock

1,570

2,610

Loans Held For Sale

-

324

Loans, Net of Allowance for
   Loan Losses of $4,569 and $4,686

343,789

346,346

Deposits

369,782

362,902

Federal Home Loan Bank Advances

36,000

36,000

Stockholders' Equity 

44,821

43,933




Book Value Per Common Share

$22.20

$21.79




Summary Of Operations

Three Months Ended


3/31/2017

3/31/2016


(unaudited)

Interest Income

$       4,384

$       4,433

Interest Expense

798

874




Net Interest Income

3,586

3,559




Provision For Loan Losses

120

120




Net Interest Income After Provision For Loan Losses

3,466

3,439

Noninterest Income

1,044

962

Noninterest Expense

3,466

3,340




Income Before Income Tax

1,044

1,061

Income Tax Expense 

366

370




Net Income 

$          678

$          691




Share Data



Weighted Avg. Shares Outstanding - Basic

2,018,660

2,061,783

Weighted Avg. Shares Outstanding - Diluted

2,018,670

2,061,783




Basic Net Income  Available to Common Shareholders Per Share

$         0.34

$         0.34

Diluted Net Income Available to Common Shareholders Per Share

$         0.34

$         0.34




Ratios Based On Net Income



Return on Average Common Shareholders' Equity

6.11%

6.46%

Return on Average Assets

0.59%

0.62%

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/first-banctrust-corporation-reports-first-quarter-performance-and-declares-quarterly-cash-dividend-300452304.html

SOURCE First BancTrust Corporation

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