First BancTrust Corporation Reports An Increase In Earnings Per Share For The Second Quarter

CHAMPAIGN, Ill., Aug. 4, 2017 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQX: FIRT) today reported 2017 second quarter net income of $0.46 per diluted share, compared with $0.42 per diluted share for the same period in the prior year. The quarterly net income of $927,000 compared to $864,000 for the same period in the prior year represents a 7.3% increase in net income.

"The second quarter year over year results represent a 9.5% increase in earnings per share over the second quarter of 2016. We are pleased with these results which continue the Company's positive and consistent performance.  These results, coupled with our recent performance, translate into added value for our shareholders," stated Jack Franklin, the Company's President and Chief Executive Officer.

EXPANDING CORE EARNINGS CAPACITY

  • Total assets of the Company as of June 30, 2017 were $466.2 million compared with $453.6 million at December 31, 2016, an increase of $12.7 million, or 2.8%.
  • Total loans net of allowance for loan losses for the same period increased by $18.5 million, or 5.4%, primarily due to increases in the commercial loan portfolio in the Champaign market.
  • Deposits increased $15.6 million, or 4.3%, to $378.5 million compared to the prior year end level of $362.9 million.

"Business and retail activity in our markets remains strong and we are well positioned to continue to grow and have positive returns for our shareholders. An appropriate balance of both loan and deposit growth contributed to the positive performance for the quarter. We are very excited that we continue to produce strong growth in our Champaign market by taking advantage of the significant opportunities available by leveraging our relationship based community banking model. Our efforts in Champaign are bolstered by the sustained core deposits and high quality loan portfolio in the southern region of our market, including Edgar and Clark Counties," said Matt Carr, President and Chief Lending Officer at First Bank & Trust, the Company's commercial bank subsidiary.

SECOND QUARTER 2017 HIGHLIGHTS

Revenue Growth Continues

Net interest income after provision for loan loss for the second quarter of 2017 increased 2.6% to $3.6 million compared with $3.5 million for the second quarter of the prior year. Robust loan growth in the second quarter generated significant interest income as the primary component in the increase in net interest income. Interest expense savings in the current year resulted from the retirement of a $5 million FHLB advance in April, as well as another FHLB advance restructured in the first quarter. In addition, interest expense in the second quarter continued to benefit in cost reduction from the two FHLB advance restructures executed last year. As a result of the loan growth in the quarter, an additional $65,000 was contributed to the provision for loan losses.

Second quarter 2017 noninterest income remained stable with a slight decrease of $39,000 to $1.1 million during the period. This decrease in noninterest income was primarily due to a decrease in net gains on loans sold into the secondary market which was somewhat offset by increased deposit related fee income. Franklin stated, "Operationally we had another very sound quarter that was characterized by a continuing positive trend in net interest income. We expect that our net interest income will be positively impacted in the future by this quarter's loan growth, continued loan growth as we grow our commercial loan portfolio, as well as the continuing effects of the FHLB restructuring."

Noninterest Expense

Noninterest expense for the second quarter of 2017 decreased $44,000, or 1.3%, to $3.2 million from the $3.3 million reported during the same quarter last year. Year over year expense has increased 1.2% with the most significant portion of the increase being in Salaries and Benefits and Data Processing. Franklin stated, "We are committed to managing our noninterest expense and we will continue to monitor our expenses closely to help ensure that they remain within budgeted expectations."

Asset Quality Remains Stable

Significant asset quality measures for year to date are:

  • Nonperforming Loans to Total Loans were 0.8% at second quarter end 2017.
  • Net Charge-offs to Total Loans were 0.2% for year-to-date.
  • ALLL to Nonperforming Loans coverage was 154.8% at the end of second quarter 2017.

Carr stated, "Asset quality has remained stable quarter over quarter and, assuming normal economic conditions, we anticipate continued strong asset quality throughout 2017."

Capital Levels Remain Strong

On June 30, 2017, the Company had $466.2 million of total assets, $420.4 million of total liabilities and $45.8 million of stockholders' equity. First Bank & Trust remains a well-capitalized bank with a Tier 1 Ratio of 10.2%, a Common Equity Tier 1 Capital Ratio of 12.5%, a Tier 1 Capital Ratio of 12.5% and a Total Capital Ratio of 13.8%.

BOARD OF DIRECTORS DECLARES 22% QUARTERLY DIVIDEND INCREASE

The Board of Directors declared a 22% increase in the Company's quarterly cash dividend. The quarterly dividend increased from $0.09 to $0.11 per common share, payable September 15, 2017 to stockholders of record at the close of business on September 1, 2017. If this level remains, the annual dividend would increase from $0.36 to $0.44 per common share. "We have had several consistent years of earnings that have given us a solid capital base allowing for this increase," noted Franklin.

ABOUT FIRST BANCTRUST CORPORATION

First BancTrust Corporation, headquartered in Champaign, Illinois, is a bank holding company that serves the Champaign, Paris, Marshall, Rantoul, Martinsville and Savoy, Illinois communities through its wholly-owned commercial bank, First Bank & Trust, which has its main office in Paris, Illinois.  The Bank provides full-service commercial and consumer banking and trust and wealth management services.  First BancTrust Corporation common stock is traded on the OTCQX under the ticker symbol "FIRT". Investors can view trading information and our profile on www.otcmarkets.com.

Special Note Concerning Forward Looking Statements: 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

Selected Financial Information

(in thousands of dollars except share data)










Balance Sheet Data






June 30,


Dec. 31,







2017


2016







(unaudited)



  Total Assets






$     466,208


$  453,548

  Cash And Cash Equivalents






12,570


18,337

  Investment Securities






59,751


58,210

  FHLB Stock






1,345


2,610

  Loans Held For Sale






664


324

  Loans, Net of Allowance for Loan Losses of $4,676 and $4,686






364,870


346,346

  Deposits






378,543


362,902

  Federal Home Loan Bank Advances






31,000


36,000

  Stockholders' Equity 






45,834


43,933










  Book Value Per Common Share






$22.76


$21.79










Summary Of Operations

Three Months Ended 



Six Months Ended


6/30/2017


6/30/2016



6/30/2017


6/30/2016


(unaudited)



(unaudited)

  Interest Income

$    4,549


$    4,418



$          8,933


$      8,852

  Interest Expense

771


795



1,568


1,670










  Net Interest Income

3,778


3,623



7,365


7,182










  Provision For Loan Losses

185


120



305


240










  Net Interest Income After Provision For Loan Losses

3,593


3,503



7,060


6,942

  Noninterest Income

1,078


1,117



2,122


2,080

  Noninterest Expense

3,229


3,273



6,696


6,614










  Income Before Income Tax

1,442


1,347



2,486


2,408

  Income Tax Expense 

515


483



881


853










  Net Income 

$        927


$        864



$          1,605


$      1,555










Share Data









  Weighted Avg. Shares Outstanding - Basic

2,016,927


2,036,783



2,017,793


2,049,283

  Weighted Avg. Shares Outstanding - Diluted

2,016,927


2,036,783



2,017,793


2,049,283










  Basic Net Income Per Share

$       0.46


$       0.42



$            0.80


$         0.76

  Diluted Net Income Per Share

$       0.46


$       0.42



$            0.80


$         0.76










Ratios Based On Net Income









  Return on Average Shareholders' Equity

8.18%


7.98%



7.16%


7.22%

  Return on Average Assets

0.80%


0.77%



0.70%


0.69%

 

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SOURCE First BancTrust Corporation

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