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First BancTrust Corporation Reports Increases In Fourth Quarter And Year-End Results And Declares Quarterly Cash Dividend

 

CHAMPAIGN, Ill., Feb. 10, 2017 /PRNewswire/ -- First BancTrust Corporation ("Company") (OTCQX: FIRT) today reported 2016 fourth quarter net income of 49 cents per diluted share, compared with 43 cents per diluted share for the same period in the prior year. The year over year net income of $3.52 million compared to $3.22 million for the same period prior year represents a $295,329 or 9.16 percent increase in net income for the year with earnings per share for 2016 of $1.73 versus $1.54 for 2015.

"The fourth quarter and year over year results were the culmination of continued increases in core earnings which in combination with our ongoing stock repurchase activity resulted in increased earnings per share," stated Jack Franklin, the Company's Chief Executive Officer.

BALANCE SHEET SUMMARY

  • Total assets of the Company as of December 31, 2016 were $453.55 million compared with $450.30 million at December 31, 2015, an increase of $3.25 million or 0.72 percent.
  • Total loans net of allowance for loan losses for the same period decreased by $2.22 million or 0.64 percent ending the year at $346.35 million.
  • Deposits as of December 31, 2016 were $362.90 million compared to the prior year end level of $359.47 million, a 0.96 percent increase.  

Franklin continued, "Increased interest income coupled with stable funding costs provided the increase in our interest margin year over year and in turn an increase in net interest income for the year."

FOURTH QUARTER and OVERALL 2016 HIGHLIGHTS

Revenue Growth

Net interest income after provision for loan loss for the fourth quarter of 2016 increased 4.32 percent to $3.57 million compared with $3.42 million for the fourth quarter of the prior year. Year over year this line item increased $528,692 or 3.90 percent. The increase in interest margin year over year, which was aided by multiple FHLB advance restructures, was the primary contributor to the increase in net interest income for the year over year period.

Fourth quarter 2016 noninterest income increased by $136,968 or 12.75 percent compared to the same period a year ago. Year over year noninterest income for 2016 was $300,309 more than for the prior year. This increase is primarily a result of increased mortgage activity in the secondary market as well as an increase in deposit services fee income.

Noninterest Expense

Noninterest expense for the fourth quarter of 2016 increased $72,311 or 2.29 percent to $3.22 million from the $3.15 million reported during the same quarter last year. Year over year, noninterest expense is $255,676 or 1.98 percent greater than the previous year.

Asset Quality

Significant asset quality measures for the year are:

  • Nonperforming Loans to Total Loans were 0.28 percent at year end 2016 compared to 0.56 percent at year end 2015.
  • Net Charge offs to Total Loans were 0.10 percent at year end 2016 compared to 0.15 percent for 2015 year end.
  • ALLL to Nonperforming Loans coverage was 482.59 percent at year end 2016 compared to 231.48 percent at year end 2015.

Franklin stated, "Noninterest expense remained consistent quarter over quarter and contributed to the positive fourth quarter numbers. Asset quality continues to be positive and loan levels continue to be stable."

BOARD OF DIRECTORS DECLARES QUARTERLY DIVIDEND

The Board of Directors declared a quarterly cash dividend of nine cents per common share, payable March 17, 2017 to stockholders of record on March 2, 2017.

ABOUT FIRST BANCTRUST CORPORATION

First BancTrust Corporation, headquartered in Champaign, Illinois 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 December 31, 2016, the Company had $453.55 million of total assets, $409.62 million of total liabilities and $43.93 million of stockholders' equity. First Bank & Trust, IL remains a well-capitalized bank with a Tier 1 Ratio of 10.18 percent, a Common Equity Tier 1 Capital Ratio of 12.80, a Tier 1 Capital Ratio of 12.80 percent and a Total Capital Ratio of 14.05 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






Dec. 31,


Dec. 31,







2016


2015







(unaudited)



Total Assets






$  453,548


$ 450,299

Cash And Cash Equivalents






18,337


12,424

Investment Securities






58,210


58,857

FHLB Stock






2,610


2,610

Loans Held For Sale






324


463

Loans, Net of Allowance for
   Loan Losses of $4,686 and $4,550






346,346


348,568

Deposits






362,902


359,465

Federal Home Loan Bank Advances






36,000


36,000

Stockholders' Equity 






43,933


42,757










Book Value Per Common Share






$21.79


$20.51










Summary Of Operations

Three Months Ended 



Year Ended


12/31/2016


12/31/2015



12/31/2016


12/31/2015


(unaudited)





(unaudited)



Interest Income

$      4,497


$   4,515



$    17,843


$   17,422

Interest Expense

805


871



3,268


3,275










Net Interest Income

3,692


3,644



14,575


14,147










Provision For Loan Losses

120


220



480


580










Net Interest Income After Provision For Loan Losses

3,572


3,424



14,095


13,567

Noninterest Income

1,212


1,075



4,572


4,271

Noninterest Expense

3,224


3,152



13,174


12,919










Income Before Income Tax

1,560


1,347



5,493


4,919

Income Tax Expense 

568


448



1,974


1,696










Net Income 

$         992


$      899



$      3,519


$     3,223










Share Data









Weighted Avg. Shares Outstanding - Basic

2,016,116


2,085,116



2,033,199


2,091,827

Weighted Avg. Shares Outstanding - Diluted

2,016,116


2,085,116



2,033,199


2,091,827










Basic Net Income Per Share

$        0.49


$     0.43



$        1.73


$       1.54

Diluted Net Income Per Share

$        0.49


$     0.43



$        1.73


$       1.54










Ratios Based On Net Income









Return on Average Shareholders' Equity

8.99%


8.47%



8.09%


7.76%

Return on Average Assets

0.88%


0.80%



0.78%


0.73%

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/first-banctrust-corporation-reports-increases-in-fourth-quarter-and-year-end-results-and-declares-quarterly-cash-dividend-300405577.html

SOURCE First BancTrust Corporation

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