First BancTrust Corporation Reports First Quarter Results and Declares Regular Quarterly Cash Dividend

PARIS, Ill., May 7 /PRNewswire-FirstCall/ -- First BancTrust Corporation (the "Company") (Pink Sheets: FIRT), today reported 2010 first quarter net income available to common stockholders of $547,289, or 26 cents per diluted share, compared with $194,581 or 9 cents per diluted share, for the same period in the prior year. This also represents improvement over the previous quarter's performance of $327,548. The Company's net income was positively impacted primarily from our strong core operations and continues to be somewhat negatively affected by the continued elevated levels of the allowance for loan losses in response to the ongoing stress levels still being experienced by some of our customer base and the economy in general.

Net Interest Income

Net interest income for the first quarter of 2010 increased 22.17 percent, or $579,722 to $3.20 million from $2.62 million for the first quarter of the prior year, primarily due to reductions in interest expense, as well as increased interest income from growth in the loan portfolio.

The provision for loan losses for the first quarter of 2010 increased 16.60 percent to $583,000 from $500,000 for the prior year.  The additional provision for loan losses in the first quarter occurred primarily to provide adequate reserves for controlled loan growth, and to recognize the ongoing challenges of the current economic environment.

Noninterest Income, Expense

First quarter 2010 noninterest income decreased $330,734 to $963,163 compared to $1.29 million for the same period a year ago, primarily as a result of decreases in net gains on loan sales and other service charges and fees that were related to the historically high levels of mortgage loan activities experienced in the first quarter of 2009.

Noninterest expense for the first quarter of 2010 decreased $474,388 to $2.60 million from the $3.07 million reported during the same quarter last year. The primary reasons for the decrease were the decreases in salaries and benefits ($288,302), professional fees ($65,363), as well as decreases in other expenses ($98,964) which occurred mainly as a result of lower levels of secondary market mortgage loan activities.

Assets, Loans, Deposits

Total assets at March 31, 2010, were $396.31 million compared with $389.84 million at December 31, 2009, an increase of $6.50 million or 1.66 percent. During the same period, loans, net of allowance for loan losses, decreased by $833,773 from $284.45 million to $283.62 million, a decrease of 0.29 percent.  Deposits increased by $5.78 million or 2.01 percent to $293.43 million compared with $287.65 million at year-end 2009.

Quarterly Dividend

The board of directors declared a regular quarterly cash dividend of .01 cents per common share, payable June 14, 2010 to stockholders of record at the close of business on June 1, 2010.  This marks the 35th consecutive quarterly dividend the company has paid.

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 March 31, 2010, the company had $396.31 million of total assets, $361.78 million of total liabilities and $34.53 million of stockholders' equity.

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/firt.htm 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) on Pink Sheets.  Investors can view First BancTrust Corporation's security quotes and profile on www.pinksheets.com under ticker symbol "FIRT".  

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SOURCE First BancTrust Corporation