First BancTrust Corporation Reports An Increase In Earnings Per Share And Declares Quarterly Cash Dividend

CHAMPAIGN, Ill., Nov. 4, 2016 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQX: FIRT) today reported 2016 third quarter net income of 48 cents per diluted share, compared with 42 cents per diluted share for the same period in the prior year. The year to date net income of $2.53 million compared to $2.32 million for the same period in the prior year represents an 8.72 percent increase in net income available to common stockholders.

"The third quarter and year over year results were characterized by a solid increase in earnings per share as a result of increased core earnings along with continued stock repurchase activity," stated Jack Franklin, the Company's President and Chief Executive Officer.

Balance Sheet Summary

• Total assets of the Company as of September 30, 2016 were $449.67 million compared with $450.30 million at December 31, 2015, a decrease of $630,575 or 0.14 percent.
• Total loans net of allowance for loan losses for the same period increased by $652,278 or 0.19 percent.
• Deposits decreased $516,584 or 0.14 percent to $358.95 million compared to the prior year end level of $359.47 million.

Franklin continued, "Business and retail activity in our markets remain strong which will allow us to continue to maintain assets and increase net interest income."

THIRD QUARTER 2016 HIGHLIGHTS

Revenue Growth

Net interest income after provision for loan loss for the third quarter of 2016 increased 3.94 percent to $3.58 million compared with $3.45 million for the third quarter of the prior year. Year over year net interest income after provision increased $380,714 or 3.75 percent. The main factors for this increase in net interest income were a stable loan interest rate environment combined with reduced interest expense as the result of the restructure of two Federal Home Loan Bank advances earlier in the year.  

Third quarter 2016 noninterest income increased 10.28 percent to $1.28 million compared to $1.16 million for the same period a year ago. This increase in income was primarily due to an increase in mortgage related fee income which was supplemented by a slight increase in deposit related fees. Year over year noninterest income for the nine month period has increased by 5.11 percent. Franklin stated, "Operationally we had another very sound quarter that was characterized by a continuing positive trend in net interest income, although continued pressure on interest margin remains a concern."

Noninterest Expense

Noninterest expense for the third quarter of 2016 increased to $3.34 million from the $3.24 million reported during the same quarter last year. Year over year the quarterly noninterest expense has increased 2.97 percent with the most significant portions of the increase being in Salaries and Benefits and Data Processing. Franklin stated, "Noninterest expense will continue to be monitored closely to ensure that it will remain within budgeted expectations as we strengthen our operations for future growth."

Asset Quality

Significant asset quality measures for year to date are:

• Nonperforming Loans to Total Loans were 0.30 percent at September 30, 2016.
• Net Charge offs to Total Loans were 0.07 percent for 2016.
• ALLL to Nonperforming Loans coverage was 448.75 percent at third quarter end, 2016.

Franklin continued, "Asset quality continues to be a strength of our Company with positive trends in problem loans, nonperforming assets and net charge offs at quarter end.  Additionally, the consistent asset quality has allowed us to maintain our year to date provision for loan losses at a comparable level to the prior year."

BOARD OF DIRECTORS DECLARES QUARTERLY DIVIDEND

The Board of Directors declared a quarterly cash dividend of nine cents per common share, payable December 16, 2016 to stockholders of record at the close of business on
December 1, 2016.

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 September 30, 2016, the Company had $449.67 million of total assets, $405.35 million of total liabilities and $44.32 million of stockholders' equity. First Bank & Trust, IL remains a well-capitalized bank with a Tier 1 Ratio of 10.25 percent, a Common Equity Tier 1 Capital Ratio of 12.65, a Tier 1 Capital Ratio of 12.65 percent and a Total Capital Ratio of 13.90 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". 

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SOURCE First BancTrust Corporation