First BancTrust Corporation Reports Increases In Net Interest Income And Noninterest Income And Declares Quarterly Cash Dividend

PARIS, Ill., May 1, 2015 /PRNewswire/ -- First BancTrust Corporation (the "Company") (OTCQX: FIRT) today reported  2015 first quarter net income of 33 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 available of $696,426 compared to $721,715 for the same period prior year represents a 3.50 percent decrease in net income available to common stockholders.

"The first quarter was reflective of continued revenue increases which were offset by expenses associated with the opening of a new branch in Champaign and costs associated with a data processing core conversion," stated Jack Franklin, the Company's President and Chief Executive Officer.

EXPANDING CORE EARNINGS CAPACITY

• Total assets of the Company as of March 31, 2015 were $440.24 million compared with $433.75 million at December 31, 2014, an increase of $6.49 million or 1.50 percent.
• Total loans net of allowance for loan losses for the same period decreased by $1.78 million or 0.55 percent primarily as the result of timing of advances on commercial lines of credit.
• Deposits increased $5.60 million or 1.61 percent to $352.85 million compared to the prior year end level of $347.25 million.

"Business and retail activity in our markets remains strong allowing us to continue to grow assets and net interest income. We anticipate over time the recent addition of another well-located branch in Champaign will contribute to our future growth."

FIRST QUARTER 2015 HIGHLIGHTS

Revenue Growth

Net interest income after provision for loan loss for the first quarter of 2015 increased 4.63 percent to $3.30 million compared with $3.15 million for the first quarter of the prior year. The increase in loan volume year over year was the primary contributor to the increase in net interest income for the year over year period while improving asset quality allowed us to reduce our provision for loan losses for the year to date in comparison to the prior year.

First quarter 2015 noninterest income increased to $999,870 compared to $861,787 for the same period a year ago. Year over year noninterest income for 2015 was $138,083 more than for the prior year. This increase is primarily a result of increased mortgage activity in the secondary market which also positively impacted abstract and title fees.

Franklin stated, "Operationally we had another very sound quarter that was characterized by a continuing positive trend in net interest income although pressure on interest margin remains a concern. Although noninterest income exhibited a positive increase for the quarter these increases were more than offset by an increase in noninterest expense."

Noninterest Expense

Noninterest expense for the first quarter of 2015 increased $354,992 or 12.31 percent to $3.24 million from the $2.88 million reported during the same quarter last year. The large increase is directly attributable to the opening of a new branch in Champaign and ongoing expenses associated with a core conversion. It is anticipate that these expenses will normalize as the year progresses.

Asset Quality

Significant asset quality measures for year to date are:

• Nonperforming Loans to Total Loans were 0.18 percent at first quarter end 2015.
• Net Charge offs to Total Loans were 0.08 percent for 2015.
• ALLL to Nonperforming Loans coverage was 749.65 percent at first quarter end 2015.

Franklin stated, "Noninterest expense will be monitored closely to ensure that it will remain within budgeted expectations. 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."

BOARD OF DIRECTORS DECLARES QUARTERLY DIVIDEND

The Board of Directors declared a quarterly cash dividend of five cents per common share, payable June 15, 2015 to stockholders of record at the close of business on June 1, 2015.

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, 2015, the Company had $440.24 million of total assets, $399.05 million of total liabilities and $41.19 million of stockholders' equity. First Bank & Trust, IL remains a well-capitalized bank with a Tier 1 Ratio of 9.88 percent, a Common Equity Tier 1 Capital Ratio of 12.91, a Tier 1 Capital Ratio of 12.91 percent and a Total Capital Ratio of 14.16 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