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- T H E - For First BancTrust Corporation - N E W S R E L E A S E -
▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ -----------------------------
INVESTOR ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ The Investor Relations
(▇▇▇) ▇▇▇-▇▇▇▇ Company serves as investor
RELATIONS relations counsel to this
company, is acting on the
-COMPANY- company's behalf in issuing
---------- this news release and
receiving compensation
therefor. The information
contained herein is furnished
for information purposes only
and is not to be construed as
an offer to buy or sell
securities.
For further Information: ------------------------------------------------------
EXHIBIT 99.1
At First BancTrust: At The Investor Relations Company:
▇▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ or
President and Chief Executive Officer ▇▇▇▇ ▇▇▇▇▇▇
(▇▇▇) ▇▇▇-▇▇▇▇ (▇▇▇) ▇▇▇-▇▇▇▇
FOR IMMEDIATE RELEASE
FIRST BANCTRUST CORPORATION REPORTS THIRD-QUARTER RESULTS
o NET LOAN PORTFOLIO INCREASES 16.7% TO $137.1 MILLION
o TOTAL ASSETS INCREASE TO $239.8 MILLION
o EXPANSION OF HEADQUARTERS UNDERWAY
PARIS, ILLINOIS, NOVEMBER 10, 2005--First BancTrust Corporation (Nasdaq: FBTC)
today reported third-quarter net income of $262,000 or 11 cents per diluted
share, compared with $299,000, or 12 cents per diluted share, a year earlier.
For the nine months ended September 30, 2005, net income was $965,000, or 40
cents per diluted share, compared with $849,000, or 35 cents per diluted share,
for the prior-year period.
"Our net loan portfolio increased by 16.7 percent to $137.1 million at September
30, 2005 from $117.5 million at December 31, 2004, continuing our focus on
originating quality loans as part of our strategy to improve core banking
business. This also represents a nearly 6.7 percent increase in our loan
portfolio from its level of $128.5 million at the close of the second quarter,"
said ▇▇▇▇▇ ▇. ▇▇▇▇▇▇, president and chief executive officer. "Our efforts to
lessen the effects of the substantial decrease in fees and other income related
to the mortgage refinancing boom of a year ago are yielding results.
The growing loan portfolio should have a beneficial effect in future quarters."
▇▇▇▇▇▇ noted net interest income increased by 7.1 percent during the quarter to
$1.9 million while the provision for loan losses decreased to $99,000 from
$126,000 in the third quarter last year. That resulted in a 9.3 percent increase
in net interest income to $1.8 million after provisions for loan losses. Net
interest margin in the third quarter increased slightly to 3.38 percent from
3.36 percent in the third quarter a year ago as a result of an increase in the
level of interest bearing assets although the company's interest spread declined
by three basis points to 3.04 percent from 3.07 percent in the third quarter of
last year. For the nine-month period, net interest income rose to $5.6 million
from $5.4 million, an increase of 4.3 percent. Net interest margin remained
constant in the first nine months of 2005 at 3.43 percent relative to its level
in the first
nine months of 2004. Interest spread in the first nine months of the year
declined by six basis points to 3.06 percent from 3.12 percent in the same
period a year earlier, according to the Company.
Noninterest income declined by 17 percent in the third quarter to $848,000 from
$1.0 million in the third quarter a year ago. The decline resulted from a
combination of lower service fees and charges, lower net loan servicing fees and
lower net gains on sales of available securities, offset in part by an increase
in customer service fees. For the first nine months of 2005, noninterest income
declined by 4.7 percent to $2.5 million from $2.6 million in the same period a
year earlier. The decline was primarily attributable to decreases in the net
loan servicing fees and in net gains realized from loan sales, partially offset
by an increase in gains on sales of available for sale securities and abstract
and title fees.
Noninterest expenses for the nine-month period of 2005 were $6.6 million,
compared with $6.3 million in the same period the previous year. The increase
stemmed primarily from higher occupancy expenses, higher data processing
expenses and a reduction in the amount of recovery of the previously recorded
impairment of loan servicing rights, the majority of which had already been
recovered. These were offset in part by reductions in the amortization of loan
servicing rights and lower professional fees, noted the Company.
"Results for the quarter and nine-month periods reflected the changes to our
business. We have been affected by a number of situations," ▇▇▇▇▇▇ said, "We
recorded a $62,000 one-time charge in the third quarter to reflect the fact that
the consideration we received in a real estate exchange with the City of Paris,
IL was less than the book value of the property we exchanged.
We are continuing to see the results of decisions we made earlier yield
increasing benefits. The volume of new loans across all categories continues to
grow. The commercial component of our portfolio has increased, primarily as a
result of our decision to establish ourselves in Savoy where there is a greater
amount of commercial loan activity. Our expanded product line is attracting
deposits and yielding increases in customer fees," ▇▇▇▇▇▇ noted.
EXPANSION EFFORTS CONTINUE
"As previously announced on October 3, we completed the acquisition of Rantoul
First Bank," ▇▇▇▇▇▇ noted. "That acquisition provides us with an increased
footprint in economically vibrant Champaign County. We are in the process of
integrating the Rantoul operation into our organization. Although the
transaction, as mentioned in earlier announcements, is expected to be modestly
dilutive to earnings in 2005, we expect it to be accretive in 2006 and beyond as
the economy of Champaign County continues to expand.
Additionally, construction is underway on a significant expansion of our
operations center in Paris. When completed in 2006, this $5.6 million project
will not only increase the level of service our customers experience with
conveniences such as multiple drive-through lanes, it will also improve the
efficiency of our operations by bringing employees currently dispersed around
town into a single location. The expanded facility will also be sufficient to
accommodate our
space needs as we continue to grow. It is an investment in the future of First
BancTrust," added ▇▇▇▇▇▇.
ASSETS, DEPOSITS
Total assets at September 30, 2005, were $239.8 million compared with $230.9
million at December 31, 2004. Deposits were $158.4 million compared with $159.5
million at year-end 2004.
"Continued growth in our loan portfolio coupled with our expanded product line,
which we expect to generate greater customer fee income, and our growing
geographic presence in east-central Illinois have positioned us well to achieve
continuing growth in both our assets and our profitability. However we will also
be disciplined in pursuing further growth to make certain that we maintain high
levels of service for our customers and generate the kind of returns our
shareholders expect," ▇▇▇▇▇▇ concluded.
ABOUT FIRST BANCTRUST
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, and Rantoul, Illinois.
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends such
forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities Litigation Reform
Act of 1995 as amended, and is including this statement for purposes of these
safe harbor provisions. Forward-looking statements, which are based on certain
assumptions and describe future plans, strategies and expectations of the
Company, are generally identifiable by use of the words "believe," "expect,"
"intend," "anticipate," "estimate," "project," or similar expressions. The
Company's ability to predict results or the actual effect of future plans or
strategies is inherently uncertain. Factors which could have a material adverse
affect on the operations and future prospects of the Company and its
wholly-owned subsidiaries include, but are not limited to, changes in: interest
rates; general economic conditions; legislative/regulatory provisions; monetary
and fiscal policies of the U.S. Government, including policies of the U.S.
Treasury and the Federal Reserve Board; the quality of composition of the loan
or investment portfolios; demand for loan products; deposit flows; competition;
demand for financial services in the Company's market area; and accounting
principles, policies, and guidelines. 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 included in the Company's filings with the
Securities and Exchange Commission.
... TABLES FOLLOW ...
FIRST BANCTRUST CORPORATION
SELECTED FINANCIAL INFORMATION
(in thousands of dollars except share data)
================================================================================================================================
BALANCE SHEET DATA SEPT. 30, DEC. 31,
2005 2004
(unaudited)
----------- ----------
Total Assets $ 239,771 $ 230,924
Cash And Cash Equivalents 7,331 9,113
Investment Securities 73,657 88,722
FHLB Stock 4,426 4,256
Loans Held For Sale 480 138
Loans, Net Of Allowance For
Loan Losses Of $2,396 And $2,300 137,107 117,448
Deposits 158,405 159,471
Federal funds purchased 7,000 2,000
Federal Home Loan Bank advances 40,500 40,500
Junior subordinated debentures 6,186 -
Total Stockholders' Equity 26,320 27,547
Book Value Per Common Share $ 11.08 $ 11.04
================================================================================================================================
SUMMARY OF OPERATIONS 3 MONTHS ENDED SEPTEMBER 30, 9 MONTHS ENDED SEPTEMBER 30,
2005 2004 2005 2004
---------- ---------- ---------- ----------
(unaudited)
Interest Income $ 3,220 $ 2,821 $ 9,270 $ 8,648
Interest Expenses 1,357 1,081 3,660 3,269
Net Interest Income 1,863 1,740 5,610 5,379
Provision For Loan Losses 99 126 287 388
Net Interest Income After Provision For Loan Losses 1,764 1,614 5,323 4,991
Noninterest Income 848 1,022 2,500 2,622
Noninterest Expense 2,305 2,171 6,589 6,315
Income Before Income Tax 307 465 1,234 1,298
Income Tax Expense 45 166 269 449
Net Income $ 262 $ 299 $ 965 $ 849
SHARE DATA
Weighted Avg. Shares Out. - Basic 2,205,758 2,271,313 2,250,875 2,260,285
Weighted Avg. Shares Out. - Diluted 2,348,986 2,418,342 2,390,816 2,420,902
Basic Earnings Per Share $ 0.12 $ 0.13 $ 0.43 $ 0.38
Diluted Earnings Per Share $ 0.11 $ 0.12 $ 0.40 $ 0.35
RATIOS BASED ON NET INCOME
Return on Average
Stockholders' Equity 3.96% 4.51% 4.78% 4.25%
Return On Average Assets 0.44% 0.54% 0.41% 0.50%
