Net Interest Income
Net interest income for the first quarter of 2009 increased 20 percent, or
The provision for loan losses for the first quarter of 2009 increased 140 percent to
Noninterest Income, Expense
First quarter 2009 noninterest income increased
Noninterest expense for the first quarter of 2009 increased
Assets, Loans, Deposits
Total assets at
Quarterly Dividend
After careful consideration, the Board of Directors of the Company voted to reduce the regular quarterly cash dividend to
The Board determined that a reduction in dividends at this time was necessary, not only in light of the need to provide funds for payment of any extraordinary expenses, such as the anticipated industry wide FDIC special assessment, but also to strengthen the Company's balance sheet, enhance credit quality, and provide the Company with greater financial flexibility.
Safety and soundness remains our highest priority during these challenging times. While we finished the year in a solid overall financial position, and our capital levels continue to exceed the levels defined as "well capitalized" by our regulators, we view this as a precautionary step to help ensure the long-term strength of the Company. Maintaining capital is absolutely critical to ongoing success and in the best long-term interest of shareholders."
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
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".
... tables follow ...
First BancTrust Corporation Selected Financial Information (in thousands of dollars except share data) Balance Sheet Data Mar. 31, Dec. 31, 2009 2008 (unaudited) Total Assets $379,975 $361,655 Cash And Cash Equivalents 21,538 12,796 Investment Securities 53,317 49,590 FHLB Stock 3,749 3,749 Loans Held For Sale 1,682 1,457 Loans, Net of Allowance for Loans Losses of $3,988 and $3,520 275,307 269,794 Deposits 276,441 265,248 Federal Home Loan Bank Advances 59,000 59,000 Stockholders' Equity 34,257 26,215 Book Value Per Common Share $12.69 $12.36 Summary Of Operations Three Months Ended 3/31/2009 3/31/2008 (unaudited) (unaudited) Interest Income $5,052 $4,904 Interest Expense 2,437 2,727 Net Interest Income 2,615 2,177 Provision For Loan Losses 500 209 Net Interest Income After Provision For Loan Losses 2,115 1,968 Noninterest Income 1,294 1,004 Noninterest Expense 3,071 2,490 Income Before Income Tax 338 482 Income Tax Expense 72 146 Net Income $266 $336 Preferred Stock Dividends $72 $- Net Income Available to Common Stockholders $195 $336 Share Data Weighted Avg. Shares Out. - Basic 2,064,021 2,099,485 Weighted Avg. Shares Out. - Diluted 2,064,021 2,155,476 Basic Net Income Available to Common Shareholders Per Share $0.09 $0.16 Diluted Net Income Available to Common Shareholders Per Share $0.09 $0.16 Ratios Based On Net Income Return on Average Common Shareholders' Equity 2.93% 5.01% Return on Average Assets 0.29% 0.40%
SOURCE First BancTrust Corporation