FIRST BANKERS TRUSTSHARES, INC. First Bankers Trustshares, Inc.
1201 Broadway
P.O. Box 3566
Quincy, Il 62305-3566
January 28, 2022
4th Quarter 2021 Financial Highlights
Investor Information
Stock Transfer Agent:
Dear Valued Shareholders,
On behalf of First Bankers Trustshares, Inc., the Board of Directors, the executive management team and all of our dedicated employees, I am pleased to update you on the company's fourth quarter performance.
While the pandemic has remained a presence in our communities, our customers have shown a continued and impressive resiliency .We are proud to support our customers by disbursing more than $47 million dollars through the Small Business Administration's Paycheck Protection Program (PPP), with more than 98% of loans now forgiven.
From a broader economic perspective, unemployment has remained historically low, though inflation has started to become more prevalent, with the Federal Reserve making inflation fighting a top priority. As we end the year interest rates remained low, though the consensus is, potentially, for multiple rate increases in the upcoming year, along with a tapering of the Fed's balance sheet. We remain well-positioned to take advantage of our continued strong liquidity and capital positions, regardless of the rate environment.
Our financial results in the quarter were strong, with net income of $2.33 million or $0.76 per share, an increase of 33.3% from the same period a year ago. Return on average assets and return on average common equity were 0.73% and 9.02%, respectively. For the full year earnings per share were $2.64, an increase of 3.94% versus 2020.
Total assets for First Bankers Trustshares, Inc. ended 2021 at $1.23 billion, up 9.7% for the year. While loan activity remained temperate across the local market given continued excess liquidity, the bank grew loans by $1.8 million during the quarter.
Credit quality continued an improving trend, with non-performing loans falling to 1.81% of total loans, the lowest level since the first quarter of 2020. Allowance for loan losses totaled $11.4 million, or 2.39% of total loans, with the allowance reduced by $550,000 in the quarter.
Net interest margin improved to 2.10% for the quarter, up .02% from the third quarter. Average loan yield was 4.13%, a decrease of .06% from prior quarter due to competitive market pricing. An increase in yield on other earning assets of .16% coupled with a .04% reduction in funding costs drove the net improvement.
Non-interest income of $1.7 million was down 14.5% versus the same period a year ago, with strong brokerage results offset by a slowdown in residential mortgage lending. Non -interest income was flat to the prior quarter, excluding the impact of non-recurring gains on the sale of securities in the third quarter.
Non-interest expense was $5.78 million for the fourth quarter of 2021, flat to the prior quarter, with an increase in employee related expenses offset by efficiency savings.
As previously reported, on July 1, 2019, First Bankers Trust Services, Inc. (The Trust Subsidiary) was spun off into a separate company named TI-Trust, Inc. The Company's 2019 consolidated results include TI-Trust's results through June 30, 2019.
Enclosed, please find your regular dividend check; or the funds have been deposited to your account as previously directed.
Allen W. Shafer
President/CEO
American Stock Transfer & Trust Company, LLC
Operations Center
6201 15th Avenue Brooklyn, NY 11219 (800) 937-5449
Market Makers:
Raymond James Chicago, Il 60606 (800) 800.4693
Stifel Nicolas & Co., Inc. St. Louis, MO 63102 (800) 679.5446
Monroe Financial Partners Chicago, IL 60606
(312) 327.2530
Janney Montgomery Scott, LLC Atlanta, GA 30309
(844) 273-2189
D.A. Davidson & Co. Red Bank, NJ 07701 (800) 332-5915
Corporate Information:
First Bankers Trustshares, Inc. Phone: (217) 228.8000
Fax: (217)228.8091
Email: fbti@firstbankers.com
Corporate Officers:
Chairman of the Board of Directors
William D. Daniels
President/Chief Executive Officer
Allen W. Shafer
Chief Financial Officer
Seth H. Runkle
Secretary
Steven E. Siebers
Directors:
Carl W. Adams Jr.
Scott A. Cisel
William D. Daniels
Mark E. Freiburg
Charles M. Gnuse
Arthur E. Greenbank
Phyllis J. Hofmeister
Kemia M. Sarraf, M.D., MPH
Richard W. Schulte
Allen W. Shafer
Steven E. Siebers
Board Emeritus
Donald K. Gnuse
This release contains information and "forward-looking statements" that relate to matters that are not historical facts and which are usually preceded by words "may," "will," "should," "could," "would," "plan," "potential," "estimate," "project," "believe," "intend," "anticipate," "expect," "target" and similar expressions. These forward-looking statements are subject to significant risks, assumptions and uncertainties. Because of these and other uncertainties, our actual results may be materially different from those described in these forward-looking statements. The forward-looking statements in this release speak only as of the date of the release, and we do not assume any obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements.
Page 2 | Financial Highlights (Dollars in thousands, except per share data) (Unaudited) | |||||||||||||
For The Three Months Period | For the Twelve Months Period | |||||||||||||
Ended December 31, | Ended December 31, | |||||||||||||
Income Statement Data | 2021 | 2020 | % Chg | 2021 | 2020 | 2019 | ||||||||
Net interest income | $ | 6,466 | $ | 6,355 | 1.75 % | $ | 24,124 | $ | 25,918 | $ | 26,329 | |||
Provision for loan losses | (550) | 800 | (168.75) % | (580) | 2,400 | 2,400 | ||||||||
Noninterest income | 1,698 | 1,987 | (14.54) % | 7,468 | 7,519 | 13,153 | ||||||||
Noninterest expense | 5,777 | 5,287 | 9.27 % | 21,899 | 21,009 | 26,538 | ||||||||
Income taxes | 604 | 484 | 24.79 % | 2,103 | 2,185 | 2,225 | ||||||||
Net Income | $ | 2,333 | $ | 1,771 | 31.73 % | $ | 8,170 | $ | 7,843 | $ | 8,319 | |||
For The Three Months Period | For the Twelve Months Period | |||||||||||||
Ended December 31, | Ended December 31, | |||||||||||||
Ratios | 2021 | 2020 | % Chg | 2021 | 2020 | 2019 | ||||||||
Return on average assets (Excludes preferred stock dividends/ | 0.73 % | 0.62 % | 17.74 % | 0.68 % | 0.75 % | 0.90 % | ||||||||
accretion.) | ||||||||||||||
Return on average common stockholders' equity | ||||||||||||||
(Calculated by dividing net income, excluding preferred stock dividends/ | ||||||||||||||
accretion, by average common stockholders' equity. Common stockhold- | ||||||||||||||
ers' equity is defined as equity less preferred stock and accumulated other | 9.02 % | 7.23% | 24.76 % | 8.13 % | 8.24 % | 8.99 % | ||||||||
comprehensive income or loss.) | ||||||||||||||
Net interest margin | 2.10 % | 2.33 % | (9.87) % | 2.11 % | 2.62 % | 3.01 % | ||||||||
Allowance as a percent of total loans | 2.39 % | 2.50 % | (4.40) % | 2.39 % | 2.50 % | 2.35 % | ||||||||
Dividends per common share paid | $ | 0.19 | $ | 0.17 | 11.76 % | $ | 0.73 | $ | 0.68 | $ | 0.64 | |||
Earnings per common share (Calculated by dividing net income | $ | 0.76 | $ | 0.57 | 33.33 % | $ | 2.64 | $ | 2.54 | $ | 2.69 | |||
less dividends and accretion on preferred stock by the weighted average | ||||||||||||||
number of common stock shares outstanding.) | ||||||||||||||
Book value per common share (Calculated by dividing stock- | $ | 33.46 | $ | 31.54 | 6.09 % | $ | 33.46 | $ | 31.54 | $ | 29.68 | |||
holders' equity, excluding preferred stock and accumulated other compre- | ||||||||||||||
hensive income or loss, by outstanding common shares.) | ||||||||||||||
At December 31, | At December 31, | |||||||||||||
Balance Sheet | 2021 | 2020 | % Chg | 2019 | 2018 | 2017 | ||||||||
Assets | $ | 1,226,137 | $ | 1,117,675 | 9.70 % | $ | 922,579 | $ | 930,044 | $ | 942,949 | |||
Investment securities | $ | 667,157 | $ | 542,170 | 23.05 % | $ | 345,140 | $ | 357,311 | $ | 371,168 | |||
Loans, net of unearned income | $ | 478,398 | $ | 485,153 | (1.39) % | $ | 500,599 | $ | 480,792 | $ | 506,341 | |||
Deposits | $ | 978,624 | $ | 853,302 | 14.69 % | $ | 727,656 | $ | 733,435 | $ | 756,833 | |||
Short-term and other borrowings | $ | 126,273 | $ | 137,904 | (8.43) % | $ | 81,572 | $ | 88,559 | $ | 80,394 | |||
Junior subordinated debentures | $ | 10,310 | $ | 10,310 | 0.00 % | $ | 10,310 | $ | 10,310 | $ | 10,310 | |||
Stockholders' equity (excludes accumulated other comprehensive | $ | 103,214 | $ | 97,606 | 5.75 % | $ | 91,711 | $ | 91,968 | $ | 85,438 | |||
income or loss.) | ||||||||||||||
For The Twelve Months Period | For The Years | |||||||||||||
Ended December 31, | Ended December 31, | |||||||||||||
Stock Value Per Common Share Information | 2021 | 2020 | % Chg | 2019 | 2018 | 2017 | ||||||||
Price/earnings ratio | 11.9 | 10.9 | 9.17 % | 11.6 | 11.8 | 12.8 | ||||||||
Stock price-High | $ | 32.00 | $ | 33.00 | (3.03) % | $ | 36.00 | $ | 37.95 | $ | 31.00 | |||
Low | $ | 27.75 | $ | 24.75 | 12.12 % | $ | 30.50 | $ | 30.01 | $ | 28.00 | |||
Ending | $ | 31.45 | $ | 27.75 | 13.33 % | $ | 30.62 | $ | 32.00 | $ | 30.75 | |||
Book value per common share | $ | 33.46 | $ | 31.54 | 6.09 % | $ | 29.68 | $ | 29.79 | $ | 27.67 | |||
Price/book value per common share | 0.94 | 0.88 | 6.82 % | 1.05 | 1.07 | 1.11 | ||||||||
Common shares outstanding | 3,084,736 | 3,094,598 | 3,089,773 | 3,087,488 | 3,087,488 | |||||||||
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Disclaimer
First Bankers Trustshares Inc. published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 15:12:10 UTC.
