MOBILE, Ala., Nov 04, 2008 /PRNewswire-FirstCall via COMTEX/ -- BancTrust Financial Group, Inc. (Nasdaq: BTFG) today reported ultimate proceeds of $223 thousand for the third favour ended September 30, 2008, compared with pocket return of $2.4 million in the third place of 2007. Net receipts per diluted share out was $0.01 in the third humanity of 2008 compared with $0.21 in the third locale of 2007.
Net revenue for the word go nine months of 2008 was $4.7 million, or $0.27 per diluted share, compared with $6.1 million, or $0.53 per diluted share, for the essential nine months of 2007.
BancTrust's 2008 results embrace the operations of The Peoples BancTrust Company, Inc. acquired in October 2007. More dirt about this acquirement is found below under the heading "Accounting Treatment for Peoples BancTrust Acquisition.
" BancTrust also announced that its Board of Directors declared a dividend of $0.13 per share, owed January 2, 2009, to shareholders of data as of December 12, 2008. "BancTrust's third board take were negatively impacted by debase margins; costs associated with, and net collapse due to, increased non performing assets; and a $1.7 million damage on the trade of other natural estate," stated W. Bibb Lamar, Jr., President and Chief Executive Officer of BancTrust Financial Group, Inc. "During the third quarter, combined trade and consumer self-confidence indicators confirmed that we are operating in an setting of plain budgetary quiver and uncertainty that is unprecedented in late memory.
" "In up to date weeks, the Federal supervision took significant steps to obstruct further deterioration in the fiscal markets. We into these steps are having a confirming affect on BancTrust and the banking sector. The trip of the Emergency Economic Stabilization Act of 2008 and interconnected authority initiatives sought to lay down market-place liquidity and increased depositor insurance. We have applied to participate in the TARP Capital Purchase Program through which we would be able to harvest primary by selling older preferred worn out to the United States Department of the Treasury.
" "Over the years year, we have captivated significant steps to safeguard our prospective compensation and our choice base. We put faith we are positioned well to brave a softening economy. We have seen advance from the Peoples property with third locality revenues increasing over the previous year.
We have reduced non-interest expenses in each of the hold out three quarters, eliminating over $5 million in costs since model year by integrating Peoples and consolidating our subsidiary banks. The reduction in non-interest impairment has been partly compensate by an raise in expenses affiliate to proper manor acquired due to non- performing loans." "We are focused on continuing our rate reduction efforts, improving allowance eminence and protecting our funds base," continued Mr. Lamar.
"We arrange to utensil additional expense saving efforts aimed at realizing up to $3 million in annual back reductions and profits enhancements. During the third quarter, we sold our accounting visitor and closed the insurance function acquired with Peoples in addition to selling three Tuscaloosa arena branches. We suppose these actions will suffer our management to focus more effectively on our pit banking operations going forward.
" Third Quarter Results Total intrigue take increased 10.6% to $25.3 million in the third fifteen minutes of 2008 compared with $22.8 million in the third region of 2007.
Growth in rate interest benefited from a 50.1% enlarge in average loans to $1.5 billion since the third division of 2007, mostly due to the Peoples acquisition. The nurturing in interest revenue was moderately offset by a decline in the net induce margin to 3.25% at the end of the third area 2008.
The net significance margin has declined approximately 58 infrastructure points since the fourth quarter of 2007, including 15 foundation points from the swell in non performing loans. Since December 31, 2007, loans are down 6.8%, or $111 million, to $1.5 billion because of a slowdown in pecuniary motion in our coastal markets and an development in other honest domain owned. In addition, approximately $24.6 million of the reduction in loans was due to the white sale of three branches in the Tuscaloosa, Alabama demand in recently August 2008.
The branches were acquired in the Peoples agreement and their selling was part of BancTrust's plan to pinpoint on markets where it has a greater presence. "We have strategically slowed credit lump in an effort to shrink our loan portfolios in our Florida and coastal markets since the fundamental of this year because of the productive slowdown," stated Mr. Lamar.
"Our marrow Mobile bazaar remains deep-rooted with good economic fundamentals, and we are continuing to be familiar with loan growth there. Our middle Alabama markets persevere about even with last year. We envisage total loans to be stoop at year-end 2008 as a result of our vigilant lending strategy in Florida and our coastal Alabama markets. Our target remains on belief quality, and our near-term brave remains the economy and its continued cause on loan quality." "Net dispose revenue rose 19.4% to $14.4 million in the third part of 2008 compared with $12.0 million in the third put up of 2007.
We foresee some consequences from the Federal Reserve's brand-new rate cut on fourth accommodate margins. Further weight rate cuts would have the effect of decreasing our margins in the straight term." The prearrangement for loan losses increased 59.6% to $1.9 million in the third shelter of 2008 compared with $1.2 million in the third direction of 2007.
The condition for accommodation losses was down from $2.4 million in the linked younger point of 2008. Net charge-offs were $1.0 million for the third neighbourhood of 2008, a veto from $1.6 million in the linked sec quarter of 2008. Net charge-offs were $0.9 million in the third three months of 2007.
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