BancTrust Financial Group, Inc. Reports Second Quarter Results
The allowance for loan losses rose to 4.31% of total loans at June 30, 2012, compared with 3.04% at June 30, 2011. Net charge-offs for the second quarter of 2012 were $4.2 million compared with $10.4 million in the second quarter of 2011.
Deposits were $1.8 billion at June 30, 2012, compared with $1.9 billion at June 30, 2011. Liquidity at the subsidiary bank remained strong at June 30, 2012, as evidenced by $254.7 million in average overnight funds and short-term investments. Short-term investments include investment securities with little price volatility that can be sold as needed for liquidity purposes. The bank used the excess liquidity to pay off approximately $25 million in Federal Home Loan Bank borrowings in the second quarter of 2012.
Total non-interest revenue was $4.7 million in the second quarter of 2012 compared with $5.1 million in the second quarter of 2011. The decrease in non-interest revenue was caused by lower trust revenue, service charges on deposits and securities gains, offset partially by higher other non-interest revenue.
Non-interest expense was $18.0 million in the second quarter of 2012 compared with $14.7 million in the second quarter of 2011. The increase in non-interest expense was due primarily to a full and final settlement agreement with Countrywide Home Loans, Inc. pursuant to which the bank paid Countrywide Home Loans $3.5 million to settle any and all claims and disputes related to mortgage loans sold by the bank or its predecessors to Countrywide Home Loans prior to July 2, 2012. There was no comparable settlement expense in 2011.BancTrust’s pre-tax loss was $12.7 million in the second quarter of 2012 compared with pre-tax income of $1.1 million in the second quarter of 2011. Net loss to common shareholders was $12.8 million for the second quarter of 2012 compared with net income available to common shareholders of $35,000 in the second quarter of 2011.
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