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First Banks, Inc. Announces Fourth Quarter 2012 Results

The Company’s loan-to-deposit ratio was 51.89% at December 31, 2012, as compared to 54.44% at September 30, 2012 and 56.65% at December 31, 2011.

Deposits:

Deposits were $5.65 billion at December 31, 2012, in comparison to $5.66 billion at September 30, 2012 and $5.80 billion at December 31, 2011. Certificates of deposit and money market and savings deposits declined $67.4 million and $34.6 million, respectively, and demand deposits increased $92.2 million, during the fourth quarter of 2012.
             
FINANCIAL SUMMARY
 
(dollars expressed in thousands, except per share data)
 
(UNAUDITED)
 
SELECTED OPERATING DATA
   
Three Months Ended Years Ended
December 31,   September 30,   December 31, December 31,   December 31,
2012 2012 2011 2012 2011
 
Interest income $

48,080
  50,536   55,429   202,565   234,191
Interest expense   6,954   7,536   9,533   31,060   46,960
Net interest income 41,126 43,000 45,896 171,505 187,231
Provision for loan losses       17,000   2,000   69,000

Net interest income after provision for loan losses
 

41,126
 

43,000
 

28,896
 

169,505
 

118,231
Noninterest income 16,631 16,800 16,006 66,686 63,302
Noninterest expense   54,643   51,249   61,398   210,349   236,287

Income (loss) before (benefit) provision for income taxes
3,114 8,551 (16,496 ) 25,842 (54,754 )
(Benefit) provision for income taxes   (217 )   (138 )   803   (139 )   (10,654 )
Net income (loss) 3,331 8,689 (17,299 ) 25,981 (44,100 )
Less: net (loss) income attributable to noncontrolling interest in subsidiary   (68 )   216   (1,420 )   (297 )   (2,950 )

Net income (loss) attributable to First Banks, Inc.
$ 3,399   8,473   (15,879 )   26,278   (41,150 )
 

Basic and diluted (loss) earnings per common share
$ (97.67 )   119.48   (901.04 )   162.22   (2,642.46 )
 

SELECTED FINANCIAL DATA
               
December 31, September 30, December 31,
2012 2012 2011
 
Total assets $ 6,509,126   6,513,127   6,608,913
Cash and cash equivalents 519,985 291,022 474,158
Investment securities 2,675,280 2,764,283 2,470,704
Loans, net of deferred loan fees 2,930,747 3,080,431 3,284,279
Allowance for loan losses 91,602 114,202 137,710
Goodwill and other intangible assets 125,967 125,967 125,967
Deposits 5,648,499 5,658,302 5,797,704
Other borrowings 26,025 28,558 51,182
Subordinated debentures 354,133 354,114 354,057
Stockholders’ equity 299,959 299,035 263,671
Nonperforming assets 201,867 241,948 350,147
             

SELECTED FINANCIAL RATIOS
   
Three Months Ended Years Ended
December 31,   September 30,   December 31, December 31,   December 31,
2012 2012 2011 2012 2011
 
Net interest margin   2.68 %   2.79 %   2.89 %   2.79 %   2.86 %
Yield on loans 4.51 4.62 4.83 4.67 4.85
Cost of interest-bearing deposits 0.30 0.34 0.52 0.37 0.67
Loan-to-deposit ratio 51.89 54.44 56.65 51.89 56.65
 

About First Banks, Inc.

The Company had assets of $6.51 billion at December 31, 2012 and currently operates 146 branch banking offices in California, Florida, Illinois and Missouri. Through its subsidiary bank, First Bank, the Company offers a broad range of financial products and services to consumers, businesses and other institutions. Visit the Company on the web at www.firstbanks.com.

Financial Disclosures

The financial disclosures presented in this press release reflect numeric disclosures prior to the categorical reclassifications for Discontinued Operations. The Discontinued Operations reclassifications and related disclosures may be found in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2011, as filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s internet site ( http://www.sec.gov) , and such disclosures will also be presented in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2012 upon filing with the SEC in March 2013.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the Company’s plans, objectives, estimates or projections with respect to our future financial condition and earnings including the ability of the Company to remain profitable, expected or anticipated revenues with respect to our results of operations and our business, expected improvement in our net interest income and margin, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties which may cause actual results to differ materially from those contemplated in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: deterioration in the Company’s loan portfolio, increased competition and its effect on pricing, spending, third-party relationships, revenues and net interest margin; changes in interest rates and overall economic conditions; and the risk of new and changing regulation. Additional factors which may cause the Company’s results to differ materially from those described in the forward-looking statements may be found in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the SEC and available at the SEC’s internet site. The forward-looking statements in this press release speak only as of the date of the press release, and the Company does 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.

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