First BancTrust Corp., of Paris, Ill., said Tuesday that its second-quarter net income rose 23%, to $400,000. Diluted earnings per share rose 31%, to 17 cents.
For the six months that ended June 30 net income was up 28%, to $703,000. Diluted earnings per share for the half rose 26%, to 29 cents.
The $234 million-asset company attributed the increase to growth in commercial lending and better credit quality. Its net interest income rose by 5% for the quarter, to $1.8 million, while its provision for loan losses fell 15%, to $94,000.
Noninterest income was down 1% for the quarter, to $842,000, but up 3% for the first half of the year, to $1.7 million. Noninterest expenses were up 1% for the quarter, to $2.1 million, and up 3% for the first half of the year, to $4.3 million.
First BancTrust said it expects to close its acquisition of Rantoul First Bank of Rantoul, Ill., by Oct. 1. It is to pay $4.2 million in cash for the $30.8 million-asset Rantoul.
