Porter Bancorp, Inc. Files Second Quarter 2010 10-Q
Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank, announced today that it filed its 10-Q with the Securities and Exchange Commission for the second quarter ended June 30, 2010. The filing included an ‘other than temporary impairment’ (OTTI) charge of $465,000 for the second quarter ended June 30, 2010, that was not included in the Company’s financial results previously reported on July 23, 2010. The addition of the OTTI charge for the quarter ended June 30, 2010, reduced non-interest income to $1,497,000 from the previously reported $1,962,000, increased the net loss to $1,131,000 from the previously reported $829,000, and increased the net loss available to common shareholders to $1,614,000, or $0.19 per fully diluted share, from the previously reported $1,310,000, or $0.15 per fully diluted share. The OTTI charge is reflected in the revised income statement included with this release for the three and six months ended June 30, 2010. For a more detailed review of the second quarter 2010 OTTI charge, please refer to Porter Bancorp’s 10-Q for the quarter ending June 30, 2010, as filed with the Securities and Exchange Commission.
The Company determined that the OTTI charge should be included in its second quarter 2010 results after reviewing stock price trends in June, July and August following the release of its financial results on July 23, 2010. After the review, the Company determined that it could not objectively assert that its basis in these equity securities that have been in an unrealized loss position greater than 12 months was recoverable in the near term. As such, for the second quarter, the Company recorded an OTTI charge totaling $465,000 for equity securities held in its portfolio with an original cost of $1.6 million. The market prices of the stocks have been below the Company’s initial investment for more than twelve months and after consideration of the issuers’ financial conditions and the likelihood the market value would recover to the Company’s cost basis in a reasonable period of time, the investments were written down to fair value.
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