Porter Bancorp, Inc. Files Second Quarter 2010 10-Q
About Porter Bancorp, Inc.
Porter Bancorp, Inc., a bank holding company headquartered in Louisville, Kentucky, had $1.8 billion in assets as of June 30, 2010. Through Porter’s subsidiary PBI Bank, it operates 18 full service banking offices in Kentucky. Porter Bancorp’s common stock is traded on the Nasdaq Global Market under the symbol “PBIB.”
Statements in this press release relating to Porter Bancorp’s plans, objectives, expectations or future performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations. Porter Bancorp’s actual results in future periods may differ materially from those currently expected due to various risks and uncertainties, including those discussed under “Risk Factors” in the Company’s Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission. The forward-looking statements in this press release are made as of the date of the release and Porter Bancorp does not assume any responsibility to update these statements.PBIB-F PBIB-G
PORTER BANCORP, INC. AND SUBSIDIARY
Unaudited Consolidated Statements of Income
|(dollars in thousands, except per share data)|
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Loans, including fees||$||19,771||$||21,102||$||39,644||$||42,372|
|Tax exempt securities||215||223||431||444|
|Fed funds sold and other||141||168||343||
|Federal Home Loan Bank advances||500||937||1,220||2,086|
|Subordinated capital note||77||98||152||200|
|Junior subordinated debentures||159||209||311||460|
|Federal funds purchased and other||120||120||239||235|
|Net interest income||14,727||12,813||28,904||24,780|
|Provision for loan losses||6,600||1,600||9,600||3,200|
|Net interest income after provision for loan losses||8,127||11,213||19,304||21,580|
|Service charges on deposit accounts||793||788||1,513||1,476|
|Income from fiduciary activities||273||198||525||418|
|Secondary market brokerage fees||130||73||190||131|
|Title insurance commissions||39||44||76||64|
|Net gain on sales of loans originated for sale||184||241||275||241|
|Net gain on sales of securities||24||–||81||1|
|Other than temporary impairment on securities||(465||)||–||(465||)||–|
|Salaries and employee benefits||3,931||3,813||7,878||7,691|
|Occupancy and equipment||1,015||981||2,037||1,979|
|Other real estate owned expense||3,854||226||4,232||353|
|FDIC special assessment||–||781||–||781|
|State franchise tax||543||450||1,086||900|
|Postage and delivery||198||184||386||368|
|Income (loss) before income taxes||(1,889||)||4,880||2,931||9,457|
|Income tax expense (benefit)||(758||)||1,635||806||3,151|
|Net income (loss)||(1,131||)||3,245||2,125||6,306|
|Dividends on preferred stock||437||437||875||875|
|Accretion on Series A preferred stock||44||44||88||88|
|Earnings allocated to participating securities||2||–||83||–|
|Net income (loss) available to common shareholders||$||(1,614||)||$||2,764||$||1,079||$||5,343|
|Basic and diluted earnings (loss) per common share||$||(0.19||)||$||0.31||$||0.13||$||0.61|
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