This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Porter Bancorp, Inc. Announces Third Quarter 2010 Results

“We also strengthened our capital position this year with capital raises totaling $32 million. At the end of the third quarter, our total risk-based capital ratio rose to 16.35%, well above the 10.0% requirement for a well-capitalized institution, the highest regulatory rating. We believe the new capital will provide a solid base to support our continued growth as the economy recovers,” continued Ms. Bouvette.

Third Quarter Results

  • Net income was $2.4 million for the three months ended September 30, 2010, compared with $4.5 million for the third quarter of 2009. Earnings per fully diluted common share were $0.16 in the third quarter of 2010 compared with $0.46 per share in the third quarter of 2009.
  • Net interest margin increased 14 basis points to 3.73% in the third quarter of 2010 compared with 3.59% in the third quarter of 2009. The increase in margin since last year benefited from a lower average cost of funds.
  • We recorded a gain on sale of securities totaling $2.2 million during the third quarter. We made a strategic decision to liquidate our portfolio of private label mortgage backed securities during the quarter which totaled approximately $23 million.
  • Average loans decreased 2.5% to $1.34 billion in the third quarter of 2010 compared with $1.37 billion in the third quarter of 2009. Net loans decreased 4.8% to $1.30 billion in the third quarter of 2010, compared with $1.37 billion at September 30, 2009.
  • Deposits increased 0.8% to $1.39 billion compared with $1.38 billion at September 30, 2009.
  • Total assets increased 3.0% to $1.78 billion compared with $1.73 billion at September 30, 2009.
  • Efficiency ratio was 60.9% in the third quarter of 2010, compared with 47.1% in the prior year third quarter. Our efficiency ratio increased due to an increase in non-interest expense.
  • Non-performing loans decreased $2.9 million, or 5.9%, during the third quarter to $45.8 million at September 30, 2010, compared with $48.7 million at June 30, 2010. The decrease was primarily attributable to non-performing loans moving through the collection, foreclosure and disposition process.
  • Non-performing assets increased $2.3 million, or 2.0%, during the third quarter to $119.5 million at September 30, 2010. The increase was primarily attributable to non-performing loans moving through the collection, foreclosure and disposition process.
  • Shareholders’ equity rose to $202.6 million at the end of the third quarter. The increase was primarily attributable to an additional $5 million capital raise that closed during the third quarter. The proceeds from the offering and third quarter net income resulted in improved capital ratios, including 11.71% tier 1 leverage ratio and 14.44% tier 1 risk-based capital ratio as of September 30, 2010.

Net Interest Income

Net interest income increased 1.4% to $14.6 million for the three months ended September 30, 2010, an increase of $202,000, compared with $14.4 million for the same period in 2009. Net interest income rose 11.0% to $43.5 million for the nine months ended September 30, 2010, an increase of $4.3 million, compared with $39.2 million for the same period in 2009. The increase in net interest income was primarily attributable to an increase in net interest margin compared with 2009.

2 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,979.13 +59.54 0.35%
S&P 500 1,986.51 +4.91 0.25%
NASDAQ 4,526.4820 -1.0320 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs