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Porter Bancorp, Inc. Announces Third Quarter 2010 Results

PBIB-G PBIB-F

Forward-Looking Statements

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.

Additional Information

Unaudited supplemental financial information for the third quarter ending September 30, 2010 follows.

 
 
 
 
 
 

PORTER BANCORP, INC. AND SUBSIDIARY

Unaudited Financial Information

(in thousands, except share and per share data)

 
    Three     Three     Three     Nine     Nine
Months Months Months Months Months
Ended Ended Ended Ended Ended
9/30/10 6/30/10 9/30/09 9/30/10 9/30/09

 

 

 

Income Statement Data
Interest income $ 21,340 $ 22,126 $ 23,802 $ 66,092 $ 70,949
Interest expense 6,764 7,399 9,428 22,612 31,795

 

 

 

Net interest income 14,576 14,727 14,374 43,480 39,154
Provision for loan losses 5,000 6,600 2,000 14,600   5,200

 

 

 

 

Net interest income after provision 9,576 8,127 12,374 28,880 33,954
 
Service charges on deposit accounts 757 793 843 2,270 2,319
Income from fiduciary activities 226 273 227 751 645
Net gain on sales of loans originated for sale 135 184 82 410 323
Net gain on sales of securities 2,175 24 321 2,256 322
Other than temporary impairment on securities (465 ) (465 )
Other 638 688 563 1,898 1,808

 

 

 

Non-interest income 3,931 1,497 2,036 7,120 5,417
 
Salaries & employee benefits 3,849 3,931 3,799 11,727 11,490
Occupancy and equipment 1,070 1,015 993 3,107 2,972
FDIC insurance 855 706 626 2,266 1,588
FDIC special insurance assessment 781
Franchise tax 543 543 450 1,629 1,350
Other real estate owned expense 2,163 3,854 353 6,395 706
Professional fees 239 292 175 797 606
Postage and delivery 183 198 193 569 561
Communications expense 179 173 183 538 568
Advertising 104 77 121 277 404
Other 764 724 691 2,206 2,062

 

 

 

Non-interest expense 9,949 11,513 7,584 29,511 23,088
 
Income (loss) before income taxes 3,558 (1,889 ) 6,826 6,489 16,283
Income tax expense (benefit) 1,137 (758 ) 2,290 1,943 5,441

 

 

 

Net income (loss) 2,421 (1,131 ) 4,536 4,546 10,842
Less:
Dividends on preferred stock 498 437 437 1,373 1,312
Accretion on preferred stock 44 44 44 132 132
Earnings allocated to participating securities 88 2   81  
 
Net income (loss) available to common $ 1,791 $ (1,614 ) $ 4,055 $ 2,960 $ 9,398

 

 

 

 
Weighted average shares – Basic 10,496,817 8,661,917 8,756,289 9,297,353 8,740,314
Weighted average shares – Diluted 11,028,925 8,664,412 8,756,289 9,506,286 8,740,314
 
Basic earnings (loss) per common share $ 0.17 $

(0.19

) $ 0.46 $ 0.32 $ 1.08
Diluted earnings (loss) per common share $ 0.16 $

(0.19

) $ 0.46 $ 0.31 $ 1.08
Cash dividends declared per common share $ 0.10 $ 0.20 $ 0.20 $ 0.50 $ 0.60

 
 
 
 
 
 

PORTER BANCORP, INC. AND SUBSIDIARY

Unaudited Financial Information

(in thousands, except share and per share data)

 
    Three     Three     Three     Nine     Nine
Months Months Months Months Months
Ended Ended Ended Ended Ended
9/30/10 6/30/10 9/30/09 9/30/10 9/30/09

 

 

 

Average Balance Sheet Data
Assets $ 1,704,043 $ 1,737,685 $ 1,674,703 $ 1,758,168 $ 1,701,967
Loans 1,335,357 1,356,883 1,368,970 1,365,322 1,363,150
Earning assets 1,563,599 1,605,387 1,599,943 1,636,839 1,626,887
Deposits 1,402,842 1,455,775 1,373,626 1,467,506 1,367,224
Long-term debt and advances 81,441 84,809 112,425 88,783 148,393
Interest bearing liabilities 1,393,425 1,448,795 1,401,791 1,466,336 1,426,975
Stockholders’ equity 201,126 179,205 168,561 183,478 167,172
 
 
Performance Ratios
Return on average assets 0.56 % (0.26 ) % 1.07 % 0.35 % 0.85 %
Return on average equity 4.78 (2.53 ) 10.68 3.31 8.67
Yield on average earning assets (tax equivalent) 5.44 5.56 5.93 5.43 5.86
Cost of interest bearing liabilities 1.93 2.05 2.67 2.06 2.98
Net interest margin (tax equivalent) 3.73 3.71 3.59 3.58 3.25
Efficiency ratio 60.92 69.08 47.14 60.46 52.18
 
Loan Charge-off Data
Loans charged-off $ (2,514 ) $ (6,403

)

 

$ (829 ) $ (11,823 ) $ (3,112 )
Recoveries 70 96   47 223   218

 

 

 

 

Net charge-offs $ (2,444 ) $ (6,307

)

 

$ (782 ) $ (11,600 ) $ (2,894 )

 
 
 
 
 
 

PORTER BANCORP, INC. AND SUBSIDIARY

Unaudited Financial Information

(in thousands, except share and per share data)

 
    As of     As of     As of     As of
9/30/10 6/30/10 12/31/09 9/30/09

 

 

 

Assets
Loans $ 1,328,695 $ 1,337,508 $ 1,413,252 $ 1,387,359
Loan loss reserve   (29,392 ) (26,836 ) (26,392 ) (21,958 )

 

 

 

 

Net loans 1,299,303 1,310,672 1,386,860 1,365,401
Securities available for sale 150,569 175,738 168,721 175,160
Federal funds sold & interest bearing deposits 120,591 103,139 157,091 74,232
Cash and due from financial institutions 46,279 12,263 15,082 17,610
Premises and equipment 22,708 22,954 23,610 23,756
Other real estate owned 73,645 68,450 14,548 12,934
Goodwill 23,794 23,794 23,794 23,794
Accrued interest receivable and other assets   43,290 43,647 45,384 35,875

 

 

 

 

Total Assets $ 1,780,179 $ 1,760,657 $ 1,835,090 $ 1,728,762

 

 

 

 

 
Liabilities and Equity
Certificates of deposit $ 1,093,032 $ 1,113,564 $ 1,238,189 $ 1,099,402
Interest checking 80,153 78,429 77,108 72,472
Money market 78,232 81,637 84,160 80,471
Savings   35,222 36,312 33,376 33,450

 

 

 

 

Total interest bearing deposits 1,286,639 1,309,942 1,432,833 1,285,795
Demand deposits   103,424 104,384 97,263 92,861

 

 

 

 

 

Total deposits 1,390,063 1,414,326 1,530,096 1,378,656
Federal funds purchased & repurchase agreements 34,083 11,810 11,517 11,296
FHLB advances 110,763 96,695 82,980 125,284
Junior subordinated debentures 33,775 34,000 34,000 34,000
Accrued interest payable and other liabilities   8,922 7,601 7,163 8,411

 

 

 

 

 

Total liabilities 1,577,606 1,564,432 1,665,756 1,557,647
Stockholders’ equity   202,573 196,225 169,334 171,115

 

 

 

 

 

Total Liabilities and Stockholders’ Equity $ 1,780,179 $ 1,760,657 $ 1,835,090 $ 1,728,762

 

 

 

 

 

 
Ending shares outstanding 11,281,691 10,580,494 8,756,440 8,756,057
Book value per common share $ 14.56 $ 14.59 $ 15.34 $ 15.55
Tangible book value per common share 11.67 11.53 12.01 12.21
 
Asset Quality Data
Loan 90 days or more past due still on accrual $ 7,048 $ 10,497 $ 5,968 $ 9,896
Non-accrual loans   38,784 38,199 78,888 16,369

 

 

 

 

 

Total non-performing loans 45,832 48,696 84,856 26,265
Real estate acquired through foreclosures 73,645 68,450 14,548 12,934
Other repossessed assets   53 51 80 77

 

 

 

 

 

Total non-performing assets $ 119,530 $ 117,197 $ 99,484 $ 39,276

 

 

 

 

 

Non-performing loans to total loans 3.45 % 3.64 % 6.00 % 1.89 %
Non-performing assets to total assets 6.71 6.66 5.42 2.27
Allowance for loan losses to non-performing loans 64.13 55.11 31.10 83.60
Allowance for loan losses to total loans 2.21 2.01 1.87 1.58
 
Risk-based Capital Ratios
Tier I leverage ratio 11.71 % 11.11 % 9.59 % 10.13 %
Tier I risk-based capital ratio 14.44 14.00 11.93 11.90
Total risk-based capital ratio 16.35 15.93 13.83 13.80
 
FTE employees 288 281 278 281
 
 




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