This Day On The Street
Continue to site
ADVERTISEMENT
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

Porter Bancorp, Inc. Announces Fourth Quarter And 2010 Results

Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank, with 18 full-service banking offices in Kentucky, today reported results for the fourth quarter and year ended December 31, 2010.

The Company reported a net loss available to common shareholders of $9.0 million, or $(0.77) per diluted share, for the fourth quarter of 2010 compared with a net loss of $256,000, or $(0.03) per diluted share, for the fourth quarter of 2009. Net loss available to common shareholders for 2010 was $6.2 million, or $(0.60) per fully diluted common share, compared with net income of $9.1 million, or $1.00 per fully diluted common share, for 2009.

“Porter Bancorp’s loss for the fourth quarter and 2010 was due to the continued weakness in the real estate market and its effects on values of collateral securing our loans and other real estate owned, as well as some customers’ ability to repay their loans,” stated Maria L. Bouvette, President and CEO of Porter Bancorp. “As a result of these trends, we charged off a high level of construction and land development loans at year-end and wrote-down other real estate owned (OREO) to reflect lower appraisal values.

“Our primary focus is to improve Porter Bancorp’s profitability, preserve our strong capital base and reduce the credit risks in our loan portfolio. Our core business remains solid with continued growth in our net interest margin and non-interest income since the fourth quarter of last year. Our capital ratios were strengthened during 2010 with capital raises of almost $32 million. At the end of 2010, our total risk-based capital ratio rose to 16.32% from 13.83% at year-end 2009, well above the 10.0% requirement for a well-capitalized institution.

“Our non-performing assets have increased from $119.5 million at September 30, 2010, to $128 million at December 31, 2010. The bulk of the non-performing assets are the result of weakness in our construction and land development portfolio. We have made solid progress in reducing our exposure to higher risk construction and land development loans. Since year-end 2008, our construction and land development loans are down 46.3% and represented only 15.3% of our loan portfolio at year-end 2010. We also continue to be diligent in moving non-performing loans through the system of collection or foreclosure to minimize our potential losses. We are diligently working to reduce our non-performing assets. We believe these measures will improve our future profitability when the economy strengthens in our markets,” continued Ms. Bouvette.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
SYM TRADE IT LAST %CHG
AAPL $94.86 -0.16%
FB $100.98 1.20%
GOOG $690.76 1.20%
TSLA $150.84 1.90%
YHOO $26.98 -0.26%

Markets

Chart of I:DJI
DOW 16,000.51 -26.54 -0.17%
S&P 500 1,855.01 +1.57 0.08%
NASDAQ 4,291.8240 +8.0710 0.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs