Porter Bancorp, Inc. Announces Fourth Quarter And 2010 Results
Balance Sheet Review
Total assets declined 6.1%, or $111.1 million, to $1.72 billion at December 31, 2010, from $1.84 billion at December 31, 2009. The Company’s loan portfolio decreased 7.8%, or $110.2 million, to $1.30 billion from $1.41 billion at December 31, 2009, due primarily to softness in loan demand and troubled loans moving through the collection, foreclosure, and disposition process. Deposits at December 31, 2010 decreased 4.1% to $1.47 billion from $1.53 billion at December 31, 2009, due primarily to fewer certificates of deposit.
Non-performing loans increased to $60.4 million, or 4.63% of total loans, at December 31, 2010, compared with $45.8 million, or 3.45% of total loans, at September 30, 2010. Non-performing loans were down $24.5 million from $84.9 million, or 6.00% of total loans, at December 31, 2009, due primarily to troubled loans working their way through the collection, foreclosure and disposition process. Foreclosed properties at December 31, 2010, decreased to $67.6 million compared with $73.6 million at September 30, 2010, and increased in comparison with $14.5 million at December 31, 2009. Our ratio of non-performing assets to total assets increased during the quarter to 7.43% at December 31, 2010, compared with 6.71% at September 30, 2010, and 5.42% at December 31, 2009.Our loan loss reserve as a percentage of total loans increased to 2.63% at December 31, 2010, compared with 1.87% at December 31, 2009. Net loan charge-offs for the fourth quarter of 2010 were $10.6 million, or 0.81% of average loans for the quarter. Our provision for loan losses was $15.5 million in the fourth quarter of 2010, compared with $5.0 million in the third quarter of 2010, and $9.0 million in the prior year fourth quarter. “We remain focused on improving loan quality and reducing our level of non-performing assets,” continued Ms. Bouvette. “We believe our active write-down of OREO to reflect declining values during the year, and the charge-offs made at year-end 2010 have better aligned our loan portfolio values with the current economic conditions in our markets.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV