This Day On The Street
Continue to site right-arrow
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

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.

Asset Quality

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.”

4 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!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

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