Porter Bancorp, Inc. Announces Fourth Quarter And 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. The words “believe,” “may,” “should,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “plan,” “strive” or similar words, or negatives of these words, identify forward-looking statements. 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 fourth quarter and year ending December 31, 2010 follows.

PORTER BANCORP, INC. AND SUBSIDIARY
Unaudited Financial Information
(in thousands, except share and per share data)
			Three					Three					Three					Twelve					Twelve
			Months					Months					Months					Months					Months
			Ended					Ended					Ended					Ended					Ended
			12/31/10					9/30/10					12/31/09					12/31/10					12/31/09
Income Statement Data
Interest income			$	20,315				$	21,340				$	23,517				$	86,407				$	94,466
Interest expense				6,229					6,764					8,617					28,841					40,412
Net interest income				14,086					14,576					14,900					57,566					54,054
Provision for loan losses				15,500					5,000					9,000					30,100					14,200
Net interest income after provision				(1,414	)				9,576					5,900					27,466					39,854
Service charges on deposit accounts				714					757					793					2,984					3,112
Income from fiduciary activities				236					226					230					987					875
Net gain on sales of loans originated for sale				144					135					88					554					411
Net gain (loss) on sales of securities, net				2,896					2,175					(7	)				5,152					315
Other than temporary impairment on securities				(132	)				–					–					(597	)				–
Other				604					638					573					2,502					2,381
Non-interest income				4,462					3,931					1,677					11,582					7,094
Salaries & employee benefits				3,176					3,849					3,519					14,903					15,009
Occupancy and equipment				988					1,070					946					4,095					3,918
FDIC insurance				705					855					615					2,971					2,203
FDIC special insurance assessment				–					–					–					–					781
Franchise tax				543					543					450					2,172					1,800
Other real estate owned expense				9,859					2,163					449					16,254					1,155
Professional fees				270					239					295					1,067					901
Postage and delivery				153					183					191					722					752
Communications expense				199					179					161					737					729
Advertising				131					104					88					408					492
Other				943					764					654					3,149					2,716
Non-interest expense				16,967					9,949					7,368					46,478					30,456
Income (loss) before income taxes				(13,919	)				3,558					209					(7,430	)				16,492
Income tax expense (benefit)				(4,989	)				1,137					(17	)				(3,046	)				5,424
																		3
Net income (loss)				(8,930	)				2,421					226					(4,384	)				11,068
Less:
Dividends on preferred stock				437					498					438					1,810					1,750
Accretion on preferred stock				45					44					44					177					176
Earnings (loss) allocated to participating securities				(365	)				88					–					(184	)				–
Net income (loss) available to common			$	(9,047	)			$	1,791				$	(256	)			$	(6,187	)			$	9,142
Weighted average shares – Basic				11,707,334					11,021,658					9,194,262					10,333,499					9,182,487
Weighted average shares – Diluted				11,707,334					11,580,371					9,194,262					10,333,499					9,182,487
Basic earnings (loss) per common share			$	(0.77	)			$	0.16				$	(0.03	)			$	(0.60	)			$	1.00
Diluted earnings (loss) per common share			$	(0.77	)			$	0.15				$	(0.03	)			$	(0.60	)			$	1.00
Cash dividends declared per common share			$	0.01				$	0.10				$	0.19				$	0.49				$	0.76

PORTER BANCORP, INC. AND SUBSIDIARY
Unaudited Financial Information
(in thousands, except share and per share data)
			Three					Three					Three					Twelve					Twelve
			Months					Months					Months					Months					Months
			Ended					Ended					Ended					Ended					Ended
			12/31/10					9/30/10					12/31/09					12/31/10					12/31/09
Average Balance Sheet Data
Assets			$	1,716,430				$	1,704,043				$	1,750,225				$	1,747,648				$	1,714,131
Loans				1,317,606					1,335,357					1,394,429					1,353,295					1,371,034
Earning assets				1,564,243					1,563,599					1,667,417					1,618,541					1,637,103
Deposits				1,433,921					1,402,842					1,440,017					1,459,041					1,385,572
Long-term debt and advances				60,845					81,441					116,122					81,741					140,259
Interest bearing liabilities				1,402,052					1,393,425					1,469,548					1,450,133					1,437,706
Stockholders’ equity				201,478					201,126					173,440					188,015					168,752
Performance Ratios
Return on average assets				-2.06	%				0.56	%				0.05	%				-0.25	%				0.65	%
Return on average equity				-17.58					4.78					0.52					-2.33					6.56
Yield on average earning assets (tax equivalent)				5.18					5.44					5.62					5.37					5.80
Cost of interest bearing liabilities				1.76					1.93					2.33					1.99					2.81
Net interest margin (tax equivalent)				3.60					3.73					3.57					3.59					3.33
Efficiency ratio				107.49					60.92					44.43					71.96					50.06
Loan Charge-off Data
Loans charged-off			$	(10,638	)			$	(2,514	)			$	(4,619	)			$	(22,461	)			$	(7,731	)
Recoveries				31					70					53					254					271
Net charge-offs			$	(10,607	)			$	(2,444	)			$	(4,566	)			$	(22,207	)			$	(7,460	)

PORTER BANCORP, INC. AND SUBSIDIARY
Unaudited Financial Information
(in thousands, except share and per share data)
				As of				As of					As of
				12/31/10				9/30/10					12/31/09
Assets
Loans			$	1,303,013				$	1,328,695				$	1,413,252
Loan loss reserve				(34,285	)				(29,392	)				(26,392	)
Net loans				1,268,728					1,299,303					1,386,860
Securities available for sale				106,309					150,569					168,721
Federal funds sold & interest bearing deposits				6,742					120,591					157,091
Cash and due from financial institutions				178,693					46,279					15,082
Premises and equipment				22,468					22,708					23,610
Other real estate owned				67,635					73,645					14,548
Goodwill				23,794					23,794					23,794
Accrued interest receivable and other assets				49,583					43,290					45,384
Total Assets			$	1,723,952				$	1,780,179				$	1,835,090
Liabilities and Equity
Certificates of deposit			$	1,166,820				$	1,093,032				$	1,238,189
Interest checking				87,690					80,153					77,108
Money market				80,082					78,232					84,160
Savings				34,678					35,222					33,376
Total interest bearing deposits				1,369,270					1,286,639					1,432,833
Demand deposits				98,398					103,424					97,263
Total deposits				1,467,668					1,390,063					1,530,096
Federal funds purchased & repurchase agreements				11,616					34,083					11,517
FHLB advances				15,022					110,763					82,980
Junior subordinated debentures				33,550					33,775					34,000
Accrued interest payable and other liabilities				6,681					8,922					7,163
Total liabilities				1,534,537					1,577,606					1,665,756
Stockholders’ equity				189,415					202,573					169,334
Total Liabilities and Stockholders’ Equity			$	1,723,952				$	1,780,179				$	1,835,090
Ending shares outstanding				11,846,107					11,845,776					9,194,262
Book value per common share			$	12.76				$	13.87				$	14.61
Tangible book value per common share				10.33					11.11					11.44
Asset Quality Data
Loan 90 days or more past due still on accrual			$	594				$	7,048				$	5,968
Non-accrual loans				59,799					38,784					78,888
Total non-performing loans				60,393					45,832					84,856
Real estate acquired through foreclosures				67,635					73,645					14,548
Other repossessed assets				52					53					80
Total non-performing assets			$	128,080				$	119,530				$	99,484
Non-performing loans to total loans				4.63	%				3.45	%				6.00	%
Non-performing assets to total assets				7.43					6.71					5.42
Allowance for loan losses to non-performing loans				56.77					64.13					31.10
Allowance for loan losses to total loans				2.63					2.21					1.87
Risk-based Capital Ratios
Tier I leverage ratio				11.08	%				11.71	%				9.59	%
Tier I risk-based capital ratio				14.39					14.44					11.93
Total risk-based capital ratio				16.32					16.35					13.83
FTE employees				286					288					278

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