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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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