Non-Interest ExpenseNon-interest expense increased to $54.8 million in the second quarter of 2011 compared with $11.5 million in the second quarter of 2010. The increase was due largely to a one-time goodwill impairment charge of $23.8 million and a significant increase in OREO expense compared with the second quarter of 2010. OREO expense increased to $22.1 million in the second quarter of 2011 compared with $3.9 million in the second quarter of 2010, due primarily to increased losses on sales of OREO, OREO write-downs to reflect current market values, the result of our strategy change in regard to certain projects, and OREO maintenance expense. Loan collection expense increased to $925,000 in the 2011 second quarter compared with $182,000 in the prior year second quarter, due primarily to a confidential settlement in a lawsuit during the month of June. FDIC insurance premiums rose to $855,000 in the second quarter of 2011 compared with $706,000 in the second quarter of 2010. Salaries and employee benefits expense increased to $4.2 million in the second quarter of 2011 compared with $3.9 million in the prior year’s second quarter due to merit raises and increases in staff, primarily in the credit and problem asset workout areas.
Porter Bancorp, Inc. Announces Second Quarter 2011 Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.