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Porter Bancorp, Inc. Announces Second Quarter 2011 Results

Additional Information

Unaudited supplemental financial information for the second quarter ending June 30, 2011 follows.

         
PORTER BANCORP, INC. AND SUBSIDIARY
Unaudited Financial Information

(in thousands, except share and per share data)

 
Three Three Three Six Six
Months Months Months Months Months
Ended Ended Ended Ended Ended
6/30/11 3/31/11 6/30/10 6/30/11 6/30/10

 

 

 

Income Statement Data
Interest income $ 19,198 $ 19,616 $ 22,126 $ 38,814 $ 44,752
Interest expense   5,757 5,848 7,399 11,605 15,848

 

 

 

Net interest income 13,441 13,768 14,727 27,209 28,904
Provision for loan losses   13,700 5,100 6,600 18,800   9,600
Net interest income after provision (259 ) 8,668 8,127 8,409 19,304
 
Service charges on deposit accounts 659 630 793 1,289 1,513
Income from fiduciary activities 246 255 273 501 525
Gains on sales of loans originated for sale 320 221 184 541 275
Gains on sales of securities, net 1,025 83 24 1,108 81
Other than temporary impairment on securities (465 ) (465 )
Other   615 598 688 1,213 1,260
Non-interest income 2,865 1,787 1,497 4,652 3,189
 
Salaries & employee benefits 4,180 4,124 3,931 8,304 7,878
Occupancy and equipment 981 972 1,015 1,953 2,037
Goodwill impairment 23,794 23,794
Other real estate owned expense 22,109 1,367 3,854 23,476 4,232
FDIC insurance 855 855 706 1,710 1,411
Loan collection expense 925 262 182 1,187 357
Franchise tax 582 582 543 1,164 1,086
Professional fees 354 280 292 634 558
Communications expense 165 168 173 333 359
Postage and delivery 128 123 198 251 386
Advertising 87 102 77 189 173
Other   599 560 542 1,159 1,085
Non-interest expense 54,759 9,395 11,513 64,154 19,562
 
Income (loss) before income taxes (52,153 ) 1,060 (1,889 ) (51,093 ) 2,931
Income tax expense (benefit)   (12,164 ) 261 (758 ) (11,903 ) 806
Net income (loss) (39,989 ) 799 (1,131 ) (39,190 ) 2,125
Less:
Dividends on preferred stock 437 438 437 875 875
Accretion on preferred stock 44 44 44 88 88
Earnings (loss) allocated to participating shares   (1,510 ) 12 2   (1,552 )   83
Net income (loss) to common shareholders $ (38,960 ) $ 305 $ (1,614 ) $ (38,601 ) $ 1,079

 

 

 

 
Weighted average shares – Basic 11,718,656 11,704,651 9,095,013 11,705,247 9,084,940
Weighted average shares – Diluted 11,718,656 11,704,651 9,097,633 11,705,247 9,086,383
 
Basic earnings (loss) per common share $ ( 3.33 ) $ 0.03 $ ( 0.18 ) $ (3.30 ) $ 0.12
Diluted earnings (loss) per common share $ ( 3.33 ) $ 0.03 $ ( 0.18 ) $ (3.30 ) $ 0.12
Cash dividends declared per common share $ 0.01 $ 0.01 $ 0.19 $ 0.02 $ 0.38
 

         
PORTER BANCORP, INC. AND SUBSIDIARY
Unaudited Financial Information

(in thousands, except share and per share data)

 
Three Three Three Six Six
Months Months Months Months Months
Ended Ended Ended Ended Ended
6/30/11 3/31/11 6/30/10 6/30/11 6/30/10

 

 

 

Average Balance Sheet Data
Assets $ 1,708,552 $ 1,738,253 $ 1,737,685 $ 1,723,321 $ 1,785,679
Loans 1,268,196 1,290,851 1,356,883 1,279,461 1,380,553
Earning assets 1,580,185 1,591,561 1,605,387 1,585,842 1,674,066
Deposits 1,473,459 1,481,192 1,455,775 1,477,304 1,500,374
Long-term debt and advances 51,340 48,275 84,809 49,816 92,515
Interest bearing liabilities 1,431,757 1,434,718 1,448,795 1,433,229 1,503,396
Stockholders’ equity 166,602 190,585 179,205 178,527 174,508
 
 
Performance Ratios
Return on average assets (9.39) % 0.19 % (0.26) % (4.59) % 0.24 %
Return on average equity (96.27) 1.70 (2.53) (44.27) 2.46
Yield on average earning assets (tax equivalent) 4.91 5.03 5.56 4.97 5.42
Cost of interest bearing liabilities 1.61 1.65 2.05 1.63 2.13
Net interest margin (tax equivalent) 3.45 3.54 3.71 3.50 3.51
Efficiency ratio 202.64 60.72 69.08 131.24 60.23
 
Loan Charge-off Data
Loans charged-off $ (8,596 ) $ (5,867 ) $ (6,403 ) $ (14,463 ) $ (9,309 )
Recoveries   14   81   96   95   153
Net charge-offs $ (8,582 ) $ (5,786 ) $ (6,307 ) $ (14,368 ) $ (9,156 )
 

       
PORTER BANCORP, INC. AND SUBSIDIARY
Unaudited Financial Information

(in thousands, except share and per share data)

 
As of As of As of As of
6/30/11 3/31/11 12/31/10 6/30/10

 

 

 

Assets
Loans $ 1,250,023 $ 1,277,497 $ 1,303,013 $ 1,337,508
Loan loss reserve   (38,717 ) (33,599 ) (34,285 ) (26,836 )
Net loans 1,211,306 1,243,898 1,268,728 1,310,672
Securities available for sale 157,524 163,032 106,309 175,738
Federal funds sold & interest bearing deposits 151,362 146,477 137,429 103,139
Cash and due from financial institutions 23,731 15,626 48,006 12,263
Premises and equipment 21,888 22,175 22,468 22,954
Other real estate owned 49,913 73,942 67,635 68,450
Goodwill 23,794 23,794 23,794
Deferred tax assets 20,873 12,720 12,958 3,668
Accrued interest receivable and other assets   39,864 35,443 36,625 39,979
Total Assets $ 1,676,461 $ 1,737,107 $ 1,723,952 $ 1,760,657

 

 

 

 

 

 

 
Liabilities and Equity
Certificates of deposit $ 1,131,342 $ 1,168,841 $ 1,166,820 $ 1,113,564
Interest checking 81,776 85,343 87,690 78,429
Money market 83,083 83,133 80,082 81,637
Savings   36,519 38,234 34,678 36,312
Total interest bearing deposits 1,332,720 1,375,551 1,369,270 1,309,942
Demand deposits   102,777 106,772 98,398 104,384
Total deposits 1,435,497 1,482,323 1,467,668 1,414,326
Federal funds purchased & repurchase agreements 11,000 11,429 11,616 11,810
FHLB advances 38,937 14,564 15,022 96,695
Junior subordinated debentures 33,325 33,550 33,550 34,000
Accrued interest payable and other liabilities   7,250 5,507 6,681 7,601
Total liabilities 1,526,009 1,547,373 1,534,537 1,564,432
Stockholders’ equity   150,452 189,734 189,415 196,225
Total Liabilities and Stockholders’ Equity $ 1,676,461 $ 1,737,107 $ 1,723,952 $ 1,760,657

 

 

 

 

 

 

 
Ending shares outstanding 11,840,670 11,840,176 11,846,107 11,109,519
Book value per common share $ 9.47 $ 12.79 $ 12.76 $ 13.90
Tangible book value per common share 9.25 10.37 10.33 10.98
 
Asset Quality Data
Loan 90 days or more past due still on accrual $ 1,146 $ 3,907 $ 594 $ 10,497
Non-accrual loans   60,331 65,964 59,799 38,199
Total non-performing loans 61,477 69,871 60,393 48,696
Real estate acquired through foreclosures 49,913 73,942 67,635 68,450
Other repossessed assets   54 41 52 51
Total non-performing assets $ 111,444 $ 143,854 $ 128,080 $ 117,197
Non-performing loans to total loans 4.92 % 5.47 % 4.63 % 3.64 %
Non-performing assets to total assets 6.65 8.28 7.43 6.66
Allowance for loan losses to non-performing loans 62.98 48.09 56.77 55.11
Allowance for loan losses to total loans 3.10 2.63 2.63 2.01
 
Risk-based Capital Ratios
Tier I leverage ratio 9.97 % 10.93 % 11.08 % 11.11 %
Tier I risk-based capital ratio 13.64 14.59 14.39 14.00
Total risk-based capital ratio 15.58 16.52 16.32 15.93
 
FTE employees 301 300 286 281




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