This Day On The Street
Continue to site
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

Porter Bancorp, Inc. Announces Third Quarter 2011 Results

Foreclosed properties at September 30, 2011 declined to $44.9 million compared with $67.6 million at December 31, 2010, and $73.6 million at September 30, 2010. Our ratio of non-performing assets to total assets decreased to 6.6% at September 30, 2011, compared with 7.4% at December 31, 2010, due to loans working their way through the collections, foreclosure and disposition process, and sales and write-downs on other real estate owned.

Our loan loss reserve as a percentage of total loans was increased to 3.27% at September 30, 2011, compared with 2.21% at September 30, 2010. Net loan charge-offs for the third quarter of 2011 were $7.2 million, or 0.59% of average loans for the quarter.

Our provision for loan losses was $8.0 million in the third quarter of 2011, a decrease from $13.7 million in the second quarter of 2011, and an increase from $5.0 million in the prior year third quarter.
 
Non-Accrual Loan Activity
 
    (in thousands)
Non-accrual loans at June 30, 2011 $ 60,331
Loans returned to accrual status (929 )
Net principal pay-downs (3,059 )
Charge-offs (4,804 )
Loans foreclosed and transferred to OREO (3,613 )
Loans collateral repossessed (10 )
Loans placed on non-accrual during the period 11,216  
Non-accrual loans at September 30, 2011 $ 59,132  
 
Other Real Estate Owned (OREO) Activity (Net of Allowance)
 
(in thousands)
OREO at June 30, 2011 $ 49,913
Real estate acquired 15,971
Valuation adjustment write downs (15,265 )
Proceeds from sales of properties (5,189 )
Gain (loss) on sales, net (673 )
Capital improvements 176  
OREO at September 30, 2011 $ 44,933  

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,131.04 -243.72 -1.49%
S&P 500 1,930.77 -20.36 -1.04%
NASDAQ 4,708.6950 -24.8020 -0.52%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs