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Porter Bancorp, Inc. Announces Third Quarter 2011 Results

Stocks in this article: PBIB

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  

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