This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Porter Bancorp, Inc. Announces Third Quarter 2011 Results

Stocks in this article: PBIB

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 third quarter ending September 30, 2011 follows.

             

PORTER BANCORP, INC. AND SUBSIDIARY

Unaudited Financial Information

(in thousands, except share and per share data)

 
Three Three Three Nine Nine
Months Months Months Months Months
Ended Ended Ended Ended Ended
9/30/11 6/30/11 9/30/10 9/30/11 9/30/10

 

 

 

Income Statement Data
Interest income $ 18,103 $ 19,198 $ 21,340 $ 56,917 $ 66,092
Interest expense 5,448 5,757 6,764 17,053 22,612

 

 

 

Net interest income 12,655 13,441 14,576 39,864 43,480
Provision for loan losses 8,000 13,700 5,000 26,800   14,600

 

 

 

 

Net interest income after provision 4,655 (259 ) 9,576 13,064 28,880
 
Service charges on deposit accounts 690 659 757 1,979 2,270
Income from fiduciary activities 237 246 226 738 751
Gains on sales of loans originated for sale 123 320 135 664 410
Gains on sales of securities, net 1,025 2,175 1,108 2,256
Other than temporary impairment on securities (465 )
Other 650 615 638 1,863 1,898

 

 

 

Non-interest income 1,700 2,865 3,931 6,352 7,120
 
Salaries & employee benefits 3,780 4,180 3,849 12,084 11,727
Occupancy and equipment 957 981 1,070 2,910 3,107
Goodwill impairment 23,794 23,794
Other real estate owned expense 17,029 22,109 2,163 40,505 6,395
FDIC insurance 930 855 855 2,640 2,266
Loan collection expense 802 925 191 1,989 548
Franchise tax 582 582 543 1,746 1,629
Professional fees 329 354 239 963 797
Communications expense 176 165 179 509 538
Postage and delivery 117 128 183 368 569
Advertising 93 87 104 282 277
Other 628 599 573 1,787 1,658

 

 

 

Non-interest expense 25,423 54,759 9,949 89,577 29,511
 
Income (loss) before income taxes (19,068 ) (52,153 ) 3,558 (70,161 ) 6,489
Income tax expense (benefit) (6,906 ) (12,164 ) 1,137 (18,809 ) 1,943

 

 

 

Net income (loss) (12,162 ) (39,989 ) 2,421 (51,352 ) 4,546
Less:
Dividends on preferred stock 437 437 498 1,312 1,373
Accretion on preferred stock 45 44 44 133 132
Earnings (loss) allocated to participating shares (463 ) (1,510 ) 88   (1,995 )   81
 
Net income (loss) to common shareholders $ (12,181 ) $ (38,960 ) $ 1,791 $ (50,802 ) $ 2,960

 

 

 

 
Weighted average shares – Basic 11,721,591 11,718,656 11,021,658 11,713,040 9,762,221
Weighted average shares – Diluted 11,721,591 11,718,656 11,580,371 11,713,040 9,981,600
 
Basic earnings (loss) per common share $ (1.04 ) $ (3.33 ) $ 0.16 $ (4.34 ) $ 0.30
Diluted earnings (loss) per common share $ (1.04 ) $ (3.33 ) $ 0.15 $ (4.34 ) $ 0.30
Cash dividends declared per common share $ 0.00 $ 0.01 $ 0.10 $ 0.02 $ 0.48

           

PORTER BANCORP, INC. AND SUBSIDIARY

Unaudited Financial Information

(in thousands, except share and per share data)

 
Three Three Three Nine Nine
Months Months Months Months Months
Ended Ended Ended Ended Ended
9/30/11 6/30/11 9/30/10 9/30/11 9/30/10

 

 

 

Average Balance Sheet Data
Assets $ 1,625,590 $ 1,708,552 $ 1,704,043 $ 1,690,386 $ 1,758,168
Loans 1,227,024 1,268,196 1,335,357 1,261,790 1,365,322
Earning assets 1,506,384 1,580,185 1,563,599 1,559,065 1,636,839
Deposits 1,405,543 1,473,459 1,402,842 1,453,121 1,467,506
Long-term debt and advances 50,463 51,340 81,441 50,034 88,783
Interest bearing liabilities 1,361,537 1,431,757 1,393,425 1,409,069 1,466,336
Stockholders’ equity 151,055 166,602 201,126 169,269 183,478
 
 
Performance Ratios
Return on average assets (2.97) % (9.39) % 0.56 % (4.06) % 0.35 %
Return on average equity (31.94) (96.27) 4.78 (40.56) 3.31
Yield on average earning assets (tax equivalent) 4.81 4.91 5.44 4.92 5.43
Cost of interest bearing liabilities 1.59 1.61 1.93 1.62 2.06
Net interest margin (tax equivalent) 3.38 3.45 3.73 3.46 3.58
Efficiency ratio 177.10 202.64 60.92 145.83 60.46
 
Loan Charge-off Data
Loans charged-off $ (7,367 ) $ (8,596 ) $ (2,514 ) $ (21,830 ) $ (11,823 )
Recoveries 142 14 70 237 223

 

 

 

Net charge-offs $ (7,225 ) $ (8,582 ) $ (2,444 ) $ (21,593 ) $ (11,600 )

         

PORTER BANCORP, INC. AND SUBSIDIARY

Unaudited Financial Information

(in thousands, except share and per share data)

 
As of As of As of As of
9/30/11 6/30/11 12/31/10 9/30/10

 

 

 

Assets
Loans $ 1,206,341 $ 1,250,023 $ 1,303,013 $ 1,328,695
Loan loss reserve   (39,492 ) (38,717 ) (34,285 ) (29,392 )

 

 

 

 

 

 

Net loans 1,166,849 1,211,306 1,268,728 1,299,303
Securities available for sale 158,813 157,524 106,309 150,569
Federal funds sold & interest bearing deposits 93,062 151,362 137,429 120,591
Cash and due from financial institutions 27,319 23,731 48,006 46,279
Premises and equipment 21,791 21,888 22,468 22,708
Other real estate owned 44,933 49,913 67,635 73,645
Goodwill 23,794 23,794
Deferred tax assets 24,005 20,873 12,958 6,025
Accrued interest receivable and other assets   41,251 39,864 36,625 37,265

 

 

 

 

 

 

Total Assets $ 1,578,023 $ 1,676,461 $ 1,723,952 $ 1,780,179

 

 

 

 

 

 

 
Liabilities and Equity
Certificates of deposit $ 1,075,226 $ 1,131,342 $ 1,166,820 $ 1,093,032
Interest checking 77,229 81,776 87,690 80,153
Money market 79,790 83,083 80,082 78,232
Savings   36,508 36,519 34,678 35,222

 

 

 

 

 

 

Total interest bearing deposits 1,268,753 1,332,720 1,369,270 1,286,639
Demand deposits   104,694 102,777 98,398 103,424

 

 

 

 

 

 

Total deposits 1,373,447 1,435,497 1,467,668 1,390,063
Federal funds purchased & repurchase agreements 11,328 11,000 11,616 34,083
FHLB advances 13,155 38,937 15,022 110,763
Junior subordinated debentures 32,875 33,325 33,550 33,775
Accrued interest payable and other liabilities   8,000 7,250 6,681 8,922

 

 

 

 

 

 

Total liabilities 1,438,805 1,526,009 1,534,537 1,577,606
Stockholders’ equity   139,218 150,452 189,415 202,573

 

 

 

 

 

 

Total Liabilities and Stockholders’ Equity $ 1,578,023 $ 1,676,461 $ 1,723,952 $ 1,780,179

 

 

 

 

 

 

 
Ending shares outstanding 11,830,581 11,840,670 11,846,107 11,845,776
Book value per common share $ 8.53 $ 9.47 $ 12.76 $ 13.87
Tangible book value per common share 8.32 9.25 10.33 11.11
 
Asset Quality Data
Loan 90 days or more past due still on accrual $ 655 $ 1,146 $ 594 $ 7,048
Non-accrual loans   59,132 60,331 59,799 38,784

 

 

 

 

 

 

Total non-performing loans 59,787 61,477 60,393 45,832
Real estate acquired through foreclosures 44,933 49,913 67,635 73,645
Other repossessed assets   19 54 52 53

 

 

 

 

 

 

Total non-performing assets $ 104,739 $ 111,444 $ 128,080 $ 119,530

 

 

 

 

 

 

Non-performing loans to total loans 4.96 % 4.92 % 4.63 % 3.45 %
Non-performing assets to total assets 6.64 6.65 7.43 6.71
Allowance for loan losses to non-performing loans 66.05 62.98 56.77 64.13
Allowance for loan losses to total loans 3.27 3.10 2.63 2.21
 
Risk-based Capital Ratios
Tier I leverage ratio 9.72 % 9.97 % 11.08 % 11.71 %
Tier I risk-based capital ratio 13.13 13.64 14.39 14.44
Total risk-based capital ratio 15.07 15.58 16.32 16.35
 
FTE employees 298 301 286 288




3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,195.42 +221.11 1.30%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,566.1380 +16.9120 0.37%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs