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Porter Bancorp, Inc. Reports Growth In First Quarter Net Income

More detailed information regarding the Company’s result of operations are included in Porter Bancorp’s 10-Q filed with the Securities and Exchange Commission for the quarter ended March 31, 2012.

Non-Accrual Loan Activity
 
(in thousands)
Non-accrual loans at December 31, 2011 $ 92,020
Net principal pay-downs (5,240 )
Charge-offs (2,312 )
Loans foreclosed and transferred to OREO (3,829 )
Loans placed on non-accrual during the period   16,591  
 
Non-accrual loans at March 31, 2012 $ 97,230  
 
 
Other Real Estate Owned (OREO) Activity (Net of Allowance)
 
(in thousands)
OREO at December 31, 2011 $ 41,449
Real estate acquired 4,216
Valuation adjustment write downs (480 )
Improvements 1
Proceeds from sales of properties (9,210 )
Gain (loss) on sales, net   (402 )
 
OREO at March 31, 2012 $ 35,574  
 
 

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.

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