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

Additional Information

Unaudited supplemental financial information for the first quarter ending March 31, 2012 follows.

 
 
 

PORTER BANCORP, INC.

Unaudited Financial Information

(in thousands, except share and per share data)
 
  Three   Three   Three
Months Months Months
Ended Ended Ended

3/31/12

12/31/11

3/31/11

 

 

 
Income Statement Data
Interest income $ 15,755 $ 16,637 $ 19,616
Interest expense   4,301   4,986     5,848

 

 

 
Net interest income 11,454 11,651 13,768
Provision for loan losses   3,750   35,800     5,100

 

 

 
Net interest income after provision 7,704 (24,149 ) 8,668
 
Service charges on deposit accounts 554 630 630
Income from fiduciary activities 251 255 255
Gains on sales of loans originated for sale 45 49 221
Gains (losses) on sales of securities, net 2,019 83
Other than temporary impairment on securities (41 )
Other   576   588     598

 

 

 
Non-interest income 3,445 1,481 1,787
 
Salaries & employee benefits 4,312 3,134 4,124
Occupancy and equipment 886 819 972
Other real estate owned expense 1,257 7,020 1,367
FDIC insurance 873 830 855
Franchise tax 592 482 582
Loan collection expense 360 520 262
Professional fees 356 429 280
Communications expense 180 169 168
Borrowing prepayment fees 486
Postage and delivery 122 117 123
Advertising 33 32 102
Other   676   658     560

 

 

 
Non-interest expense 9,647 14,696 9,395
 
Income (loss) before income taxes 1,502 (37,364 ) 1,060
Income tax expense     18,591     261

 

 

 
Net income (loss) 1,502 (55,955 ) 799
Less:
Dividends on preferred stock 437 438 438
Accretion on preferred stock 45 44 44
Earnings (loss) allocated to participating securities   35   (1,980 )   12
 
Net income (loss) available to common $ 985 $ (54,457 ) $ 305

 

 

 
 
Weighted average shares – Basic 11,735,451 11,724,456 11,704,651
Weighted average shares – Diluted 11,735,451 11,724,456 11,704,651
 
Basic earnings (loss) per common share $ 0.08 $ (4.64 ) $ 0.03
Diluted earnings (loss) per common share $ 0.08 $ (4.64 ) $ 0.03
Cash dividends declared per common share $ 0.00 $ 0.00 $ 0.01

 
 
 

PORTER BANCORP, INC.

Unaudited Financial Information

(in thousands, except share and per share data)
 
  Three   Three   Three
Months Months Months
Ended Ended Ended
3/31/12 12/31/11 3/31/11

 

 

 
Average Balance Sheet Data
Assets $ 1,412,606 $ 1,569,669 $ 1,738,253
Loans 1,119,181 1,189,123 1,290,851
Earning assets 1,350,878 1,463,093 1,591,561
Deposits 1,279,287 1,379,093 1,481,192
Long-term debt and advances 39,551 44,040 48,275
Interest bearing liabilities 1,207,855 1,320,481 1,434,718
Stockholders’ equity 84,659 130,250 190,585
 
 
Performance Ratios
Return on average assets 0.43 % (14.14 )% 0.19 %
Return on average equity 7.14 (170.44 ) 1.70
Yield on average earning assets (tax equivalent) 4.73 4.55 5.03
Cost of interest bearing liabilities 1.43 1.50 1.65
Net interest margin (tax equivalent) 3.45 3.20 3.54
Efficiency ratio 74.90 111.56 60.72
 
Loan Charge-off Data
Loans charged-off $ (2,582 ) $ (22,816 ) $ (5,867 )
Recoveries   206     103     81  

 

 

 
Net charge-offs $ (2,376 ) $ (22,713 ) $ (5,786 )

 
 
 

PORTER BANCORP, INC.

Unaudited Financial Information

(in thousands, except share and per share data)
 
  As of   As of   As of
3/31/12 12/31/11 3/31/11

 

 

 
Assets
Loans $ 1,098,962 $ 1,136,717 $ 1,277,497
Loan loss reserve   (53,953 )   (52,579 )   (33,599 )

 

 

 
Net loans 1,045,009 1,084,138 1,243,898
Securities available for sale 174,918 158,833 163,032
Federal funds sold & interest bearing deposits 62,560 92,034 146,477
Cash and due from financial institutions 10,047 13,928 15,626
Premises and equipment 21,296 21,541 22,175
Other real estate owned 35,574 41,449 73,942
Goodwill 23,794
Deferred tax assets 12,720
Accrued interest receivable and other assets   40,219     43,501     35,443  

 

 

 
Total Assets $ 1,389,623   $ 1,455,424   $ 1,737,107  

 

 

 
 
Liabilities and Equity
Certificates of deposit $ 951,503 $ 1,024,333 $ 1,168,841
Interest checking 85,608 87,653 85,343
Money market 63,701 64,302 83,133
Savings   38,631     36,357     38,234  

 

 

 
Total interest bearing deposits 1,139,443 1,212,645 1,375,551
Demand deposits   114,304     111,118     106,772  

 

 

 
Total deposits 1,253,747 1,323,763 1,482,323
Federal funds purchased & repurchase agreements 1,926 1,738 11,429
FHLB advances 6,789 7,116 14,564
Junior subordinated debentures 32,425 32,650 33,550
Accrued interest payable and other liabilities   11,945     7,628     5,507  

 

 

 
Total liabilities 1,306,832 1,372,895 1,547,373
Stockholders’ equity   82,791     82,529     189,734  

 

 

 
Total Liabilities and Stockholders’ Equity $ 1,389,623   $ 1,455,424   $ 1,737,107  

 

 

 
 
Ending shares outstanding 11,822,102 11,824,472 11,840,176
Book value per common share $ 3.76 $ 3.74 $ 12.79
Tangible book value per common share 3.57 3.54 10.37
 
Asset Quality Data
Loan 90 days or more past due still on accrual $ 733 $ 1,350 $ 3,907
Non-accrual loans   97,230     92,020     65,964  

 

 

 
Total non-performing loans 97,963 93,370 69,871
Real estate acquired through foreclosures 35,574 41,449 73,942
Other repossessed assets   11     5     41  

 

 

 
Total non-performing assets $ 133,548   $ 134,824   $ 143,854  

 

 

 
Non-performing loans to total loans 8.92 % 8.22 % 5.47 %
Non-performing assets to total assets 9.61 9.26 8.28
Allowance for loan losses to non-performing loans 55.07 56.31 48.09
Allowance for loan losses to total loans 4.91 4.63 2.63
 
Risk-based Capital Ratios
Tier I leverage ratio 7.30 % 6.53 % 10.93 %
Tier I risk-based capital ratio 9.68 9.23 14.59
Total risk-based capital ratio 11.68 11.22 16.52
 
FTE employees 298 291 300
 
 

PBIB-F PBIB-G

Copyright Business Wire 2010
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