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

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