Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank, with 18 full-service banking offices in Kentucky, today reported unaudited results for the second quarter of 2012.
The Company reported net loss to common shareholders of $319,000, or ($0.03) per diluted share, for the second quarter of 2012 compared with net loss to common shareholders of $39.0 million, or ($3.33) per diluted share, for the second quarter of 2011. Net income available to common shareholders for the six months ended June 30, 2012, was $661,000, or $0.06 per diluted common share, compared with net loss to common shareholders of $38.6 million, or ($3.30) per diluted share, for the six months ended June 30, 2011.
The improvement for the second quarter and first six months of 2012 compared with the same periods of 2011 was primarily attributable to lower provision for loan losses expense, lower OREO expense, and an increase in gain on sale of investment securities. Additionally, 2011 results were negatively impacted by a non-recurring 100% goodwill impairment charge of $23.8 million. These improvements were partially offset by lower net interest income in the second quarter and first six months of 2012, compared with 2011, as average earning assets declined $256.6 million and net interest margin declined 10 basis points between the six months ended June 30, 2012, and the six months ended June 30, 2011.
Non-performing loans decreased to $81.7 million, or 7.85% of total loans, at June 30, 2012, compared with $98.0 million, or 8.92% of total loans, at March 31, 2012. Non-performing assets increased to $136.1 million, or 10.2% of total assets, compared with $133.5 million, or 9.61% of total assets, at March 31, 2012.Foreclosed properties at June 30, 2012 increased to $54.4 million compared with $35.6 million at March 31, 2012, and $49.9 million at June 30, 2011. The Company acquired $23.9 million of OREO and sold $4.8 million of OREO during the second quarter of 2012. Our ratio of non-performing assets to total assets increased to 10.2% at June 30, 2012, compared with 6.65% at June 30, 2011.
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