Porter Bancorp, Inc. Announces Second Quarter 2012 Results

Additional Information

Unaudited supplemental financial information for the second quarter ending June 30, 2012 follows.

PORTER BANCORP, INC. Unaudited Financial Information (in thousands, except share and per share data)
			Three					Three				Three					Six				Six
			Months					Months				Months					Months				Months
			Ended					Ended				Ended					Ended				Ended
			6/30/12					3/31/12				6/30/11					6/30/12				6/30/11
Income Statement Data
Interest income			$	14,812				$	15,755			$	19,198				$	30,567			$	38,814
Interest expense				4,017					4,301				5,757					8,318				11,605
Net interest income				10,795					11,454				13,441					22,249				27,209
Provision for loan losses				4,000					3,750				13,700					7,750				18,800
Net interest income after provision				6,795					7,704				(259	)				14,499				8,409
Service charges on deposit accounts				556					554				659					1,110				1,289
Income from fiduciary activities				291					251				246					542				501
Gains on sales of loans originated for sale				77					45				320					122				541
Gains on sales of securities, net				1,511					2,019				1,025					3,530				1,108
Other				583					576				615					1,159				1,213
Non-interest income				3,018					3,445				2,865					6,463				4,652
Salaries & employee benefits				3,982					4,312				4,180					8,294				8,304
Occupancy and equipment				969					886				981					1,855				1,953
Goodwill impairment				—					—				23,794					—				23,794
Other real estate owned expense				1,205					1,257				22,109					2,462				23,476
FDIC insurance				832					873				855					1,705				1,710
Franchise tax				592					592				582					1,184				1,164
Loan collection expense				586					360				925					946				1,187
Professional fees				567					356				354					923				634
Communications expense				168					180				165					348				333
Postage and delivery				109					122				128					231				251
Advertising				28					33				87					61				189
Other				624					676				599					1,300				1,159
Non-interest expense				9,662					9,647				54,759					19,309				64,154
Income (loss) before income taxes				151					1,502				(52,153	)				1,653				(51,093	)
Income tax expense (benefit)				—					—				(12,164	)				—				(11,903	)
Net income (loss)				151					1,502				(39,989	)				1,653				(39,190	)
Less:
Dividends on preferred stock				438					437				437					875				875
Accretion on preferred stock				45					45				44					90				88
Earnings (loss) allocated to participating securities				(13	)				35				(1,510	)				27				(1,552	)
Net income (loss) available to common			$	(319	)			$	985			$	(38,960	)			$	661			$	(38,601	)
Weighted average shares – Basic				11,733,156					11,735,451				11,718,656					11,701,655				11,705,247
Weighted average shares – Diluted				11,733,156					11,735,451				11,718,656					11,701,655				11,705,247
Basic earnings (loss) per common share			$	(0.03	)			$	0.08			$	(3.33	)			$	0.06			$	(3.30	)
Diluted earnings (loss) per common share			$	(0.03	)			$	0.08			$	(3.33	)			$	0.06			$	(3.30	)
Cash dividends declared per common share			$	0.00				$	0.00			$	0.01				$	0.00			$	0.02

PORTER BANCORP, INC. Unaudited Financial Information (in thousands, except share and per share data)
			Three					Three					Three					Six					Six
			Months					Months					Months					Months					Months
			Ended					Ended					Ended					Ended					Ended
			6/30/12					3/31/12					6/30/11					6/30/12					6/30/11
Average Balance Sheet Data
Assets			$	1,363,340				$	1,412,606				$	1,708,552				$	1,387,973				$	1,723,321
Loans				1,078,497					1,119,181					1,268,196					1,098,839					1,279,461
Earning assets				1,307,520					1,350,878					1,580,185					1,329,199					1,585,842
Deposits				1,231,281					1,279,287					1,473,459					1,255,284					1,477,304
Long-term debt and advances				38,959					39,551					51,340					39,255					49,816
Interest bearing liabilities				1,159,447					1,207,855					1,431,757					1,183,651					1,433,229
Stockholders’ equity				83,987					84,659					166,602					84,323					178,527
Performance Ratios
Return on average assets				0.04	%				0.43	%				(9.39	)%				0.24	%				(4.59	)%
Return on average equity				0.72					7.14					(96.27	)				3.94					(44.27	)
Yield on average earning assets (tax equivalent)				4.59					4.73					4.91					4.66					4.97
Cost of interest bearing liabilities				1.39					1.43					1.61					1.41					1.63
Net interest margin (tax equivalent)				3.35					3.45					3.45					3.40					3.50
Efficiency ratio				78.54					74.90					202.64					76.68					131.24
Loan Charge-off Data
Loans charged-off			$	(6,438	)			$	(2,582	)			$	(8,596	)			$	(9,020	)			$	(14,463	)
Recoveries				79					206					14					285					95
Net charge-offs			$	(6,359	)			$	(2,376	)			$	(8,582	)			$	(8,735	)			$	(14,368	)

PORTER BANCORP, INC. Unaudited Financial Information (in thousands, except share and per share data)
			As of					As of					As of					As of
			6/30/12					3/31/12					12/31/11					6/30/11
Assets
Loans			$	1,041,292				$	1,098,962				$	1,136,717				$	1,250,023
Loan loss reserve				(51,594	)				(53,953	)				(52,579	)				(38,717	)
Net loans				989,698					1,045,009					1,084,138					1,211,306
Securities available for sale				194,091					174,918					158,833					157,524
Federal funds sold & interest bearing deposits				30,762					62,560					92,034					151,362
Cash and due from financial institutions				5,599					10,047					13,928					23,731
Premises and equipment				21,223					21,296					21,541					21,888
Other real estate owned				54,365					35,574					41,449					49,913
Deferred tax assets				—					—					—					20,873
Accrued interest receivable and other assets				39,114					40,219					43,501					39,864
Total Assets			$	1,334,852				$	1,389,623				$	1,455,424				$	1,676,461
Liabilities and Equity
Certificates of deposit			$	909,504				$	951,503				$	1,024,333				$	1,131,342
Interest checking				82,208					85,608					87,653					81,776
Money market				60,704					63,701					64,302					83,083
Savings				39,509					38,631					36,357					36,519
Total interest bearing deposits				1,091,925					1,139,443					1,212,645					1,332,720
Demand deposits				112,797					114,304					111,118					102,777
Total deposits				1,204,722					1,253,747					1,323,763					1,435,497
Federal funds purchased & repurchase agreements				2,501					1,926					1,738					11,000
FHLB advances				6,398					6,789					7,116					38,937
Junior subordinated debentures				32,200					32,425					32,650					33,325
Accrued interest payable and other liabilities				7,526					11,945					7,628					7,250
Total liabilities				1,253,347					1,306,832					1,372,895					1,526,009
Stockholders’ equity				81,505					82,791					82,529					150,452
Total Liabilities and Stockholders’ Equity			$	1,334,852				$	1,389,623				$	1,455,424				$	1,676,461
Ending shares outstanding				11,934,872					11,822,102					11,824,472					11,840,670
Book value per common share			$	3.62				$	3.76				$	3.74				$	9.47
Tangible book value per common share				3.44					3.57					3.54					9.25
Asset Quality Data
Loan 90 days or more past due still on accrual			$	88				$	733				$	1,350				$	1,146
Non-accrual loans				81,653					97,230					92,020					60,331
Total non-performing loans				81,741					97,963					93,370					61,477
Real estate acquired through foreclosures				54,365					35,574					41,449					49,913
Other repossessed assets				5					11					5					54
Total non-performing assets			$	136,111				$	133,548				$	134,824				$	111,444
Non-performing loans to total loans				7.85	%				8.92	%				8.22	%				4.92	%
Non-performing assets to total assets				10.20					9.61					9.26					6.65
Allowance for loan losses to non-performing loans				63.12					55.07					56.31					62.98
Allowance for loan losses to total loans				4.96					4.91					4.63					3.10
Risk-based Capital Ratios
Tier 1 leverage ratio				7.56	%				7.30	%				6.53	%				9.97	%
Tier 1 risk-based capital ratio				9.95					9.68					9.23					13.64
Total risk-based capital ratio				11.94					11.68					11.22					15.58
FTE employees				300					298					291					301

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