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Porter Bancorp, Inc. Announces Second Quarter 2012 Results

Stocks in this article: PBIB

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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