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Porter Bancorp, Inc. Announces Third Quarter 2012 Results

Stocks in this article: PBIB

Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank, with 18 full-service banking offices in Kentucky, today reported unaudited results for the third quarter of 2012.

The Company reported net loss to common shareholders of $26.9 million, or ($2.29) per diluted share, for the third quarter of 2012 compared with net loss to common shareholders of $12.2 million, or ($1.04) per diluted share, for the third quarter of 2011. Net loss to common shareholders for the nine months ended September 30, 2012, was $26.4 million, or ($2.25) per diluted common share, compared with net loss to common shareholders of $50.8 million, or ($4.34) per diluted share, for the nine months ended September 30, 2011. The loss for the nine months ended September 30, 2011 includes a non-recurring 100% goodwill impairment charge of $23.8 million recorded in the second quarter of 2011.

Financial performance continues to be negatively impacted by the Bank’s high level of nonperforming loans and other real estate owned. Non-performing loans increased to $90.1 million, or 9.47% of total loans, at September 30, 2012, compared with $81.7 million, or 7.85% of total loans, at June 30, 2012. Non-performing assets increased to $139.0 million, or 10.8% of total assets, compared with $136.1 million, or 10.2% of total assets, at June 30, 2012.

Foreclosed properties at September 30, 2012, decreased to $48.8 million compared with $54.4 million at June 30, 2012, and increased compared with $44.9 million at September 30, 2011. During the third quarter of 2012, the Company acquired $3.4 million of OREO, sold $4.7 million of OREO, and recorded OREO fair value write-downs totaling $4.3 million to reflect new appraisals or marketing prices during the third quarter of 2012.

Provision for loan losses totaled $25.5 million for the third quarter of 2012 compared to $4.0 million in the second quarter of 2012, and $8.0 million in the third quarter of 2011. Provision for loan losses totaled $33.3 million for the nine months ended September 30, 2012, compared to $26.8 million for the nine months ended September 30, 2011.

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